GE finance are idiots

brenx · 04-05-2006, 11:39 AM

I've got a interest free card with GE. It's currently frozen as I refuse to identify myself on principle. You identify yourself when you apply for the card. After 2.5/3 years they sent me a letter saying I need to identify myself.

Goes like this -:

- 2.5/3 years ago apply for card and get it.
- 12mths ago recieve letter to idnetify myself
- 6mths ago card frozen due to non-identification
- Today they send me a letter to increase my limit from $6000->$9000.

I have less than $1000 owing on the card due in May 07. It's not like it hasn't been used either. I've put $12,000-$15,000 though it since I got it.

The million $ question??

Why would I increase the limit on a card thats frozen?

Bloody fools they are!

At one stage there I cracked it with them and I was going to pay the card out/cancel it. Then I stopped and thought about it. The figure on it is interest free! So I thought bugger that I'll pay some other debt thats aruing interest.

Tax time this year the card is 100% gone. I'll miss it as it was very handy. Much better than a credit card.

EA2BA · 04-05-2006, 11:43 AM

yup they can get stuffed.
They sent us heaps of letters for a free pre-approved sign here limit increase, but we didnt want to do it at the time, then we needed it, and we phone up to ask for an increase and get told NO you can't have one..........

So we closed the card off, it was handy, but they now charge you just to pay it back, i think the interest charges on the credit card could actually be less these days.

gozza · 04-05-2006, 11:47 AM

i went the GE route with some mods a few years ago....only had a 2600 dollar limit and used half of it.....they are sneaky buggers with there "admin fees" too...

a few months after i had payed it off i recieved a letter with the increase your limit to 5500 crap.....im better off with my credit card

Quasi · 04-05-2006, 11:49 AM

I refuse to comment any further than this, on the grounds that I would likely break every rule of these forum.

Casper · 04-05-2006, 11:51 AM

LOL, got a call from them the other week offereing me some sort of "free rewards". I told them I know all about their concept of "free", that we were paying the card off and that they could cram it. Never again.

brenx · 04-05-2006, 11:51 AM

Quote:

Originally Posted by Quasi

I refuse to comment any further than this, on the grounds that I would likely break every rule of these forum.

well said.

fairmont1998 · 04-05-2006, 09:12 PM

I received my card a while ago, rang to activate it and the fool at the other end keeps telling me I'm giving him the wrong info and he is not allowed to speak to me anymore! I'm trying to get a reason from him to address whatever the issue is and he hangs up! I rang back and got hung up on again. Third time, straight to management. Seems they linked the card to an old AGC account that got closed three years previously. Not the active account. Idiots.
Had to wait again for the right card...

FRDGAL · 04-05-2006, 09:34 PM

They have quite a high interest rate don't they? Something like 27% or 24% is it? I don't have a GE Finance card and never will. Their rates (if I'm correct) are ridiculous. My American Express card is bad enough at 17%.

brenx · 04-05-2006, 09:41 PM

Quote:

Originally Posted by FRDGAL_AU6

They have quite a high interest rate don't they? Something like 27% or 24% is it? I don't have a GE Finance card and never will. Their rates (if I'm correct) are ridiculous. My American Express card is bad enough at 17%.

Only if you don't pay it on time. Otherwise you pay a measure 2.50 per month which is really SFA in comparison to a credit card. My other credit cards 11.9%. That I've dropped from a $9000 limit to $2000.

jonk · 04-05-2006, 11:32 PM

You all thnk GE are bad now ! Boy, have they cleaned up there act since 7 years ago when I first used them. They have improved in leaps and bounds today.

Back then they weren't under any obligation to follow the rules they do know. Make's them a totally different beast now.

mrgo40rd · 04-05-2006, 11:38 PM

my advice is stay away from ge cards unless you do pay it back before the interest free term i have spent the last 4 years paying $60 a month on a $2000 card at 27.5 PER interest rate so each month $44 goes in interest add a few $25 late fees etc and my balance is $1900 after 4years got myself a consolidation loan today car loan and to pay off this evil card while at the credit union they offered me a credit card with 2k limit along with my 26k loan i said no chance never want a credit card again

charles_wif_xf · 05-05-2006, 12:13 AM

Very slightly off topic. Yes, GE are morons. I recently repaid (and shredded to itty bitty bits) the GE card and just this afternoon, I got a phone call saying I owed them X amount of dollars. I told the genius on the other end of the line I paid it off several weeks ago and quoted the Aussie Post numbers to confirm. And he says that they have no record of such a transaction. I told the GE guy to get off his ample derriere and check the receipt number. Long story short, problem resolved after a bit of assertive conversation.

LTDHO · 05-05-2006, 07:29 AM

GE are smart in some way.
Like most financal institutions, they don't lend money hoping you will pay it back. They don't make enough money of people who pay in time. In fact the worst customer of a lending company is one who pays on time.

GE Money are one of the many on my ban list.

AWD Chaser · 05-05-2006, 07:58 AM

When I first got my GE card (asside from them taking 2 weeks to approve my finance), I was living at my parents. I've now been living out of home for about 1 1/2 years and changed my address and have since been receiving everything as expected. Went round to my folks place the other day to check on the cat (they were out of town), and to my surprise, they had sent some advert. letter addressed to me, to my old address. Idiots.

lol

HOWEVER:

When they want money out of you, they will do anything. ABout 2 weeks ago I get a call from them saying I missed a payment... Full Aussie on the other end....but they called me on Sunday....

All those increase letters are crap... I got one a while back from Virgin to increase from $2200 to $3000. I kinda needed it at the time and carefully read the letter. Basically, all the letter said was that it was an invite for the increase. Hear nothing for 4 weeks, so I ring them. They tell me it had been declined. Now this really p***ed me off, because it had been declined, I couldn't get a new laptop on finance I had been needing because of a now bad credit rating, which means i would have to wait 6 months. I complained to them about it etc, and they rung back in about 1 week and said, we've raised your limit to $4200! Great!

Now that both are (well were) maxed out, I'm rushing to pay them off by the time my partnet has our baby.

xwgthoe · 05-05-2006, 08:12 AM

May be you should talk to the GE Money Genie..............he may grant you a wish!!!! (He does wonders on the TV)

AWD Chaser · 05-05-2006, 09:17 AM

pffft, I'd rather the TimTam genie

iamdeath · 06-05-2006, 08:06 AM

we have a 3g personal loan thru ge,they are in morions,lol,we miss 2 payments and they ring asking where they are,we babble on with sum crap,they swallow it and then offer us another 3g...hahahaha,upside is they are handy when ya need the cash,just a ***** when ya pay it back..

pertuan · 06-05-2006, 09:20 AM

Quote:

Originally Posted by au3 chaser

All those increase letters are crap... I got one a while back from Virgin to increase from $2200 to $3000. I kinda needed it at the time and carefully read the letter. Basically, all the letter said was that it was an invite for the increase. Hear nothing for 4 weeks, so I ring them. They tell me it had been declined. Now this really p***ed me off, because it had been declined, I couldn't get a new laptop on finance I had been needing because of a now bad credit rating,

Hang on a sec. So they invited you to increase your limit. You didnt reply (which to me means you arent interested) and they declined an increase they offered. So now you have a bad credit rating because you didnt take up their offer for an increase? Thats absolute bullcrap.

RSgerry · 06-05-2006, 10:08 AM

Quote:

Originally Posted by pertuan

Hang on a sec. So they invited you to increase your limit. You didnt reply (which to me means you arent interested) and they declined an increase they offered. So now you have a bad credit rating because you didnt take up their offer for an increase? Thats absolute bullcrap.

Having credit declined doesnt affect your credit rating. All that will happen is that there will be an 'enquiry' showing on his credit history from GE for whatever amount he applied for.

I have dealt with GE once when I bought a car that had finance through them and it took two weeks to get a payout figure from them. I will never go near them for my own personal finances.

brenx · 06-05-2006, 10:13 AM

Two weeks for a payout figure? When I was cracking the s with them I got a pay out figure in less than 5 seconds. It's just a press of the button while your on the phone with them.

Smoke Pursuit · 06-05-2006, 10:21 AM

Quote:

Originally Posted by charles_wif_xf

Very slightly off topic. Yes, GE are morons. I recently repaid (and shredded to itty bitty bits) the GE card and just this afternoon, I got a phone call saying I owed them X amount of dollars. I told the genius on the other end of the line I paid it off several weeks ago and quoted the Aussie Post numbers to confirm. And he says that they have no record of such a transaction. I told the GE guy to get off his ample derriere and check the receipt number. Long story short, problem resolved after a bit of assertive conversation.

Got a friend thats having the same problems.. They paid out a loan with GE and now GE are saying they didnt.

GE are a bunch of clowns from what ive heard, wouldnt waste my time with them..

brenx · 06-05-2006, 10:24 AM

GE's system take awhile to register payment. I takes around a week for payments I make to register with their system. When I'm due to pay off the card. I'll be going into a branch. Much easier.

Wednesday · 06-05-2006, 11:54 AM

When I called for my 'final payout figure' they quoted me too much. It was when a lady called me telling my balance was 'overdue' that she realised I'd paid too much. After 4 months and 8 phone calls of trying to get my $55.50 back, I sent them a letter of demand, giving them 10 working days to send my cheque to me, or I would charge them the same fees and charges that I would be charged had I made my payment late, and that I would also notify the department of trading. I got my cheque within the week.

Walkinshaw · 06-05-2006, 01:16 PM

Quote:

Originally Posted by LTDHO

In fact the worst customer of a lending company is one who pays on time.

banks hate me for exactly that. 54th day of 55 day intrest free period comes arround, ooops i cleared the card. Now time to max it again for 54 days. Suckers

Keepleft · 06-05-2006, 01:47 PM

Instead of using a credit card - why not choose say a Visa debit card?

Here, you put money onto it and use it when making online transactions.

Lightning Strike GT · 06-05-2006, 02:31 PM

Quite a few years ago I received a letter from AGC now GE stating that I owed money on my AGC credit line account , funny thing is that I have never had dealings with any credit company in my life, it seemed to be a fishing exercise as the day I went down to the local AGC office to go toe to toe with them there was someone else in there with the same letter stating the exact same amount to be owed back as well
I was eventually told by some nim nosed fester head it was a computer glitch that sent out letters from the electoral roll they buy for their MARKETING PLOYS

Duffman · 06-05-2006, 03:32 PM

I remember when I worked there not long ago in a branch a big problem was people comming with cards and car loans asking to pay it. You would have to say 'sorry personal loans only' then listen to 10 mins of abuse. When I left I got told id never find another job as good with a organisation like them in 7 days I had a new job higher pay they are sending me to uni and well the knowlege I learn there (share market) is worth more then the pay.

pertuan · 06-05-2006, 03:56 PM

Quote:

Originally Posted by AU XR8

I was eventually told by some nim nosed fester head it was a computer glitch that sent out letters from the electoral roll they buy for their MARKETING PLOYS

Is that legal? I mean, can they actually buy our names off the electrol roll for marketing crap? I thought that stuff was private.

Lightning Strike GT · 28-05-2006, 08:01 PM

Quote:

Originally Posted by pertuan

Is that legal? I mean, can they actually buy our names off the electrol roll for marketing crap? I thought that stuff was private.

Unfortunately it is not illegal if you have the money you can get details from the Electoral Commision - name,age,occupation,and address so companies can target a certain type of person - the courts do it for jury duty all the time it is all public viewable information you can just lob up to the electoral commission and view the roll at will and it is nearly impossible to have your name suppressed on the electoral roll as well here for instance is the application for the ecq
application damn scarey if you ask me

4.9 EF Futura · 29-05-2006, 10:05 AM

Quote:

Originally Posted by LTDHO

GE are smart in some way.
Like most financal institutions, they don't lend money hoping you will pay it back. They don't make enough money of people who pay in time. In fact the worst customer of a lending company is one who pays on time.

Or worse yet - someone who pays back early.

GE have a place in the market - that's probably the nicest thing I can say about them??