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Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: JP Morgan Chase Just Rate Jacked Us


creditwherecreditisdue wrote:

fused wrote:
One more tidbit. This card has an AF of $25 and NO rewards. We're not in a position to kick (and ground & pound):smileyvery-happy: Chase to the curb because it my wife's oldest TL.

OOFA!!

 

You don't carry balances anyway so no worries, right?


Correct! I have been a member of a local CU here in Hawaii since October of last year. I've been thinking about apping for Visa or MC with them, but I don't need any more credit. If my major CCs or other lines start disappearing with BoA, Chase, CITI, FIA or Amex, then I would app with my CU.

Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: JP Morgan Chase Just Rate Jacked Us


plasticman wrote:

Fused, I cannot believe that regardless of a possible increase in the cost of money for Chase, that they are in effect saying, we need to raise the rates we charge to our best customers from 4.99 + prime to 12.99 + prime.

 

This speaks volumes to Chase's interest in their long term credit card issusance business. Especially when there are plenty of other banks an CU's who would love to have you as a valued member.

Message Edited by plasticman on 08-06-2009 08:29 PM
Message Edited by plasticman on 08-06-2009 08:31 PM

What's strange is JP Morgan Chase is much more sound than BoA and CITI. I figured they wouldn't be acting like Amex as soon as they have. Oh well. Its all good.

Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: JP Morgan Chase Just Rate Jacked Us

Yeah, but Chase are certified haters!
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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: JP Morgan Chase Just Rate Jacked Us

Well, mabye now they are. The question is who will be hated the most next month.:smileysurprised:
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: JP Morgan Chase Just Rate Jacked Us

[ Edited ]

JP Morgan Chase made record billions last quarter, however, this was made on the back of their trading business etc. not on credit cards. They are one of the last big brokerages standing. Wallstreet loves them for this very reason.

 

I suspect they really do not care much about their credit card business (unless someone wants to pay through the nose for the "privilege" to have a card from them) , especially with the latest CC defaults mirroring the unemployment rate.

 

Purely a business decision to focus the company in a different direction..IMHO

 

Message Edited by plasticman on 08-06-2009 09:02 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:
Well, mabye now they are. The question is who will be hated the most next month.:smileysurprised:

 

I don't forget. I still think AMEX are haters. More that one can hold that accolade at once!
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: JP Morgan Chase Just Rate Jacked Us

fused, you're going to keep it open though, right? Since you're already resigned to the AF and no rewards, this won't have any impact on you, other than encouraging excess stomach acid production, it seems. :smileytongue:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
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Re: JP Morgan Chase Just Rate Jacked Us


plasticman wrote:

fused wrote:
One more tidbit. This card has an AF of $25 and NO rewards. We're not in a position to kick (and ground & pound):smileyvery-happy: Chase to the curb because it my wife's oldest TL.

That does it , I will not even wait till overnight to decide what I will do. The moment I get my notification Chase will be my next call to close the account myself.

 

Too bad it is your oldest trade line...I know emotionally closing it will feel good..In your case it would be an obvoius bad business decision.

Message Edited by plasticman on 08-06-2009 08:07 PM

If I took that stance on ratejacks, I would have had to close 4 cards by now. Getting emotional and closing your cards because of that doesn't do anything to help you and can only hurt in the long run.
Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: JP Morgan Chase Just Rate Jacked Us

[ Edited ]

Fortunately my credit profile will allow me to be emotional if I choose. That said..I firmly believe 12.99 +prime with an AF of $25 per year is not close to the norm for a bank"s or credit union's best customers. Thereby making my business decision to close my Chase account an easy one.

 

In my business if you are not competitive with your prices you will not have a business.

 

 I am of the opinion(rightly or wrongly) JP Morgan Chase is charging these rates because they just do not care if they issue credit cards unless one is willing to pay for the "privilege" to have a card at those ridiculous rates. Moreover, I will chose to do business with someone else who wants my business.

 

I have 7 other cards with 7 different banks and credit unions who, heretofore, have not notified me of even the smallest rate increase. However, I fully expect to see some...but based on the prime rate remaining at 3.25% for sometime to come I am convinced those possible increases will be no where near 12.99+prime Chase wants to charge based on my credit profile. 

Message Edited by plasticman on 08-07-2009 08:28 AM
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: JP Morgan Chase Just Rate Jacked Us

We are not in any position to close this Chase card. We will just have to live with it. Hopefully, this is the only AA Chase takes.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


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