Discover Card Complaint - Discover Card Does Not Honor Commitments They've Made
My wife lost her job and it was becoming difficult for us to make our Discover Card payment. I called them and the customer service representative told me that we qualified for a program where they would close the account and have an agreed upon amount automatically taken from our checking account on a designated date each month. They reduced our annual interest rate to 7.00% annually. The representative enthusiastically told me that as long as we made these payments on time each month, we would continue to qualify for this reduced interest rate. Money was tight with the loss of my wife's income, but I made sure that this bill was paid on time each month because with the interest rate being so reasonable I could see our balance lower each month. In fact, the Discover Card representative told me that if we stayed on program the balance of our Discover Card in five years.
To my surprise, when I received my January 2010 statement it indicated that only a minimum payment was due, which was less that the amount I'd agreed to pay on on the repayment, and the interest rate had increased to 29.99%
I though there must be some mistake so I called Discover Card. After being transferred four times to four different people, the only answer I was able to get from Discover Card was that this program was only for 12 months, that their representative was incorrect when he said that I would be elible for this reduced interest for the next five years. The only suggestion was that I call a credit couseling agency. They made absolutely no effort to live up to the promises they made me when I enrolled with this program.
The U.S. economy is the worst it's been since the Great Depression, millions of American have lost their jobs, house foreclosures and bankrupticies are at record levels, but Discover Card doesn't care about this - they just want to make sure that they collect their "loan shark" interest rates. Credit card companies are "organized crime". I've had a Discover Card for over 25 years. I feel like I've been duped. I will never give them my business and will recommend to everyone I know that they do the same.
Chase Bank and Well Fargo set me up on similar programs to repay our credit card after my wife lost her job. Gues what I'm still on these programs, they getting paid a reasonable rate of interest on the I the credit card balance, and I'm watchin the balance go down each month. It's too bad that Discover Card is so greedy, that they won't let their cusotmers continue with this program during these trying economic time.
Don't do business with Discover Card they have no integrity and don't live up to the agreements they make!