Comments on: Chase Chases Credit Card Customers with Low Interest Rates

By: ben

ben — Fri, 30 Oct 2009 16:46:16 +0000

I’ve had 7.99 for 10 years with Chase. Always paid in full, on time. Used it exclusively for travel. Chase were raising the APR to 14.24%. I gave them one option: 7.99APR fixed, no fees (continue the terms of the contract). They refused and presented no counteroffer. I told them their failure to make prudent business decisions in the derivatives market isn’t my problem, and I don’t *really* need their services. I paid off the balance. I cancelled. You should do the same – show them just how badly you don’t need them.

By: Balance Transfers Helper

Balance Transfers Helper — Tue, 22 Sep 2009 18:51:00 +0000

I hope you at least were able to stop doing business with them. And feel free to vent. That’s what we’re here for.

By: JD

JD — Tue, 22 Sep 2009 16:27:52 +0000

I never received a notice of any kind, I was fixed in at 3.99% for life. My minimum payment was $324 and I always paid between $430 and $450. My payment jumped from $324 to $734. I called and asked why the payment had jumped up and they said notices had been mailed out that the minimum interest was being raised to 5% and that I had to have received a notice and probably just threw it away. I didn’t appreciate being told I throw my mail away and that despite being a customer with them for over ten years, never having a late payment and always paying more, there was nothing they could do other than advise me to pay the new minimum payment and try to pay more to keep up my good credit with them. I asked to speak to a supervisor and asked if there was anything they could do, as I have been an excellent customer of theirs and have excellent credit. She said yes, I could pay my account in full and either close it and the other with a zero balance or just not use them. It just warms my heart to know that after all my years with them, etc – that this is how they reward their customers and tells me exactly what Chase thinks of its customers – not very much.Thank you for letting me vent.

By: Elizabeth

Elizabeth — Wed, 16 Sep 2009 22:58:14 +0000

I’m also affected with the 5%increase in payment I went from 200.00 to $465.00. There has to be help somewhere!

By: Dawnn

Dawnn — Mon, 07 Sep 2009 17:43:22 +0000

Bonnie McCormack, Have you had any problems with the conversion to 7.99 percent? Just wondered how it reflected on your statement and if they indeed lowered your payment back to 2 percent? Also, did they give you a time limit for that — such as August 2011?

By: Balance Transfers Helper

Balance Transfers Helper — Mon, 31 Aug 2009 15:42:49 +0000

Tim, if you can’t get approved for a balance transfer credit card – you can compare offers in the main section of our website, there’s some good information on blog from customers who worked out solutions with Chase. The key is to be persistent and always deal with supervisors based in the U.S. Overseas reps at a lot of these companies can do nothing and are often dishonest – many Smart Balance Transfer visitors have reported problems with them.

By: Tim

Tim — Fri, 28 Aug 2009 19:18:39 +0000

same happened to me-220 payment to a 477 payment which I can’t afford. I’ve always paid my fees on time and have great credit. The receptionist said “The good thing is is it will be paid off quicker”. I will transfer to another bank and close all accounts. Chase is a RIP OFF!!

By: Balance Transfers Helper

Balance Transfers Helper — Thu, 27 Aug 2009 16:08:19 +0000

This monthly payment raising is very shameful. They truly are pushing people to the end. Many visitors have reported success by using the hardship department. In many cases, they were able to get lower interest rates and lower payments. You may want to call and try to contact them.

By: Patrice

Patrice — Thu, 27 Aug 2009 03:32:41 +0000

I have a fixed interest rate of 4.99% for the life of a loan thru Chase. My last payment was $106.00 & it just increased to $208.00. It’s rediculous! I have 2 loans thru Chase & I can’t even imagine what the other one is going to jump too. They’re going to push me into either a debit consolodation or bankruptcy. I can’t afford any more than what I’ve been paying them. I have good credit but that won’t be for very long. I’m very disgusted!

By: JJ

JJ — Wed, 19 Aug 2009 23:41:56 +0000

Which did you take 0% for 6 months or 3.99 4.99 5.99 for life of the loan?
I have read everyones posting on this matter, The goverment told chase to increase rates on fixed APR? Thats not what supervisor said to me. I accepted 3.99 4.99 and 5.99 % on balance tranfers for the life of the loan. With a processing fee for the transaction too. When I called about payment going from 2% to 5% I was told the bank is not making money on the low promotional APR 3.99 4.99 5.99 with statements, reporting to credit bureaus, postage the bank is losing money with those pomotional balances this coming from a supervisor. Never missing a payment or being late, sending over min amount due. I was advise I could have 2% back if I agree to let them drop all promotional rates and take 7.99% till August of 2011 and will be almost double that interest rate after that I bet . Which one did you agree on when you did your tranfers

A typical offer presented the customer with two options:

The customer could accept a 0% fixed rate for a specified period of time, such as one year. After that time, the Annual Percentage Rate (APR) on the loan would increase. Or,

The customer could accept a loan with a higher APR, such as 3.99%, that is a “fixed APR until the balance is paid in full.”

Where did it say they can increase the Apr on a fixed APR until the balance is paid in full ???

I did have to accept the 7.99 % but I also joined class action against them. I’m fighting back.I agree with Dr Lahm, Bait and switch, fraud, violation of TILA (Truth in Lending Act) provisions.

By: Bonnie McCormack

Bonnie McCormack — Thu, 16 Jul 2009 18:10:15 +0000

I am also one of the 0.5% that had my minimum payment raised from 2% to 5%. However, I haven’t heard anyone tell about their blackmailing techniques. I have 2
Chase cards. One had a fixed 3.99 promo and the other a 5.99 promo for the life of the loans. In addition I have balances at 27.24% on both cards. They said that if I agreed to raise the promo rates to 7.99 they would let the minimum remain at 2%. I had no choice but to agree since I couldn’t afford the payments at a minimum of 5%. I call this extortion. Anyone else experience this arm breaking?