Reply
Member
Posts: 18
Registered: ‎01-02-2009
0

Chase SUCKS

I had a wamu card, as we all know was brought by chase. I want to know what is everyone's apr? I just got my statement in and i'm lik wtf? it's 47.41! I've never been late and always paid more than the minuim in fact i don't even use it anymore for like the last 6-8 months. Stupid me I haven't been paying enough attention to any of my CC's interest rates, so I looked back a few statements to see when it went up, well aug it was 16.99, then sept. went up to 23 then i notice for oct. it's 47.41 I'm sooo glad I only have 31.59 to pay, I'll NEVER ever recommend chase or use their crappy card I don't even care if they close it. Payment is due on the 26th but paid it off today done with them.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase SUCKS


icyplaya wrote:
I had a wamu card, as we all know was brought by chase. I want to know what is everyone's apr? I just got my statement in and i'm lik wtf? it's 47.41! I've never been late and always paid more than the minuim in fact i don't even use it anymore for like the last 6-8 months. Stupid me I haven't been paying enough attention to any of my CC's interest rates, so I looked back a few statements to see when it went up, well aug it was 16.99, then sept. went up to 23 then i notice for oct. it's 47.41 I'm sooo glad I only have 31.59 to pay, I'll NEVER ever recommend chase or use their crappy card I don't even care if they close it. Payment is due on the 26th but paid it off today done with them.

 

Welcome to the forums!

 

There has to be something else going on with your account. Is there some kind of a fee reporting on that statement? 47.41% is not a normal APR, it is an annualized APR including fees incurred.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Chase SUCKS


icyplaya wrote:
I had a wamu card, as we all know was brought by chase. I want to know what is everyone's apr? I just got my statement in and i'm lik wtf? it's 47.41! I've never been late and always paid more than the minuim in fact i don't even use it anymore for like the last 6-8 months. Stupid me I haven't been paying enough attention to any of my CC's interest rates, so I looked back a few statements to see when it went up, well aug it was 16.99, then sept. went up to 23 then i notice for oct. it's 47.41 I'm sooo glad I only have 31.59 to pay, I'll NEVER ever recommend chase or use their crappy card I don't even care if they close it. Payment is due on the 26th but paid it off today done with them.

Geeze!  And I thought there was a cap on APR.  47.41% APR is a bit extreme!  How can Chase even program its computers to throw a rate out like that? Chase goes on my wall of shame list! 

Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Chase SUCKS

Is it possible that this is your effective APR, based on your payment for last month?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
Posts: 18
Registered: ‎01-02-2009
0

Re: Chase SUCKS

What's the difference I'll put what it says perhaps I'm reading it wrong.

 

Effective Annual Percentage Rate (APR)  47.41%    that doesn't mean my apr is now 47.41%?      Now there is a section that says 

 

Purchases 23.24%

Cash Advances 23.24%

 

Even if it's one of those I won't be using the card anymore becuase I'm getting rid of all debt and that's a very high apr

Member
Posts: 18
Registered: ‎01-02-2009
0

Re: Chase SUCKS

on my 9-26-09 statement is says

Purchases V .04655% 16.99% $114.06 $1.59 $0.00 $0.00 $1.59
Cash advances V .06573% 23.99% $0.00 $0.00 $0.00 $0.00 $0.00
Total finance charges $1.59
Effective Annual Percentage Rate (APR): 16.99%

 

 

so that's why i'm assuming it went WAY up b/c the apr matches the purchases on that one but not my current one? And can anyone tell me why the effective annual percentage rates keeps getting higher as the balance decreases? No new purchases or calls made and didn not apply for any new credit this year.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase SUCKS

So now you know the actual APR on your account is 23.24%. The effective APR is higher due to some fees that you incurred. I would think several times over before you cancel a card because of a 23.24% APR. If you PIF it doesn't make any difference what the APR is.
Established Member
Posts: 15
Registered: ‎09-26-2009
0

Re: Chase SUCKS

If you had a balance transfer or cash advance, the fees that you paid would be included in their APR calcuation for that month.   That would make the percentage be much higher.  I also think that if you rolled over a small balance and paid a minimum finance charge of a dollar or two, you APR % would be higher in the month that happened.  The APRs on my Sapphire card are Purchases - 9.24% and Cash Advances  19.24%

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase SUCKS

Are you taking cash advances on this card? Cash advance transaction fees would definitely do it.
Member
Posts: 18
Registered: ‎01-02-2009
0

Re: Chase SUCKS

but on the statement they don't show any new fees what so ever. I don't plan on canceling it, but it will be sock drawered I just won't be mad if they cancel it.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.