After reading an earlier post about DMB, I was tempted to apply for one of their cards. I decided to search the internet first and came across TONS of sites containing complaints about them. I also found that there is a class action lawsuit against them for deceptive practices and fruad. Here's the link: http://www.lchb.com/dmb_press.htm "Direct Merchants Bank, the nation's ninth largest MasterCard issuer, has over 3.8 million credit cardholders, and is one of the fastest growing credit card companies in the United States. Metris Companies has stated as its goal "to maximize the profitability of each [Direct Merchants Bank] customer relationship." Plaintiff Gerald Fischl, a Direct Merchants Bank cardholder residing in California, alleges that Direct Merchants Bank's growth has been, in part, attributable to a series of overly-aggressive, sharp, and unlawful business practices that have harmed cardholders nationwide. Among the misconduct Plaintiff alleges is that Direct Merchants Bank: * routinely assesses fees for the purchase of fee-based services, such as its PurchaseShield program, that cardholders did not authorize; * repeatedly charges late payment fees and interest for cardholder payments that are not in fact late or delayed; * makes solicitations in connection with checks issued to cardholders that are misleading and do not disclose the true value of the checks issued to cardholders; and *regularly promises a lower interest rate in connection with balance transfers, convenience checks and cash advances than the interest rate that the cardholder receives. "
Congratulations on not applying for a DMB (Dumb Misleading Bank) card. I posted a few days ago on using PlanetFeedBack to complain because they wouldn't raise my credit limit on my secured card...well, as the old saying goes, "be careful what you wish for.....!!" What DMB did, was indeed to raise my credit limit....from $500 to a generous (?) $750, and unsecure my card, BUT in order to do this, they CLOSED my account of more than a year, and opened a new account, with the same old 21% APR. SO, I have a measley $250 increase from them, when Providian has given me $2800 increases in 10 months, but my oldest credit line, which I was intending to keep open, just for the longevity, has been closed! I'm still waiting for an explanation as to why it was necessary to close my account. At least, I insisted they show it as "closed by consumer." I would not advise anyone to try to deal with these people. They will mess you up one way or another.
Hi MVf.. Your Right about your compliants As I see them on this Board most of the time . I think the are more to do with their secured product who people on this board reported that it never grows with them combined with poor customer service . On the other hand my experince with them has been really good. I've gone over my limit more than a few times and everytime I had the over the limit fee refunded. I pay over the net and never had a problem with payments posting . My annual fee got refunded last year. However they do try to sell you that perchase shield every month with the bill. But I asked for a do not promot notation on the account. So so far so good .. However it's always a good idea to research any bank b4 applying. good luck
I have them too. No problems. I pay on the Net. Post and withdraws payments usually the next bussiness day.
I have the Web Miles card from this bank. After reading some of the posts on this bank, I was prepared to cancel this card but called yesterday and got them to lower APR from 13.99 to 10.25 - Also lowered cash adv APR from 17.99 to 14.99. Said that was the lowest their bank would offer. So far, no problmes with any payment postings, but I pay on the Web. Customer service has been brisk in the past, but yesterday was exception with friendly service. By contrast, have tried to get FUSA to lower their 13.99 but have been unsuccessful, so limit usage to whatever I can pay within 30 days.
