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Valued Member
RobsFico
Posts: 26
Registered: ‎03-15-2008
0

Recent Chase APR increase -- Anyone else?

Just received a Change in Terms notice which, among other things, included a notification of their intent to raise my APR to Prime plus 14.99%, currently resulting in an APR of 18.24% to become effective 11/01/09.

 

I have been a long time customer with them (10+ yrs) and have maintained my account well, as I do all my accounts. I have a zero balance, $25,500 credit limit, and my current APR is 15.24% (also the highest of all my cards). I called them today to discuss this and was told by the CSR (expectedly) that that was the best rate he could offer and that no one else in the company could offer a better rate. I asked to speak to a Supervisor and after listening to me for a few minutes she said, "Sorry, that's the best we can do". When I asked if there was anyone in Chase organization that had the authority or ability to offer a lower rate, she said "No". She, like the CSR, simply regurgitated the standard "current economic conditions combined with increased government regulations, etc, etc." blah, blah, blah.

 

I have 4 other cards, and most are in the 9.99%-10.24% range and my FICO scores are very high and have been for quite some time. Example: my TU is currently 801.

 

Has anyone else experienced any recent contact by Chase and if so, have you experienced the completely inflexible position they are now taking? I mean seriously, it's "take it or leave it" (my words), even for a very GOOD customer with high FICO scores.

 

I am SERIOUSLY looking at closing my account next week. Grrrr. 

Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Recent Chase APR increase -- Anyone else?

If you search the forums, you will find that this has happened to many good customers.

 

Please think twice before you close the account. If you don't pay the interest anyway, you may want to let it go. You can close the account...but they won't care...and then you've lost a good, aged account.

 

They raised mine, too...but it doesn't matter what the APR is because they won't get a penny of it from me.

Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008
0

Re: Recent Chase APR increase -- Anyone else?

So this has nothing to do with the fact that I usually never carry a balance, but have carried a $2500 balance the past two months waiting on my $8000 tax credit?  Sweet.

 

I thought I made Chase angry, now I see that they are just bitter at the world, taking their rage out on everyone.

 

In case you couldn't tell, I too was the victim of a rate jacking.  Although I'm pretty sure it was only 1%, lol.  The letter didn't remind me the old APR, which I wasn't concerned with since this is my PIF card (usually).


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Recent Chase APR increase -- Anyone else?


RobsFico wrote:

Just received a Change in Terms notice which, among other things, included a notification of their intent to raise my APR to Prime plus 14.99%, currently resulting in an APR of 18.24% to become effective 11/01/09.

 

I have been a long time customer with them (10+ yrs) and have maintained my account well, as I do all my accounts. I have a zero balance, $25,500 credit limit, and my current APR is 15.24% (also the highest of all my cards). I called them today to discuss this and was told by the CSR (expectedly) that that was the best rate he could offer and that no one else in the company could offer a better rate. I asked to speak to a Supervisor and after listening to me for a few minutes she said, "Sorry, that's the best we can do". When I asked if there was anyone in Chase organization that had the authority or ability to offer a lower rate, she said "No". She, like the CSR, simply regurgitated the standard "current economic conditions combined with increased government regulations, etc, etc." blah, blah, blah.

 

I have 4 other cards, and most are in the 9.99%-10.24% range and my FICO scores are very high and have been for quite some time. Example: my TU is currently 801.

 

Has anyone else experienced any recent contact by Chase and if so, have you experienced the completely inflexible position they are now taking? I mean seriously, it's "take it or leave it" (my words), even for a very GOOD customer with high FICO scores.

 

I am SERIOUSLY looking at closing my account next week. Grrrr. 


 

1) This is standard Chase behavior. (Both the APRI and the CSR/supervisor shtick.)

 

2) You have about 20,000,000 fellow APRI victims.

 

3) Don't close the account. Everyone can use a nice, aged, free $25.5K CL!

Valued Member
RobsFico
Posts: 26
Registered: ‎03-15-2008
0

Re: Recent Chase APR increase -- Anyone else?

The ONLY reason I didn't just close the account then and there was because of what you stated vis-a-vis aged account, etc.

I have not used the account in over 6 months and that may have been PART of their decision. I wish they would just be forthright and honest though and just say so if it is, instead of the........intelligence insulting......"well sir the current economic conditions", etc. It's like trying to deal with politicians. They NEVER want to just straight up tell you the truth and are always spinning/conditioning/equivocating, etc.

 

I think what I may do is just hang on to the account, and then just charge a Starbucks or a meal once or twice a month and pay it in full each time so they won't make any interest on me, and it winds up costing them money.

 

Sorry for the rant.

Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: Recent Chase APR increase -- Anyone else?

[ Edited ]

IMHO, JP Morgan Chase is making a conscious business decision, whether we agree or not, to focus their resources in other areas of their portfolio to maximize profits for their shareholders (i.e. trading and M&A). It is most difficult for anyone here to truly understand the current direction JP Morgan Chase has chosen.

 

One should not take any AA from Chase personally. It is abundantly clear this bank is not much concerned with their short or long term CC business other than to minimize loses associated with their CC business.

 

 

ETA: IMO, one should take their cue from JP Morgan Chase and focus their business decisions (CC usage) in another direction as well.

Message Edited by plasticman on 09-04-2009 05:25 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Recent Chase APR increase -- Anyone else?


RobsFico wrote:

The ONLY reason I didn't just close the account then and there was because of what you stated vis-a-vis aged account, etc.

I have not used the account in over 6 months and that may have been PART of their decision. I wish they would just be forthright and honest though and just say so if it is, instead of the........intelligence insulting......"well sir the current economic conditions", etc. It's like trying to deal with politicians. They NEVER want to just straight up tell you the truth and are always spinning/conditioning/equivocating, etc.

 

I think what I may do is just hang on to the account, and then just charge a Starbucks or a meal once or twice a month and pay it in full each time so they won't make any interest on me, and it winds up costing them money.

 

Sorry for the rant.


But it is this. Current economic conditions have led them to rethink their business model and this is the result. Would you have felt better if they had cut your CL to $5K and left your APR alone? I think not. And that type of cut has been inflicted on millions of Chase cardholders. Use the card enough to keep it alive - hopefully they won't touch your CL at all.

Valued Member
RobsFico
Posts: 26
Registered: ‎03-15-2008
0

Re: Recent Chase APR increase -- Anyone else?

Yes, my head is telling me pretty much what you said. Doesn't make it much easier to swallow however.

 

Every so often I have to remind myself to be just as hardnosed as they are. :smileymad:

 

AAMOF, the more I think about the Starbucks or other small purchase followed by a payoff routine, the more I think I like it.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Recent Chase APR increase -- Anyone else?


plasticman wrote:

IMHO, JP Morgan Chase is making a conscious business decision, whether we agree or not, to focus their resources in other areas of their portfolio to maximize profits for their shareholders (i.e. trading and M&A). It is most difficult for anyone here to truly understand the current direction JP Morgan Chase has chosen.

 

One should not take any AA from Chase personally. It is abundantly clear this bank is not much concerned with their short or long term CC business other than to minimize loses associated with their CC business.

 

 

ETA: IMO, one should take their cue from JP Morgan Chase and focus their business decisions (CC usagein another direction as well.


Exactly that, and you wouldn't think that would be too hard considering they got all those WaMu account essentially for free.


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