I am not sure if I'm posting this in the correct place or if this is allowed but since we are all trying to save money, I wanted to share this with you. I really hope this helps some of you out!
About a year ago, we got an offer from Chase to transfer high balances from other cards to their extremely low offer of 3.99% for the life of the loan. Great deal, right? So, we consolidated 2 other cards, and transferred everything over to Chase. Who couldn't pass up a deal like this, especially such a low APR for the life of the loan.
We got a notice yesterday that starting Aug. 1st, they will be changing the minimum amount due from 2% of the balance to 5%. This doesn't seem like a lot, but if you have a balance of a couple thousand dollars, then your minimum due will increase by 150%!!!! CRAZINESS!!
I called to complain, and this is apparently legal. Definitely not ethical. They said that there is NO opt-out for this. They were very hateful. I googled "Chase Credit card, complaints" and read hundreds of letters for all these poor people, all across the country, who took advantage of this low offer. Apparently, this is standard business for them, including the hateful, "I don't care" attitude!
Essentially, only the best customers received this super low, lock-in rate. So, Chase is punishing and taking advantage of their best customers who always pay their bills. It will definitely put us in a hardship to pay this, but I think we can do it. Others are not so lucky. I just really, REALLY wanted everyone to know what Chase has been doing and to hopefully not fall victim to their trap. Some people said they were offered the lower 2% minimum balance due if they agreed to a rate increase of 21%!!!! I call this blackmail. The lady I spoke with at Chase, when I told her that this would be an impossible increase, said, "I don't care." Then, she said that "this helps you out. It helps you pay your balance quicker so you can charge more." ARE YOU KIDDING ME?? LOL. So, please be very careful if you have thought about consolidating your credit cards to a low offer from Chase. Google it and check out their complaints if you don't want to take it from me. Hope this helps!!
Maybe time to "shop" around for a different company? Alot offer the low interest rates, and alot of times if you contact Chase and tell them you are canceling you card because you found a better deal, they are all about meeting/matching it.
sorry to say, its not illegal.. its in the terms and conditions included with your card account.. all companies are raising interest rates due to business and economic enviornment. Those decisions were made prior to the legislation being signed. How do I know?? I work for American Express..
Yeah, most companies are eager to keep your business, especially the customers who are never late, never miss a payment. Chase was horribly rude! They told me, "I don't care." I told them that if would be difficult to pay a bill that was increased by 150%! She said, "We're doing you a favor. You'll pay off your debt quicker so you can charge more." I was astounded. She said there was no "opting out" of this, that everyone who had the lower rate was being notified of a change. I think it's blackmail, personally.
Yes, I never thought that a company would change the minimum due, you never think about that. So, we can barely make it, and we will be all the better for it, but I know TONS of people who will have to take bankruptcy. I just want everyone to be informed!
Many credit cards are changing, and August 1st seems to be the target date. The recent bill passed in Congress has some very good points to it, but it will also penalize those who pay bills on time.
Many cards lowered credit limit even if no late payments.
Min. payment has increased
Annual fees will be charged when never before.
My bank which was Washington Mutual just switched to Chase and I HATE it. I use to go deposit my DH's check and the funds were available immediately.Now they are not available until the next day. He has a judgement from a collection agency and they have seized a previous bank account so I use to deposit to joint account and then immediately transfer to my personal account. Now I have to go deposit it at another bank that we have an account with then later withdraw it and then go to chase to deposit. (the other bank doesn't give me the visa/mastercard debit card) It is such a pain. I HATE Chase.
We did the same thing like 2 yrs ago, and still have a balance. We got the letter the other day, and saw that it was now going to be 5% of the balance..Hubby lost it...When your just making it they decide to screw you some more. It's just sad. I understand that they want their money, but do they honestly think this is the way to go? It's just crazy. Our min payment more then doubled due to this issue. It's just wrong what their doing to people.
I had 2 Chase credit cards. One had 9.99% after my 0% promotional period. I've never been late. I paid off the other Chase credit card but I accidentally cancelled the autopay for both credit cards. For one time late payment, they increased it to 29.99%. I have a great credit score.
I beg, I cried. They don't care. I am paying this card as much as I can and will never get credit card again from them.
i have a chase card and i was perfect credit with them and all.. one month it was 7% then 11% 18% and now it 26%.. i hate them.. i even called and asked them can i have a lower % rate the was real friendly and oh yes, yes,.. i was thinking well this is easy.. then he said i would have to cancel the card?? for what.. he said u want beable to use it becasue u HAVE TO cancel.. i told them tht was fine case i threw it away.. i was suppose to get it for fixed 6%.. i was happy... then i got a letter in the mail saying manger was going to let me get the fixe 6% close acc. .. SO HUH!!! on them..... I'VE NEVER EVER FOUL WITH CHASE AGAIN.. once i get them gone they will be gone for good... they are the dirties bank to deal with
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on Jun. 25, 2009 at 4:39 PM