Chase Card Services - Chase bank raises interest rate

Posted on Monday, September 1st, 2008 at 3:11pm CDT by 34ac2542

Company: Chase Card Services

Location: Palatine, IL, 60094, US


Category: Other

First a little background. My credit rating is excellent and I work to keep it that way. I always pay creditors on time and always pay more than the minimum payment. In the middle August I went through a pile of old junk mail and discovered my Chase bill, which was now a few days overdue. I immediately called Chase and was told that as long as I included the missed amount in my Sept payment all would be OK. The following week Chase called to say that I needed to pay the missed August amount immediately, which I did online while the Chase representative was on the phone. My bill arrived for the Sept due date and the 2.99% rate I had been paying (due to balance transfer) was increased to 13.99%. I called Chase and to their credit they reduced the rate to 5.99%. I complained about the increase from 2.99 to 5.99 and was told to "see my cardholders agreement" and that Chase "loses money" at 2.99%. I immediately transferred the remaining balance to another card that was offering a 2.99% balance transfer rate. Thank you Chase for the reminder that we cardholders are just a way for you to make money. One mistake warrants an 11% increase in interest rate? Oh that's right, let me check my cardholder's agreement. I'm not even disputing the $39 late fee because I was indeed late. I was actually feeling a little loyalty to Chase but I will in the future return the level of loyalty that you showed me.


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