First Equity Visa

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STAY AWAY from First Equity Visa-- NOT good for business!
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COLUMBUS, GEORGIA -- I started my first business with perfect credit. I could have gone with any number of companies to get my business Visa, but unfortunately I chose First Equity Visa. Big Mistake! They gave me a $5000 credit which was barely enough to cover my monthly expenses, but I paid it off in full every month. One month the bill was misplaced because we were moving offices, and I paid "in-full" two days late. First, the card was frozen for 10 business days. Second, not only did I get a late fee (as expected), but they cut my credit down to $2000! Third, the customer service reps are just some call center that can't help at all and has no authority. They won't allow you to speak with management, nor give a number to contact anyone who is actually at First Equity. Now that they cut my credit I have to pay almost every week so that I always have enough room. Well, I was told that if I paid through their website it would register in my account by the next day-- that's a lie. No matter how you pay (even instant online transfer) they hold your money for 7 business days until they apply it. Sounds illegal to me, but the real problem is that I've got a credit of $2000 and a balance of $966, but I only have access to $34 because my online payment of $1000, received 3 days ago, hasn't been applied yet! Crazy frustrating!! If you want to deal with this headache every week then by all means, sign up with First Equity. Otherwise, use any other credit card company you can find!!
     
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They Don't Let Go
Posted by on
COLUMBUS, GEORGIA -- I called yesterday to close my account and pay off the balance. They did not close my account properly and assessed me a nearly $60 "cycling fee." I am pursuing this every way I can.

I have no guarantee that if I paid them this that would even end this problem.
     
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User Replies:

Anonymous on 2008-04-19:
Today, most of the good people are afraid to be good. They strive to be broadminded and tolerant. It is fashionable to be tolerant - but mostly tolerant of evil - and this new code has reached the proportions of demanding intolerance of good.
Anonymous on 2008-04-19:
Cancel the card and take your business else where.
WGW on 2008-07-21:
My experience with First Equity is tha same as others posted here. I could go on and on about this company, but let me just warn you. If you do accept their offer beware! You can make your payments regularly and within the billing cycle, but if you fail as I did to watch what they are doing you will get at $39 Late payment charge for any month the payment was received in the later half of the cycle. In other words if the statement is printed on the first, your payment had better be in by the 15th and not the 25th.
Don't use them for anything where you carry a balance! They will *** your interest up to over 30% which I had never even heard of and didn't think was even legal.

I know many of you that get this card's offer are busy trying to run a small business, but you MUST pay attention to every thing these people do. They don't go by the conventional practices that you're accustomed to. They are not your friend, They are not your partner, They do not have your interest at heart, they are unresponsive and have no public relations department that is going to LOWER YOUR RATE when you call to complain. When you get that offer, my advise is to throw it in the trash.

If you can deal with someone who's always there waiting for you to let your guard down to get you, there people may be for you.

Willian, Fort Walton Beach, FL
Gettinlubed on 2008-11-24:
I just canceled MY account with them YESTERDAY because of this Horse PUCKY. They gave me the SAME song and dance that Advanta did about MY credit score was just a SMALL factor.

That credit score was A-OK with them when I applied for the blasted card 2 years ago. Paid off and closed. Paid never late. Thanks for the heads up on the "cycling" fee. This will give me time to keep my blood pressure in check when it comes in.
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