Comments on: Only Paying the Minimum–Not True in my Case with Chase. http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/ Now We're Coming After You Tue, 18 May 2010 01:47:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Mark http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-791 Mark Sun, 05 Apr 2009 04:49:05 +0000 http://www.changeinterms.com/?p=559#comment-791 I had this as well, I have 2 cards one by Chase one by Citibank. What happened was I noticed my Citibank (not Chase as mentioned here) interest rate mysteriously went from 7.99% to 15.99% even though I paid 8x the minimum consistently 2 weeks before each bill is due without my consent. Calling them up, they said I got a notice they were increasing my interest rate and could've opted out. I said, why would anyone knowingly want to increase their interest rate from 7.99% to 15.99% why would one have to opt out to keep it 7.99%? I got them to put it back but they informed me afterward once the credit card expires I'm no longer a customer. I agreed for the lower interest and I wouldn't be a customer after it expires. Chase I had the same thing here happen, I was paying 3x the minimum to them with my main focus the Citibank and after experiencing the above issue wondered if any funny business was going on with Chase and took a good look at my Chase bill and noticed they too are trying to scam me (I saw a strange $10 fee). I decided to increase my payment 8x minimum to them and 3x to Citibank. Months later I just got a message Chase is refunding me the $10 fees but now I feel screwed as I would've been best maintaining my high payments to my other credit card. I guess Chase got what they wanted in the end (even though I consistently paid at least 3x minimum). So, it seems everyone's trying to stick it to us. I had this as well, I have 2 cards one by Chase one by Citibank. What happened was I noticed my Citibank (not Chase as mentioned here) interest rate mysteriously went from 7.99% to 15.99% even though I paid 8x the minimum consistently 2 weeks before each bill is due without my consent. Calling them up, they said I got a notice they were increasing my interest rate and could’ve opted out. I said, why would anyone knowingly want to increase their interest rate from 7.99% to 15.99% why would one have to opt out to keep it 7.99%? I got them to put it back but they informed me afterward once the credit card expires I’m no longer a customer. I agreed for the lower interest and I wouldn’t be a customer after it expires.

Chase I had the same thing here happen, I was paying 3x the minimum to them with my main focus the Citibank and after experiencing the above issue wondered if any funny business was going on with Chase and took a good look at my Chase bill and noticed they too are trying to scam me (I saw a strange $10 fee). I decided to increase my payment 8x minimum to them and 3x to Citibank. Months later I just got a message Chase is refunding me the $10 fees but now I feel screwed as I would’ve been best maintaining my high payments to my other credit card. I guess Chase got what they wanted in the end (even though I consistently paid at least 3x minimum).

So, it seems everyone’s trying to stick it to us.

]]> By: “You cursed brat! Look what you’ve done!” Chase is “melting! Melting!” – ChangeinTerms.com http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-727 “You cursed brat! Look what you’ve done!” Chase is “melting! Melting!” – ChangeinTerms.com Wed, 01 Apr 2009 15:36:23 +0000 http://www.changeinterms.com/?p=559#comment-727 [...] the subject of plenty of angst for at least some of us who were account holders that Chase “aimed at,” with its now infamous change in terms [...] [...] the subject of plenty of angst for at least some of us who were account holders that Chase “aimed at,” with its now infamous change in terms [...]

]]> By: WBZ-TV (CBS) Boston airs coverage including NewCreditRules.com and ChangeInTerms.com sites – ChangeinTerms.com http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-604 WBZ-TV (CBS) Boston airs coverage including NewCreditRules.com and ChangeInTerms.com sites – ChangeinTerms.com Thu, 19 Mar 2009 00:58:20 +0000 http://www.changeinterms.com/?p=559#comment-604 [...] Only Paying the Minimum–Not True in my Case with Chase [...] [...] Only Paying the Minimum–Not True in my Case with Chase [...]

]]> By: Chase “aimed at” account holders who were only paying the minimum? Someone must need new eyeglasses. – ChangeinTerms.com http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-284 Chase “aimed at” account holders who were only paying the minimum? Someone must need new eyeglasses. – ChangeinTerms.com Fri, 20 Feb 2009 19:48:44 +0000 http://www.changeinterms.com/?p=559#comment-284 [...] or her obligation to Chase, faithfully, and fully.  Rather, I will add further emphasis to earlier posts wherein I discussed being an exception to this “only paying the minimum” claim, [...] [...] or her obligation to Chase, faithfully, and fully.  Rather, I will add further emphasis to earlier posts wherein I discussed being an exception to this “only paying the minimum” claim, [...]

]]> By: Chase has no right to take “aim at” customers who were doing nothing wrong – ChangeinTerms.com http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-243 Chase has no right to take “aim at” customers who were doing nothing wrong – ChangeinTerms.com Mon, 16 Feb 2009 16:45:07 +0000 http://www.changeinterms.com/?p=559#comment-243 [...] at” people who were making little progress in paying off their loans; not true in my case (see item 6, here), and stories abound about others.  So again, why didn’t Chase back down relative to [...] [...] at” people who were making little progress in paying off their loans; not true in my case (see item 6, here), and stories abound about others.  So again, why didn’t Chase back down relative to [...]

]]> By: Chase PR spinmeisters versus busy journalists: 10 reasons to dig deeper and cover what’s NOT been said – ChangeinTerms.com http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-221 Chase PR spinmeisters versus busy journalists: 10 reasons to dig deeper and cover what’s NOT been said – ChangeinTerms.com Fri, 13 Feb 2009 19:31:46 +0000 http://www.changeinterms.com/?p=559#comment-221 [...] holders weren’t making enough progress paying off their balances, i.e., only paying minimums (we refute that claim as untrue and not even relevant).  This is basically a “those slow-paying laggards deserved it [...] [...] holders weren’t making enough progress paying off their balances, i.e., only paying minimums (we refute that claim as untrue and not even relevant).  This is basically a “those slow-paying laggards deserved it [...]

]]> By: Dr Robert Lahm http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-147 Dr Robert Lahm Mon, 02 Feb 2009 22:40:13 +0000 http://www.changeinterms.com/?p=559#comment-147 Two strikes in a row for me, since my last post was "silly ranting." Does this mean I am improving? Two strikes in a row for me, since my last post was “silly ranting.” Does this mean I am improving?

]]> By: Chris http://www.changeinterms.com/2009/02/01/only-paying-the-minimum-not-true-in-my-case-with-chase/comment-page-1/#comment-144 Chris Mon, 02 Feb 2009 17:35:02 +0000 http://www.changeinterms.com/?p=559#comment-144 Mostly more ranting to me, however I will note that there is nothing fundamentally different in changing the terms on an auto loan. I think they can do it, but why would a borrower ever accept less favorable terms on a fixed loan at the mere request of the bank? Auto loans seldom experience a change in terms except at the request of a troubled borrower or by a bankruptcy judge. Even for mortgages, the terms of the loan can be changed by a subsequent agreement between the borrower and lender. In the future, however, perhaps we will start seeing auto loans getting structured more like today's revolving credit lines, which would be a totally awful development for borrowers. Not so likely with residential mortgage loans, however, where there already is significant government regulation of the industry (you don't see prepayment penalties and due-on-demand clauses in residential mortgages anymore because of that). Mostly more ranting to me, however I will note that there is nothing fundamentally different in changing the terms on an auto loan. I think they can do it, but why would a borrower ever accept less favorable terms on a fixed loan at the mere request of the bank? Auto loans seldom experience a change in terms except at the request of a troubled borrower or by a bankruptcy judge. Even for mortgages, the terms of the loan can be changed by a subsequent agreement between the borrower and lender.

In the future, however, perhaps we will start seeing auto loans getting structured more like today’s revolving credit lines, which would be a totally awful development for borrowers. Not so likely with residential mortgage loans, however, where there already is significant government regulation of the industry (you don’t see prepayment penalties and due-on-demand clauses in residential mortgages anymore because of that).

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