We are responding to complaint ID *** in reference to a credit card rate. Our first interaction with this member and the credit card application was in October 2012. At time of application the member requested a rate match. Our Contact Center supervisor notated the rate
match request on the application and informed the member that he would inquire about the rate match, however he could not guarantee this was something we could do as we rarely rate match credit card rates. The lowest interest rate offered in was a rate of 11.5%. The member was requesting a rate match of to 9.99% as he was unsure of the actual rate of his other card at the timeThe application was processed following proper underwriting guidelines; the best rate available to the member was 15.5%, with a temporary introductory rate of 1.9% for one year The credit card line was opened on October 10th with the introductory rate of 1.9% which expired November and converted to the member’s standard rate of 15.5%. A disclosure (copy attached) stating this information was mailed in October. The credit card line was actively used each month from October through July 2014. The member contacted Purdue Federal Credit Union on July 21st regarding the rate on his credit card and why it was not 8.99%. The Contact Center supervisor who notated the member’s application in responded to his question via email. The Contact Center supervisor explained that the rate match was not offered based upon underwriting guidelines, nor had the rate match been guaranteed. The Contact Center supervisor also suggested that the member complete a new application for a rate match in the event that the member’s credit and income may have changed over the past year and a half. Again, this offer was made with no guarantee of a rate match. There was no immediate response from the member. At this point, the member made a payment on July 28th and halted use of the credit card on July 31st 2014. No payment was made in August 2014. Two purchases posted to the credit card in early September and the member made contact with a Purdue Federal Credit Union Loss Mitigation representative. He shared his conversation from the credit card application in October and stated that he had received an email from the Contact Center supervisor. The representative asked for a copy of the email for reference and refunded one late fee for the member. A payment was made on September 25th 2014. On September 29th 2014, the member responded to the Contact Center supervisor’s July 21st email The member again stated he was promised the lower rate and threatened to contact the Revdex.com if the promise was not fulfilled
The Loss Mitigation representative received the promised email from the member on September 30th, but was unsuccessful at further contact with the memberThe Contact Center supervisor sent a follow up email to the member on October 14th after he failed to reach the member by phone. After finding no other alternatives for the member, he again suggested the member apply again and request a rate match with no guarantee that the match would be granted. The Contact Center supervisor asked for permission to begin this process. The member never responded to this email The Loss Mitigation department continued collection activities on the member’s account from October through December The credit line was removed and the plastic was blocked on October 31st. Letters and voice mail messages went unreturned until December 14th when the member called a Loss Mitigation representative and stated that he was promised a lower interest rate. He stated that he wanted it resolved or he would report Purdue Federal Credit Union to the Revdex.comThe representative spoke with the Contact Center supervisor to confirm the original discussion and called the member back to relay the same message that was in the email. The representative explained that a new application could be entered and that they would present it to the CEO for a potential rate match since the requested rate was lower than any rates currently offered. The member declined No payments or contacts were received from the member in January 2015. The Loss Mitigation department sent letters and emails in an attempt to collect the past due amounts. On February 20th 2015, the member called a Loss Mitigation representative, who informed him that the account was now days behind and that the delinquency was negatively affecting the member’s credit score. She also informed him that if payment was not received the loan would be sent to an outside collection agency since it was delinquent by days. This upset the member and he began to yell about the late fees which accrued from the time he stopped paying his account. The representative explained that late fees and interest accrue on any loan which is not paid on time
including this credit card line which had not received payment since September 2014. As a courtesy, the representative refunded two late fees. The member agreed to make a payment of $in order to bring the loan current through February No payment was made in March and no contact was made with the member. On April 22, the member called the Loss Mitigation department and inquired about a settlement. The representative escalated the settlement request to the Manager and Vice President. They discussed the settlement and determined that it was not in the best interest for the member as it would damage his credit further. The loan was less than days delinquent at this time and making payments would be best to help the member restore his credit. If he settled for less than the balance owed, it would have a negative impact to the member’s credit report for several yearsIn summary, three late fees have been refunded and several requests were made to the member for permission to re-evaluate his application with a current credit report and updated employment information. The member never gave permission for this action. The member actively used the credit line for months after the 1.9% introductory rate had expired and transitioned to the 15.5% before contacting Purdue Federal Credit Union. The current interest rate is clearly disclosed on each credit card statement directly above the transaction summary. An excerpt of this information from the member’s statement has been included. As we have provided proper disclosure of rates and fees and even refunded some fees, Purdue Federal Credit Union feels we handled the member’s request appropriately. The credit union will continue to working with the member to repay the remaining debt
Respectfully,
Heather * ***
VP Retail Sales and Service
Enclosure: Visa Disclosure
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Please
note that their response states clearly that the RARELY rate match. Shouldn't that have been clearly stated when
I filled out the application? Their representatives shouldn't have given the
understanding that they would match without mentioning how rare an event that
is. Instead the statement was "we
can match that rate" was made. On the phone, their representatives state
that they...."don't rate match at all." This is more likely the true
statement they should have made in October of 2012 and I would not have
proceeded with the application. I was very clear about this point when I filled
out the application. This was witnessed
by my friend, [redacted], who also understood the promises were that they
would be matching my existing credit card rate. I will acquire a statement from
my friend and submit it for Revdex.com review. Payments on the account were
discontinued when it was apparent they had no intention to honor those
promises.
Is
it not suspicious that the response from the business mentions that they noted
the rate match on the application but did not include a copy of that?
Submitting a copy of that application would easily make or break their case.
Could this be that it would contractually verify my complaint?
Is
there any evidence that they have ever rate matched?
In good faith I have
offered to pay off the principal and some of the late fees to settle this
account but their preference is to have this go to collections, pay the
collector a large part of the debt and ruin my credit. That is the best
customer service they can offer. Other potential customers should be aware of
the business practices of this credit union and the complaint should remain as
a warning of the outcomes of dealing with suc
Regards,
[redacted]
We are responding to complaint ID *** in reference to a credit card rate. Our first interaction with this member and the credit card application was in October 2012. At time of application the member requested a rate match. Our Contact Center supervisor notated the rate
match request on the application and informed the member that he would inquire about the rate match, however he could not guarantee this was something we could do as we rarely rate match credit card rates. The lowest interest rate offered in was a rate of 11.5%. The member was requesting a rate match of to 9.99% as he was unsure of the actual rate of his other card at the timeThe application was processed following proper underwriting guidelines; the best rate available to the member was 15.5%, with a temporary introductory rate of 1.9% for one year The credit card line was opened on October 10th with the introductory rate of 1.9% which expired November and converted to the member’s standard rate of 15.5%. A disclosure (copy attached) stating this information was mailed in October. The credit card line was actively used each month from October through July 2014. The member contacted Purdue Federal Credit Union on July 21st regarding the rate on his credit card and why it was not 8.99%. The Contact Center supervisor who notated the member’s application in responded to his question via email. The Contact Center supervisor explained that the rate match was not offered based upon underwriting guidelines, nor had the rate match been guaranteed. The Contact Center supervisor also suggested that the member complete a new application for a rate match in the event that the member’s credit and income may have changed over the past year and a half. Again, this offer was made with no guarantee of a rate match. There was no immediate response from the member. At this point, the member made a payment on July 28th and halted use of the credit card on July 31st 2014. No payment was made in August 2014. Two purchases posted to the credit card in early September and the member made contact with a Purdue Federal Credit Union Loss Mitigation representative. He shared his conversation from the credit card application in October and stated that he had received an email from the Contact Center supervisor. The representative asked for a copy of the email for reference and refunded one late fee for the member. A payment was made on September 25th 2014. On September 29th 2014, the member responded to the Contact Center supervisor’s July 21st email The member again stated he was promised the lower rate and threatened to contact the Revdex.com if the promise was not fulfilled
The Loss Mitigation representative received the promised email from the member on September 30th, but was unsuccessful at further contact with the memberThe Contact Center supervisor sent a follow up email to the member on October 14th after he failed to reach the member by phone. After finding no other alternatives for the member, he again suggested the member apply again and request a rate match with no guarantee that the match would be granted. The Contact Center supervisor asked for permission to begin this process. The member never responded to this email The Loss Mitigation department continued collection activities on the member’s account from October through December The credit line was removed and the plastic was blocked on October 31st. Letters and voice mail messages went unreturned until December 14th when the member called a Loss Mitigation representative and stated that he was promised a lower interest rate. He stated that he wanted it resolved or he would report Purdue Federal Credit Union to the Revdex.comThe representative spoke with the Contact Center supervisor to confirm the original discussion and called the member back to relay the same message that was in the email. The representative explained that a new application could be entered and that they would present it to the CEO for a potential rate match since the requested rate was lower than any rates currently offered. The member declined No payments or contacts were received from the member in January 2015. The Loss Mitigation department sent letters and emails in an attempt to collect the past due amounts. On February 20th 2015, the member called a Loss Mitigation representative, who informed him that the account was now days behind and that the delinquency was negatively affecting the member’s credit score. She also informed him that if payment was not received the loan would be sent to an outside collection agency since it was delinquent by days. This upset the member and he began to yell about the late fees which accrued from the time he stopped paying his account. The representative explained that late fees and interest accrue on any loan which is not paid on time
including this credit card line which had not received payment since September 2014. As a courtesy, the representative refunded two late fees. The member agreed to make a payment of $in order to bring the loan current through February No payment was made in March and no contact was made with the member. On April 22, the member called the Loss Mitigation department and inquired about a settlement. The representative escalated the settlement request to the Manager and Vice President. They discussed the settlement and determined that it was not in the best interest for the member as it would damage his credit further. The loan was less than days delinquent at this time and making payments would be best to help the member restore his credit. If he settled for less than the balance owed, it would have a negative impact to the member’s credit report for several yearsIn summary, three late fees have been refunded and several requests were made to the member for permission to re-evaluate his application with a current credit report and updated employment information. The member never gave permission for this action. The member actively used the credit line for months after the 1.9% introductory rate had expired and transitioned to the 15.5% before contacting Purdue Federal Credit Union. The current interest rate is clearly disclosed on each credit card statement directly above the transaction summary. An excerpt of this information from the member’s statement has been included. As we have provided proper disclosure of rates and fees and even refunded some fees, Purdue Federal Credit Union feels we handled the member’s request appropriately. The credit union will continue to working with the member to repay the remaining debt
Respectfully,
Heather * ***
VP Retail Sales and Service
Enclosure: Visa Disclosure
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that the response would not resolve my complaint. For your reference, details of the offer I reviewed appear below.
Please
note that their response states clearly that the RARELY rate match. Shouldn't that have been clearly stated when
I filled out the application? Their representatives shouldn't have given the
understanding that they would match without mentioning how rare an event that
is. Instead the statement was "we
can match that rate" was made. On the phone, their representatives state
that they...."don't rate match at all." This is more likely the true
statement they should have made in October of 2012 and I would not have
proceeded with the application. I was very clear about this point when I filled
out the application. This was witnessed
by my friend, [redacted], who also understood the promises were that they
would be matching my existing credit card rate. I will acquire a statement from
my friend and submit it for Revdex.com review. Payments on the account were
discontinued when it was apparent they had no intention to honor those
promises.
Is
it not suspicious that the response from the business mentions that they noted
the rate match on the application but did not include a copy of that?
Submitting a copy of that application would easily make or break their case.
Could this be that it would contractually verify my complaint?
Is
there any evidence that they have ever rate matched?
In good faith I have
offered to pay off the principal and some of the late fees to settle this
account but their preference is to have this go to collections, pay the
collector a large part of the debt and ruin my credit. That is the best
customer service they can offer. Other potential customers should be aware of
the business practices of this credit union and the complaint should remain as
a warning of the outcomes of dealing with suc
Regards,
[redacted]