So we're in the Bay the other day, and they tell us that they are offering a new HBC MasterCard.
All the wonderful benefits of the Bay credit card (like the HBC Reward points) but with the ability to earn points purchasing outside of the Bay and Zellers. The rate, instead of being higher than 28% (robbery) was to be closer to regular credit cards (under 20%, minor robbery).
So we get the new card in the mail with a sticker to activate it. I look at the paperwork, and the new rate is 28.8%. What the...?
Anyways, I don't want a MasterCard with a rate that is 8-10 percent higher than my other cards. Luckily, the paperwork says "Call us anytime, 24/7, 365 days a year". I called.
"Please call back in business hours".
Darn. This is starting to make me angry.
So I call today, and apparently there is a trick. If you use the card outside of the Bay/Zellers, they decrease and fix your rate at 20.5%. They don't seem to say this ANYWHERE on the paperwork, and 20.5% is STILL ROBBERY.
Can you imagine how many people are going to be scammed by GE Money and the Bay this Christmas season? This is absolutely unacceptable. You have to assume that no more than 5% of the people who get these cards are going to bother noticing and calling. That's a lot of extra money for GE Money.
So I cancelled my card right away. Now I have to get the word out. GE Money is obviously out to rob people, and the Bay/HBC will just stand by and watch it happen as long as it puts some money into their pockets.