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Monogram - "No-Interest"

Monogram Credit Card Bank • ExxonMobil • Gap • Lowe's • Mattress Outlet • Office Depot • Old Navy • QVC • Sam's Club • Video Only • Wal-Mart --- • "No Interest" • Other Complaints • Mono-GECAF --- News • Home Depot, Monogram Credit Card Bank To Pay Connecticut $672,000 • Home Depot, Lowe's, Monogram "Interest-Free" Suit • Class Action Filed

Monogram, Home Depot and Lowe's face a class action lawsuit over the issue of "no-interest" promotions. But as these complaints show, the problem isn't limited to those stores.

Jeannie of LaGrange GA (12/31/03):
Bought a product with 90-day no-finance charge special. Did not receive timely statements, making the payments late and have been charged finance charges. Called customer Service, told me point blank there was nothing that would be done. Did not even want to give any info about others I could talk with. No info on internet about their company. No way to locate. We were tricked and are unhappy as the finance charge covers the whole amount instead of what was left on the 3rd statement.

The promotion was the ONLY reason we used that company and we will never again. Frustration because we were tricked and have to pay much higher interest than we would on our regular credit caard.

Gary of Jacksonville FL (12/19/03):
My wife and I purchased several new kitchen appliances from a local (Jax, FL) appliance store (Florida Home Appliances). We were willing and prepared to pay cash, but were (unfortunately) persuaded to accept "12 months same as cash" financing. The agreement we signed clearly and succinctly stated "No interest/No payments for 12 months". We didn't know at the time that we would automatically get a "Florida Home Appliances" credit card issued by CC Monogram Bank.

Two weeks later we started receiving statements from CC Monogram stating that we owed a monthly payment. After a couple of telephone calls to the appliance company, we were assured that the problem was taken care of. Two months later we received two phone calls (within 15 minutes of each other), from CC Monogram, berating us for "being two months behind in our payments" and threatening to impose late fees unless a checking account number was given that night. Unfortunately my wife relented and gave our checking account number. I took the second call and was similarly badgered, harassed and berated by "Bob" (who was calling from India).

I subsequently told "Bob", in no uncertain terms, my feelings toward CC Monogram Bank. The next day I called the appliance company once again, and their credit person was able to convince CC Monogram that they had made a mistake in keying in certain details of our account (something which CC Monogram would never admit to in subsequent conversations). My experience with Monogram has been nothing but totally negative. They refuse to admit that they made a mistake and, had it not been for the intervention of Florida Home Appliance, they would have done nothing to rectify their error.

No economic damage to this point. I am watching activity on my checking account on a daily basis to make sure that CC Monogram doesn't try and ACH my account.

Shannon of Wilmington NC (11/10/03):
My husband and I obtained credit when purchasing flooring for our first house. The carpet/flooring store (Crystal Carpets in Wilmington, NC) advertised no payments, no interest for 12 months through Monogram. We were accepted for credit only after having my father cosign for the credit.

We immediately began receiving bills that were expecting payment and charging interest. After months dealing with the local company, who claimed they had stopped using Monogram because they had such problems with them, my account was changed to reflect the special promo deal. Now that we are into repayment and just dealing with Monogram, every payment I have mailed to them has incurred a late payment fee, regardless of how early I mail it.

I began phoning in payment to avoid the charge, but they're onto me and now charge $10.00 per phone pay, but they conveniently put that on my account! And they are charging 24% interest.

Not only has our credit been damaged as a result, my father who is in a prominent position has also felt the repercussions. I HATE this company and would love nothing better than to see their usury type interest rates, and holding people's payments until they can charge a late fee, result in some sort of legal action. But what can one person do? My father is a former attorney and that serves as no help.

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