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Author: doczeous One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309858  
Subject: Why the GM Card bites! Date: 3/23/1998 9:11 PM
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Ok, thought I would let you all read a copy of my latest correspondence from the GM Card. At this point, my card is at 21%. The following is another reason I'll be debt free April 1, and why I'll switch to another card.


Dear Doczeous:

Thank you for using the GM Card. As we enter our sixth year of offering our more than 8 million card members the opportunity to save thousands of dollars blah blah blah.[just more blather here]

Periodically, we evaluate our business and implement changes. These initiatives allow us to remain competitive in the marketplace [my heart is bleeding for GM now, believe me...here's comes the punchline].

Accordingly, we are making changes to your GM Card account based on a careful review of your current credit status and your account history with us [I have $1200 left on the card, which i'm paying off 4/1/98]. Effective with your billing cycle ending on or after 5/16/98, your new variable Annual Percentage Rate will be Prime +15.4%, currently 23.9%


Ok, enough of that letter. 24% for a credit card...and if (when) the prime rate goes up, so does the card. This means I could see 25% plus on this card in the next few years.

Now I know why GM refused to lower my card rate when I requested in January of this year.

I'm thankful I'm out of debt after my next paycheck. I suggest all GM card members do whatever is neccessary to GET OUT! SAVE YOURSELVES!

Sorry about the long rant folks, but as the subject says, GM CARD bites.

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