I was recently approved for the GM Card. They put me through hell to get it going with all kinds of requests for information. 0% Interest for 6mos... or so they said. Yesterday, I try to use it and it's DECLINED. Very embarassing. Turns out they lowered my limit by half because of the "frequency, nature and number of transactions on an account without a prior payment history". According to the rep, my card included internet transactions, balance transfer checks and an ATM withdrawal ($40, big deal!) and that's a big red NO-NO for them if you don't have a payment history. So now my card is almost maxed out, because they chose to lower the limit by HALF! Oh, I haven't even begun to think about how this will affect my FICO. I think they are trying to d*ck me out of my 0% interest period. I also think this bullsh*t is on account of the fact that since they stalled on activating my card, the statement won't close out and a payment won't be due until at least 3 months after I have had the card! Not my fault their card is in the hands of someone who won't have to think of paying for ages! I told the rep, "So let me get this straight. You approved me for 0% interest, you encourage me to take advantage of it and when I do, you punish me by lowering my limit?" The rep said that they reserve the right do that on accounts without prior payment history. Hang on. Don't all new accounts have NO prior payment history? Isn't that just a convenient excuse? Doesn't this really add up to a bait and switch? "Here's your $10K card. Psych! It's only $5K. Ha ha!" Can you say Sock Drawer?
WoW... that sucks, cnoob! Which bank is responsible for this crappy service on the GM card? Just to be on the look-out to avoid the heck out of them! MrX
Re: Royal Screw: GM Card Lowers My Sorry to hear that they treated you so badly. I took advantage of a 0% offer paid it it full after about 4 months. Since then have used the card vert little and when I called for a CL increase they said no without a hard.
You might want to check the terms of your 0% for 6 mos. You may be charged interest on that ATM withdrawel and your payments would pay off the 0% first while accruing interest on the cash withdrawel. You have to carefully understand the terms. They want you to use it incorrectly.
