Well, I knew this was coming: Chase ratejacking me

[Anonymous]

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@creditwherecreditisdue wrote:
One of the benefits of being at 31.99% is that it makes it pretty hard to get ratejacked. (That is not a default rate either and Chase didn't do it, WaMu did as a parting gift!)

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LOL.  Me too.....I got 29.99% as my WAMU to Chase parting gift.

Needless to say, this is treated as a charge card.  I PC'd to Freedom Plus and cashed my first $250 reward check last week ($50 bonus on $200 earned).  So the combination of the rewards, reward bonus and high APR, I run $3k or more a month through this card and PIF PIF PIF.   LOL. 

I'm going to request a rate reduction from NFCU in the next couple months on my CashReward Card.  At the time of my app the best rate they offered was 9.65%V.  Recently though I have seen them advertise in mailings to my family that they now offer as low as 7.9%.  While I PIF, I like the lower rate options of this card because they have absolutely no cash or bt fees, and when using convenience checks it is the same as purchase rate (cash rate 2).

Anyway, everyone raise your glass and toast to Chase.....may they not collect any interest at these rates!  Cheers!

[Anonymous]

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@MattH wrote:

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@plasticman wrote:

Thanks Matt...I will post here when mine arrives. I have read all correspondence from them carefully and will continue to do so because Chase seems to be very sneaky with their AA information!

This is the newest thread regarding Chase AAs.

It is not if I will be notified only when.

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Agreed, not if but when!

I've had that Visa account since 1994, with a clean history.  In the past 12 months my wife and I have run a little over $8K of purchases through this Chase account, which we have paid in full each and every month.  I didn't carry a balance at 5.25%, so if they think I'm gonna carry a balance at 12% they are nuts.

Banks and airlines do not seem to realize that making your best customers despise you is not exactly a long-term survival strategy.

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I am sorry if I may be coming off a little non compassionate but I think you are not seeing....

1- 8K in 12 months is only $666 and "change" a month. For a PIF-er not exactly a big money generator for them in the interchange fees every month. I remember Charles Payne stating that for a PIF-er to be truly "profitable" they had to run thousands through the card each month.

2- the New Credit Laws are coming. I simply do not see ANY accounts from any lender not getting re-alligned in SOME way to stay in pro active compliance. The variable rates and higher interest rates are a sign now of whats to come and what's to be standard.

  I didn't carry a balance at 5.25%, so if they think I'm gonna carry a balance at 12% they are nuts.

Again it's not personal to you its what they are doing to their accounts period.

Banks and airlines do not seem to realize that making your best customers despise you is not exactly a long-term survival strategy.

Airlines- When deregulation happened and flights became something for the masses, and people quit dressing up to fly- realised that people only care about price and convenience. Everything else gets over ridden. Very few people will spend an extra $300 to fly an Airline they despise "less."

Banks- Are reacting to the laws we put on them. Not seeing that is not seeing the big picture. Oh and I don't think they aren't trying to scrape a little extra money off the table while they can  but we helped create this situation.

In short this is the signs of whats coming. We can be mad in comparing it to what we had before, but it is what it is.

I simply dont think you were ratejacked. I think you were re-alligned.

Message Edited by usmc58555 on 08-28-2009 05:15 AM

[score_building]

usmc58555 wrote:

I simply dont think you were ratejacked. I think you were re-alligned.

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 HA!  this sentence reads like a direct quote from Ed Yingling.

At least now you know what really happened MattH-you've been re-alligned!!

[athensguy]

I got a notice that becomes active on the statement that contains Nov. 1. It makes it where I can no longer write purchase APR advance checks and raises the BT fee to 5% standard. It ratejacks my "Overdraft Advance" APR. I don't think it changes my standard APR.

[plasticman]

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@athensguy wrote:
I got a notice that becomes active on the statement that contains Nov. 1. It makes it where I can no longer write purchase APR advance checks and raises the BT fee to 5% standard. It ratejacks my "Overdraft Advance" APR. I don't think it changes my standard APR.

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If true this is interesting. I take it your recent notice from Chase made no mention of any change to your standard APR?

Message Edited by plasticman on 08-28-2009 07:54 PM

[creditwherecreditisdue]

I think everybody got that notice. I did, and I have to look hard. I have e-billing!

[kittygal]

Received my notice from Chase today.  Effective Nov. 1 billing period my standard APR will go from 10.24% to 13.24% (not bad considering all the other AA Chase comments I have read)   The BT rate will also be 13.24%.  Cash advance and overdraft advances rise to 19.24%. 

The comment regarding why these changes were made:  "Maintaining profitability on your account."   Doubt I make any significant blip in their charts as the card is only used occasionally to maintain activity and is PIF.   At least I know (for the short term)  that Chase "is there for me".

[creditwherecreditisdue]

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@kittygal wrote:

Received my notice from Chase today.  Effective Nov. 1 billing period my standard APR will go from 10.24% to 13.24% (not bad considering all the other AA Chase comments I have read)   The BT rate will also be 13.24%.  Cash advance and overdraft advances rise to 19.24%. 

The comment regarding why these changes were made:  "Maintaining profitability on your account."   Doubt I make any significant blip in their charts as the card is only used occasionally to maintain activity and is PIF.   At least I know (for the short term)  that Chase "is there for me".

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You are one of the few that have received this kid glove treatment. Be happy!

[plasticman]

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@creditwherecreditisdue wrote:
I think everybody got that notice. I did, and I have to look hard. I have e-billing!

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My mail must be slower than yours. I have not seen one yet and my APR is still at 8.24%.

I know something is comming I just do not know what or when.

Message Edited by plasticman on 08-28-2009 08:45 PM

[creditwherecreditisdue]

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plasticman wrote:

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creditwherecreditisdue wrote:
I think everybody got that notice. I did, and I have to look hard. I have e-billing!

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My mail must be slower than yours. I have not seen one yet and my APR is still at 8.24%.

I know something is comming I just do not know what or when.

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It wasn't a rate change. It was just some mumbo-jumbo about cash advance checks and cash advance fees. Since I don't do either I wasn't too concerned about it. I get e-billing and it was in an attachment. It was a very boring document.