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GEMB/ Ikea BEWARE!

Valued Member

GEMB/ Ikea BEWARE!

I didn't see this posted anywhere else.

 

I got a notice today that my GEMB issued IKEA card will begin assessing a $1.99 "monthly maintenance fee" on their accounts. Of course, the letter enclosed basically blamed the Credit CARD act for the changes. So, I called right up and cancelled my card. No need to pay for IKEA credit, especially when their interest rate is exhorbitant at 25.99%. I wonder if GEMB plans to do this for other store branded cards they issue? I'm going to be looking carefully now!

5 REPLIES
Senior Contributor

Re: GEMB/ Ikea BEWARE!

i'll keep an eye out!  thank you!

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Regular Contributor

Re: GEMB/ Ikea BEWARE!

Sucks... I did just request a CLI online and was approved for $100 increase for a total of $600. I've got no special need for more IKEA furniture, but I'll keep it hanging around for the total available credit. Worth 1.99/mo to me at this stage... and I could use a new dresser once some other priorities dealt with.


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Established Contributor

Re: GEMB/ Ikea BEWARE!

That's an absolutely ridiculous charge for a store card, especially if it comes with a low credit limit. If I had one, I'd call immediately and get rid of that card.

Moderator Emeritus

Re: GEMB/ Ikea BEWARE!


poet wrote:and I could use a new dresser once some other priorities dealt with.

Just remember that interest rate - this is definitely a PIF card.  Love IKEA but there's nothing at that store worth going into debt for!  Smiley Wink

Just puttin' syrup on something, don't make it pancakes.
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Valued Contributor

Re: GEMB/ Ikea BEWARE!

I'm sure other GE accounts will follow if so they will be closed.


Starting Score 3-31-08: EQ 582 TU 577 EX 625
Current Score 3-19-10: EQ 703 TU 712 EX No Clue
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