I've seen MANY complaints out there in regards to GE Money Bank lowering people's limits on credit cards. Mine was for Lowe's and this is what I did and recommend you all do. FIND the contact information for the CEO of the company that you have your credit card with. GE Money will DO NOTHING and you probably won't even get someone on the phone that speaks English that you can understand.By letting the CEO know of these issues, maybe they will take into consideration of no longer using GE Money Bank for their consumer credit cards. Here's the contact info for the CEO of Lowe's and below is the email that I sent to him.
Robert A. Niblock
First Vice Chairman, Chairman, President & CEO
Lowe's Companies, Inc.
1000 Lowe's Blvd
Mooresville, NC 28117
Phone: 704-758-2084
robert. A. [email protected]
I'm emailing you in regards to the consumer credit cards for Lowe's that are issued under GE Money Bank. I'm not sure if you've goggled customer complaints with Lowe's credit cards lately, but you should. Yesterday, my husband and I went to Lowe's and we were going to purchase apx. $250 worth of merchandise, however while using our lowe's credit card, the cashier told us that we were declined. Which, I find interesting, b/c one of the cards we have had a balance of $2.14 and a credit limit of $500. I've always made payments on time as well as more than the minimum balance.
I immediately called to find out what was going on, and the customer service rep told me that our limits were lowered on the card and that notices were sent out. I never rec'd any notice mentioning of credit limits being lowered. After this news, I did a ton of research online. Not only were we affected, but there are hundreds and thousands of people reporting the same issues vowing to never shop at lowe's again. It has lowered people's credit scores and has caused many of your loyal customers to never shop at your chain again. This, right before the holidays.
Imagine, if my husband and I were going to spend $250 at your chain and we were declined. Other's are doing the same thing, it's a chain reaction... Lowe's revenues for the holiday season is being affected by your choice to use GE Money Bank for your consumer credit cards to your once loyal customers. Millions of people are shopping at Lowe's for the holiday season and millions of people's limits on their credit cards issued by GE Money Bank are being lowered.
If millions of people were going to purchase merchandise on their credit cards, but were declined, then millions of dollars are being lost by this. Being the CEO of Lowe's, I'm sure you are aware of this, and probably have rec'd plenty of emails such as mine, but do you care??? This economy is tough for all of us, but GE lowering the limits on Lowe's credit cards is just hurting everyone even more... including your revenues AND getting your once loyal customers to come back to your store.
With this tough economy, the most important thing for retailers right now is to keep their customers happy and keep them coming back. I, for one, will never shop at Lowe's again and will be closing my credit card accounts. I DO NOT want my credit to be affected b/c GE Money Bank made some illegal choices and are now hurting. I've worked my butt off to repair my credit, and a whooping $100 limit credit card at Lowe's is not even worth it.
I will also be telling everyone I know about this issue and tell my friends and family to shop at their local hardware store instead of Lowe's... Seems like the small guys treat their customers with more respect than the larger chains do. And so they should. They obviously have more to loose as I'm sure your big paycheck isn't being cut as a result of GE Money Bank's bad decisions. But WE ALL are being affected by this.
I will now be giving my hard-earned money to the local hardware stores and will be posting everywhere to tell people to do the same. There will be people that will sit and do nothing about this, but there are plenty of people out there like myself that will do something about this.
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