Comments on: Next, credit card companies may decide that you went to a drug store, bought a prescription and are therefore associated with a supposed “increased risk” — must be sick; great time to raise interest rates or fees, and “kick ‘em while they’re down.”

By: Video of Kevin Johnson’s testimony against “blacklisting” is now available – ChangeinTerms.com

Mon, 16 Mar 2009 12:52:00 +0000

[...] Next, credit card companies may decide that you went to a drug store, bought a prescription and are … [...]

By: Chase’s new 5% minimum payment: An increase so onerous, it would make a loan shark’s mother proud – ChangeinTerms.com

Sun, 15 Mar 2009 15:07:24 +0000

[...] Relative to a “a second alternative, a higher fixed APR set at 7.99%,” since I was quoting from the top of the above referenced post, I am not sure what the “first alternative” would have been, but I expect it was the “demand note” attempt on the part of Chase to collect the entire amount owed and close the account in order to avoid the changes. Nevertheless, switching account holders to the higher 7.99% rate in exchange for allowing the account holder to prevent the gargantuan increase in the minimum monthly payment is alleged in class action lawsuits to be consistent with “bait and switch.” Also, the 7.99% rate is for a limited duration. Finally, to present an interesting caveat, is the fact that Chase might then turn right around later, and demand a 5% minimum payment once the account holder has agreed to the higher rate! [...]

By: Dr Robert Lahm

Dr Robert Lahm — Fri, 13 Mar 2009 15:35:39 +0000

Hi anna22,

Obviously, Chase’s idea of working things out with account holders amounts to “working them over” (mafia-style). The rep may not find it so humorous once the coming consumer revolt and card industry meltdown is fully engaged. Thanks for relating this great piece of information and insight. Take care.

By: anna22

anna22 — Fri, 13 Mar 2009 14:37:27 +0000

I’ve found this post interesting (Epinions, #125)
“RE: Never received a bill

I have two accounts with a “fixed” 3.99% on balance tranfers but was suddenly hit with the $10 monthly fee and the increase in minimum payments from 2% to 5%. I filed a complaint with the OCC and received a call from a Chase rep. The only options she offered were to raise the rate to 7.99% with 2% minimum payments or to put me together a “work out” rep, in which case the accounts would be closed. I declined, noting that if I accepted 7.99%, Chase could increase the 2% monthly payment at any time and then I’d be stuck with a higher payment AND higher interest rate. Ah “yes” she agreed with a soft chuckle. “