Why punish me for paying on time, and in full?
Written: Aug 06 '01
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Pros: Good Card!
Cons: Late posting of payments!
The Bottom Line: Customer service is great, give them a try!!!(Read the fine print)
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| opionatedone's Full Review: Sterling Bank & Trust Secured Card |
I searched thru alot of creditcard information befor choosing to apply for a Sterling Silver Visa.For sub-prime customers there is no doubt that this is one of the best there is.After having breifly read over there creditcard agreement,and calling to verify that they where whom they claimed to be,I sent them a Cashiers Check to open my account with.Several days later I received a 3 way phone call with the Sterling Rep, and a Social Security Rep to verify that the information I had submitted was correct (fast service/good service).My account was quickly processed after this information was confirmed and my creditcard promptly sent out. My new Sterling Credit Card had a limit in excess of $1400 of which I quickly become accustomed to using for every purchase that I make. Normally I top it out around the $1000 level each month.Now, I've got a problem, it seems, that the (Briefly Read Over) statement above was a mistake.It seems to be that for some un none reason that if you send them a payment for over $499.00 that they hold the payment for 10 days, and don't credit your account even though they willfully admit that payment has been received by them. When I asked there customer service about this,t he answer I was given was that it was for security reason's.(Now lets see, they have my savings account as collateral, they have my payment in full and on time every month, I've allready been told that my payment has been recieved and my bank from which the payment was made, has allready sent me a statement showing that the check had cleared) pssssst... its in the fine print. How did I discover this oversite on my part, Seems that when I went on a business trip, and needed a hotel room for the night, my card was DECLINED !!! Yep they will cut off your credit until the 10 day waiting period is over, even though they have your payment, in full and on time.It was extreamly embarresing for me, luckly I had the cash to pay for the room.Ok I learned somthing from this trip, 1. Do they really value people that pay on time as there customers, or do they penialize us for it.2.To get around this, make 2 payments on 2 seperate days for $500 or more (if using personal checks), or send payments via moneyorders, which I was told would be promptly credited to your account.All in all there good people to deal with.But, I believe and I might be mistaken, that its against the law for them not to credit your account, when payment is made.I believe Citibank was recently sued over this same issue. Would I recommend this card, Sure I would, but read the fine print!!!
Recommended:
Yes
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Epinions.com ID:
opionatedone
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Reviews written: 1
Trusted by: 0 members
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