Discover Card Payment plan ripoff Salt Lake City, Utah

20th of Nov, 2011 by User464645

I have been a customer of Discover for over 30 years. I own a small business and got behind when I started using the card for cash advances at supposedly discounted rates to purchase items I needed for my business. I paid over $20,000 to Discover in interest from the period of 2000 to 2010. In 2008 the interest rate went up to 26% making it almost impossible to pay on a balance of $15,000. In 2009 I got on a payment plan with them at 9.9 % and paid $330.00 for 1 year. At the end of the year, Discover jacked the interest back to 29.9% taking back half of the money I was able to pay off in a couple short months. They put me on another payment plan at 9.9%, this time paying $468.00 per month. Once again Discover has jacked up the interest rate to 29.9% making the interest on the $11,000 balance around $280.00 per month. This time they tell me that I do not qualify for a rate reduction. Note- I have not missed a payment in 2 years. Discover is the absolute worst company to deal with if you are having a tough time paying your bills. I have 4 other credit cards that I am on payment plans with and all of them offer a rate of 5% to 6% and are renewing the payment plan for the third year. The Greed that Discover card displays in the way it treats thier customers is wrong. If anyone is interested in starting a class action lawsuit against Discover, I would be in.

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