Wal-Mart Complaint - Interest Rate Hike on WalMart Cards Broadbased
On Sept 15th I received my monthly statement from WalMart Credit Card on which I have a 9.87% Fixed interest rate. In my statement was enclosed an announcement from GE Money Bank informing me that my interest rate was increasing from the fixed 9.87% to a varible rate of 16.90%.
I had two choices either accept the new term/rate increase or call and opt out/close my account. I closed my account.
The next day, I called GE/WalMart Credit card customer service and asked why my interest rate was increased when I had done nothing to warrant such action. No late pays, no over credit limit, no nothing.
I was told that GE had raised everyones interest rate, that this was a broad based change in their policy and that I had expressed myself by opting out and therefore keeping my 9.87% rate on my current balance but my account was now closed.
I asked for a lower rate and was informed that no lower rates are available that the 16.90% is now the lowest rate.
Beware, the WalMart card is not worth having at a rate of 16.90% or higher. By almost doubling their lowest rate, WalMart and GE are trying to SQUEEZE OUT more money from credit card users in difficult financial times. I can only imagine what the new terms might be on those who had higher rates to begin with. WalMart is taking advantage of those who regularly shop their stores and use their credit card for purchases.
Let WalMart/GE Money Bank know how you feel..close your accounts. Don't let them get away with this ridiculous increase in interest on a card that offers so little in advantages to those who use it. At 16.90% interest that means on a $100 purchase you'll pay an additional $16.90 dollars plus tax. If you carry a balance that balance will be charged at the new interest rate too if you keep your account open. That means if you purchased items in the past and are keeping a balance on the card once you accept these new terms/increased interest rate your balance on the card is also charged at the higher rate of interest although at the time of purchase you may have had a much lower rate.
Either way you loose and WalMart/GE Money bank wins by getting a whole lot more money on your purchases from you.