What???????????????????????????????????

Advanta bank has done far worse, without any opt out notice, has jacked up a “guaranteed for life” 7.99% rate to over 35% which is criminal usury in n.y.

send me an e mail, i’ll fill you in

cloudcowboy@aol.com

Thank you so much for your wonderful and insightful
writing and your gumptions and chutzpah.

Yes! yes! yes!

Best to you –

CreditCardJihad

Background:

Sold our home at the end of December.

Turned in our loan paperwork for a construction loan the first week of february.

I have two Chase Accounts, which I had been monitoring closely and paying extra on, so as to guarantee an acceptable debt to income ratio

One account has a closing date of the 5th and the other the 10th. So I had logged in to my Chase Account to check the minimum payment due, on the closing date of the 5th only to discover the 5% minimum. This discovery caused me a great deal of anger and near panic. I subsequently took out this frustration on a Chase customer service representative.

Even though I had the resources to pay the 5% minimum on both accounts, I feared being in jeopardy of qualifying for the construction loan I was applying for.

THIS IS THE IMPORTANT PART OF THE MESSAGE:

I called Chase again that night and agreed to the 7.99% rate until 2011, on both Chase accounts, but made clear to them I was only agreeing to the “change of terms” because I was being forced too by them, and by my current circumstances of applying for a construction loan to build a new home.

THEY SAID

They would send me another copy of the “Change-in-Terms” brochure which I honestly had overlooked in my bill – They never sent it

The 7.99% rate would be applied to my next statement on both accounts – I WAS NEVER CHARGED THE NEW RATE of 7.99% on either account, EVEN THOUGH I AGREED TO IT.

In my case and most other peoples they just can’t claim no harm, no foul, and walk away. They letter they sent claiming that I had “incorrectly” been sent a change of terms on one of my accounts is laughable (What about my other acoount). I BELIEVE that I and many others have been harmed by the “Change-in-Terms”. All of us have our stories of how we have been harmed by Chase’s actions.

Perhaps I need to call Chase and needle them as to why I only received the “incorrectly” letter on one of my accounts, and why was I never charged the 7.99% on either account.

If I can help further in any way let me know.

Best to all!!!!!

We will win by virtue of a consumer revolution and a rejection of these abusive behaviors by exacting PR consequences and an erosion of the customer base for credit card companies. The NY Attorney General’s main contribution is that we can now say authoritatively (whereas the class action lawsuits only provided cover to say allegedly), that Chase violated the Truth in Lending Act. Keep in mind that the settlement made between the NY A.G. and Chase does not really represent all parties as complainants. I am just about to post class action lawsuit #13, for instance!

The author of the article to which you linked is correct about the lack of media attention — that will always be a major problem as long as the credit card companies buy so much advertising.

Nevertheless, keep in mind that Chase “comes out on top,” only if we stop. Regards.

P.S. The most potent form of PR, whether positive or negative, is spread by word-of-mouth, such that a cultural understanding ultimately exists regarding the “reputation” of a person or other entity. I look at the site visitor statistics here, and find satisfaction every day, knowing that there are thousands who have now been warned about Chase.