The Worst Credit Card Company
Written: Jul 29 '02 (Updated Jul 29 '02)
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Product Rating:
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Pros: None
Cons: They raise your interest rates without warning.
The Bottom Line: Consider Fleet the last and worst option when choosing a credit card.
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| bugshu's Full Review: Fleet Platinum Visa |
I applied for and received a credit card account with Advanta over 6 years ago and loved the perks of the account. It was a nice account with card perks that accumulated over time and the perks are the reason Ive not closed the account. If I close my account the perks expire.
Unfortunately Fleet bought out Advanta and Im stuck with a worthless piece of plastic in my wallet that I dont use. Despite a perfect payment history of never once having ever had a late payment, Fleet decided to raise my interest rates to around 26%. Ive called them several times about this and theyve never given me a good reason why they did it except that they were greedy. According to Fleet, I have a perfect credit history but they had to raise my rates so that they could protect themselves. I call Fleet twice a year to ask them to reduce my rates so that I can start using my card again and they could care less and always refuse to consider my requests. I basically have a card with a zero balance that I dont want and never use and that I cant close without losing the points that Ive built up.
Fleet charges tons of crazy fees any chance they can. Needless to say, I payed off my balance asap and thought that I was done with them for awhile. Fleet compounds their interest daily to maximize what you owe them and if you owe $39.37 and send a check for $39.37 to pay off your account then expect a bill next month for .02 cents. I paid no attention to mine and got a late fee and a nasty call wanting to know why I refused to pay my bill. Following up and forcing them to remove the late fee and mark against my credit was a royal pain.
Calling Fleet customer service is an exercise in frustration. Im frequently put on hold for 45 minutes or more. Fleet's customer service model is to understaff their phones by at least 75% of what is actually needed and then hope their customers get frustrated, hang up or give up. You have to go through several phone menus to get to be put on hold before you speak to an actual person and if you make a mistake then you get moved to the back of the waiting line once again. Its not unheard of to spend over an hour waiting in line for a customer phone service rep to answer your call.
Fleet sells your name to numerous marketers and having a Fleet credit card means having telemarketers call you day and night. Ive gotten to where I wont speak with anybody on the phone unless they tell me who they are. When I answer the phone and hear somebody demanding for me to tell them who I am but not informing me of their intent then I know its one of Fleets telemarketers calling. The fact that I hate their card and company with a passion doesnt deter the anxious salespeople from saying just sign up and try our service for free and if you like it then in one month we will bill you only $79.99 for the service du jour which they are selling.
Most credit card companies send you balance transfer offers and like the rest of their service Fleets are worse than the rest. They send nice little offers packaged in easy to use checks. Unfortunately, if you read the fine print way down the offer you discover in very small type that they charge transaction fees for their balance transfers. So basically you end up paying about 5% of the amount you transfer and in a short while your special rate expires and you are back to the 26% nightmare.
Credit card accounts are nice and somewhat necessary in today's world and Fleet is the worst of the bunch. I assure you that they feel that it is easier and cheaper to buy out another bank and take over their credit card accounts than it is to appreciate and service the customers that they have. Fleet exploits their customers mercilessly any chance they get and they purposefully play every angle to rip them off. Dealing with your local pawn shop is probably a more pleasant experience. Fleet is no better than the loan shark on the corner.
If you pay off your balances then you have to send in extra money to cover nicky picky .02 and .03 cent interest charges that accumulate from compound interest. If you make a major purchase then look out. Maxing out your card to make those very occasional major purchases is a mistake. If you have a Fleet card then its a mistake to use it. If you redo your kitchen and replace your appliances then expect Fleet to raise your rates. Like most people you will plan your purchase and figure out the standard payments plus your usual interest and think you might can afford it but imagine your surprise when your new $10,000 kitchen comes with $2600 of interest charges per year. The $5000 per year that you budget to pay off your kitchen might take you 5 years or more to pay off when you thought you could pay it off in under 3. I can assure you that its a big surprise to find your rates maxed out and magically raised after youve used your card for the reason that you obtained it.
Anybody considering getting a new Fleet card should take these points into consideration. Im sure Fleet sends out lots of new Introductory rate offers but forget them. Unless you want to use them for 6 months and cancel your card then they are a waste of time. Any rate offer that Fleet sends you is subject to change and usually their rates change when you actually use your card and run up a balance. These people are thieves and abuse their customers in the worst way.
Go to a local bank and sign up for a card and pay the 1% - 2% greater interest rate that your local bank offers. Pay the annual fee. Find any bank but Fleet. Outside of I will breaka your leg if you dont pay; Fleet is the worst place that you will ever find to sign up for a credit card and borrow money.
Recommended:
No
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Epinions.com ID:
bugshu
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Reviews written: 2
Trusted by: 1 member
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