The financial branch of General Electric is known as GE Money Bank, which issues many department and retail store credit cards, and also handles the financing of their consumer appliances.
With the consumer appliances, GE runs a special no interest rate offer that many people take advantage of. The only problem is that most people don’t read the fine print and get slammed with a huge interest charge if they don’t pay off the entire balance before the no interest offer expires. My brother used to work for GE Money bank, and he has dealt with many irate customers about this very situation.
While GE is a very respectable company, this is a prime example of a lesson that every consumer needs to learn; there is always fine print, always. You can’t ever expect to get away with anything, and chances are that if it sounds too good to be true, it really is. One must always be on the alert for “the catch”.
Let me explain how the financing offer works. They will give you a time period between eighteen months and three years, which has no interest. You must make minimum monthly payments during this time. If you don’t pay off the total bill before offer ends on your next billing statement you will be charged with interest for every month you had the charge.
Another quibble that customers have with GE Money Bank is they aren’t lenient on fees. For instance if you accidentally pay your bill late, and it was a first time offense, some companies might be willing to revoke the late-fee if you call their customer service and ask nicely.
If you are a current or a potential customer of GE Money I would recommend you reread through your contracts and make sure you know what you are getting into. Also keep in mind that if you call their customer service, you shouldn’t expect to have your fees or interest taken off.
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