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Chase is sending out APR increase notices again.

Community Leader
Valued Contributor

Chase is sending out APR increase notices again.

I know I've seen a few sporadic posts about it this year, but looks like Chase is sending out the folded white paper notices again for those of us that have lower-than-published APRs.  My Freedom card is 2 months shy of its 11th birthday. I was at 13.99% not that long ago before the sudden rash in prime rate increases lately and I am currently at 14.74%.  I guess the silver lining is that the Chase Freedom card range is 15.99% to 24.74% and they didn't increase it any higher than the minimum APR listed.

 


Chase Bank USA, N.A. wrote:

Important Changes to Your Account Terms

We are making changes to your Cardmember Agreement. We are changing the Annual Percentage Rates (APRs) as described below because your APRs are below the lowest APRs we currently offer on similar accounts... All changes take effect 01/22/18.

...

Purchase APR 15.99% This APR will vary with the market based on the prime rate.

Balance Transfer APR 15.99%  This APR will vary with the market based on the prime rate.



$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 1 of 31
30 REPLIES
Community Leader
Valued Contributor

Re: Chase is sending out APR increase notices again.

Also wondering if DW will see this for her CFU as it's below the current range.  My CSP and Slate are also slightly below, but thanks to the CARD Act they can't touch those... yet. Although their birthdays are coming up soon.


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 2 of 31
Valued Contributor

Re: Chase is sending out APR increase notices again.

chase lol.runnnnnn

remember them when they got all wamu assets for 7 cents on the dollar

Message 3 of 31
Community Leader
Valued Contributor

Re: Chase is sending out APR increase notices again.


peghede wrote:

chase lol.runnnnnn

remember them when they got all wamu assets for 7 cents on the dollar


No, I'm not running. It's technically not rate jacking, more of a rate adjustment.  With the exception of Slate (0% balance transfer fee and 0% APR), I'm not carrying balances on my Chase cards so it doesn't really matter. It was just nice to see that it was lower than the lowest.  I bet the same will happen with my Citi card since it was opened at 12.24% last year.

 

Hmmm I had an old Providian card that was later bought by WaMu.  Then Chase sent me a letter stating that they had acquired the account and were closing it for non-use.  How rude; I'm pretty sure I made a purchase not 4 or 5 years prior to them getting the account!  That card has likely fallen off my reports at this point. I can't remember for sure without looking at them.


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 4 of 31
Established Contributor

Re: Chase is sending out APR increase notices again.

Haha all my Chase cards are over 20% so I guess I don't have to worry about this... Smiley Sad

Message 5 of 31
Community Leader
Valued Contributor

Re: Chase is sending out APR increase notices again.


MrDisco99 wrote:

Haha all my Chase cards are over 20% so I guess I don't have to worry about this... Smiley Sad


I'll trade you my Chase APRs (which are all currently below the minimum) for your Chase credit lines. Let's make this happen!


$500k+ club. | FICO 08 [Nov 2017]: EQ 743 EX 741 TU 743 | World's worst gardener.
Message 6 of 31
Highlighted
Super Contributor

Re: Chase is sending out APR increase notices again.

I wonder if they send out similar letters to those with rates higher than the maximum current ranges....

Message 7 of 31
Super Contributor

Re: Chase is sending out APR increase notices again.

Appreciate the heads up! My Aprs have been below advertised rates Smiley Happy Found the Cash Apr raised to Chase Market in early 2017. Now I can join the masses and lose my preferred rates ; ( Depressing ... and sad as my notice came today, I have been thrown in with the masses! Funny though, I virtually never pay finance interest and only use accounts that have 0% BTs or a low interest rate of 7.9% for a very short time.

Starting Score: 807
Current Score: 828
Goal Score: 850


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Message 8 of 31
Established Contributor

Re: Chase is sending out APR increase notices again.

My FU is already 23.99%, up from 23.49% when I got the card. Somebody I know IRL just got approved 15.99% last month.


TU FICO 8: 750 (11/17) — Ex FICO 8: 732 (12/17)
Message 9 of 31
Valued Contributor

Re: Chase is sending out APR increase notices again.


longtimelurker wrote:

I wonder if they send out similar letters to those with rates higher than the maximum current ranges....


LOL hilarious. Chase wouldn't cut their profits like that. They won't even lower your APR if you ask, yet alone on their own. 

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Message 10 of 31