Credit Cards

[Joey22]

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? 

[stef37]

My statement has yet to close on my Freedom Plus, but my Nov statement on my Platinum card has and nowhere does it state a $10 fee or that I must pay 5% of my balance.

It does say I can save $10 off some oranges at Al's Family Farms! And a Free Magazine...

[spiritcraft1]

That is insane...  basically a $120.00 AF  (the highest I have ever heard of)  What CC is that anyway?  Does it affect your persona and biz?

Do you have larger balances?

Message Edited by spiritcraft1 on 11-13-2008 02:01 PM

[UpUpUp]

Woah, now ain't that something'.  I just double checked my Chase Freedom Plus statement and there is no mention of any fees or changes to minimum payments thus far.

[MidnightVoice]

Are those charges on both the business and the personal charge?

[Joey22]

For what it's worth.. this notice was on a little 3"x6" piece of white paper, tucked in with all the ads and the envelope/statement.  There is nothing printed on the statement itself.

[Joey22]

Yes, both business and personal statements.  They arrived within a week of each other.

My balances on both cards represent about 35% of CL. 

[MrCredit]

Just another way for them to generate revenue.... this bailout is stupid all the banks are going to do is hoard the money and not lend anyway they aint stupid.

[FaircreditguyFL]

I don't receive a statement by mail, but I get an alert when my statement is ready to view on their website.  At no time have I received a notice as described.

Message Edited by FaircreditguyFL on 11-13-2008 03:52 PM

[smallfry]

I haven't seen this myself but I will keep an eye out. I don't intend to pay $120 for the privilege of generating merchant fees for the Hydra.