Credit Card Center Advertiser Disclosure†
11-28-2008 06:15 PM
I just looked at the Change in Terms that came with my latest e-statement and found that it has a new $10/mo "account service charge" which they say over and over is a "finance charge" which does not affect APR. Mind you, when I opened the account a few years ago I did a balance transfer that was given a 4.9% APR for the life of the balance on which I am still paying the minimum payment on each month. Balance is now in the $700-800 range, meaning about $3/mo interest. Quote: The key factors we considered when making this change include the current APR and revolving balances associated with your account.
If it were an annual fee, I could close the account but keep the balance until it were paid but this notice also says that in order to avoid the fee I must close the account and pay the balance in full.
Has anyone else received this notice and is it just me or does this smack of "this was the only way we could legally get around the fact that we said we weren't going to raise your interest rate when in fact we are doing just that."
11-28-2008 06:26 PM
11-28-2008 06:31 PM
[1.] Has anyone else received this notice and
[2.] is it just me or does this smack of "this was the only way we could legally get around the fact that we said we weren't going to raise your interest rate when in fact we are doing just that."
1. yes. there are recent posts here about this.
2. yes. banks are in trouble and want to direct customers (esp. those running low/zero apr lifetime deals too slowly) to pay back the money more swiftly.
11-28-2008 07:28 PM
So, shall I volunteer to be the one to keep up with who wants to be the filing parties to the class action suit or has someone already taken that role?
Why in the world would Chase want to $%*# off their clients who are at least paying them back?? I realize I'm not exactly a golden egg laying goose for them but they won't be getting another red cent from me now.
11-28-2008 07:35 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.