jerSSey HHR

Don't let the door hit you.......nevermind.

HHRvey

Received a letter in the mail from CEO of GM explaining nothing has changed with the GM card. I am very thankful for that as I will most likely be looking to trade in 2 or 3 years. I love the Chevy brand, and I want GM to succeed.

AJochum

Now, most times you and I agree ChevyMgr, but let me tell you a quick story that will show you (in my opinion) that congress had to take these slobs in the credit card business to task. I have had a GM card since 1994 and in that time probably charged over $150,000 on it. I use it for my business and was never late in all those years. My credit score is 783 (best possible is 840 - am in upper 95%). I had $15,000 on my card which still gave me $7000 available. My secretary always pays my bills. All of a sudden I looked and my rate was 32.45% - yep you read right! Turned out she forgot to pay the bill and it was one day late. They never advised me of the rate change, wouldn't lower it, charged me a $39 late fee, and then a $39 annual fee. Normally, they'll waive these. Not this time.

I raised hell, but it did no good. Wrote to my Senators, Congressmen, etc. Meanwhile, I wrote a check for the balance in full and didn't use it for a year. By the way, I called a couple of weeks later and got someone nice and they were glad to refund the two $39 fees, but they couldn't do it on the interest rate.

Meanwhile, I have a UniversalCard which gives me 2.9% and 3.9% offers constantly. In fact, my latest car purchase was done at 2.9% over the next 15 months.

Icing on the cake - about 6-8 months ago, I called GM and asked for a rate reduction - lady said "sure, we can do it at 14.9%. Told her the story and she said she could see no reason for what they had done.

These credit card companies are bums and crooks. If you and I charged the rates that they charge, we'd go to jail. They need to be babysat and regulated and in the long run it will benefit all of us. :)

rski

I always pay my full balance, so I'm a "stiff" in card companies eyes. If all companies do start charging annual fees and no more 21 (or is it 25) day no interest grace period, then I'll go to a debit card system. Damned if I'm gonna pay those extras for being a good paying customer.

Thx for all the re's.

-RK in MA

urbexHHR

Yeah...same here....

09_SS

@AJochum. I am sure if you read the fine print when you signed up for the card it is all in there. Not saying it is right, but if you can't agree to their terms then skip the card.

Back on topic, I use my debit card most of the time anyways and use the credit card for only big purchases that get paid off on the next bill. I thinks it sucks that because we don't make visa or mastercard as much money as the people who have to charge everything so all that shiny stuff makes them feel rich, we will all get screwed. I will probably keep one credit card open just for my credit score and emergencies, but I am pretty much done w/ them. Not going to pay intrest before I even get my bill. I dont throw money away when I dont need to.

Snoopy

I have 2 credit cards. I charge EVERYTHING....and I mean everything....to these cards (I do alternate between them). I pay off the entire balance every month.

My "points" either pay the air fare or lodgings for a vacation.....at least once every year. Food and a rental vehicle is out of pocket. So yeah, a credit card is a worthy alternative for me. I figure the cost of using the card is already built into the price of the product because, USUALLY, there is no discount for cash/check.

Oh and for the last 2 renewals, I paid no annual fees.

And like ChvyMgr, GM only allows their card (the original)to be used under very rare circumstances, when I purchase under the Employee Pricing Plan. So I cancelled that card. The newer Family First GM Card is ok. But to me $200/yr is not enough to make me want it. I'd need to accumulate points for 10 or 15 years to make it worth a consideration.

AJochum

I have purchased two new GM products on my GM card - had $6500 on my first card which went for a 2000 Pontiac Grand Prix and put $3500 on my HHR. GM changed rules in the middle of the stream in 1999 or so and dropped annual earnings to $500 per year rather than the $1000.

And yes, I received the notice that GM card would continue. Of course, they also told their bondholders they'd be paid I bet.

hyperv6

Card is paid off at the end of the month and I have used it on 3 new cars to save around $4,000.

To me it has been free money and a welcomed extra discount just for using it to buy gas.

QuickRick

(People are so quick to believe all that media hype......Toyota lost money this year too and that never happens.

These are sucky times for all, not just GM.)

As to the GM card, I got $1000 toward my ride even during the GM employee price promo in late September. I believe I got something a few months back saying that I got extra credit on a new GM car.....why wouldn't they do this again?

QuickRick

(this was an answer to GM sinking like a ship)