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Regular Contributor
Locksley123
Posts: 128
Registered: ‎02-13-2009

Love/hate relationship with Chase.

I have to say that Chase is becoming one of my least favourite cards fast. Granted I may not be their ideal customer, so it's a two way process.

 

As of January 2008, I had 3 accounts with Chase: checking, 2 Chase credit cards (I don't remember their actual names, so let's used Red and Blue to differentiate them). Over last year, Chase closed my checking account due to inactivity. Well if they don't want my business there are 5 other banks within one block of my home. In addition, they jacked Red CC rate to 28%. Annoying, but fine by me - Blue CC had very competitive rate and was one of my favourite cards. However, when I called and inquired if they would consider APR decrease on Red CC, they happily announced that I shouldn't worry as they would jack up Blue CC APR to match with Red. Ouch.

 

Since then Blue CC fell out of grace as well, until I called them today regarding combining Red and Blue cards. I got very nice girl, who prompty suggested that I keep only minimal CL on Red and transfer the rest to Blue. Fantastic idea, but I should have know better. While unrelated to CL consolidation, Blue CC APR increased by 5% today. Ouch again.

 

Sorry, Chase, I just don't think it can work.  

Established Contributor
fevmlo
Posts: 640
Registered: ‎03-28-2008

Re: Love/hate relationship with Chase.

Ugh. I think some of these credit card companies need to replace the bit of their CSRs' scripts where they drivel on about appreciating your business with a line that says "Sir/Madam, XXXXBank regards you as a cash cow, and we are going to milk you for all you're worth".

 

I think it may be time to pay off any balances you might have on the card(s), and introduce Chase to their new home in the sock drawer. I know APR hikes are commonplace right now, but that doesn't mean you have to just take it. You've already tried asking if they might consider lowering your APR, and they've shown how much they appreciate your business by increasing it (again), so I'd take your spending to an issuer that treats you better. Just be sure to charge a pack of gum or a bag of pretzels every month or so to keep the card active, and hopefully a bit further along the line, Chase will see the error of their ways.

 

Banks are all very happy to do this stuff "just because they can" - if they think you need them, they'll run roughshod over you, but as soon as they realize you don't need them at all, you'll most likely suddenly become a much more valued/desirable customer.  

EQ: 723 / TU: 760 (August 2009)
Contributor
Mark-MD
Posts: 146
Registered: ‎01-06-2008

Re: Love/hate relationship with Chase.

I have 3 high limit credit cards with Chase.  Just as they start to do odd things they always come up with something good.

 

Last month I went to a local Mercedes car dealer and bought a new car.  Chase had me approved in under 5 minutes without any questions asked and my rate through the dealer with Chase was only 4.79% 

 

Yeah, I agree, I have the same type of relationship with Chase.  Hate them one minute then love them the next.

02/14/2009 EQ 797, EX 811, TU 805
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007

Re: Love/hate relationship with Chase.


Mark-MD wrote:

Last month I went to a local Mercedes car dealer and bought a new car.  Chase had me approved in under 5 minutes without any questions asked and my rate through the dealer with Chase was only 4.79% 


What model and color car did you get it?

Contributor
Mark-MD
Posts: 146
Registered: ‎01-06-2008

Re: Love/hate relationship with Chase.

It is a great car. Mercedes  2010  GLK 350 AWD in Mars (bright) red.

 

I had to pay sticker price for it $45,250 plus tax and other charges for a total of about $48,000, but they gave me $26,500 for my 2008  C 300 also in Mars red.

 

The new car loan from Chase was for $14,500 at 4.79% for 36 months.  I dont like HUGE car loans. $443 a month for 36 months is what Suze Orman says to do. NEVER borrow more the 36 months she says:smileywink:

02/14/2009 EQ 797, EX 811, TU 805
Frequent Contributor
krystofur
Posts: 387
Registered: ‎08-10-2007

Re: Love/hate relationship with Chase.

36 month car loans are the maximum recomended by Clark Howard as well.  I try to follow most of the advice I hear from Suzie and Clark.
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007

Re: Love/hate relationship with Chase.

My autoloan lender is PenFed, APR was 4.25% in May 2008, today's rate is 3.99%.


Mark-MD wrote:

It is a great car. Mercedes  2010  GLK 350 AWD in Mars (bright) red.

 

I had to pay sticker price for it $45,250 plus tax and other charges for a total of about $48,000, but they gave me $26,500 for my 2008  C 300 also in Mars red.

 

The new car loan from Chase was for $14,500 at 4.79% for 36 months.  I dont like HUGE car loans. $443 a month for 36 months is what Suze Orman says to do. NEVER borrow more the 36 months she says:smileywink:


 

IN VINO VERITAS.
Contributor
Mark-MD
Posts: 146
Registered: ‎01-06-2008

Re: Love/hate relationship with Chase.

Oh I know there are better rates then 4.79% .  But to get that rate through a dealer who is making money on the reserves is still very good.  I am sure the dealer has a big kick back on the loan. However, I make one payment a week, 4 a month,  so the loan goes away very fast and they wont be able to make that much :smileyvery-happy:

 

They made enough on the car.

02/14/2009 EQ 797, EX 811, TU 805
Regular Contributor
Locksley123
Posts: 128
Registered: ‎02-13-2009

Re: Love/hate relationship with Chase.

I finally called consolidation department today and painlessly merged two accounts, leaving only minimum CL on one of the cards to keep it open. However, after I got off the phone I noticed a pleasent surprise. Initially, CSR filled out an application to close one of the accounts and increase CL on other one by $1500. We caught the error right away, but CSR forgot to adjust back CLI by $500 (minimum CL). So I effectively ended up with extra $500 CL!!!

 

Still dislike Chase! 


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