UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: doczeous One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308225  
Subject: Why the GM Card bites! Date: 3/23/1998 9:11 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.

DocZeous
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Reestablishing the Middle Class
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement