I got a â??pre-selectedâ? offer from these guys two weeks ago and since Iâ??m trying to transfer a balance, I decided to apply. Iâ??ve already been turned down by Capital One and Citibank for a second card, even though I already have one account with each of them. So today DMB just sent me a card with a $2,800 limit. The offer in the original application was for 0% on purchases and balance transfers for 5 months, then to 12.9% variable. So, I called them up to do a $2,500 balance transfer today and they told me that the BT offer was only good at the time of the application, meaning I needed to fill out the BT coupon that was with the application when I sent it in two weeks ago. In order to do a BT now, they said they could only send me a cash advance check at an APR of 19%. Thatâ??s the best offer they said they had available at this time. What a joke. They are still offering 0% on purchases for five months, like that really matters. Anyway, just wanted to pass this info along to anyone who might be considering applying for credit with them. Iâ??m tempted to just charge $5.00 a month on this card and pay it off in full each month, just to drive them crazy, since I know they are hoping I max it out on purchases and leave a balance on there so they can jack my APR up to 24% five months from now.
I wonder if these guys would respond to Planet Feedback or a call to their executive offices? My guess is they wouldn't, based upon what they've done so far. Worth a try?
USE CAUTION IS GOOD ADVICE. I just closed two perfect accounts with them. One was joint with my husband. Perfect history all three years. Pullling PG I noticed that the acct said transferred or sold. Called to ask DMB what was deal. They said no the account wasn't sold. I ask to dispute incorrect reporting. It came back verified so I called to close account. They offered 0% for 6 mos. to keep open. I closed anyway being suspicious. Well guess what just showed. A new reporting from Household with the history of DMB and same account no. So I closed my second account with DMB and wrote PFB. The executive office called back with doublespeak and blah, blah, to justify that they lied to me. I would not open an account with them. BTW I just got my 3rd card with Amex with 21,200 limit and other prime, I was just keeping open for history, but now they are truly HISTORY.
Thanks for the advice. Yes, my gut feeling is to return the card to DMB unsigned and never used with a certified letter asking them to close my account. If they're willing to pull a stunt like this right from the get go, who knows what else they'll be willing to do to me in the future. How in the world do they expect to build a customer base using sneaky and unethical practices like this? I'm surprised they responded to your Planet Feedback message. I guess I could give that a try. It worked with Capital One a year ago when I got them to lower my APR to a decent level.
I just posted a letter on Planet Feedback. I'll let you know if they respond and whether or not it's in my favor.
Ironically, my largest CL ($10k), best terms - 4% APR for 8 months, 11% APR afterwards. I'm not recomending them, just pointing how poor my CC portfolio is when DMB is my best card!
DanS, I'll say it again. Still can't believe that only 2.6 years out of your BK, your EX and TU scores are equal or better than mine and I am 9 years out of BK. What you've accomplished score wise is amazing.
Well if they'll give me the 0% offer for 5 months, I will definitely take it. If they turn around and raise my APR the next month for no reason I can always just transfer it back to the other card at 11%. I'm keeping my fingers crossed that they'll respond to my Planet Feedback letter. I'll let you know the outcome!
No kidding! You would think that offer they settled that huge class-action suit a few years ago they would have cleaned up their act. But, evidently, they are back to their old tricks! I feel so sorry for anyone who owes DMB a ton of money at 26% or something crazy like that. Can you say "predatory lending"? Crazy...
I had no gripe with DMB and their cards were helping our utilization. But they had to go and mess with us. Luckily I got on this board in July and now all dh and my scores are above 700 and we have 200,000 in credit lines, so DMB can go take a hike.
Re: Direct Merchants Bank (USE CAUT Thanks Brad. Some of it I'll take credit for - like paying down my balances and NEVER being late - some of it I learned here, just getting lotsa bad TLs to go away or be correct (IIB instead of 90+ late) - and some of it was just plain, dumb 'ol luck. I may the only person with a *good* Bally's story. They report TWICE with good payments and it goes back to '92 - so it's twice as good. That and my student loan back to '83 drives my EXP as high as it is. I kept whatever cards I could. I have NO idea what prime was, so I BK'd my Citi cards and kept the crap - Providian, DMB, NextCard and Aspire. Providian dumped me for the BK, NextCard went bellyup and I'm left w/$10k CL on DMB and $5k CL on Aspire. A year later, I get an offer from Cap1. Sure, I take it - I still didn't know anything. But I've got some history w/the previous crap cards and I'm building new credit. Then last April I get a car loan. NOW I've learned a few things and I put more down to get a loan w/Chase. Some luck, some wise choices and a lotta hard overtime to earn enough to pay down my balances and keep my kids tuition money going. I am now enjoying a competition between mortgage brokers for my biz. I got a good deal, but I've got a guy coming to my office to give me a better deal - 5.5% fixed 30 year and he picks up ALL closing costs. Pretty soon they'll be paying me to move into my new condo. Schweeettt...
Re: Re: Direct Merchants Bank (USE Well, after two letters to Planet Feedback I am beginning to lose hope. Direct Merchants Bank has not responded to either one of them and when I call them, they still aren't willing to give me the 0% balance transfer offer which was promised to me in writing with the original application. This is not the way I wanted to start off with this bank and I am very tempted to just return the card unsigned when it arrives this week. This is not the way to build a loyal customer base and DMB has only themselves to blame for the mess they are in. What a sham. I'd say this is only a slightly better offer than borrowing money from a South American drug cartel. Thanks again for everyone's advice.
