Just when you think it can’t get any more crazy….it does!
In January, Chase, with no opt-out allowed, raised my (along with 400,000 other customers) payment from 2% ($416/month) to 5% ($1,025/month)….and has demanded payments at the same high 5% level ever since. This month the payment was $842….still more than twice as much as the payment required in December.
Last Friday, I received my Chase statement on another account (4.99% promotional rate “fixed for the life of the loan”” with an outstanding balance of $6,029.28) with $0 minimum payment due. Along with a note that says:
“You have the flexibility to skip a payment. You must pay past due and overlimit balances immediately. However, the remaining minimum payment for this month has been reduced to $0. Finance charges will continue to accrue. To reduce your balance, feel free to make a payment.”
Of course, I have no past due or overlimit balances but what this very telling statement means is that Chase is inviting customers who do have past due and overlimit balances….to skip the regular minimum monthly payment!
So – Chase, a company which absolutely could not survive with a mere $25 BILLION in taxpayer bail-out funds; a company that had no choice but to put the screws to 400,000 of their very best customers to fill their cashless coffers; is now a company so flush with cash that they are allowing customers (at least one good customer [me 😉 ] and apparently some bad customers with past due and over limit amounts) to SKIP making their minimum monthly payments on accounts for which the payment requirement remains at 2%.
Then, presumably because Chase hopes I am feeling so good about not having to make a monthly payment this month, they offer this suggestion, “Save $100* r/t. Book a round-trip flight on British Airways worldwide…between March 23-Aug 31, 2009. Offer ends June 30, 2009.” *Terms and conditions apply.
Chase includes no mention of what the terms and conditions might be (though if they can entice me to charge my airfare on British Airways to this account, and pay for other travel expenses with it, the sky is the limit for interest on the new charges). But that’s OK. History with this company tells us that even when Chase provides specific enumeration of all their “terms and conditions”, the terms and conditions are subject to change – for any reason or for no reason. All part of the Chase adventure into The Twilight Zone!
Closed Chase account Jan 6, 2009, paid it in full. They changed our rate from fixed 4.99% for the life of loan to 9.99%, we were never late, over limit, paid like responsible card holders should. Next month, receive a bill for 74.00, interest charges for the time it took to get to them, they said. Sent in the 74.00. Next month received a bill for 57.00, we are charged a 10 service fee, have to close the account or the service fee will be charged. So closed the account, paid amount again, this has went on till this month of June, no statement, but I thought I was going to be arrested for bad language on the phone to the rudist jerk I’ve ever talked to. Received $30 back this week for the service fees. But the most important thing I can do for Chase Bank is while I’m waiting in the check-out lines, I tell anyone who will listen, how rotten a bank they are. Probably told at least 100 or so strangers already. Now you have a good day too, Chase, I’m having a great day.
I have a story regarding chase credit cards dirty dealings. I opted out in 2007 and closed my account with the condition that I could keep my interest rate at 6.99% till the balance was paid off. I just recently noticed that they had raised my interest rate to 11.4%. I called and complained and the customer rep. told me that we had to opt out again in Jan.2009. It is now June. They sent the opt out again option hidden in the statement. They also kept the monthly payment the same even though they had raised the interest rate hoping we would miss it until the time period would pass for opting out again on an account that was already closed due to opting out originally in 2007. They are really DIRTY and PLAYING GAMES.
Who in their right minds would say no I don’t want to pay the lower interest rate. Let me take the higher interest rate on an account that I already closed. Trickery!!! Something has to be done.
Please vote for the OPT OUT topic I started at OpenGovernment. I think voting closes Tuesday Night at Midnight.
http://opengov.ideascale.com/akira/dtd/4487-4049
Paying down higher interest debt before lower interest debt is something that none of the elite seems interested in helping millions of americans accomplish.
Paying down higher interest old debt at incentive base pricing would accomplish much more, faster, than the stimulus and bailout package combined.
http://www.Daily-Protest.com
I don’t think any incentive based programs were highlighted in the credit card reform bill that was recently signed by Barack Obama.
PDurant,
It’s absolutely crazy. Personally, I am very happy that I helped my beloved Chase twice – as a taxpayer and as a customer. In gratitude, Chase is running around and vilifies me.
I’ve received the same $0 statement. Morons.