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New Member
Posts: 9
Registered: ‎12-24-2012
0

Help! Will Chase put my balance at penalty APR for 1 returned payment?

Hello all -- I made a mistake with my brokerage account and sent a large sum of money to a different checking account than I use to pay credit cards with. My payment of $5,000 to my Chase card (balance is currently at 18k out of $31,500 line) is going to get returned shortly. I just was wondering -- after the CARD act , can they still raise your APR on current balances, or only for future transactions? I've NEVER been late or had any kind of mishap before in the 7 years I've had the account. I talked to an account exec, and they said 99% chance they will NOT raise the APR at all for this. But if you were late 60+ days they would absolutely. 

 

Thanks so much for your help!

 

Community Leader
Senior Contributor
Posts: 30,653
Registered: ‎02-07-2013
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?


stonesfan75 wrote:

Hello all -- I made a mistake with my brokerage account and sent a large sum of money to a different checking account than I use to pay credit cards with. My payment of $5,000 to my Chase card (balance is currently at 18k out of $31,500 line) is going to get returned shortly. I just was wondering -- after the CARD act , can they still raise your APR on current balances, or only for future transactions? I've NEVER been late or had any kind of mishap before in the 7 years I've had the account. I talked to an account exec, and they said 99% chance they will NOT raise the APR at all for this. But if you were late 60+ days they would absolutely. 

 

Thanks so much for your help!

 


Yes they can raise it 

IMHO I would be on the phone before it posted and explaining the mix up so I would be in Chase's good graces and tell them when it will be paid on exact date 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Senior Contributor
Posts: 7,680
Registered: ‎01-05-2013
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?


myjourney wrote:

stonesfan75 wrote:

Hello all -- I made a mistake with my brokerage account and sent a large sum of money to a different checking account than I use to pay credit cards with. My payment of $5,000 to my Chase card (balance is currently at 18k out of $31,500 line) is going to get returned shortly. I just was wondering -- after the CARD act , can they still raise your APR on current balances, or only for future transactions? I've NEVER been late or had any kind of mishap before in the 7 years I've had the account. I talked to an account exec, and they said 99% chance they will NOT raise the APR at all for this. But if you were late 60+ days they would absolutely. 

 

Thanks so much for your help!

 


Yes they can raise it 

IMHO I would be on the phone before it posted and explaining the mix up so I would be in Chase's good graces and tell them when it will be paid on exact date 


Ditto

New Member
Posts: 9
Registered: ‎12-24-2012
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?

 

I meant to say -- it wasn't for a payment that was DUE....my minimum was already satisfied for the month. Would that be any better would you think? Also why would the account guy say 99% chance they would never do that then?

New Member
Posts: 9
Registered: ‎12-24-2012
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?

Also, wouldn't the new rate apply for NEW purchases and not the old ones?

Community Leader
Senior Contributor
Posts: 30,653
Registered: ‎02-07-2013
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?


stonesfan75 wrote:

 

I meant to say -- it wasn't for a payment that was DUE....my minimum was already satisfied for the month. Would that be any better would you think? Also why would the account guy say 99% chance they would never do that then?


If minimum was paid your ok you may suffer a returned check fee tho....

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?


myjourney wrote:

stonesfan75 wrote:

 

I meant to say -- it wasn't for a payment that was DUE....my minimum was already satisfied for the month. Would that be any better would you think? Also why would the account guy say 99% chance they would never do that then?


If minimum was paid your ok you may suffer a returned check fee tho....


Even though I agree with MyJourney,  I'd still be on the phone with Chase explaining what happened, anyone can make a mistake but if you catch it before they do and contact them, they'll only see you're more upfront than you had to be.  The returned payment will show in your account records, at least if a call in from you explaining it also shows (which it would) it will look better.

Community Leader
Senior Contributor
Posts: 30,653
Registered: ‎02-07-2013
0

Re: Help! Will Chase put my balance at penalty APR for 1 returned payment?


RyVision wrote:

myjourney wrote:

stonesfan75 wrote:

 

I meant to say -- it wasn't for a payment that was DUE....my minimum was already satisfied for the month. Would that be any better would you think? Also why would the account guy say 99% chance they would never do that then?


If minimum was paid your ok you may suffer a returned check fee tho....


Even though I agree with MyJourney,  I'd still be on the phone with Chase explaining what happened, anyone can make a mistake but if you catch it before they do and contact them, they'll only see you're more upfront than you had to be.  The returned payment will show in your account records, at least if a call in from you explaining it also shows (which it would) it will look better.


Agreed its called good faith and it goes a long way 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

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