http://www.Daily-Protest.com

Chase is being disingenuous on many fronts in regards to their justification for changing terms on their low interest life of the loan offers.

First lets discuss the advertisement lure that most of the credit card companies were using. “PAY OFF YOUR HIGHER INTEREST CREDIT CARD WITH OUT LOWER INTEREST LIFE OF THE LOAN BALANCE TRANSFER OFFER”.

What does that mean? It means the credit card companies decided to compete with each other over the SAME customers. Additionally, there already were time limit offers out there, Chase’s offer was NOT a time limit offer, so for them to imply that it was is a lie.

If Chase made a lot of money on these promotional offers, they cannot then justify eliminating or changing the terms now. I can further explore how Chase made money on these offers, thereby making any “reason” to void alter their own agreement basically pointless.

On average, lets figure that 1-3% of all people who get these low interest, life of the loan offers MISS their due date on any particular month. Every year, we can estimate that 12-18% of all the people given this offer will lose it simply because they are late on a payment. These customers immediately get their percentage kicked up to anywhere from 18% to approximately 29%.

Then, there are the customers who don’t realize that once they do a balance transfer they should no longer use that particular account for new purchases. By using the card their higher interest charges get buried behine the lower interest charges and those higher interest charges compound month after month at a much higher rate. This group of customers that continued to use their credit cards is much higher, I would guess at least 25 to 50% make this mistake at some point after they receive the low interest loan.

So, anyone who still has a low interest offer intact from Chase with no other charges on their card represent perhaps as small as 10%-25% of all the people who actually originally received the life of the loan low interest offer. So anytime Chase mentions the remaining customers who have their low interest offers intact with no higher interest rate purchases on the card, they are talking about a small fraction of a much bigger group. When Chase does not mention all the other card holders who had the offer and lost it or made higher interest purchases afterwards means Chase is actually not revealing the entire picture, and this can be construed as purposely misleading and even lying to all investigators involved in going over their books.

The game is this, Chase counts on late payments and purchases to the card made after the balance transfer to recoup less profits from the lower interest customers who no longer use the card for purchases and make their payments on time.

Chase appears to have stolen Washington Mutual for pennies on the dollar and as a result have probably profited handsomely. Chase themselves have admitted the customers they are hurting are a relatively small amount. So why bother?

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That is where my new research comes in.

Perhaps it is because any customer who has any credit card with an under 10 percent interest rate is considered a toxic asset. Up is down and down is up right now, and unless you take figure out a way to take your protest to the streets, the banks might win.

One more thing, did you know that the credit card companies are stealing customer’s frequent flyer miles and reselling them to Citibank. Wow. Read about that aspect here at http://dailypuma.blogspot.com/2009/04/breaking-news-amex-and-citibank-have.html

And here is the toxic asset story. http://dailypuma.blogspot.com/2009/04/are-you-toxic-asset-you-may-be-toxic.html

I broke both of these stories first. They still are not nationwide stories and hopefully I will be credited when they become nationwide stories.

This post is the intellectual property of Alessandro Machi. Use of its contents for legal research is acceptable as long as Alessandro Machi is compensated when damages are announced against Chase. I have a lot of experience dealing with the credit card companies over the past 20 years and I am sacrificing a lot with my daily protests. I would like to be included in one of the lawsuits as an expert witness and author of the two breaking stories provided in the links.

I sincerely hope that even if Chase is convinced to reverse what they have done, that the lawsuits continue so that consumers gain an opt out clause as a right. Currently, as I understand it, the comptroller of the currency claims that opting out is not a consumer right when it comes to change in terms, that it is a privilege.

Opt out MUST BECOME A CONSUMER RIGHT ! Any resolving of this issue without opt out becoming a consumer right means they retain the power, and that is unacceptable in my opinion.

Has one shining moment in a life of malfeasance

Senator, I served with Jack Kennedy. I knew Jack Kennedy. Jack Kennedy was a friend of mine. Senator, you’re no Jack Kennedy.”

Even I had to admire him briefly

Just look at Stephen Cutler who was head of the SEC and went straight to work as chief counsel for Chase.

Obama makes a big deal about his mandate that no member of his administration is allowed lobby it after they leave.

What value is that? Like he will ever win reelection.

Quenches like a glass of air, that one.

Why not a real effective solution. Campaign finance reform AKA McCain’s longstanding crusade.