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.
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
(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.