Frigging Chase Bank Crooks!

[Jack Cook]

Any of you have any experience with Chase Bank?
I've had a low interest Wa Mu Visa for quite a long time. Recently they were taken over by the Feds and swallowed by Chase.
So suddenly I got a Chase Bank Visa. I got my statement the other day and imagine my supprise to discover that along with my new card came a new interest rate....29.29%
Up a ways from 7.33% don't ya think!
So I called and inquired what the deal was. Their reply was since I was a "new" customer with "no" payment history I would not be eligible for a rate reduction for another year.
So I told them to bite me and got a Wells Fargo Visa and transfered my balancefor 0% for 6 months and 7.9% thereafter and said good riddence to Chase forever!

[bdk]

Your credit rating just took a hit then. But if you carry a balance you have no choice. Part of your credit rating is the average length of time you've had each card.

[Jack Cook]

It's worth it besides I don't plan on a loan anytime soon.
I would have done it even if my balance for $5!
I so pissed at these robber barons poking us lessers to line their pockers.
20+ years before I pay the mortgage off.

[A2C]

Welcome to the USSA and the state run private sector.

[A2C]

I forgot to mention: The state run media complains about waterboarding terrorists, but they don't complain that we are being waterboarded by the state. The economy is down for good reason. The government plans to take over H.C. and Cap &T and pass the bill on small business. They're breaking America's back.

[Ztex]

Chase took over our Bank One a while back and hiked all their rates. I will never do business with them again.

Same for Bank of America....

[b29flteng]

This is just the start of a long decline of this great country into the abyss.

[kzollitsch]

Welcome to the USSA and the state run private sector.

Of course, because before this the banks and credit card companies were looking out for you

Sounds to me like typical bank/cc policy, any opening they get to raise an interest rate on the card holders and they'll do it.

[Django]

I started with First Chicago, which got bought by Bank One, which got bought by Chase. It's been 15 years now. No complaints.

Bank of America however did something similar to me. Raised my rate from 0% to 29%. Said it was a promotion and the promotion was over. I went round and round with them. Meanwhile my credit suffered. I couldn't get a balance transfer because Bank of America screwed me.

[Jack Cook]

Credit card issuers are responding to record defaults and new regulations by breaking a few records of their own. Banks such as JPMorgan Chase (JPM, news, msgs) and Citigroup (C, news, msgs) are jacking up interest rates and transfer fees to levels not seen in recent history, impacting record numbers of consumers.

JPMorgan Chase, the biggest credit card provider, has levied some of the largest increases. The bank raised the minimum payment on outstanding balances from 2% to 5% for some customers, according to a June 30 Bloomberg article. JPMorgan has also made it more difficult for customers to transfer balances to other credit cards with lower rates by raising its balance-transfer fee from 3% to 5% -- the highest rate among the large consumer banks, according to Bloomberg.

[Cvairwerks]

Jack: I've had nothing but trouble anytime Chase has come into my life. They've managed to screw up my accounts every time into such a bad mess, that the only way to fix them was closing them. This wasn't just an isolated branch or two. The first was in 1981 and the third time was in 2002 or so and in two differenet states. I run if Chase is involved.

We've whittled down our cards and within a year will be card free....

[Jack Cook]

ditto!
Outside my mortgage I owe about $2500 and I plan for that to be gone by the end of the year!

[Moonlight]

We've had a Chase card for the past 10 years, and just got a notice that our rate will be going up as well...even though we've never missed or been late on a payment.

I'm looking forward to the phone call I get to make the minute the balance is paid off where I get to tell them where they can cram their card.

[Tulio]

We've had a Chase card for the past 10 years, and just got a notice that our rate will be going up as well...even though we've never missed or been late on a payment.

I'm looking forward to the phone call I get to make the minute the balance is paid off where I get to tell them where they can cram their card.

You can also cancel your credit card with that bank, and continue making payments at the present interest rate. The notices have to be sent to you with 30 days prior to the increase.

You can probably find better credit rates through a local credit union, while continuing paying your credit card balances.

Saludos,


Tulio

[bdk]

Credit card balances are the new "company store." If you need to make an emergency repair to your car, shame on you for not having enough savings to cover it. If you buy consumer electronics, jet skis, boats or clothing on credit, in my opinion, you are a knucklehead. These are purely luxury items. If it takes 5 years to pay off your new car, drive the old one and save ahead of time so you can pay cash. The car will be thousands of dollars cheaper that way- use the savings to buy the new TV or computer. You just have to plan ahead for a change. The banks make money on your impulses.

Real estate is a different story though. It just isn't practical to save up for 15 to 30 years to buy a house, especially considering the tax dodge benefit and long term increase in value.