Chase Bank - unexplained interest charges

Posted on Friday, March 12th, 2010 at 8:25am CST by 83289747

Product: Mastercard

Company: Chase Bank

Location: P.O. Box 15298
Wilmington, De, 19886-5153, US

URL: http://www.chase.com/creditcards/

Category: Other

After Chase Bank took over my mastercard, they raised my interest rate from 14.9% to 24% and then again recently to 29.9% for no apparent reason. I could no longer afford the minimum payment, let alone put anything towards the principal. I had no choice but to pay the card off. Unfortunately, I had to cash out an annuity and take a $2,500.00 loss in order to do so. I am still receiving a bill from them for additional interest. I have been paying for their payment protector plan. This plan when activated defers any interest or monthy payment. Not only did I pay the bill in full, but I had also activated the payment protector plan. After several conversations with their rude customer service reps/supervisors/bank managers they all insisted that I owe this additional interest, however no one can explain where these charges incurred. I have written a detailed letter to send to the ceo of Chase Bank, Congress and President Obama. After reading all these other complaints, why is our government allowing this to continue? This is unethical and in my opinion, should be illegal. As individuals, this would be near impossible to stop, but as a whole, maybe we can do something about this.


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