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GM Mastercard Complaint - Unfair to consumers, need class action suit

Review by beanoil on 2004-11-16
ILLINOIS -- GM Mastercard, is unfair to consumers. With the recent reduction in interest rates EVERYWHERE, Mastercard has not followed suit. Upon asking for a rate reduction, I was refused, even though my credit score is very good, and other credit card offerings are at much lower rates, including their own GM Card line. In addition, I live in the Midwest, and my payment center is located in Maryland, while east coast customers get to mail their payments to Carol Stream, Illinois. This crossing of paths basically requires you to mail your payment as much as 14 days early to meet the payment date. This however, does net Mastercard a substantial amount of money in late fees due to extended mail times, and again is not customer friendly. Additionally, I recommend each and every person mailing a payment pay the extra few cents to get delivery confirmation from the Post Office. My most recent bill was due on the 10th. I mailed it Priority Mail with Delivery Confirmation, and have documented proof it arrived at the payment center on the 8th. My bill was not posted as paid until the 11th, and yep, you guessed it, another late fee was added. While I don't particularly like any credit cards, I think that a move to Discover is in my future. I won't be one of the herd that is helping pay for Mastercard's new multi billion dollar building in O'Fallon, Missouri, nor will I support an organization that has no concept of customer satisfaction, and employs immigrants from France, Mexico, and the Middle East while American families are unemployed.
Comments:3 Replies - Latest reply on 2004-11-25
Posted by bill on 2004-11-16:
What recent reduction in interest rates are you talking about. The Fed raised the rate 3 times in the last 4 months. And you want a class action suit because they wouldn't lower the rate you agreed upon when you opened your account? Give me a break.
Posted by Slimjim on 2004-11-16:
If the rates are so low everywhere then just apply for another account, transfer the balance, and close the GM card. No one's forcing you to use their service. I assume that by you expecting them to reduce your rate upon request, you have a credit history that merits such demands, which means you can take your bsuiness elsewhere.
Posted by vern on 2004-11-25:
Here's another complaint about gm mastercard. For almost 15 years now I have paid all my bills buy phone at the same time. I received a call from gm about missing a payment. I told them that it was paid and had the conformation number to prove it. They said it was there but I still ow them. Now the payments almost double every month.I'm still paying every month but its not enough so then I contacted them got hung up by the 1st person the 2nd person put me on hold for over 20 mins. Finally the 3rd person came on was rude and demanded that I had to pay for the missed payment as soon as possible. She was no help in solving this matter. They have canceled my card and want the full balance paid. Strange that of my other visa's and matercards I don't have a problem with. This is the 2nd time this has happened to me with them. Is there a number were I can talk to someone higher up about this?
Thanks,
Vern

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