Chase is worst CC company ever, borderline criminal

[jason07-1zzfe]

On my originally FirstUSA, then bought by BankOne, then bought by Chase (isn't consolidation great) credit card which I have had for over 5yrs, I just noticed that shortly after the Chase buyout they changed APR from fixed to variable, and at a percent added to prime that of course made it higher than my fixed rate was. It's now 2.5% higher, and rising every month.
They never notified me of the change either.
I just now found out because a similar thing happened to my fiance by Chase so I decided I better check mine. I usually didn't read all the way down to the APR portion of statement...it was supposed to be fixed.
And on the original agreement there was nothing about the APR terms being subject to change, like you are now starting to see on offers. I never would have gotten it if there was.
So I called them and they would not answer my question of why it changed. She sent me to a specialist to see if they could lower my rate. He said he could lower it to the ~12% it was, would I like to do that? I said what do you think that's what it should have been. Of course it was still variable and ignoring my question of why it changed. So in approx 2.5weeks I will pay it off in full and cancel it and send the President a nice

letter of where they can stuff their policies of screwing their customers. (already have address thanks to them screwing fiance)
(BTW yes I know 12% sucks but I only have $100 on regular APR for BP rebate...and a fair amount more left on a 3.99% life of balance check. So interest really isn't that high but it is the principal.)

Is this even legal? I would think not if they are adding disclaimers to new offers. But I'm not even going to waste my time. Just staying as far away from them as possible and recommend that everyone do the same.

 

[eljefino]

Once you pay it off, that will suprise them and they will offer you a better deal.

They are presently assuming you won't pay it off.

You were probably notified of the interest rate change in some fine print somewhere, like you said you don't read all of your statement. It is likely the law says they have to give you thirty days' notice before changing the contract and if you don't like it you can pay the card off under the old rules, within that time frame. Credit card companies usually change the rules in August and December because people are too preoccupied with vacations and holidays to read their statement.

If I were you, I'd pay this card off, and shop elsewhere. That is the sweetest revenge. Citibank has a 5% rebate card that's pretty nice.

Chase probably paid BankOne tens if not hundreds of dollars for your account. By closing it you'll have shafted Chase since 1: they won't get your interest and 2: they can't sell you to some other party.

 

[kenw]

find yourself a good local credit union.

 

[jason07-1zzfe]

I didn't know they were available to general public? My fiance is in healthcare associates credit union because she works at health insurance co. Something to look into! Thanks!

 

[XS650]

quote:

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Originally posted by Jason Troxell:
I didn't know they were available to general public? My fiance is in healthcare associates credit union because she works at health insurance co. Something to look into! Thanks!

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It may depend on the state. The CU I'm in has about 600,000 members and about 1/2 the people in the state are eligable to join. Just living or working in 25 out of 58 counties in the state qualifies you as does working for a long list of companies and organizations.

As big as my CU is, it still beats a bank for service and prices.

 

[kenw]

Well, you still have to be a "member" of the specific group like your fiance is, but there are so many groups out there it's impossible not to fit into one.

Or you may have an existing family member who qualifies, they can join and then you can on their coat-tails!

examples:

My mom worked in the school system. She got into the Teachers' CU, then as her son, i did too even tho I never worked for the schools. Did it spcifically for a car loan, best rates anywhere at the time. A $100 deposit in a savings account kept me active until the car was paid off.

My father-in-law was civil service. His daughter joined thru him. When we got married, I could join thr her. Our kids could join when they came along even tho they (nor I, nor my wife) were ever civil service.

My former employer had one for employess. After I left, we stayed members under the grandfather clause. We're still there and I haven't worked for them for almost 4 years.


There's another ++ for that fiance of yours... Consider her CU membership as part of the dowry!

 

[JAYCEE]

Pay those CCs off every month and you'll be shocked at how much _more_ money you have in the long run.

Paying interest gets us no where.

 

[JayhawkRoy]

Many of the old, specialized credit unions are allowed to establish themselves as community credit unions and this allows them to have a larger customer base. For example, the old TWA credit union is now Community America Credit Union and they can draw customers from their local areas of service instead of just TWA customers. Suggest you find one of them and see if they can offer you a credit card with the rate you desire.

 

[Drew99GT]

Most small credit unions' credit cards are done through the big credit card banks, so all the credit union does is get a marketing commision.

I've had a Capital One Visa for several years now and not one problem. I highly recomend them.

 

[XS650]

quote:

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Originally posted by Drew99GT:
Most small credit unions' credit cards are done through the big credit card banks, so all the credit union does is get a marketing commision.

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My previous credit union dod that. They changed from a credit card bank I like to MBNA. So I found another credit union.

 

[John K]

You should watch or read PBS Frontline that aired Nov 23th, 2004 called Secret History of the Credit Card.... http://www.pbs.org/wgbh/pages/frontline/programs/categories/b.html

Modern day loan sharks. Amazing stuff. Have you heard about Dave Ramsey? He writes books, has a radio show and was featured on 60 Minutes. His thing is destroy your credit cards! He was a multimillionaire and lost his shirt, partly due to credit cards, and now he is literally preaching against credit cards.

 

[Ugly3]

Chase bought Bank One.

 

[jason07-1zzfe]

Yeah, I've figured out most of their games by now

It is also apparent there a few "alarms" set in their system...Like if you start making larger payments, you start getting all these "great" offers. How nice of them. Or if your payments are less than your charges for a period of time they will definitely try to raise your rate or something else to stick it to you since they figure you can't get out.
I'm just gald I am in a position that I can at least pay this one off now. Like you said that is the best revenge. I probably would have stuck around if they didn't try to shaft me. I was taking my sweet time paying it off since rate was low. They probably eventually would have gotten me to use another check with the low rates too. Not wise customer service.
Yeah my other card is Citi Platinum Select. I haven't had any problems with them. They sent me some kind of rebate card offer but it had higher rate than I have with them now.(only 7.99% fixed.) But thats predictable, reel you in with rebate but give it higher APR. Hopefully they don't get bought out too

But I'll look into that 5% rebate, maybe I could use it just to pay off every month but take advantage of rebate...
I plan to keep my balance minimized in the future. If I don't have cash I don't need it.