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