- Report: #66577
Complaint Review: First USA Bank - Wilmington Delaware
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Author Not Confirmed
Why?
First USA Bank
P.O. Box 8650 Wilmington, 19899-8650 Delaware, U.S.A.
Phone:
800-955-9900
Web:
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First USA Bank Credit Cards are a Scam! Wilmington Delaware
I opened up a credit card account with First USA ten years ago as a college student. Their representatives make a habit of luring broke college students in with promises of low interest rates, free gifts, etc.
I admit that I was young and naive, so when my available spending limit and cash advance limits were continuously raised, with no regard to my low annual income, my spending increased.
This spending was not frivolous, mind you. If I didn't have enough money for rent, groceries, or gas, I would use my card or take out a cash advance. This continued until I graduated from college and got a better paying job.
Five years since I cut the card up, I am still paying off the several thousand dollars that I charged up. Although my balance was originally about $10,000 and I have paid over $5000 on it in the past few years, only about $1000 has been taken off the balance. The rest goes to my supposedly low finance charges.
I have called First USA on numerous occasions, asking them to lower my interest rate or settle fairly with me, but to no avail. They always say they'll get back to me and never do. Meanwhile, although I pay well more than the minimum due each month, my balance stays relatively the same.
Imagine paying a few hundred dollars on a bill each month and only seeing less than $20 taken off the balance. It is sickening, but I don't want to ruin my credit by stopping payments to them.
Beware, college students!
Lucy
Gainesville, Florida
U.S.A.
I admit that I was young and naive, so when my available spending limit and cash advance limits were continuously raised, with no regard to my low annual income, my spending increased.
This spending was not frivolous, mind you. If I didn't have enough money for rent, groceries, or gas, I would use my card or take out a cash advance. This continued until I graduated from college and got a better paying job.
Five years since I cut the card up, I am still paying off the several thousand dollars that I charged up. Although my balance was originally about $10,000 and I have paid over $5000 on it in the past few years, only about $1000 has been taken off the balance. The rest goes to my supposedly low finance charges.
I have called First USA on numerous occasions, asking them to lower my interest rate or settle fairly with me, but to no avail. They always say they'll get back to me and never do. Meanwhile, although I pay well more than the minimum due each month, my balance stays relatively the same.
Imagine paying a few hundred dollars on a bill each month and only seeing less than $20 taken off the balance. It is sickening, but I don't want to ruin my credit by stopping payments to them.
Beware, college students!
Lucy
Gainesville, Florida
U.S.A.
1 Updates & Rebuttals
Bill
Anaheim,California,
U.S.A.
Avoid the High Interest
#2Consumer Suggestion
Wed, July 28, 2004
In order to get rip of those high interest, there is one way you can do to low your current interest. Some other banks will send you the balance transfer offer with a low interest rate if you open a new account there. Most of the time those rate is under 10%. People usually throw those mails right away and they don't realize that those are really a big offers for the high interest credit holders. The offers usually carry about 6 to 10 months depending on the bank institutions. What you have to do is just open a account there and transfer all your balance to a lower rate bank and keep doing this for every term offer. You'll be surprised that that would save you tons of money after you keep doing that for the rest of your balance.
