Earlier this year, Home Depot charged an Oregon customer a $28 late fee for allegedly missing a payment on his store line of credit. The subsequent dispute over that fee resulted in more fees, a 100-point drop in the customer’s credit score and now a $250,000 lawsuit against the retailer. [More]
store-branded credit cards
It can be so incredibly tempting: You’re at the cashier (or about to check out online) with a substantial purchase and you’re presented with the offer to save money now if you just apply for a store-branded credit card. But if you don’t pay off that balance right away, you could be looking at interest rates nearly double the national average. [More]
They tell us if we can get someone to sign up, and be approved, that we have guaranteed that that customer will shop at our store, on average, three times more often than they would have if they didn’t have a card with our store’s name on it.