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goldiestar
Posts: 1
Registered: ‎05-31-2009
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Chase raising cc rates

My fico score is 738. I am never late and always pay over minimum on credit cards. I have 2 chase cards and one Discover. One was a Wamu that was transferred to chase. They are raising the apr on both cards. One is going up to 22.24% with a balance of >8k. I cannot pay it off in full. I would like to close it but dont want to hurt my score. They said I can opt out and close the account but the agreement states that they can continue to change the agreement even if they close the account per my request. So, if they can continue to raise my apr even after I close it or possibly require payment in full, is my best option just to keep it open, pay as much as possible and keep it or close it after I pay it off? Seems that they can raise the apr as much as they please. I have a total of 3 major cards with 23k charged. Most of this happened after HURRICANE IKE.  I am almost maxed out and dont plan to charge anymore but this rate increase is going to eat my lunch in interest. Has anyone out there managed to negotiate with Chase this time round to keep the current interest rate on your cards or will I just be wasting my time ont he telephone? Seems like they are going after everyone. Thanks, Rosemary
Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
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Re: Chase raising cc rates


goldiestar wrote:
My fico score is 738. I am never late and always pay over minimum on credit cards. I have 2 chase cards and one Discover. One was a Wamu that was transferred to chase. They are raising the apr on both cards. One is going up to 22.24% with a balance of >8k. I cannot pay it off in full. I would like to close it but dont want to hurt my score. They said I can opt out and close the account but the agreement states that they can continue to change the agreement even if they close the account per my request. So, if they can continue to raise my apr even after I close it or possibly require payment in full, is my best option just to keep it open, pay as much as possible and keep it or close it after I pay it off? Seems that they can raise the apr as much as they please. I have a total of 3 major cards with 23k charged. Most of this happened after HURRICANE IKE.  I am almost maxed out and dont plan to charge anymore but this rate increase is going to eat my lunch in interest. Has anyone out there managed to negotiate with Chase this time round to keep the current interest rate on your cards or will I just be wasting my time ont he telephone? Seems like they are going after everyone. Thanks, Rosemary

Hi, and welcome to the forum.

 

I'm not sure what part of the agreement you're reading, but I've thoroughly read the notice that came with my Chase rate jack and I don't believe you're correct in thinking that they can continue to raise your rates after you opt-out/close your card.

 

I'd definitely close it now and pay off the balance as quickly as possible. Be sure to use any rewards points you have before contacting them about closing the card.

 

Good luck to you.

Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
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Re: Chase raising cc rates

Depending on what your current rate is, with that balance at that rate, I'd seriously consider opting out. I normally don't recommend it, but you will probably save a substantial amount of money by opting out.

 

However, if you could possibly BT the balance to another card, I'd keep this one open and sock drawer it. 

Here we go again...
Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
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Re: Chase raising cc rates

One more thing...even if you close it, the age of the card will still continue to factor in to your overall accts age.


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