Comments on: It’s not that I don’t want to celebrate…a “Credit Card Victory!” http://www.changeinterms.com/2009/06/04/its-not-that-i-dont-want-to-celebratea-credit-card-victory/ Now We're Coming After You Tue, 18 May 2010 01:47:41 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Alessandro Machi http://www.changeinterms.com/2009/06/04/its-not-that-i-dont-want-to-celebratea-credit-card-victory/comment-page-1/#comment-1281 Alessandro Machi Sun, 07 Jun 2009 06:12:17 +0000 http://www.changeinterms.com/?p=1833#comment-1281 I am of the opinion that the ten dollar a month fee charge and then the rescinding of it so quickly was actually pre-planned. Both the implementation of the ten dollar fee and the removal happened so quickly that I think the media trick was to make people believe that they had made a difference by complaining to Chase. Bah. it turns out that the ten dollar a month fee would have been a cheaper charge than having ones interest rate raised 2 percent on a low interest life of the loan fixed rate if the debt was more than 7,500 dollars! So Chase removed the 10 dollar fee and replaced it with a change in terms that first raises interest rates 2%, and then ends the promotion in two years time. isn't it odd that Chase "buckled under" to the 10 dollar a month fee, but has not buckled under it's change in terms with no opt out option? It's because Chase makes more money by ending the 10 dollar a month fee and instead raising and ending the low interest rate program. http://www.Daily-Protest.com I am of the opinion that the ten dollar a month fee charge and then the rescinding of it so quickly was actually pre-planned. Both the implementation of the ten dollar fee and the removal happened so quickly that I think the media trick was to make people believe that they had made a difference by complaining to Chase.

Bah.

it turns out that the ten dollar a month fee would have been a cheaper charge than having ones interest rate raised 2 percent on a low interest life of the loan fixed rate if the debt was more than 7,500 dollars!

So Chase removed the 10 dollar fee and replaced it with a change in terms that first raises interest rates 2%, and then ends the promotion in two years time. isn’t it odd that Chase “buckled under” to the 10 dollar a month fee, but has not buckled under it’s change in terms with no opt out option?

It’s because Chase makes more money by ending the 10 dollar a month fee and instead raising and ending the low interest rate program.

http://www.Daily-Protest.com

]]> By: Cathy http://www.changeinterms.com/2009/06/04/its-not-that-i-dont-want-to-celebratea-credit-card-victory/comment-page-1/#comment-1274 Cathy Fri, 05 Jun 2009 04:12:57 +0000 http://www.changeinterms.com/?p=1833#comment-1274 I called Chase today (they now answer the phone and call themselves loyalty reps) to inquire why my effective APR had increased a full percentage point without a change in billing days. I have not yet figured out how this occurred but it is the next part of the conversation that I found interesting. I again asked for a true opt out and was denied. I then asked if they were going to enact the 5 year opt out set for activation in February of 2010 early. The Chase rep said they were not and if I wanted I could pay more than my minimum monthly payment, set up for automatic debit with an overage on my checking account, or use their online payment service to increase my minimum. For once I got to laugh at Chase and told her they would never get access to my checking account and to stop sending new account solicitations. I then asked her why my minimum payment was increased from 2 to 5% to begin with? She replied to force me to pay back the balance quicker. I told her that I had every intention of dragging out my balance under the new regulations and using the entire 5 years regardless of how little I owe based solely on how they have treated me. I then asked if it didn't make more sense to get rid of me quicker by allowing the new opt out now and cutting the 9 months till February off the payback. She said no they wouldn't until they were required to even though it was counter to their original demand. I'm sure I'm being "taught a lesson, " but Chase is using some bizarre circular reasoning that I simply cannot comprehend. I called Chase today (they now answer the phone and call themselves loyalty reps) to inquire why my effective APR had increased a full percentage point without a change in billing days. I have not yet figured out how this occurred but it is the next part of the conversation that I found interesting.

I again asked for a true opt out and was denied. I then asked if they were going to enact the 5 year opt out set for activation in February of 2010 early. The Chase rep said they were not and if I wanted I could pay more than my minimum monthly payment, set up for automatic debit with an overage on my checking account, or use their online payment service to increase my minimum. For once I got to laugh at Chase and told her they would never get access to my checking account and to stop sending new account solicitations.

I then asked her why my minimum payment was increased from 2 to 5% to begin with? She replied to force me to pay back the balance quicker. I told her that I had every intention of dragging out my balance under the new regulations and using the entire 5 years regardless of how little I owe based solely on how they have treated me. I then asked if it didn’t make more sense to get rid of me quicker by allowing the new opt out now and cutting the 9 months till February off the payback. She said no they wouldn’t until they were required to even though it was counter to their original demand. I’m sure I’m being “taught a lesson, ” but Chase is using some bizarre circular reasoning that I simply cannot comprehend.

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