Beware of Chase Credit cards.

Back in August 2007 I received an offer from Chase that said for a balance transfer you will get 3.9% until you pay it off. So I decided to put siding on my house and then transfer the balance to the Chase card. There was about a 150 dollar transfer fee but I figured it would be worth it because I would take my time paying off the loan.

So I paid more than the minimum each month and was working my balance down. This month I look at my bill and there is a 600 dollar minimum payment and a 10 dollar monthly service charge added on to the bill. So I have my wife call them up. They tell her that the economy is bad and they need to mae more money so they are raising people payments. They said as an alterative to the higher bill and the monthly service charge I could switch to 7.9% financing interest until 2011.

So I call up the pigs and the first indian dude hangs up after I ask for a supervisor and says there are none there and he doesn't like my attitude. So I call back and the next guy and ask for a supervisor and he give me one. Of course the guy is probably a make believe supervisor because his one qualification is better command of the english language.

His basic atttitude was shove it. They don't care that I have been a customer for 10 years have always paid bills on time and have a great credit rating. It is their right to change the terms of my credit card agreement anytime they want. I told him that none of this was on the website when I agreed to the loan. He was like I don't care. We do business the way we want and we can do whatever we want.

So he said your choices are:

1) Pay 600 dollars a month and have a 10 dollar service fee while keeping your 3.9% interest (never mind the 10 dollar service makes it higher than 3.9(

2) Pay your bill of in full today

3) Go to 7.9 percent interest and go back to a lower minimum payment and no service fee.

He said no matter what they were going to charge me the service fee for this month. I said I got not notification about the change and he told me they sent me two letter. I said I didn't get them and he basically called me a liar. Well I said you have already admitted you lied about the rate and I have always been honest with Chase who is more likely to be telling the truth?

Anyway do you think there is any legal action I can take. The agreement on line when I signed up said 2% minimum payment. Nothing about service fees. Also, he wouldn't refund my original transaction fee to get the 3.9% interest for life.

 

There should be an "Opt-Out" provision. This will close the account under the original terms. Try connecting with someone in HQ in NY in writing disputing the change. If you have not missed any payments this could be breach of contract fron Chase. The connection with India is removing your right to opt out due to a time limit (statue of limitations).
I'm not a lawyer, but there are landmines in place to remove your right to dispute the changes.

 

I told them I wanted to close the account and pay it off with the original terms. They said the only way I could do it is to pay off the entire balance today. I found a class action lawsuit has already been filed. I think criminal charges are more in-line.

 

Just find a different card company with a similar deal and transfer the balance. I just got an Air Tran Airlines visa and got a free round trip ticket with it. (which is worth $500 to me because they fly to FL where I go every Christmas.

 

IMFUO, ALL credit cards are a scam, first of all.
Second of all, yes, they can change your terms, it is in the fine print. They can change your limit, interest rate and due date, AT WILL They are doing it to most ppl. Prob is MOST PPL do not take the time to really "READ" their bill. like you did.

Furthermore, the vast majority of the American public do not realize, the mortgage co., the credit card co., etc, can demand FULL PAYMENT at ANY TIME. Granted, most don't and it is not good for their interest projections if they do, BUT THEY CAN.

They are decreasing ppl's credit limit simply because they used the card at WalMart. (Ppl who shop at WalMart have a worse history than others) I know, and you know, this isn't REALLY the case, but that's what they are doing. This was just on GMA a couple of days ago. Guy had Amer. Express. Used his card at a WalMart. Amer Exp lowered his credit limit by $7000. Once your limit is decreased, you are now using MORE of your available credit, thus changing your credit score, and VOILA, your interest rate goes thru the roof. His went to 20 something. Never been late on ANYTHING.

Also, if you pay ONE bill, ANY bill, late, likewise, they will NOW consider you a risk on THEIR card, and again, there goes your interest rate, and credit limit.

Another tactic they are using, they change your 'due date'. You don't notice it, your payment is now late, VOILA, there goes your interest rate, right thru the roof, again.

They are a bunch of filthy rip off artists, that jus' happen to have the Gubments backing, and very little you can actually do, 'cept pay the ******* off, and STOP using them. The rules are stacked in THEIR favor, (Read that: campaign contributions and lobbyists) NOT the consumers.

And doesn't it jus' give ya the "warm fuzzies" to know you just threw 350 billion at these azzhoals, and NO ONE knows where the HELL it went to?
And getting ready to throw another 350 billion at these banks.

There are no consumer protection laws any more. It's BIG BIZ and BIG GUBMENT, and they are in bed together.

My one and only credit card, has a balance of +$47. Must make them nervous as H*LL because they call 'bout every 2 weeks, wanting to know what they should do with that $47. Jus' to jive 'em, I told 'em last time, pay me the MAX interest rate you can charge, that's what I'll charge you. She was silent, til I snickered, then she laffed a li'l.

Just stop and think how much we pay out in a lifetime to fuggin' interest. How much is your house REALLY costing you if you pay it off as scheduled? It's friggin' ludicrous, ppl. STOP using credit, it's what has sold this country down a rocky river. And WE as a country, are borrowing it at the rate of over 3 billion a day.

For Heaven's sake, I saw a kid at lunchtime, at Holiday, pay for his pop, with a dammt credit card.

 

That was a pretty good post Gump.

Chase has every right to change the minimum payment due them. I can guarantee you it is in the fine print. They are still charging you 3.9% interest, as you agreed to, and also in the fine print is a clause that states that they can charge you a service fee, at their discretion.

They added these fees to you because they are not making money on your account. Added fees either makes you a profitable customer, or you take your business elsewhere. either way, they win.

It sucks, and not what you want to hear, but you are stuck with the higher interest, higher payments, or pay the damn thing off.

Maybe if you called and were really, really nice, flattering even and asked them to stop charging you the 10 dollar service fee, that might happen for you.

 

Transfer to another card and tell Chase to shove it.
And remember, NO cc co. is out to help you. There
all about making money.

 

+1 on the post Gump. We filed Chapter 13 8 yrs ago and haven't had a credit card since. If we don't have it, we don't buy it. Only debt we have is mortgage and 1 car payment. Paid cash for the softy and the old truck.

 

Bottom line to credit cards. I have one, no balance, for travel use only. If I don't have the cash, I don't buy. Period.
I made a prediction a long time ago.....that if I ever paid off all my bills, that the economy would crash. Looks like it happened.

 

You got that right.....

Only credit card I have (and will ever have) is an old American Express Gold Card that I got back in the 1980's... Only time I use it is for fuel when out on the road, or in case some kind of emergency comes up. But it's the kind of card where the balance has to be paid in full each month, and you don't have interest tacked on. I think there is a $50 fee each year, but that's no big deal and probably cheaper than paying interest on any monthly charges.

I guess you can say that I don't believe in 'credit', which is nothing more than purchasing items with money that belongs to someone else, and then having to pay it back with interest and other fees added to the balance.

Guess I should consider myself lucky, especially in today's economy, but I've never 'financed' any major purchase and never will.