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@haiti222 wrote:More info here....They seem to be applying the fee to people with low rates and low rate balance transfers that they don't like anymore.....
http://www.ripoffreport.com/reports/0/388/RipOff0388782.htm
Darn, I have 5.9 variable with them.
Wow. I think I am going to be fine since I pay in full. However, I agree with the poster on that ripoff report. It does seem like it could warrant a class action suit. They are effectively changing the terms of the BT offer by adding this monthly charge.
OP, I'd be sending in my own ripoff report as well as a letter to their corporate office!
Sheesh! If it's not one thing, it's another. This world is so full of money hungry goons!
I wonder what they plan on doing to us WaMu CC holders!
@Anonymous wrote:I have two different Chase cards, one business and one personal. Enclosed with the newest statements was a new notice regarding upcoming changes to my account(s).
- Starting January 1, 2009, A new Account Service Charge of $10 per month will be applied to your account. This charge is owed whether or not you use your account, and you agree to pay it when billed.
- Your minimum payment due will increase from 2% to 5% of the ending balance on your monthly statement. As a result, your required monthly minimum payment will increase.
Your APRs will not be impacted by these changes (gee, thanks!)
Both cards still continue to have no annual fee (hah!).
My credit score remains in the mid 700's, and has been for years. No new charges out of the ordinary. No "reason" for these new service charges, except that they need lots and lots of cash... and quick!
If this trend continues to spread to other CCC (and I believe it will), many Americans will have no choice but to default, and settle for paying 30 cents on the dollar down the line.
Thoughts?
Anyone have a comment on the part where they're raising the minimum payment by 150% from where it is now (from 2% to 5%)? For example, if one had a $5,000 balance now, the minimum payment is $100. Starting Jan 1, the minimum shoots up to $250.
Yes, it will help you pay your balance much quicker, in the long run. However, if you're struggling to make ends meet, this might be what pushes you over the edge. Oh, don't forget the penalties for paying late -- late charges and.. you will lose your original low interest "transfer for life" rate, and now be paying the default rate!
Brilliant thinking on their part!!
@Anonymous wrote:Anyone have a comment on the part where they're raising the minimum payment by 60% from where it is now (from 2% to 5%)? For example, if one had a $5,000 balance now, the minimum payment is $100. Starting Jan 1, the minimum shoots up to $250.
Yes, it will help you pay your balance much quicker, in the long run. However, if you're struggling to make ends meet, this might be what pushes you over the edge. Oh, don't forget the penalties for paying late -- late charges and.. you will lose your original low interest "transfer for life" rate, and now be paying the default rate!
Brilliant thinking on their part!!
True, if they raise the minimum on someone with a significant balance, that could be hard for someone already stretched thin.
I have not received any type of notice from Chase (or any of my lender's) I do have a BT on the MC that is 0% for 15 months. It's under 2k but if they wanted it paid, I could take it out of savings. I also bank with them so I don't know if that is a factor?
Sorry again they are doing this OP.
fevmlo wrote:
...THEN an email a couple of days ago saying something about changes to the terms and conditions and to log into the secure message center (or whatever it's called) to read the message... I was almost convinced that this message would announce their intention to start charging $10 a month... but upon logging in, there is no message in there! Hmm.
No changes on Chase and I did get the email concerning online privacy. This looks like histeria.
NMN