I have sent links to this document to numerous recipients, but just in case a member of the media (most keep calling it a “fee” or a “service charge,” sorry to have to correct your coverage, but “it is a finance charge”) does not, or cannot, open those links, I hereby present ChangeInTerms.com “Exhibit 2″:
The Chase November 2008 change in terms notice that I received (along with hundreds of thousands of other account holders, so it appears), Panel 2. The text below explicitly says:
“The charge is $10 per month ($120 total annually), and it is a finance charge.”
As I pointed out in my letter of December 3, 2008 to Chase Card Services CEO Gordon Smith (and others in several rounds of communication since that time):
“3.99% fixed” is not the same as 3.99% plus $10.00 per month (whether or not the consumer carries a balance). (I think Chase made a strategic error in calling the $10.00 a finance charge).
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