Chase Slate Raising Interest Rates

[Anonymous]

I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.

[Anonymous]

I feel your pain...the Fed has signalled an end to historically-low rates.

Maybe the folks TBTF may be anticipating having to pay real interest? 

ETA: This, and credit card debt and defaults are on the rise as of late.

[Hex]

It seems to me that you’ve had a variable rate card all along. Chase just hadn’t pointed it out to you until now. Seems legal but dishonest to me.

[beutiful5678]

After the Card Act of 2009 there are no fixed interest rate credit cards being offered. Perhaps yours was one of the last holdovers after the legislation was enacted?

[Anonymous]

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@beutiful5678wrote:

After the Card Act of 2009 there are no fixed interest rate credit cards being offered. Perhaps yours was one of the last holdovers after the legislation was enacted?

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That's incorrect. There are some fixed interest rate cards. 

[Hex]

Fixed rates are out of favor not banned. https://www.creditcards.com/credit-card-news/fixed-rate-vs-various-rate-credit-cards-1274.php

[lcab]

I posted on this topic recently.  I received a similar notice about a week ago.  I haven't decided for sure, but I'm definitely leaning toward closing.  

[K-in-Boston]

Some of us with low interest rates received notices recently that our rates were being raised to be in line with what other consumers had for the same cards. My Freedom was an early casualty. As for a low APR card, if you are eligible for NFCU their Platinum card is super low.

[Anonymous]

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@Anonymouswrote:

I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm not in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.

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A few months ago the rate on both my Freedom and Freedom Unlimited were changed from 12.9% and 13.9%, respectfully, to 15.24%.

My now Freedom Unlimited Visa SIgnature was originally a real, Chase Manhattan Platinum MasterCard before Chase Manhattan and Bank One merged in 2004. My Chase Manhattan MasterCard had a 7.99% fixed rate. The new Chase (essentially Bank One hiding under the Chase name) made quick work of increasing the rate. 

A few things (already discussed here): with the economy doing better, rates are increasing everywhere. The low rates we all got used to were unsustainable and eventually needed to go back up. Also, the Chase Slate card is, in my opinion, only good for that intro 15 month, 0% balance transfer with no balance transfer fee promotion. Also, in my opinion, Chase is the worst in working with customers. They are raising rates in the hopes people will revolve balances. The money they make on interest can be used to fund UR points and line the pockets of stockholders. 

I'd like to say that Chase is overrated...but the UR points program is arguably the best out there. Otherwise, I can't stand Chase. In closing, if you need a low rate credit card, you can't beat a credit union.

[AverageJoesCredit]

Hey Dad, nice to se you are still around

Op, lol, i think you need a re edit of your post, you say you are NOT in the market for a low apr card but then ask for suggestions. Or perhaps you arent in the market and i stand corrected.