Well, I knew this was coming: Chase ratejacking me

[MattH]

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@creditwherecreditisdue wrote:

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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.

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Mine was mostly tedious legalese about privacy policy and such, with the rate change buried in the fine print near the end. Took me about 15 minutes to realize it said anything about the APR. Yes this was in technical compliance with the new law requiring advance warning of APR increases, but I would be astounded if as many as 10% of those getting this mailing read it carefully enough to realize what it said.

[MattH]

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@MattH wrote:

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@creditwherecreditisdue wrote:

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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!

---

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.

---

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.

---

Mine was mostly tedious legalese about privacy policy and such, with the rate change buried in the fine print near the end. Took me about 15 minutes to realize it said anything about the APR. Yes this was in technical compliance with the new law requiring advance warning of APR increases, but I would be astounded if as many as 10% of those getting this mailing read it carefully enough to realize what it said.

 

I'd like to see a new reform imposed on all companies that do business with consumers: every such notice should be read by a panel of ordinary consumers, who then are asked what they think its main substantive content says. If fewer than 50% fail to catch an important point on first reading then it must be revised until at least 50% of such a panel do catch all major substantive points. Companies do very well at conveying the messages they want to convey!

[haulingthescoreup]

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MattH wrote:
I'd like to see a new reform imposed on all companies that do business with consumers: every such notice should be read by a panel of ordinary consumers, who then are asked what they think its main substantive content says. If fewer than 50% fail to catch an important point on first reading then it must be revised until at least 50% of such a panel do catch all major substantive points. Companies do very well at conveying the messages they want to convey!

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And to add, at least a third of those consumers --preferably half --should be in reading glasses, too!

Fine print written on Kleenex is cruel to those in their fifties and above.

[creditwherecreditisdue]

When I got my progressives I lost all my magifying glasses. Now I need them again!

Chase (and the other issuers, too) would love to be held to a subjective standard. All the better to drive a bus through!

[Anonymous]

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@MattH wrote:

After many years of low APRs (currently 5.25%), Chase has notified me it will soon be Prime Plus 8.74%, meaning about 12%, so I'm glad I won't be paying it.

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I received my Chase letter Friday.  My APR is being raised to PRIME+6.99%, or 10.24%.  I've had this account since March, 1986.  I PIF monthly, so this change really doesn't affect me.

[plasticman]

It seems to me JP Morgan Chase is not much interested in their CC business. Their last quarter results we very good and Wall Street seems to be buying up shares because of it. However, theses results were on the back of their trading and M&A businesses. I suspect they now want to focus their resources more on those businesses as opposed to their CC business which, I think, took a loss last quarter and contributed nothing to their very good last quarter results. Furthermore, It is reported their CC business default rates are higher than the national unemployment rate.

BTW..Psyhic I have admired your FICO scores for sometime. I am very close to the 800 club myself, any chance I can be an AU on your oldest account?

ETA: On second thought probably any of your accounts with me as an AU will suffice!

Message Edited by plasticman on 08-30-2009 10:12 AM

Message Edited by plasticman on 08-30-2009 10:31 AM

[thedaveytrain]

I've been hit from every angle: had all my GEMoneybank cards (5), and Target Visa (which I had since 1996) closed due to inactivity, had four cards (Capitalone, US Bank, and two Bank of Am) ratejacked and I closed in lieu of the hike, and Chase ratejacked one that I didn't catch it time, luckily it only went from 9 to 12% so it could have been worse. Chase also dropped a limit from $8,700 to $2,200 on a card I've had since 1999 and that had a zero balance. My score has taken about a 50-point dive so far, I'm just glad I bought my house in December!

[creditwherecreditisdue]

Welcome to the forum, daveytrain!

All those closures for disuse. This is awful!!!