chase freedom wants to raise apr or close account?

[longtimelurker]

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@selena wrote:

I apologize if I'm wrong, but I believe these letters are being misread. I recieved one too for my Freedom. It states that they are raising the APR for cash advances and overddraft advances to 24.99%. The are also increasing cash advance transaction fees from 3% to 5%, late payment fee from $25 to $27. It also saids if you do not agree to these changes you can opt out and the account will be closed, however it does not state anywhere that I will be recieving an increase in my PURCHASE APR which is different from the APR's I listed. I think because a lot of the terms used are similar people get confused. I was getting pissed too until I went back and reread it and realized what was actually changing.

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Right, but by the same "logic" (non-FSR quotes!) that people who never carry a balance relentlessly request APR reductions, "just in case" and because they can, an increase in the cash advance APR is also bad.   You never know when you might need to do one

[selena]

Very true. But aren't cash advances suppose to be a "bad idea" for those "just in case" moments? I ask because many people here are so against it. I also work at the PO and we processed tons and I mean tons of these letters so I'm assuming it's for all Freedom holders. Also they have updated the pricing and terms on the website.

[SpiceIslander]

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@selena wrote:

I apologize if I'm wrong, but I believe these letters are being misread. I recieved one too for my Freedom. It states that they are raising the APR for cash advances and overddraft advances to 24.99%. The are also increasing cash advance transaction fees from 3% to 5%, late payment fee from $25 to $27. It also saids if you do not agree to these changes you can opt out and the account will be closed, however it does not state anywhere that I will be recieving an increase in my PURCHASE APR which is different from the APR's I listed. I think because a lot of the terms used are similar people get confused. I was getting pissed too until I went back and reread it and realized what was actually changing.

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My exact experience, except it was for the CSP. I was also irritated at first but then I realized it didn't affect purchase APR. I don't carry a balance on that card but was still irritated. LOL!

It seems to me that Chase is doing this with many (if not all) of their cards. My boss received the same thing on his personal Unitel mileage card. Our company received it for the Marriott & Untied Business cards, so it doesn't affect just the Freedom.