I Won’t Use My GE Money Credit Card

Well atleast not until they send me the balance transfer application information.

A while ago I wrote a scathing post about GE Money (previously known as AGC) and their company policies and practices.

I hadn’t done any business with them for two or three years for these reasons.

But when I came across a o% balance transfer credit card with an ongoing interest rate of 10.99% with GE Money I thought I’d give them a second chance.

I was instantly approved for a credit card with a tiny $1250 credit limit but I did the maths and even with a $58 annual fee I’d save myself about $60 in interest over the six month interest free period. I know $60 isn’t a lot but I’d rather save it than have to earn it.

So barely four days later I recieved the credit card in the mail, along with the card I was given a phone number to activate the card and was even told that I would be offered purchase insurance when I called to activate the card.

This purchase insurance is based on 0.5% of your closing monthly balance. Unless your good with numbers and reading through double talk most people wouldn’t realise that this insurance adds about 6% per annum to the base interest rate. I didn’t want it, but it didn’t phase me as I’m really good at saying NO.

A few days after I got the card I recieved another envelope from GE Money, this one contained a PIN and a proof of identity form that I needed to fill out and witnessed to meet federal banking regulations.

Where was the balance transfer information they promised to send me ???

Having dealt with GE Money in the past I always read the fine print. Of course their was the usual bunch of fee’s and charges but as long as I stayed within my limit and made the monthly payments on time I’d be fine.

The kicker in the fine print was that the 6 month zero interest period started from the moment the card was activated, also it may take up to 28 days to prepare the balance transfer.

Now it’s almost two weeks after I recieved the card, and almost three weeks since I applied for the card and I haven’t yet got the balance transfer paperwork.

Interestingly enough, if I had the motivation I’d have a good case to take to the ACCC (government consumer watchdog) as they are being deceptive in their advertising, when I can’t see how any consumer will get the advantage of the full six month zero interest period when they aren’t forthcoming with the paperwork and give themselves 28 days to cut a check to my existing credit card issuer.

I won’t be activating the card or stuffing around finding a police officer or public servant to verify my identity until they come through with the balance transfer. I don’t need another credit card and as the $60 interest saving is pretty line ball as to being worth the effort I doubt this credit card will ever see the light of day.

Nice try GE Money, but your usual subversive tactics won’t get me this time.