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Chase Penalty APR

Frequent Contributor

Chase Penalty APR

I got stuck with Chase's penalty APR of 29.99% on my Slate card over a year ago, because I went over my credit limit. I'm carrying a balance of about $2,800/$3,800, so  74%, on the card. But, the balance is from a 0% balance transfer offer I had gotten, so I'm not actually paying any interest on it! Regardless, I'm really annoyed by this card right now.

 

I've called the number on the card a couple of times, and asked about getting the APR reduced, and every time was told that they review the account every six months to decide whether to reduce the rate, and there's nothing else they can/will do about it.. The last review was 7/30/12, so they won't review it again until January 2013! And they can't even give me any reason why my rate still hasn't been reduced!

 

I'm kind of stuck, because I've got this 0% balance transfer, so I don't really want to close the card. But 29.99% is insane, just on principal! Plus, I want to PC to Freedom, but they're telling me I'm not eligible, although they can't tell me why. I'm guessing maybe because of the penalty APR flag.

 

Would calling a back door number possibly help for this? I feel like they're never going to get rid of this penalty APR.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 1 of 16
15 REPLIES
Frequent Contributor

Re: Chase Penalty APR

I have two Chase cards in their penalty APR, been there since ~2009. No movement since...


myFICO Starting Scores: TU 643 03.10.09 EX 676 01.09.09 EQ 638 05.24.09
Current Score: (WalMart FICO) TU 792 04.03.13 (Mortgage Lender - HP) EX 745 02.06.13 (Mortgage Lender - HP) EQ 771 02.06.13
Goal Score: 800+


Take the FICO Fitness Challenge
Message 2 of 16
Valued Contributor

Re: Chase Penalty APR

Are you paying on time for 6 consecutive months?

Message 3 of 16
Super Contributor

Re: Chase Penalty APR

I was under the impression that under the new CARD act if you made on time payments for 6 months that your rate has to be reduced back down. I guess I was wrong D: 

Message 4 of 16
Frequent Contributor

Re: Chase Penalty APR

My payments have all been on time. The CARD acts requires them to reduce the APR after six consecutive on-time payments, but only for purchases made prior to the penalty rate. They can keep the penalty rate in place for new purchases indefinitely. So, I'm not actually paying interest, as my only balance is from the 0% transfer. But if I bought something tomorrow and didn't pay it in full immediately, then I'd be paying 29.99% on that balance. Very, very annoying.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 5 of 16
Valued Contributor

Re: Chase Penalty APR


Autumnslight wrote:

My payments have all been on time. The CARD acts requires them to reduce the APR after six consecutive on-time payments, but only for purchases made prior to the penalty rate. They can keep the penalty rate in place for new purchases indefinitely. So, I'm not actually paying interest, as my only balance is from the 0% transfer. But if I bought something tomorrow and didn't pay it in full immediately, then I'd be paying 29.99% on that balance. Very, very annoying.


Correct. You could file a complaint at CFPB.

 

Message 6 of 16
Frequent Contributor

Re: Chase Penalty APR

But they're in compliance with the CARD act, so I don't think I'd have any valid basis for a complaint? I'm annoyed they won't reduce the rate, but they're not required to. That's why I was wondering if a backdoor credit analyst might be able to help me with this.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 7 of 16
Frequent Contributor

Re: Chase Penalty APR

Yuuuuup im stuck at 29.99. I had WAMU card that switched to Chase and my APR went from around 13 to 29.99.

I just use it as debit card and PIF.

Lots of cards and counting !!
Las Vegas REALTOR
FICO 800ish Shooting for 800+
BCE 20K,ED 10K,Sky 2K, DCVR $6800, Slate 8K, Freedom 5k, Care Credit 10K, Lowes 10K, Cap1 QS $11500, Venture 15K, Paypal 5k Hidden, US Bank Edge Cash Business 20K and NFL $1500 soon to DIE.
Message 8 of 16
Valued Contributor

Re: Chase Penalty APR

Pay it down, when its nearly done call the backdoor number or perhaps retentension team, if they don't reduce it, introduce the card to the shredder and close it. Wait 6 months and re-app when they have a $200 for spending X dollar deal.  Also app for another card that takes its place in the mean time perhaps something from citi

 

 

 

 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 9 of 16
Frequent Contributor

Re: Chase Penalty APR

Last time i called was told will review your file in 6 months bla bla bla.

Lots of cards and counting !!
Las Vegas REALTOR
FICO 800ish Shooting for 800+
BCE 20K,ED 10K,Sky 2K, DCVR $6800, Slate 8K, Freedom 5k, Care Credit 10K, Lowes 10K, Cap1 QS $11500, Venture 15K, Paypal 5k Hidden, US Bank Edge Cash Business 20K and NFL $1500 soon to DIE.
Message 10 of 16