In March of 2010 I purchased a television from Target in Overland Park, Kansas and paid for it using my Target Visa card. Instead of making minimum payments, I made payments of in an amount equal to a payoff in 6 months interest free.
On my last payment, I inadvertently made a payment that was ten (10) cents short and subsequently received a bill for the final balance of ten cents. I contacted target customer service and informed the customer service person of my mistake and asked if the ten cents could be forgiven. At that time she put in a request and advised me that it would take 2 weeks to be approved or denied.
I called 2 weeks later to find out it was not forgiven. I also learned that my account was reporting a missed a payment of ten cents. I talked to another customer service person and explained what happened and asked if I could pay over the phone to avoid the drive to the store to make a final payment of ten cents (which would cost me $10.00 Gas).
She informed me that in order to avoid this going on my credit report I needed to make the payment immediately at the store and she could not accept the payment over the phone. I then offered to pay $20.00 and have a credit on my account of $19.90 to avoid the ride to the store and she stated that she could not do that either.
Concerned about my credit rating, I drove to the store and paid the ten (10)cents to the customer service clerk. She appeared embarrassed that the company would require this type of transaction.
The next day I called to check my balance and apparently the payments at the store are not real time either, because my account still had a missed payment and balance of ten (10) cents. I will never shop at Target again and I will let all of my friends know of my experience.
I can only wonder if Target's competitors are as financially strapped and have the same policy - I guess I will find out soon.
Product or Service Mentioned: Target Credit Card.