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GE Credit Line

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JohnK

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I recently received a letter from them outlining some changes that will take effect 30th March 2006.

I can only laugh at the joke because they can't be serious!

GE Credit Line said:
A payment handling fee of $0.50 will apply to your account on each occasion on which you use the online or telephone banking services of your financial institution to make a payment on your account
They are kidding! Right! Already charge $1.50 to pay at post. I think you can send them a cheque to avaid any fees? Fees on a payment? This is on top of 25% interest and $2.95/month account handling fee!

GE Credit Line said:
A trace fee of $30 will apply to your account on each occasion that we have to locate you if you have failed to pay the minimum amount payable by its due date, or any other amount payable under the contract when it falls due for payment, and you have failed to notify us of your change of address
This is hillarious! They must have hired out of work comedians!

Don't worry GE when the outstanding balance is paid off, you will never hear from me again.
 
G

Guest

what GE product is this??

pay off the balance with a cash advance and switch it to a low rate% CC ;D
 

oz_mark

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Like most financial institutions they know how to charge fees! I checked the Go Mastercard, and it already has the trace fee on it, but not the other (just the $1.50 for paying at Aust Post).

Looks like they are beginning to charge themselves out of the market.
 

JohnK

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They are not going to have my business for much longer.

The 25%/pa interest is a killer without having all these additional fees and charges. A couple of years ago I was charged $20 for having a $1.20 overdue amount from a previous month. I had rounded a payment down without realising what I had done.

This is the old AGC credit line card which you pick up from places like Bob Jayne and you get 6 months interest free to pay off purchases. One thing leads to another and before you know it the amount owing is substantial....

Now just to pay off the outstanding balance.

<snip, snip, snip>
 

NM

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Diners Club charge a $0.75 "Payment Admin Fee" if you make your payment via BPay. I fail to see how they can justify a fee for an electronic payment method and no fee for processing a payment via cheque! Surely a cheque costs more to process than a BPay payment! I think they know that people realise using BPay is saving them a postage stamp, envelope (often provided with the statement) and any cheque account fees, so they think they can still get people to use BPay and pay the fee.
 

JohnK

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NM said:
Diners Club charge a $0.75 "Payment Admin Fee" if you make your payment via BPay. I fail to see how they can justify a fee for an electronic payment method and no fee for processing a payment via cheque!
I cannot see how any company, not just financial, can justify charging a fee for paying a bill.

Amex charged $2 for paying account at Post office. I won't do that again, just use BPay.

Optus TV charges $2/month extra if you don't pay bill with direct debit.
 

oz_mark

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NM said:
Diners Club charge a $0.75 "Payment Admin Fee" if you make your payment via BPay. I fail to see how they can justify a fee for an electronic payment method and no fee for processing a payment via cheque! Surely a cheque costs more to process than a BPay payment! I think they know that people realise using BPay is saving them a postage stamp, envelope (often provided with the statement) and any cheque account fees, so they think they can still get people to use BPay and pay the fee.
I had always thought that was a bit of a rip off with Diners. The fact that they just sent me a notice telling me that my default date was changing to 14 days after the issue of the statement (from 21 days) is not helping them to keep me as a customer.
 

JohnK

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oz_mark said:
Definitely time to shed this card from your collection.
Sound advice! This is now work in progress after applying and getting the Earth cards with a sizeable balance transfer.
 

oz_mark

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Rereading this thread reminds me I still have a Diners Card account to close
 

straitman

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oz_mark said:
Rereading this thread reminds me I still have a Diners Card account to close
The amazing thing was that after being a good customer for about 6 years they were fairly half hearted in trying to keep me so it's all just history now.
 

JohnK

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A few weeks ago I made a sizeable payment to reduce my outstanding balance on this card.

Since then I have received a phone call from a GE rep asking me if I realised that I was paying a very high interest and that I could switch my credit line balance to a personal loan. I said thank you very much for your kind offer but you can see that I have just reduced the outstanding balance and I am shortly going to pay the rest of the balance. Why didn't I receive this phone call years ago?

I have received the latest monthly statement which has the sizeable payment deducted from the balance. They have attached another letter offering an increase in the credit limit. :confused:

If anyone can understand this company please explain it to me as I seem to be very naive.
 

oz_mark

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JohnK said:
A few weeks ago I made a sizeable payment to reduce my outstanding balance on this card.

Since then I have received a phone call from a GE rep asking me if I realised that I was paying a very high interest and that I could switch my credit line balance to a personal loan. I said thank you very much for your kind offer but you can see that I have just reduced the outstanding balance and I am shortly going to pay the rest of the balance. Why didn't I receive this phone call years ago?

I have received the latest monthly statement which has the sizeable payment deducted from the balance. They have attached another letter offering an increase in the credit limit. :confused:

If anyone can understand this company please explain it to me as I seem to be very naive.
I very seldom hear from GE, but the odd time I do something on my account, it seems to generate something from them. Must be something in their systems that get triggered when you transact on the account in particular ways.
 

Mal

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The funny thing I find about GE (my Coles card) is that as soon as I click on the "Increase Credit Limit" button, but never actually apply for an increase, it triggers something at the backend to give me a credit increase offer via the mail.

Amazing really! You can also use it to see what they're willing to offer without any painful paperwork as well.

They are a weird company indeed!!
 

pacblue

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GE are a bunch of absolute pr*cks.

They have taken over Coles Myer card, Holden Finance etc ....

I unfortunately had a GE credit line account - it was a total rip-off.

I only got involved with them because we bought something interest free at Harvey Norman - and ended up with a GE credit line account. Big mistake.

At one stage, when a $111-00 monthly payment was 7 days overdue (because we were away o/s) they threatened to register a default !!!

Avoid this mob at all costs.

They are nothing but a bunch of rip-off merchants.
 

JohnK

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oz_mark said:
Must be something in their systems that get triggered when you transact on the account in particular ways.
Obviously they have no customer focus. They have made a lot of money from me and not once have they bothered to call and try to offer me a personal loan to reduce the outstanding balance. When I have reduced the majority of the outstanding balance they offer a personal loan. Thanks but no thanks.

They are indeed a weird company!
 

JohnK

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pacblue said:
At one stage, when a $111-00 monthly payment was 7 days overdue (because we were away o/s) they threatened to register a default !!!
I have had a few nasty phone calls from them when a payment has been a few days late. I posted earlier on in the thread how they had charged me $20 for not paying $1.20 overdue from a previous month after I had accidentally rounded down a payment. Even after a few phone calls they would not waive the charge.

pacblue said:
Avoid this mob at all costs.

They are nothing but a bunch of rip-off merchants.
Totally agree. This card is now in it's final stages!
 

serfty

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pacblue said:
... They are nothing but a bunch of rip-off merchants.
Agree, they charge $2.95 per month if money is owed; pay by bPay and they'll hit you with a 50¢ fee, pay at a post office; it's a $1.50 fee, pay at a bank, $1.85...

and finally ...

Drum Roll please .....

27.99% interest. :shock:
 

JohnK

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I must be lucky as they only charge me 25.04% interest. ;)
 

serfty

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I'm happy to say 'tis not me who was paying that. :shock:

I assisted some close friends who failed to pay off an interest free purchase from Harvey Norman in time. (With a lot of encouragement from GE of course :evil:
 
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