Chase Bank - purchased account from Providian - interest rate increased to 25%

# 11 for June 28, 2003

Complaints.com received the following on June 27, 2003:

From: Dave Morris [Email User]

RE: Chase Bank - purchased account from Providian - interest rate increased to 25%

Chase Bank purchased our account last year from Providian. Neither Providian nor Chase informed us of this purchase. Our first notification came with a bill from Chase with a new 25% interest rate. Our Providian rate was 9%. We contacted Chase and they told us we were considered a risk because of an overdue car payment from 2 years before. We had NEVER been late on our credit card bill.

We tried to work with their Flex program dept and their Credit Liquidation program, but both were unsatisifactory. Our min. monthly payment was over $450 As a result, we became deliniquent on other bills while trying to pay Chase.

As a matter of fact, they turned us down for the Flex program because we were making our monthly payment. For the past few months we've only been giving them what we can and have been harassed DAILY by them. We've since become aware that the have do this to MANY others.