Terrible practices by GE Moneybank

**carolyns** · 02-25-2006, 02:06 PM

Hello. Last summer, my husband received a loan from GE moneybank for the purchase of an ATV. They told him it would be at 0 percent interest for the life of the loan. Everything was fine, and he was paying the bill. One month, he was late, and without any warning or anything, they raised his rate to 27%. I know it was probably in the fine print of the card--they led him to believe it was like a car loan and not a credit card- and my husband is not as credit savvy as me, but I think this is absolutely terrible, the amount of interest they want him to pay now is like 100 dollars a month! Needless to say, I found this out late last night and was on the computer first thing this morning comparing credit card rates to move this to. Stay far, far away from them!

**FrugalMomof3** · 02-25-2006, 02:11 PM

I am sorry to hear that, but it probably was in the fine print... as soon as your late they dont hesitate to raise the interest rate.

Maybe you could call them and explain that it will never happen again maybe they can help you out.

**starsapphire** · 02-25-2006, 03:40 PM

Yep I hate it when that happens. DH missed a payment on his CC last month. He thought he had made his monthly payment but didn't. They ratejacked his interest rate to 31%!!

I have him as AU on one of my cards so we BT'ed it away. A couple weeks later he emailed his CC company and asked for a rate reduction. I was surprised they actually did it, down to 11.5% I think. I told him that probably the only reason they did it was because he paid it to $0 by BT'ing, that they knew he wasn't stuck with them.

Thats why I have a backup or four (CC's)