Your Rant Here
While credit card company account holders are ranting all over the Internet, and on this site in the form of comments in response to various posts, the purpose of this page is to provide a place where we can collect ongoing rants and about the abuses of credit card companies, the lack of regulatory protection (or enforcement) that allows consumers and small businesses to be mistreated, and whatever else aggravates you in terms of the financial services industry, bail outs, the economy, challenges paying bills or selling homes, executives “living large” on your dime, and this whole tangled mess.
We know you are angry, but do keep in mind that creating a sound argument supported by facts is far more effective than simply cursing and screaming in print (remember that we are up against smooth-talking con-artists who get to lobby for the banking industry and “spin” their misinformation and excuses in the press because they sound articulate).
Your audience is a “court of public opinion.” This site now has now gained the attention of journalists and others who represent major media organizations. So let’s rant, but also “let’s roll.” Instead of posting an endless stream of expletives, we have to beat these loan sharks and thugs who are running credit card companies (buying off Congress, influencing media) at their own game. It’s time to end the era where account holders can be terrorized by credit card companies. Explain why, here.
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on Mar 5th, 2009 at 10:40 am
Well in addition to them raising my interest rate on the original low interest balance transfer checks that were stated to be 3.99 interest “until paid in full” and the subsequent FORCING of my accepting new terms and rates……….
in addition to all their prior garbage……
get this…….!!!…..
I got my bill, checked it over and saw they had CHANGED MY DUE date from the 28th of the month to the 6th starting immediately!!! My last payment was due on Feb 28the and the next one is due tomorrow!!
Not only that but the letter that came the same day, agreeing to our prior, by phone agreement to re-lower the interest rate and the minimum due, states that “these changes will be reflected in one of your next two monthly statements.”
So while I struggled to make last months triple payment they’ve now continued that outragous payment for this month AND and and *gasp* they’ve moved my due date up 3.5 freakin WEEKS!!!
How the hell are they getting away with this? I’m just blown away by their bold, arrogant, sneaky and downright sleazy business practices.
I hate, detest and feel very very abused by this company (note how reluctant I am to even call them a company…..they’re much more like the mafia than I care to believe) and feel badly for those that work for them. What an awful job this must be.
Thanks for letting me rant. Now I have to go catch up on my reading here. I’ve been offline quite a bit working ungodly hours in an attempt to satisfy this newest and earlier than anticipated triple payment.
~Patti
p.s. Did I mention that I detest Chase? LOL
p.p.s. I’ve never been involved in extortion before. Isn’t this FUN??
on Mar 24th, 2009 at 8:32 am
I have just had an infuriating experience with Chase that I would like to share in order to warn others.
I took advantage of a balance transfer offer around a year ago. The transfer is the only activity that the card has and ever will have. I have been faithfully paying the balance off. I make a payment on the card every time I get paid, so there are at LEAST 2 payments posted to the account every billing cycle.
Just to give a little background, my billing cycle runs from the 8th to the 8th. I my minimum payment of $56 was due on 2/5/09. I made 3 payments totaling $225 between 1/21/09 and 1/27/09. Everything was fine and good. (As mentioned earlier, I make multiple payments every month and have not had any problems)
The problem came regarding my 3/5/09 due date with a minimum due of $51. The February billing cycle closed 2/8/09 and I was credited with $225 worth of payments. On 2/11/09 I made a payment of $75 toward my 3/5/09 due date. I made another payment of $50 on 2/24/09. This totals $125 worth of payments (more than the $51 that was due) and the payments were made WELL before the 3/5/09 due date.
When I received my statement I was hit with a $39 late fee and my interest rate was raised 4%!!! I made $125 in payments within my billing cycle. How could they do this?????
When I called Chase last night the Customer Service Representative (CSR) informed me that my billing cycle is in fact the 8th to the 8th, but my monthly statement is printed out on the 16th. The CSR told me that when Chase receives a payment between the closing of the previous period (the 8th) and the printing of the statement (the 16th) they apply the amount to the Principal, but it is not credited toward my minimum amount due. the CSR said that in order for my payments to be applied toward the minimum amount due, I would need to remit a payment after the date they print my statement.
I used to work for a credit card company as a debt collection specialist (bill collector) and I have seen some questionable practices, but this is shocking! The date that an employee uses the “Print” function on their computer should in NO WAY affect the crediting of my payments. What they are telling me is that yes, we received your money, and we will take your money, but we are not going to give you credit for your money because we don’t want to.
PLEASE, watch out for this practice!!!! It is unethical, bordering on illegal if it isn’t.
If you have questions or want to commiserate, email me at
yin-yang@mailcity.com.
Thanks you for listening to me.
on Mar 26th, 2009 at 5:45 pm
Hi,
So I fought Chase and it appears that I have won? Shocking. I sent letters to the VP of Card Services at his house. I got a call from Chase a few weeks ago and they were….well curious about why I chose to write to the exec at home…but would not change anything.
I had already opted for the higher interest rate so I would not have the $10 monthly fee and paid off the card but left it open so I would not have my credit negatively impacted….
Lo and behold what arrives in the mail today????? A letter from Chase saying they incorrectly changed my terms…..Anyone else getting letters from Chase – having a change of heart?
on Apr 1st, 2009 at 2:43 pm
Think that increase from 2% to 5% of the minimum payment won’t effect your credit or change your rating? I did too until today. I have been adamant that Chase would not force me out of my low balance transfer rate and have continued making my exorbitant monthly payments. I drank the kool-aid that made me feel that maybe an acceleration of my account would help me rid myself of Chase forever at a faster pace. Did it hurt my monthly cash flow…of course it did, but I would rather give up a few frivolous items and maintain my refusal to go to their higher ADJUSTABLE rate card to get the 2% payment reinstated.
Now…try getting a loan. At the 5% minimum they have altered your monthly debt/income ratio which has been reduced due to the tightening of credit. That difference of 3% IS a car payment, or a loan payment in most instances so that loan you would have easily qualified for 6 months ago doesn’t meet the new lending ratio requirements.
Yes, I was turned down on a loan today…not because of my credit but my ratio, and to add insult to injury, that denial LOWERED my previously perfect credit score. If you didn’t realize any damages from this illegal terms change already, you may be in line for damages in the future. Like those new car deals to stimulate the economy???…too bad you just may not qualify for one.
on Apr 1st, 2009 at 10:08 pm
I am so glad Chase seems to be reversing their terms change (in part). After calling and writing Chase, the OCC and the attorney general, I closed my account in anger when they changed the terms and my complaints didn’t help. So, I hope the litigation continues, because I am out the money lost by losing the low interest rate I had and having to move to a higher rate card. I will spend the rest of my life ensuring Chase never receives another dime of my money.
on Apr 2nd, 2009 at 2:49 pm
I’m seriously considering not paying Chase next month on this account at all. I’m thinking that I will put statements on all 3 credit bureaus referencing my denial as directly caused by Chases change in terms. Also outlining all of the other changes and how they have altered my entire balance since I have not heard of the interest being refunded, only the 10.00 charges. That would put my entire balance in dispute and by Chases own rules, I cannot pay any disputed amounts without releasing them from the dispute. In turn, they cannot try to collect the disputed amount, nor can they alter my credit rating further.
I don’t know if this is sound reasoning, or if it will work, but if I can’t get credit I don’t see a need for a good credit rating.
on Apr 2nd, 2009 at 4:46 pm
I have had two Chase credit cards for some time, both of which have carried ongoing balances for years which I have been paying down without making additional charges. One of them currently has a balance of about $7,800, half of which is at a 3.99% “life of the balance” special rate and the other half at 4.99% “life of the balance” special rate. I have carried a balance on the second card since 2004 and it has had a 2.99% “life of the balance” special rate since then. The balance in 2004 on this second card was $19,000 and I have it paid down to about $7,300 at the present time. My minimum monthly payments on both cards combined total about $300 which represents approximately 2% of the outstanding balances. I have never been late in making payments on either account.
I was shocked when I received my 3/26/09 statement on one of the cards to find that Chase has increased my monthly minimum payment due from $148 per month to $366 per month. I called the “customer service” department to ask for an explanation and was advised that Chase has changed their policy and my minimum monthly payment, effective immediately, will now be 5% of the total outstanding balance instead of 2%. This will cause the minimum monthly payments on both of my Chase cards combined to jump from $300 per month to $759 per month! The customer service representative magnanimously offered the option to keep my minimum monthly payments at 2% of the outstanding balances on the condition that I agree to a 6.99% interest rate (or 7.99%, I can’t remember which) on both cards. When I told her that their change in terms is outrageous, especially since Chase received Federal assistance from taxpayers like myself, she denied that Chase had received any kind of Federal assistance whatsoever. Unbelievable.
Clearly, what Chase is trying to do with consumers like myself who have lower “life of the balance” promised rates is to force us into higher interest rates because we cannot afford paying 5% of the outstanding balance on a monthly basis instead of 2%, especially in these most difficult of economic times caused by the greediness of this country’s financial institutions.
on Apr 2nd, 2009 at 7:36 pm
Natalie,
did you receive a change in terms notice prior to this increase in min payment? Did you agree to the new terms and how long is that rate good for? Did you have any issues with the $10.00 fee?
on Apr 2nd, 2009 at 7:52 pm
I really don’t recall receiving a change of terms notice but I may have. The rates I have (2.99%, 3.99% and 4.99%) were supposed to be good for “the life of the balance.” Understand that Chase is not trying to increase these rates—–instead, they are increasing the minimum amount due on both cards by 250%. However, I cannot afford this enormous increase so Chase is effectively forcing me into an increase in rate to 7.99% on both accounts in exchange for keeping the monthly payments unchanged.
I DID have an issue with being billed a $10 “service fee” on both accounts but the customer service rep said that she would credit these charges. I later learned that this was not done out of the “goodness of their hearts.” Rather, in the last day or two, Chase has agreed to refund the $10 fee to everyone (and not charge it in the future)due to pressure from NY Attorney General Cuomo.
on Apr 2nd, 2009 at 8:52 pm
Natalie,
If you had issues with the $10.00 fee then they were suppose to have sent you a change in terms notice back in Nov. However alot of consumers didn’t receive or notice it since it looks like junk mail. Did you go along with the offer of 7.99? I have read on other sites that it is only good until Jan of 2011 and then they can raise your rate again. Did the csr explain that to you? Some are receiving letters that they were changed in error and accounts are being restored to original terms. You might want to join 1 of the class action law suits. They are still moving forward with them.
on Apr 3rd, 2009 at 6:41 pm
This is the way I look at it. Chase is like a big bad dog. [cujo] That gos around biting people and drawing blood. most of the time the dog is the onwers responsibility. I feel that Dr. Robert Lahm and Kevin Johnson are animal control. As my kids would say “YOU DUDES ROCK” Keep up the good work and kick some bank butt.
on Apr 14th, 2009 at 12:51 am
Chapter 2 on Chase:
I previously posted about the minimum monthly fee being increased by about 250% on one of my Chase accounts. By the way, I have never been delinquent on my payments. I received my statement on my second Chase account today which carries “life of the balance” rates of 3.99% and 4.99%. Guess what the statement indicates? Chase has suddenly raised my promised “life of the balance” rates to 7.99%! I called Chase “customer service” and spoke with a representative there, Tiffany Johnson. She said she referred the matter to the manager, Ray Cochran, and that he would be calling me within the next 15 minutes as the increase was a “mistake.” Surprise, surprise…..I am still waiting by the phone and it has been hours.
Banking is a relationship of trust—each party agrees to keep their end of the bargain. Chase does not keep their agreements with consumers and cannot be trusted. This is a horrible bank and should not be permitted to be doing business at all. I reside in California and am interested in starting a petition to be signed by California residents who are opposed to Chase doing business in this state. If anyone is interested, please post.
on Apr 17th, 2009 at 7:40 pm
Natalie,
Did you ever get a phone call back??
on Apr 22nd, 2009 at 7:40 pm
Have you seen the commercial spoof about the credit card minimum payment increase?
Check it out at:
http://www.youtube.com/watch?v=vt-a_8LYzrw
on Apr 27th, 2009 at 8:40 am
http://www.nypost.com/seven/04272009/news/regionalnews/wife_avings_suit_166397.htm
on Apr 29th, 2009 at 11:42 am
I have two Chase Amazon Visa cards, one with about 4,500 on it, the other with a zero balance. Every month I pay between $500 and $1,000 on it. In December I was two days late paying it because they changed my due date. It was the only time I have ever been late on either of their cards. In looking at my January statement I noticed that they raised my interest rate to 29.9 percent from 6.99 percent. I called and asked why. They said that they are allowed to because I was late. I pointed out that they changed my due date and have never been late in the past and carry a very low balance relative to the amount of credit they offer me. I also have a car loan that I pay religiously with them. Of course, the rep said “there was nothing she could do”. So I immediately paid off the entire balance on the one card, and I will never, never use a Chase credit card as long as I live. They recently sent me a Customer Satisfaction Survey. You can imagine what I said, I really doubt if they care though. I tell everyone I can to stay away from Chase. This month I will pay off my car loan early, the entire balance just so that I have no relationship with Chase. When I purchase my next car, I would rather use a bicycle than use Chase financing for a loan.
on May 5th, 2009 at 9:16 pm
I never received any advance notice of the minimum payment increase, except for a vague message, left on my answering machine in December 2008. I found out, because I was attempting to refinance my home loan. Coincidentally, Chase owns my mortgage, which is another source of worry to me. My credit report reflected the increased monthly payments on my Chase cards. I had to call Chase to confirm that the amounts were, regrettably, correct. Needless to say, this negatively affected my financial scenario, regarding the loan. On top of this, Chase charged me a $30 dollar fee to inquire about the loan payoff for the mortgage!
I have two Chase credit card accounts, because Chase acquired my Bank One account. I mention this, because Chase is treating these accounts differently, which, in my view, indicates calculation behind Chase’s actions. While Chase added the $10 charge to both and increased the minimum payment to 5% of the outstanding balance on both, Chase inexplicably reverted only one to 2% when Chase refunded the $10 fee. When I contacted Customer Service to inquire about the inconsistent treatment of the two accounts, the representative said it was up to Chase to determine my payment schedule. I asked if she could give me some insight as to their criteria for such decisions. She replied it was up to “upper management”. She would not give me the name of a person or even the department that made the decisions. She told me that if I wanted more information, I could write to Customer Service.
It is clear that Chase’s actions are premeditated for the following reasons:
1) Chase maintained the higher minimum payment on the account with a much larger balance than the other account. This indicates that Chase is hungry for cash. The difference in the monthly payment for the other account was not a substantial reduction, but Chase could still try to show it was being magnanimous by reducing the payment on one of my accounts.
2) Immediately after raising my minimum payments, Chase sent me an offer to consolidate my Chase home loan with my two credit card accounts. The rate offered was a fantastic rate for a mortgage and less than the 7.99% rate that Chase was offering as an alternate to my low promotional rate with the higher minimum payment. A lot of people would have leapt at the opportunity to lower their monthly payments and taken the offer. It is even possible they would have thought that Chase was being very nice to make the offer. The problem is that I would have been changing unsecured debt to secured debt. In addition, I would be stretching the payment period from approximately 2 years to 30 years! The amount of additional interest that Chase would earn from this transaction would be phenomenal. If this is not a predatory practice, I do not know what is. I did not take the offer.
on May 10th, 2009 at 8:56 pm
If we were to make a list, I think consumers should have the RIGHT to OPT OUT of any Change in Terms. How this can already not be a right, is wrong.
I made a list of the top five or six things that I think need to be addressed on my website.
Here is that article for those interested. http://daily-protest.blogspot.com/2009/05/day-33-chase-bank-protest-barack-obama.html
Please join my protest against the credit card industry at http://www.Daily-Protest.com
on May 11th, 2009 at 6:36 pm
Found this in my Chase statement today:
>>
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.
Now you have to remeber, I am one of those “low life’s” with a life of loan balance transfer that has not paid it off soon enough for Chase!!!
and they want me to take LONGER!!!
on May 11th, 2009 at 9:44 pm
Thanks for sharing that Marge.
If Chase bank demanded their regular interest rate paying customers pay the 5% monthly minimum payment the way Chase demanded the super low interest rate paying customers do, the result would be that those paying higher interest rates would actually have a much higher percentage of their monthly payment going towards their principle instead of towards interest. But apparently Chase is only demanding those with low interest rates pay back their debt at an accelerated rate with NO OPT OUT OPTION!
Clearly Chase Bank has no excuse for their actions other than malfeasance when they changed the terms from 2% to 5% monthly minimum payment on their best customers, the ones who never late making their payments. These are treasonous acts that apparently were spurred on by our own FDIC or the Federal Reserve.
Hard to fathom.
i get mad all over again just thinking about it. http://www.Daily-Protest.com
on May 17th, 2009 at 3:37 pm
Alessandro, you just gave me a light-bulb moment!
You are correct about the fact that Chase did not raise the minimum monthly payment on the higher interes rate accounts.
Where the defendant’s conduct is found to be intentional or willful or wanton or malicious, the courts may permit an award of punitive damages in addition to compensatory damages.
The Class Action lawyers should use Chase’s intentional conduct of discrimination against a certain class of cardholders beause they are the holders of the targeted subset of agreements, as part of the plea for punitive damages.
on May 26th, 2009 at 9:38 pm
I will be leaving Chase in June when I pay off my credit card. I loved Wamu’s customer service, now I’m “stuck” with sub par, overseas robots that do not care about their customers.
I am SO thankful that I do not bank with these people and only have a credit card with them that is easy to close.
This month my interest rate was increased WITHOUT my knowledge when Chase took over Wamu. I have a credit limit of 1,000 dollars with them, and I was close to the limit (about 980 was on the card). The finances charges of 25 dollars caused me to go over the limit, and I was THEN charged an over the limit FEE of 39 dollars for going over.
When I called to ask if the over the limit fee could be waived one time as a courtesy I was told by a robot like person with a very thick. unintelligible accent that “the fee is valid, and therefore cannot be waived.” I then asked to speak with a supervisor but was “assured that the supervisor would only tell me the same thing and that I was wasting my time.” I was then told the same thing by a supervisor, just has the previous rep had said.
They will miss me as a customer. While I only have a 1,000 dollar credit limit with them, I pay it off entirely at LEAST quarterly, if not more often.
These people are absolute creeps. They’re predatory and I only hope they get back what they’ve put out to their customers.
on May 29th, 2009 at 11:35 am
My Email to Chase CEO, CFO and Business Developer
Dear James, Michael & Jay:
At this current juncture, I hold a $25,000 credit limit with Chase on my VISA card. I also have credit card accounts with American Express and Discover. After talking to a Chase call center representative, I have learned that Chase will be increasing my APR from its current 12.5% to 20% and that my only recourse is to write a letter to your organization.
With that, it must be mentioned that I have been a loyal card member since 2005. According to my TransUnion and Experian credit reports, I have an “Excellent” rating and a credit score of 780. Additionally, I have never been late on a single payment with any of my creditors for the history of my entire credit report.
When talking to the Chase representative, I was told that this APR increase would take affect because “we [Chase] need to do this in order to ensure we continue to make money and can offer loans to customers.”, which clearly indicates that action is being taken on my account based solely on your business needs with absolutely no regard to my loyalty to your organization or my favorable credit record. At this time, I have a balance on my Chase card of approximately $7000. In response to the APR change and the fact that no one can seem to do anything about it, I will be pulling my balance out of the account and transferring it to one of your competitors that is happy to offer me a lower APR. After trying to reason with the Chase representative and getting nowhere, I am lead to believe two things:
1) JP Morgan Chase & Co. has no desire to make revenue at a more reasonable consumer rate, and would rather have the absolute minimum amount; in other words, your organization would rather have 0% of something rather than any profitable percentage of something.
2) The team that designed the screening method to determine who should have their rates increased needs to be fired.
Unlike the vast majority of credit users, I have the capability to move my entire balance to my American Express or Discover Card, both of which are under a 10.25% APR, with offers to fix it for the life of the balance. As a result, you will be collecting 20% APR, on a $0.00 balance, while American Express will get 10.25% on that balance. In fact, the only revenue you will see from my account will be transaction fees on the merchant side to the whopping tune of 1%-2%.
This begs the following question. How is that even remotely going to make you more money, then simply lowering my APR to its original rate, or bringing it down to something competitive with my American Express or Discover Card? Thusly, in regards to your organization’s reasoning that this increase ensures that you can offer more loans to more customers, this plan will not help you as far as my account is concerned. In fact, it has backfired.
As of June 2nd, 2009, I will be removing all money from my JP Morgan Chase & Co. VISA credit card due to lack of critical judgment on the management team and the team who screened individual clients. I will continue to keep my account open, however I will not carry a balance on it, and I will use this card to solely purchase small ticket items and monthly goods.
Sincerely,
[Me]
on Jun 23rd, 2009 at 2:11 pm
Here’s where I made my mistake: I really believed Chase was offering me a chance to borrow money at 2.99% up to my credit limit of $25,000 for the life of the loan, as long I made my monthly payments on time. Okay. I agreed to their sweet terms. And eventhough they tried to trick me by moving my due date around I still paid right on time for years. Now I get the notice that my minimum payment is going up 150%…….from 500 to 1250!!!! That’ll just about ruin your day, won’t it? And there IS NO OPT OUT!!!! You can turn yourself over to mercy of their so-called proactive team, but when you do, your credit rating goes down, limiting your ability to take your business elsewhere. Brilliant, isn’t it? The old ‘rock and hard place’ What I don’t understand is how driving their customers to the point of inability to pay helps their bottom line in any way. This isn’t the first time I’ve been screwed over by Chase, but it’s the last. This thing will be over soon and when better days come, Chase will not be getting a dime from me.
on Jun 23rd, 2009 at 4:37 pm
Hello,
I just received my 3 notices today. My total minimum payments will be going from $400 to about $1000. This will seriously hurt my monthly financial situation. I just read your article dated June 22nd, and noticed you had an opt-out option. When I called, they said I had no opt-out, except to pay the bill off before August. My question is how did you get the opt-out option? Did you speak with a supervisor? How did you get the Loyalty department? Any help would be appreciated. Thank you!
on Jun 23rd, 2009 at 9:34 pm
I too received the notice from Chase today, on one of my credit cards. I have 2 cards currently through Chase. I unfortunately have had to resort to using these cards on occasion for repairs and other things. I own rental property,which is still being paid for. My income is not great, I have a full time job, but my husband is on total disability. The income from social security disability is very low, because he was not able to work any high paying jobs, and then was fighting for his disability for over 6 years. During that time, we also had to use these credit cards sometimes for living expenses. We have prided ourselves on making all of our payments on time and keeping food on the table. We are in the process of trying to sell our rental property, with an possible offer,which may take several months to settle. We were planning to pay off all of our credit cards, and buy a small house so we no longer had any monthly payments other than regular utilities, food, etc. After receiving this notice, I am terrified. I am afraid my credit, which despite all of the hardship is in the very high 700’s, will be ruined. I called Chase this evening, and told them that I wanted to close these cards, and opt out of the change in terms. I was told that I did not have that option. I said “so in other words, you would prefer that I have to file bankruptcy?” He said that “if” it would create a hardship he could let me talk to the “hardship department”. I said what do you mean “if”? My payment on just one card will be going from $152.00 per month to $380.00 per month…Are they nuts? He said they may be able to work out payment arrangements with me, like I haven’t been making my payments. I have NEVER missed a payment or even been late!! Of course, I have no choice, so let me talk to the hardship department. And GUESS WHAT? They are not in tonight. Who is surprised. My credit is going to be ruined anyway, so whats to lose filing bankruptcy?? And this after the supposed “bailout” for the United States Government……
on Jun 24th, 2009 at 2:06 pm
As with many others in recent months, a couple of days ago I received notice on my two Chase credit cards that my payment minimums would increase from 2% to 5% of the balance. I was astonished, to say the least, and had to read it a few times to be sure it applied to existing balances. Unfortunately it did. Then I started getting mad.
Like so many of their “best customers,” I had transferred high interest cards to the Chase cards at 4.99%. I had held up my end of the bargain, always paying electronically a week before the due date–and at a fixed monthly amount that slightly exceeded the minimums. My balances were steadily dropping. Unfortunately the balances are still high ($13,600 and $11,000). As a result, my existing payment minimums would go from $272 and $220, respectively, to $680 and $550! Not many households in America can absorb an arbitrary $738 monthly increase in their credit card minimums. I was flabbergasted.
I phoned the 800 number on my statement and spoke first to “Raj” who sounded like he may have been located in India. I asked if there was an opt-out possibility—to close the accounts and keep the existing terms. Raj assured me that nothing could be done, though I was more than welcome to pay off the entire balance now. (Right, Raj, I’ll just reach into my pocket for $25,000 of spare change.)
When I asked if there was anyone else I could speak with he just said it was pointless because they would give me the same answer. He stressed that I had to accept the new payment terms.
“That’s it? So what happens if I can’t afford to pay over $1200 per month on these two cards? I can’t possibly pay that! Are you saying that Chase would rather I let the accounts go into default so they can end up collecting pennies on the dollar instead of getting paid in full by continuing to accept my current monthly payments?”
He didn’t quite understand the terminology, but once I explained to him what defaulting on the balances owed meant, he transferred me to another person–this one apparently on US soil. I again pleaded my case for a close-the-accounts opt out with a continuation of the current terms. Nothing doing. But she suggested I could go get a reasonably low interest loan somewhere else and pay off the entire balance and then I wouldn’t have to deal with them. I informed her that an unsecured loan of this amount was simply not an option for me at this point in this economy.
I groused and complained and marveled that they were doing this to me, despite my sterling payment record. When I informed her that my only option to these egregious and completely unaffordable new terms was to default on the cards and ultimately do a debt settlement, she transferred me to yet another person.
I went through my litany again and she had me itemize my monthly debts, mortgage and all, as well as my income. We only discussed one of the two cards at this point, but she came back with an option: I could get a fixed 6% rate with a three-year payout and a 52% payment increase. They would auto-deduct it from my bank account each month.
The rate sounded OK, but unfortunately it would bump my payment up too high, as it would go to around $418. The thing is, I’ve got the other card too. Doing the same thing on that one (presumably the same deal would apply) would take me to $334 on the second card. Looking at my amortization calculator as we talked, I determined that, combined, I’d have about a $250 per month payment increase, which is a lot more than I can afford. I asked if it wouldn’t be possible to go to four years, which would only mean a total increase of only about $100 per month.
No, she told me, but they would be glad to go to 5 years at 15.99% interest! After my long silence, she asked if I was still on the line and said, “Well, there is actually another possibility of 5 years at 12%.” I told her I would think about it, but the 12% option is probably the only feasible thing I can do. At least it would result in only an 11% or so monthly payment increase, which I could afford since I currently pay slightly more than the minimums anyway.
It just ticks me off that my interest rate will more than double. Chase was one of the companies that assured Congress that they were self-policing; they had opt-outs for changes in terms so that consumers were not punished unfairly. What then do they call this? It’s nothing short of bullying, strong-arm tactics to greedily squeeze the consumer as much as they can. I certainly hope the class action lawsuits against Chase succeed. I will certainly never do business with Chase again.
Mike L.
on Jul 21st, 2009 at 7:25 pm
For some reason, the website is back to June 22, and does not show current comments. Is it being blocked?
on Jul 23rd, 2009 at 8:36 pm
I just got my account closed by Chase. Their reason was that my total available credit on my bankcard is too low. I have $3000.00 worth of credit left out of my $6000.00. Chase can kiss my ass! Why give someone that much credit and then punish them for using it. It does not make sense. All this after they more than doubled my APR. I hope they go under!
on Jul 24th, 2009 at 9:35 am
I had been putting of dealing with this, but Chase actually called me to remind me of the upcoming change in minimum payment. I told the customer service person that obviously I was not happy about the change. She asked me if it would create a hardship, I answered “yes”, and she said she could refer me to a special department that had a special offer. I took her up on the offer, and she transferred me. The new person I talked to asked some questions about my income and expenses, which I answered. She confirmed the offer: close my account and convert it to a 5yr installment loan with the same minimum payment and same interest rate. I was pretty excited about this offer! I gave her the details about my income and expenses. Fortunately I’m not dealing with medical expenses or job loss, but the big jump would have been pretty difficult. She confirmed that I was eligible and the terms: 2% interest for 5 years, no pre-payment penalty. Now this is the funny thing: my existing loan was actually fixed at 3.99%, so she was offering me a 50% reduction in my interest rate! I kept my mouth shut and accepted the offer. HOpefully there will be no surprises when I get the details in the mail, but so far it looks like I get a happy ending here. I’m not sure how to interpret my experience with Chase versus others on this forum. Maybe Chase has had a change of heart due to all the bad publicity? Maybe senior management of JPMorgan Chase caught wind of what the credit card unit was doing and put a stop to it? Maybe they just really need to convert revolving debt to fixed dept due to arcane Wall St priorities? Maybe my situation qualifies my for better terms than some others? Maybe I just fell into a trap? Don’t know, I just hope this offer is real and that others will be able to take advantage of it. Thanks to this and other forums for all the info! Good luck all!
on Jul 26th, 2009 at 8:04 am
I to have been trapped by Chase with their 250% minimum payment increase. I have maintained the credit line for 13 years with the balance paid down to near zero and as high as $33000. The account has been used as business line of credit (3.99%). The best deal out there for the last 13 years. My balence in Jan. 06 was $43 but due to an accident in Feb. 07 My current balanc is $25000 paid down from $30000. since the accident. I was never late on payments. You know the all American preferred customer. You know I am sure that my story is just like everyone elses with all the twists and turns you go through thinking there must be a way out of the trap Chase has set. But in the end we are reduced complaining to anyone who will liston, or join a class action law suit which will at best punish Chase sometime in the future I hope. The only imetiate punishment for Chase that we the consumer can inflict on Chase is to just not pay them at all. Of course this means credit suicide some would say. I like to think of it as the moraly right thing to do. I am willing to sacrafice my credit because I feel I am right in doing so. If there is anyone out there that has insite on how to navigate through what I”m sure will be an all out attack by the colletors please post advice on this site. I know I”m going to war with these money changers, and I”ll need all the help I can get. I know a lie is a lie no matter how skillfuly you hide it in the small print and I refuse to do business with liers. It is very simple when they live up to their responcabilities I’ll live up to mine.
on Aug 11th, 2009 at 9:30 am
I’m going to try to reply to these comments individually, but my post of August 10, 2009 explains (server/hosting issues and lost data, despite a concerted effort on my part to get support and/or “fix the problem.” Data was lost (and yes, even though the site was restored from a backup, posts and comments from approximately a month were missing). I’m not asking for money or donations (never have), but I could sure use some help.
on Aug 13th, 2009 at 8:36 am
Chase credit card increased my minimum payment requirement to 5% which more than doubled my monthly payment from about $184 to $401.
I emailed them and they said that they sent me the terms in the mail. I guess that made it right.
I called and the person answering the phone said that’s to help me pay my debt quicker. Who can argue with that logic?
Here is a message I sent to them today. 8/13/2009 09:35am ET
—-
Hello:
Please deliver this to your upper management. What you are doing is not right. It might be legal, I’m sure, but in this economy and job lost, raising a person minimum requirement payment leads me to rethink where Chase interest lies. I have no choice but to do my best to pay because I am a responsible person who has always paid on time, loyally and faithfully, and this is my reward from Chase.
Again, rest assured, I will pay all my debt to Chase, I will then close all my accounts and take my business somewhere else where they don’t change terms detrimental to my financial well being. Your management might well be aware of the unhappiness with Chase credit card practice by searching the Internet. I have wasted enough of your time and mine. No reply is needed nor wanted.
-John Vo
Roosevelt, NJ.
Faithful customer.
——-
I do not mind posting my email (moderator: you do not have to remove it)
lilgrasshopper@gmail.com
I welcome all inputs, rants, stories and advise.
Good day to all.
on Aug 18th, 2009 at 10:50 am
Chief Officer of Chase
Kelly Hanick
Chase Card Services
PO Box 182918
OHI-0554
Westerville, OH 43081
I was not allowed to speak with this person. I was only allowed to send an appeal via US Mail, the response was, sorry can’t help you but I will show you our internet tools to keep you from making any other mistakes. See my letter below.
I would appreciate your help. I thought I paid off my bill by the amount listed on line in June. I therefore did not check to see the payment added on in July. I was given a late payment of $29.00 and do not believe I should have to pay that fee. It is clear in these times things are very hard on everyone. I paid on time and worked very hard to pay this off. Please don’t punish me as a good customer for something that I would not have done. I have already paid this fee so it would go on my card as a credit. Having to write a ghost person and not being able to personally speak to him is another sign of just how far Chase and others are going to remove themselves from the people that are their customers. I am appalled that I could not find you personally and have to write to a PO box to send you a letter. I certainly hope this helps you make the decision for a $29 late fee……I was not even allowed to email or have a phone number to speak to someone, remember some of those out there may not even be able to afford the stamp.
At least I tried to do what was right. I feel so used and at a loss while trying to be responsible for my family, it is very degrading.
on Aug 19th, 2009 at 11:54 am
I have 2 Chase cards. I just paid off my personal card (which had a lot of business expenses charged to it) in July (very high balance).
Due to circumstances, I was late on my June payment for my business card. I was shocked to learn that Chase immediately raised my rate to 29.99%. When I called them about it, the person said nothing could be done about this and that this will be my new rate forever. So much for customer service. I was forced to close my account, but the CSR added that I was still responsible for paying it off.
I don’t feel like paying this card off at such a ridiculous amount. If I don’t qualify for a 2nd mortgage, then I will just let it go.
I think more class action lawsuits should come of this and perhaps someone can set up a boycott campaign on Facebook. It’s amazing how many people you can reach on Facebook.
on Aug 19th, 2009 at 7:02 pm
When I got over the feloneous fantasy stage of my anger in response to CHASES 245% increase in my minimum payment, and their “customer service” (”service” in the agricultural sense) representative’s “gotcha by the stones” attitude, I did several things.
1-I called my State Senator
2-I cashed in a retirement annuity and paid them every cent I owed them.
I’m retired and on Social Security, and I definitely couldn’t afford to do that, but I’d live in a tent and stand on the corner with a tin cup before I’d let those bahstids squeeze another nickel out of me. I’m done with them, forever.
Consider them “mooned”………..
on Aug 20th, 2009 at 10:14 pm
Well, it’s nice to know that I’m not the only one being screwed by Chase who has gotten too big for their own breeches. Back in 2006, when the new government regulations was suppose to also go into effect to “help the consumer pay off their debts faster”, and my interest rate climbed (which made absolutely NO sense), I called them. I was told at that time that the only way I can opt out of it and to go back to the “old way” was to close my account. Which I did. I had no choice. I was actually making some head way on the account and now this. I work primarily as a temp and here where I live at in FL, the job market on the Space Coast is one of the tightest and I’m now currently in between assignments, hoping with the slow recovery that assignments will pick up soon. Now, this “new” APR of nearly 30%, I can only pay off the dam- interest rate, plus $1. And that will take me even LONGER to pay this damn thing down!!!!!!!!!!!!!! I was with them when they were Chemical Bank. And now, in the last 5 years or so, “they” (meaning chase) has just gotten TOO DAMN BIG. I would love to declare bankruptcy, but I learned that my truck that is paid off would be considered an asset and I would have to buy her back. Don’t think so. I’m writing a letter, asking them to reinstate my previous APR of 22.24% back because I was slowly paying it down, but now, I can’t. I’ll have my student loans paid off faster than this! Chase is one bank that needs to go down. It’s like the railroads and steel barons back at the turn of the 20th century where they had to be broken up in order to reign them in. I’m done with the government trying to “help us” get out of debt. They really want to help us get out of debt, give US the people, the “bail out money” and not the banks. That way, we can pay off our debts and therefore have more money to put into the banks so that the banks will have the capital to loan it out to businesses. If I ever get a windfall, that bank is gone. But sadly, that’s not going to happen. OH and the CSR (laughably) told me that I should transfer my balance to other cards…. so they are advocating us to getting into further debt, by going out and getting more credit cards??????????????????????? Every single one of my friends, I tell them, if your bank gets bought out by chase RUN FOR THE HILLS, DO NOT LOOK BACK. Change banks ASAP.
on Aug 27th, 2009 at 4:21 pm
Unbelievable!!! I got my statement this week. The minimum payment is going from $200 to $491! I have two Chase promotional loans, both for about $10,000. One at 2.99% and the other at 4.99%. If both increase from 2% monthly to 5% monthly, my payments go from $400 to $1000. Chase is engaging in highly deceptive, greedy and corrupt business practices. I spoke to credit card customer service and there response was “There is nothing we can do. This is a business decision from the highest levels. We are prepared to lose some customers over this.” I immediately closed out my business checking and savings accounts. It will take a while, but I will pay off my chase loans and close out the rest of my Chase accounts. They don’t deserve any of our money. What a corrupt company. I will be writing to the Arizona republic as well as congress.
on Aug 30th, 2009 at 7:49 pm
Click my name to read what I wrote about Chase on my website.
Here’s a very short summary:
Lousy crooks
Chris
on Sep 4th, 2009 at 8:43 pm
When I went online to pay my credit cards, I was shocked to see that I owed over $500 instead of the $200 I usually pay. I assumed it was a mistake…I was mistaken.
To make a long story short, I went with the 7.99% offer, but I plan on paying it off before the next payment is due.
My advice to is use “word of mouth,” to let everyone who will listen to you know what this company has done. Also contact your representatives. Together I think we can make a difference, and places like this web site are a great place to start.
Chase is pushing away their loyal, payiing customers…hope they’re only left with those who default on their loans.
(I don’t know if it will matter though…I’m sure are tax dollars will bail them out…once again.)
on Sep 5th, 2009 at 11:04 am
Last night, I “contacted” our president by email concerning the credit card and banking issues. If he’s really for the middle class, maybe he or his staff will read it. I checked the box asking if you for a reply.
If anyone else is interested, here is the link to send an email.
http://www.whitehouse.gov/CONTACT/ I personally plan to send many more emails in the future.
*As I reread my post from yesterday, I noticed my grammatical errors. : ( I guess I need to proofread things a little better next time. I’m in my mid-forties and back in college. I’m going to community college because it’s all I can afford. No jokes please, but maybe that explains the errors. lol
on Sep 7th, 2009 at 6:47 pm
I have a Chase credit card account with about $12,000 on it. I initially used this card for a balance transfer at 3.99% which was supposed to be until the balance was paid off. I set up a recurring electronic payment from my bank so that the card would be paid off on a defined schedule. In addition, I opted for electronic statements and notification so that I would be sure to get any notices.
Today, I noticed that a $39 late fee had been applied to my account, even though my payment had posted well before the due date. I contacted Chase by email and they told me that the charge was valid because I had not made the minimum payment. I then called and was told about the increase in the minimum payment from 2% to 5%. My scheduled payment was now not enough. I looked through the notices that I had received electronically and did not find anything about an increase in the minimum payment. I called to ask about this and they told me that while I had indeed opted to receive all communication electronically, this one had to be mailed in hardcopy. I asked why that was, and also why they did not also send me an electronic notice, and they had no answer. The end result – they waived the $39 fee, but increased my interest rate from 3.99% to 12%.
After reading this site, it is clear that the notice about the minimum payment increase was mailed and not sent electronically because Chase figured that people like me would not learn of the increase until it was too late, and then Chase could raise their rates and charge fees.
The result of all this is that I will have to pay 12% until I can either move the account to another credit card or just pay it off. And of course, Chase will lose my business for good (I have several other accounts that I have closed or will close). In addition, I would definitely be interested in participating in any class action lawsuits resulting from this.
on Sep 9th, 2009 at 12:50 pm
I am in the same boat with the increase. I cannot afford this, no how, no way, and will probably wind up asking for the hardship deal and/or declaring bankruptcy. However, I plan to pay the full amount (750!!)this month while starting to do serious battle.
This upsets me no end as I had Wamu for my mortgage and HELOC and now Chase owns me body and soul. I have never felt so trapped in my life.
My question for everyone- has ANYONE attempted to take this to Small Claims court???
on Sep 12th, 2009 at 11:22 pm
I was hoping to hear that maybe someone DID take them to court. Today my payment was due, so I made a last-ditch attempt to see if the action by Consumers Union had made any difference in the way things over there were handled. First I called and asked to speak to a supervisor. I was told that there would NOT be one to speak to me and that the only person who could “help” me was the woman I was speaking to, Karen. She made me the usual offer of raising my rate for two years. I mentioned that I was planning to go to Small Claims and after telling me I didn’t have a leg to stand on (which I do fear is true), she told me I was lucky that they didn’t demand I pay it ALL back at once, which is their legal right to do. I asked her how she felt about it personally- she told me she hasn’t slept in over a month over this but she needs her job.
Then I went to the local branch to pay my bill- the new full amount, up from 300 to 748, which is something I won’t be able to do for very long, what with the increase in health insurance to 1200/month – and spoke to the assistant manager there, handing him the flyer that used to be on the “50 ways” page—Please put it back there!- had to do a lot of hunting to find it— AND the new article about Consumers-and politely told him how I felt about it. I then added that since Chase had started the war, I wasn’t just going to go quietly into the night— and you know what?– he agreed too that it was crappy, but he’s pretty sure all the other banks will follow. If that happens, we will have no choice but to default, and then WHO WINS?
Dh and I then proceeded to put flyers on the windshields of cars in the bank lot. I plan to continue this and really hope to hear that others are doing SOMETHING as well.
on Sep 12th, 2009 at 11:23 pm
Oh and they are offering $100 bonuses here to open a new account. I plan to do that, take my $100 and go. And have dh and ds do the same.
We should ALL do that!
on Sep 15th, 2009 at 8:58 am
I had made a balance transfer over 2 years ago because I was able to afford the minimum monthly payments. My balance transfer had a fix APR of 4.99% until it’s paid in full. Recently I received my statement with a late fee and when I call the credit card company they informed me that the minimum payment has been raise from 2% to 5% of the balance, so instead of making minimum payments of $360 now they are $920, which is more than double.
I have never been late and my payments have always been more than the minimum but I am NOT able to afford the new minimum payment. When I called them and asked what are my choices they told me I either 1. Make the new minimum payments (which I can’t, they are too high) 2. Renegotiate my promotional APR to a higher APR to keep my old minimum payment for 2 years – OR – 3. Default the minimum payment and lose my promotional APR and pay 18% on the balance.
I can’t believe this credit card is doing this, this is a way to force people to give up their promotional APR, they don’t give them an option, this should be against the law and action should be taken immediately.
on Sep 16th, 2009 at 6:35 am
For all those wanting to do something about Chase, I just filled out a BBB complaint, I think if we got enough people to do it we can do something, please fill a complaint here:
https://odr.bbb.org/odrweb/public/getstarted.aspx
I used the following information (so all the complaints are sent to the same place)
Chase Cardmember Services
PO BOX 15298
Wilmington, DE 19886-5153
T. 800-945-2000
If you use this information it will be sent to the Delaware BBB, the system will not find a company on their records under Chase, but it will still allow you to send the complaint.
on Sep 16th, 2009 at 11:01 am
When I first listed all of the ways I could think of to complain, I included the BBB. As far as I am personally concerned, at this point in time however, the BBB has no credibility with me.
Here is a link to one of my last posts regarding the BBB submission process, and the so-called “resolution” (there was no resolution):
http://www.changeinterms.com/?p=432
Notwithstanding the above, it does generate work for Chase. Unfortunately, I am of the opinion that Chase has reserves to process these claims (which lead to no resolution in any event). In addition, I think Chase also has reserves to process pending class action lawsuits, which it may very well have anticipated.
Meanwhile, I do not think Chase has the capacity (unless people simply give up), to withstand a sustained popular revolt, especially one that uses viral anti-marketing strategies. The idea is to associate the Chase brand image with the negative experiences it has imposed upon loyal account holders.
Since Chase has not attacked all account holders, and many individuals who do not carry debt have no capacity to empathize with those who do (blaming every debtor for the consequences of borrowing money, no matter how heinous or larcenous credit card companies act, and regardless of the purpose of the borrowing), such a revolt is not easy to carry out. My opinion is that it can be done, nevertheless, especially using technologies that the major media do not control and cannot suppress.
I do appreciate the suggestion, and I don’t want my reply to signal otherwise. I am merely explaining how I feel as a result of my own experience with the BBB…your experience may differ!
on Sep 18th, 2009 at 5:53 am
Hello,
I have dealt with Chase, Citibank, and B of A. I thought I had weathered the worst of the firestorm. But now Citibank is at it. I can not wait to be completely divested from all of these Corporate Crooks. You can read my letter to citibank presidents on my blog.
on Oct 9th, 2009 at 10:39 pm
I’m leaving chase bank. They scare me more than anything. I am what I thought was, A valued customer. Three years of a perfect payment record. Raised my rates on two of the three accounts I have with them. They have no reason other than “they can” yes it’s scary.
I’m taking my business else where, not to a bank though. I’m going through a credit union.
Big sigh of relief.
on Oct 12th, 2009 at 9:15 am
LET THE FREE MARKET BACKFIRE ON CHASE VISA! Chase increased my card interest rate 4 points despite an excellent credit rating, never being late with payments in 20 years, and using credit regularly and responsibly. We ALL need to close our Chase cards RESPONSIBLY so as not to adversely impact our credit ratings and enroll in a local credit union that has a good track record for service and is financially sound. These credit unions do exist and I’ve found a credit rate at 7 to 8% and it is not an introductory rate that is subject to change. SPREAD THE WORD – maybe we can close down Chase’s credit card operation rather than fight Chase for incremental paltry improvements.
on Oct 22nd, 2009 at 9:40 am
I have two Chase Credit Card accounts, both holding a balance. One was through CitiBank that was bought out by Chase about two years ago. I am a long time customer, and I always pay my balance on time through an electronic debit. I pay at least the minimum balance, and occaisionally I pay more. I secured a 2.9% for the life of the loan balance transfer offer from CitiBank that Chase took over. Through my second Chase account, I have a 6.9% for the life of the loan balance transfer offer. Needless to say, they raised my minimum payment from 2% to 5%. I have spoken to customer service, and been called by Chase in order to get me to change the terms and raise my APR to 7.9%. I asked them what guarantee I had that they wouldn’t then again try to raise the rate. The Rep gave me the “I understand your concern” line but basically they can do whatever they want. I explained that although I know she is not the decision maker, just the bearer of bad company policy that I don’t appreciate being blackmailed, which is what Chase is, in effect, doing to all of it’s customer base. I hope Chase is hurt by the ill will they are causing and the feeling of powerlessness it engenders in it’s customers who, in this economic climate, are at their most vulnerable.
on Oct 25th, 2009 at 8:34 pm
Another Chase rip off!
Credit card was under credit limit. Chase added a finance charge – put the account $9.00 over limit. Then they add a $39 over limit charge.
And this is after the APR was raised (twice), after the due date was changed…told the ‘helpful’ customer service rep that I was closing the account when she refused to waive the over limit charge.
This is usury and it needs to stop.
on Oct 27th, 2009 at 4:58 pm
FYI – Jamie Dimon, CEO of Chase about bank regulation. Raed the comments at the end of the piece.
http://www.cnbc.com/id/33494582/comid/1/cache/429#comments_top
on Nov 4th, 2009 at 12:06 am
Chase and BA both, need to stop their desc sorted transaction posting after the weekend, this causes more number of NSF
on Nov 5th, 2009 at 5:41 pm
I have had my chase account since 2002, I have charged up and paid off my avail $19000+ limit several times, never late. I had the account on auto pay from my bank. When I returned from my vacation I received a bill stating I had a late fee and payment due of over $1000. My required payments were around $250 I was paying $300 on auto pay, they informed me that the minimum payment due had been increased from 2% to 5% of the remaining balance and said it was because of the new legislation the government had imposed. I told them I was unaware of the change, they said they would remove the late fee if I paid the amount due that day which I did. A couple of days later I received a letter from Chase saying they were lowering my credit limit to just about what I owed at the time. Their excuses 1)Amount of credit avail on credit cards was too low 2)Credit limit increased to fast for amount of time on file. Chase had been the only card I had been using until about 6 weeks prior when I used other cards to move my fiancé down to his new job. One of those cards was a Capital One credit card, I had not used my capital one card years prior to the move, they however lowered my credit limit to just about what I owed for no reason right after I used it. I didnt care because I knew once paid off I would not be using it again anyway, then Chase followed suit (using my new lower available credit limit as one of their reasons for lowering my available limit even more), my credit score which was nearing around the mid 700s came crashing down, NOT because of me or anything I had done differently but because the Credit Card companies that the tax payers had bailed out lowered my available limits making it appear I was maxed out when in fact I was not before they lowered them, now they claim my credit score as an excuse to keep lowering limits, I assume they will raise my rates soon due to my new score which has nothing to do with anything I have done. Needless to say chase did not remove the late fee as promised and then charged me over 11% interest on the fee until I called and complained all the way up to the supervisor. My chase balances are all on promotional rates which average around 3.5%, I feel they are trying to get me to default or trying to create reasons to close my account, they also changed my Platinum credit card to a “new SLATE” credit card, I can only imagine what they have hidden in this little move… I do not plan on EVER using my chase card again but was hoping to keep it open because of the effect your available credit has on your credit scores. Unless the way that credit scores are rated is changed the consumers will be forced to keep cards open even with added monthly fees just to have a good credit score, in effect as Americans we ever want a home loan or auto loan we must bribe (pay) the big banks with money just to have a positive credit rating even if we choose NOT to use their credit cards, that seems like extortion to me
Damage:My credit score has dropped, my available limits reduced, my monthly payments more than doubled the stress and anxiety in my life is overwhelming as I worry what these big banks will do next, they have pushed me to the limits of being able to make ends meet, I doubt I will be able to afford to pay my taxes next year , you know the taxes that will be higher because we bailed out the big banks …
on Nov 9th, 2009 at 4:57 pm
Chase joins “Hall of Shame” for credit card terms and conditions
http://hasbrouck.org/blog/archives/001772.html
Click my name above for details.
on Nov 13th, 2009 at 9:11 pm
Judge Chesney’s 10/20/2009 Proposed Order on Chase’s motion to dismiss the check loan class lawsuit is very favorable to the plaintiffs. Followed by filings from both sets of lawyers. Hearing scheduled for 11/13/09 was canceled by Judge Chesney. She will rule on the motion based on filed documents. Status conference scheduled for 12/11/09.
on Nov 17th, 2009 at 4:50 am
This not so much a rant, but question about what Chase is up to…. Like many others, I had originally transferred a balance to my Chase card in 2006 for a promotional 3.99% APR “for the life of the balance”, paying the usual minimum monthly payment of 2% of the balance. In April 2009, Chase increased the minimum payment to 5% of the balance, and forced me to either accept the new payment, or keep the 2% minimum payment only if i agreed to a new fixed rate of 7.99% on the outstanding balance transfer. Since the 5% min payment was too much to handle at the time, I sucked it up and agreed to the higher 7.99% APR. In my Oct. 2009 statement, I noticed that Chase quietly lowered the APR on the balance transfer back to 3.99%! without any kind of explanation. Obviously I am happy about this, but we all know Chase is not doing this just to be nice. Does anyone know what happened, and why they voluntarily lowered the APR back to the original promotional rate?
on Nov 18th, 2009 at 11:46 am
Damon,
Do you have other, non-promotional rate balances on the card? Are you using your card for new purchases? Your situation definitely seems out of the norm. If you are using your card and have higher rate balances, you’re a “good customer” to Chase. They may be trying to “be nice” to folks who have balances other than the low fixed APRs. They may have made a mistake including your account with the 5% min payment group of “bad customers” that just pay as agreed.
on Nov 24th, 2009 at 6:28 pm
From Judge Chesney’s 11/20/09 Order on Chase’s motion to dismiss. Judge Chesney threw out all plaintiff claims except Chase’s dealing in bad faith.
Although defendants, in their reply, argue that Chase did not act in
bad faith for a number of reasons, specifically, because a 5% minimum monthly payment is
“typical,” because each plaintiff will have at least five years to pay off their loans, and
because each plaintiff “likely had access to substantial alternative credit” and a “low” risk of
bankruptcy (see Defs.’ Reply, filed October 30, 2009, at 9), these fact-based defenses
cannot be resolved in the context of a motion to dismiss.
Accordingly, defendants have not shown the First Claim for Relief is subject to
dismissal for failure to state a claim under Delaware law.
on Dec 4th, 2009 at 7:49 pm
Just wondering how everyone’s doing. Any bankruptcies over this?
As for me, after speaking to MANY CSRs, we finally decided to do the Balance Liquidation Program through the Hardship Department. Had to close both my accounts and got locked into 6% APR for 60 months, paying less than 2% of the balance every month.
Wasn’t satisfied with the new APR since I previously had 2.99% and 3.99%, so I contacted everyone I could (attorney general, house rep, FTC, OCC, etc.). Had almost given up when I got a call from someone at the Chase executive office saying they received my complaint to the OCC. All they were doing was acknowledging my complaint. Weren’t offering to do anything…UNTIL I mentioned that my income had DEcreased and my expenses INcreased. Well, they were going to contact the Hardship Department to see what they could do.
They called back the next week and, to my absolute astonishment, offered me 0%!!! I never even gave them new figures (income/expense) but happily agreed. I received all of the new paperwork and it spelled out everything as discussed, 0% APR for 60 months through the Balance Liquidation Program.
My accounts are still closed, but who cares? I would’ve done that anyway. I’m sure it’s affected my credit score a bit, but I figured it was the best option for our situation, since we couldn’t afford the new 5% minimum payment. And, best of all…
CHASE ISN’T GETTING A DIME OF INTEREST FROM ME!! They changed the rules in the middle of the game. All I wanted was to pay back what I owed at the terms I agreed to and never defaulted on, and now they’re getting 0% interest back. Smart move, Chase!
on Dec 10th, 2009 at 12:59 pm
I am upset that Chase has lowered my credit limit and rejected the check they sent to me that they said I could write against my credit limit. They lowered my credit limit from 35,000 to 25,000. I have made my payments on time.
When I called them, they just tell you that they have a right to refuse payment. If that’s the case, I think they should make that decision before sending out any checks to consumers. I believe that credit card companies should not be allowed to lower the credit limit after authorizing that limit. Because when they lower that limit it hurts the consumers credit score. I dont think it is right for them to lower limits, when the consumer has been keeping the account in good standing. The credit score becomes not a true picture of the consumers debt paying ability. I’m ready for a class action suit for misleading consumers.
on Dec 11th, 2009 at 12:20 pm
I have a simple question. My problem doesn’t concern them jacking up my rates. It concerns how they process debit card transactions, and how they purposely overdraft accounts with as many charges as possible. The fact they hold charges for up to three weeks before processing them etc. Does anyone know if there is a class action case against chase regarding this practice? I would love to hear from anyone involved in one or considering filing one.
on Dec 12th, 2009 at 7:14 pm
I am a concerned and frankly angered customer of Chase Credit. I had a 5.99 percent APR on my Chase Credit Card and rarely used it. This year I did take advantage of the credit line for tuition and automotive repairs. I will be able to pay it off fairly promptly. My disdain with Chase is that soon after the use of my card (which had a 0 balance not long ago), my rate was over doubled and went from a fixed rate to a variable rate (5.99 percent fixed to 12.24 percent variable). I filed a complaint with the Better Business Bureau, and received a call from Paul Bonti- an executive with Chase. He effectively gave me two options to resolve the issue, one- accept the current terms and keep the account, or two- close the account and have the remaining balance reverted to the 5.99 percent terms. Because I will be able to pay off the balance relatively soon, I am going to simply do that and not use the card again, rather than risk damaging my credit by closing the account. Chase is certainly, in my opinion, pursuing a path that “should” significantly damage their reputation. I must admit- I was a happy Chase customer until this year, but now remain unhappy with the resolution of my problem (or lack thereof) and feel a little “betrayed” by the whole experience. Chase will survive without my business, but there certainly should be a concerted, collaborative effort to voice these problems and help ensure that what is happening to Americans who are already suffering, comes to an end soon. I have other credit cards and have not been treated this way by any other bank that I am aware of.
Sincerely,
Evan
PS. I have NEVER been late on a payment to any creditor, including Chase.
on Jan 2nd, 2010 at 7:28 pm
Yes, stupidly, I recently wrote a balance transfer check that Chase had sent me for 3.99 APR for a limited time. Then, I get a letter from Chase stating they had lowered my credit limit (without any warning) and could not honor the check that I wrote for supplies for my small business.
Now, I have to deal with the returned check fees, the embarrassment, the damage to my reputation and the damage to my credit score.
on Jan 6th, 2010 at 2:28 am
Just got our rate-hike for no reason. Here is our response:
cc: Gordon A. Smith CEO Chase Card services.
Chase Card Services
Three Christina Centre
201 N Walnut ST
Wilmington, DE 19801
270 park avenue New York, NY 10017-2070
Chase Card Services
P.O. Box 15298
Wilmington, DE 19850-5298
Dear Sirs or Madams:
In reviewing my account **** **** **** **** (member since 2003) , I notice that my APR has been increased to 18.24% from 12.24%, a full 6%. This was done without any prior notification or explanation for the increase, despite my having never been late on a payment, and usually paying those above the minimum.
In the seven years I have been with Chase, I have acted in good faith and abided by the terms and conditions as outlined in our original contract.
By this action I view you to be either in error or in breach.
I consider this increase, if intentional, as tantamount to theft, breach of faith, tortuous interference with a contract and should this affect my credit rating, an egregious libeling of my name.
I have worked very hard to maintain near perfect credit status my entire adult life and will seek ALL legal remedies at my disposal (including prosecution for material damages) to see the that it is maintained and my good name protected and respected.
It is regrettable if JP Morgan deems it nonobligatory to abide the same lawful standards and ethics as those of its customers and competitors. I intend to avoid being taken victim in the wholesale larcenies being perpetrated in the banking industry. The actions of JP Morgan Chase in particular, your subsidiaries and counterparts, seem determined to destroy the financial industry along with the economy of the nation that birthed it.
I have prepared for this occasion.
I am confident that my character and reputation will be sufficient to see me through the coming years without the services your company has provided to date and am prepared to sever my relationship with JP Morgan Chase effective immediately.
I have written to give Chase this single opportunity to restore our account to its previous status and original APR of 11.9%. Until such time as that is accomplished you can expect further remittance and communication from me to cease. I will ignore you entirely hereafter.
By acting in a criminal fashion, arbitrarily attempting to raise my cost of living by more than $100 a month at the height of an economic crisis without any service to show for it, value added for it, or cause to do so, you have reset the playing field and forced me to participate with you the same level of ruthlessness, underhandedness, and back dealing that you have yourselves employed. You have also provided me an opportunity to participate in the constitutionally mandated revolt that has been provoked by the over-reaching greed of U.S. banking cartels. Thank you for the singular opportunity to serve my country in that way.
Your next step as an Executive at JP Morgan is to take a look at my seven year history with you, in light of 25+ years of perfect payment history, and make the decision. Do you want seven more, or do you want to write down $17,950.00 of good money reliably at work in the marketplace today? Go ask Mr. Dimon what is better in his opinion: Same size piece of pie? Or no pie at all?
I have lived up to my obligations and kept good faith with you, my other creditors, and all my relations private and professional. I will continue to do so according to the rule of law and basic civic decency.
I have always believed in fair and honest dealing and lived so that my word is as good as my contract. My credit history reflects this ethic and it is with the full weight of that 25+ year history that I promise you that if the exact terms I have stated are not met, you will have forfeited the principal amount of my outstanding balance and all future interest thereof. I say this without rancor, compunction or equivocation, as a statement of simple fact to assist in your calculations.
It is my sincere admonishment that as a company, and individuals within JP Morgan Chase, you will return to those same principles which allowed you to fuel prosperity and innovation in the past and turn away from the self destructive futility evinced in these dishonorable, short-sighted, criminal tactics.
As potentially one of thousands of small cut’s assigned for your new year, I eagerly await your reply and thank you for the opportunity to address this pressing social issue in a direct and personal manner.
Sincerely,
on Jan 29th, 2010 at 3:11 am
Dear Sir or Madam,
I am writing to dispute a billing error that occurred on December 1, 2008. Please hear me out and try to understand my perspective of the situation. On September 1, 2008 I opened an Amazon Chase credit card to take advantage of the $30 credit offered for opening an account. At that time I made purchases totaling $117.19. and with the addition of the $30 credit, my account totaled $87.19. In October I received my first statement which reflected this. In November I received my second statement totaling to $103.54 which was the $87.19 + $16.35 for late fees and finance charges. My third statement for December which shows opening/closing date as 11/03/08-12/01/08. On December 1, 2008 prior to any bill arriving, my bank posted a debit to Chase Epay for $132.54. This December statement reflected the November balance of $103.54 + $29 late fee for a total of $132.54. My question is this: If on December 1, 2008 I made a payment for $132.54, where did I get that amount prior to receiving a statement? Unfortunately I did not record the conversation, but I spoke to an account representative to arrive at that amount. I asked specifically “How much do I owe in order to have this account paid up to date without any balance?” and then I asked to have the account closed. Here is where things become odd and you need to understand my perspective. I am now under the impression that this account is taken care of. (paid and closed)
In May 2009 I receive a letter from Chase dated May 6, 2009 saying my account is past due. This is when I begin to realize the mistake that was made by me processing a purchase on Amazon without meticulously checking which account was being charged. I inadvertently made the purchase on February 8, 2009 by clicking the “proceed to checkout” button, followed by the “place your order” button using the wrong account.
Again, I am under the impression this account is closed and does not exist. This belief is further vindicated by the fact that I was no longer receiving any paper statements. The Chase letter dated May 6, 2009, which presumably arrived after its inception, was my first trace of this account still existing. After paying off the Chase account in December, my account had somehow become a paperless entity.
May 23, 2009 the same procedure that transpired in December 2008 was followed to pay-off the Chase account. Only this time it was followed up with a fax to create documentation of the event. My February Amazon order total was $50.98, and the past due notice said the amount due was $51.26 which was confirmed by the Chase account service personnel, so that is what I paid.
How can this account be past due and at $300 today?
I would also like to add that all of my other credit is intact and has never received any negative marks.
Anyone have comments? Suggestions? I would love to hear them. I will be faxing this in to the Correspondence department shortly. I’m not holding my breath, but I’m not paying it either.
on Feb 13th, 2010 at 12:42 am
I’m glad to say that I received good news from the BBB and I will finally be relieved of the wrongfully incurred late charges and interest fees that accrued since 2008.
on Feb 17th, 2010 at 8:41 pm
It’s a good thing that so many people have started class action law suits. In addition to the change in terms that have affected so many Chase customers, Chase has so many additional ways of ripping of its customers.
I had both a personal card and a business card that I paid off in its entirety in August and September of last year. They both carried high balances, but due to circumstances, I was late on my business card. My rate on that card immediately went to 29.99% and I was (like many other customers) intimidated by Chase to pay the full amount or else… (being reported to the credit agencies). So I made a verbal agreement that I would pay off the entire balance if they were willing to waive a number of fees that I had incurred. But how stupid of me, I should have known better: Chase doesn’t even honor written agreements, so why should they honor “verbal” agreements. You can read the entire story here: http://www.seo-bliss.com/finance/chase-the-worst-card-for-business/
I just hope that more people will start law suits about the dishonest business practices of Chase.