GE Credit Line

[oz_mark]

I'm happy to say 'tis not me who was paying that. :shock:

I assisted some close friends who failed to pay off an interest free purchase from Harvey Norman in time. (With a lot of encouragement from GE of course :evil:

In my experience, GE are not very good at reminding you about expiring interest free amounts. After months of getting a statement with amounts not due, one needs tp be paying attention to the statements!

 

[JohnK]

In my experience, GE are not very good at reminding you about expiring interest free amounts. After months of getting a statement with amounts not due, one needs tp be paying attention to the statements!

GE are not very good at doing anything except making money. I guess that is the aim of the company anyway.

They are re-active, which to me is not good enough for a company that has made so much money from me. And yes they do not bother to call and remind you that you have $1.20 overdue from previous month.

 

[swissbignose]

Since then I have received a phone call from a GE rep asking me if I realised that I was paying a very high interest and that I could switch my credit line balance to a personal loan. I said thank you very much for your kind offer but you can see that I have just reduced the outstanding balance and I am shortly going to pay the rest of the balance. Why didn't I receive this phone call years ago?

It's not in their best interest to switch you to a lower interest rate loan, when you're on a high interest rate loan. As soon as you look like you're going to pay out your loan, they will try and convince you to take out a personal loan instead of paying it out, potentially by using another personal loan.

It's all about maintaining the revenue flows.

They don't call you when you're making minimum payments, because they really make their money on the high-risk, high-interest lines of credit.

 

[mileagemax]

Swissbignose is right on the money. And so too are GE!

If you are financially smart you can use them for free credit (like Buy Now, Pay Later)

You really only have yourself to blame if you end up paying them any interest or fees (when you forget or can't pay before the interest free period expires).

 

[JohnK]

You really only have yourself to blame if you end up paying them any interest or fees (when you forget or can't pay before the interest free period expires).

I am accepting total blame for my predicament. AGC or GE had nothing to do with my outstanding debt. One thing leads to another, and another, and another....

What amazes is the tricks they try when they think they are about to lose your business. I can't say goodbye GE right now, but their days are numbered....

 

[pacblue]

You really only have yourself to blame if you end up paying them any interest or fees (when you forget or can't pay before the interest free period expires).

Thank-you for stating the bleeding obvious.

All many of us are saying is that GE is a rapacious outfit, which uses questionable practices.

I think the point of many posts was to warn others of how they do business - and how they can get a better, fairer deal, elswhere.

 

[JohnK]

I think the point of many posts was to warn others of how they do business - and how they can get a better, fairer deal, elswhere.

Spot on....

 

[Mal]

The funny thing I find about GE (my Coles card) is that as soon as I click on the "Increase Credit Limit" button, but never actually apply for an increase, it triggers something at the backend to give me a credit increase offer via the mail.

Hahahahaha. True to my post here, when I did post this, I clicked on the "Increase Credit Limit" button on the website. It then told me to fill out lots of paperwork to apply for an increase. Fine, so I exited.

Today, I receive a "Credit Limit Increase" offer from GE. They do work in weird ways!