Chase raised rate

[Anonymous]

Chase just rate jacked me to 13.24%. Zero balances on two cards with cl of 13k and 20k. FICO's 758 and 740. They can kiss my gubermint cheese!

[Anonymous]

Most of the revenue banks receive from credit cards is in the form of penalty fees (late, over the limit, etc). New law would limit the cash flow significantly, thus banks are proactive in raising their margins on unprofitable customers (PIFers). The drawback is that some of these customers will move or change their behavior (similar to Laffer curve effect).

[Anonymous]

You'd think after reading these forums and seeing this so much, I'd have lost my capacity to be disgusted by such practices that lead me to think about words like "usury" which, I might add, if you check your thesaurus, are synonyms of the words "exploitation" and "stealing."  Maybe I just think too much. 

I'm sorry this happened to you too. 

[Anonymous]

It's not usury. It's aggressive risk management. Chase and Amex are more aggressive than others. Let me ask you a question this way, would you like banks to conduct business as if it was still 2006?

[Anonymous]

No, maks, I actually do agree with you, from the practical perspective; I do understand that these banks have to manage their risks in the best way they can... I really do get that it's just a business decision, not a personal judgment.

[Anonymous]

After reading these posts,I decided to check my online Chase statement. My APR is gonna go from 9.9% to 18%. I am never late,never overlimit ,always PIF. I don't understand. It's at 0 balance right now, cause the limit is only $500 and if it wasn't for the fact that I PIF I would close it. But,I'm sure they will come up with something just as sweet for us that do PIF.

[athensguy]

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@maks1806 wrote:
It's not usury. It's aggressive risk management. Chase and Amex are more aggressive than others. Let me ask you a question this way, would you like banks to conduct business as if it was still 2006?

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I would rather banks not be able to change rates on existing purchases. They should only get the chance to underwrite before the purchase, not after.

[alsawye]

they jacked me up to 26.78% but i dont care because i PIF each month so they can jack me up as high as they want