Help! Chase is jacking the rate on my balance transfer!

[Anonymous]

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@Anonymous wrote:

Now is a scary time with all creditors. I have to say a prayer before checking my accounts daily just to make sure everything is ok. Especially Amex!

Now Chase is really worrying me. I do have a BT with them at 0% for 15 months and it will be PIF next month, only carried it 3, but still. I don't like seeing these post!

Sorry OP!

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I totally understand your fear, I also don't like seeing these posts, but I don't think that at this point you need to worry about that BT.  I also have a BT that was 0% for 15months.  I will be PIF on 2/6/09, but for me, I carried the balance, and incurred more charges on it, for 15 months.  I have not received any kind of notice saying the terms have changed, and at least at this time, I think it's only those who have "life of the balance transfer" APR's.  Course, tomorrow it could change to those who have had 0% for over a year and haven't PIF'd.

[Anonymous]

I just read the pamphlet again.  In very small print it says as a "reminder" that  all promotional apr's associated with the account will not be affected as long as you continue to meet the terms of the promotional offer.  I guess this means, that I am o.k., right?  I don't have to pay off this account just yet.  Unfortunately, I have fallen victim to the balance transfer game and I have a ton of outstanding balance transfers out there.  I've been making a huge effort to pay down my credit card balances but now I'm truly worried that my rates could skyrocket at anytime.

[oracles]

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@Anonymous wrote:
I just read the pamphlet again.  In very small print it says as a "reminder" that  all promotional apr's associated with the account will not be affected as long as you continue to meet the terms of the promotional offer.  I guess this means, that I am o.k., right?  I don't have to pay off this account just yet.  Unfortunately, I have fallen victim to the balance transfer game and I have a ton of outstanding balance transfers out there.  I've been making a huge effort to pay down my credit card balances but now I'm truly worried that my rates could skyrocket at anytime.

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Yes this means you are ok for now. I thought that was absolutely crazy if your original post was correct. It would be a new low if that was to happen. I again urge you to do whatever you can to pay down all debt as quickly as possible. You never know what the future holds and if this situation was true as we might have thought, you want to be prepare. GL OP

[Anonymous]

Terms can be chaged at anytime. 

[score_building]

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@Anonymous wrote:
Terms can be chaged at anytime. 

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while it does seem that an issuer can change terms for any reason at any time in many circumstances...  with a balance transfer, my understanding is that in the absence of the occurrence a default event listed in the agt. the issuer is somewhat obligated to honor the teaser rate for the specified time period, and in most cases will do so.

[oracles]

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@score_building wrote:

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@Anonymous wrote:
Terms can be chaged at anytime. 

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while it does seem that an issuer can change terms for any reason at any time in many circumstances...  with a balance transfer, my understanding is that in the absence of the occurrence a default event listed in the agt. the issuer is somewhat obligated to honor the teaser rate for the specified time period, and in most cases will do so.

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Exactly what i thought

[Anonymous]

Based on personal experience, I would humbly disagree. Banks do fall short of honoring their BT offers and they do change terms.

[oracles]

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@Anonymous wrote:
Based on personal experience, I would humbly disagree. Banks do fall short of honoring their BT offers and they do change terms.

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Wow Faircredit, i did not know this. This concerns me somewhat. Do you know of a situation or have read this somewhere?

[Anonymous]

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@oracles wrote:

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@Anonymous wrote:
Based on personal experience, I would humbly disagree. Banks do fall short of honoring their BT offers and they do change terms.

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Wow Faircredit, i did not know this. This concerns me somewhat. Do you know of a situation or have read this somewhere?

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Yeppers.   My personal experience with Chase and Discover.   

[oracles]

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@Anonymous wrote:

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@oracles wrote:

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@Anonymous wrote:
Based on personal experience, I would humbly disagree. Banks do fall short of honoring their BT offers and they do change terms.

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Wow Faircredit, i did not know this. This concerns me somewhat. Do you know of a situation or have read this somewhere?

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Yeppers.   My personal experience with Chase and Discover.   

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If you dont mind, can you explain what was the situation?