topic Re: Is Chase freaking nuts??? in Credit Cards

Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 03:43:24 GMT

Chase sent me an invitation to apply for an BT on my 3 yr old Amazon card with 0% till 01/17 and was considering possibly taking an HP on the card so I could take the offer. Card limit only 2000.
Then I get an change of account terms in the mail from them 2 days ago saying my apr was being increased on the card to 24.99.
Are they nuts? Both my cards with them are both at 0 balance and I have perfect payment history with them and all my creditors, good scores,and always pay way more more than minimum. What possible reason could they have to do that.? Absolutely none.
Needless to say,I'll be calling them up Monday and cancelling both my cards with them. They should be lowering my apr not raising it. Doesn't make sense.

Re: Is Chase freaking nuts???

enerey — Mon, 16 Nov 2015 03:48:16 GMT

Why cancel the cards? if you don't carry a balance then the apr does not really matter. You can always call and ask for apr reduction later.

Re: Is Chase freaking nuts???

FinStar — Mon, 16 Nov 2015 03:50:52 GMT

Be sure to check whether it's your PURCHASE vs CASH ADVANCE APR. There has been lots of confusing posts with folks not reading the correct terms & conditions regarding some of these APR changes. If it is indeed your standard purchases APR then I suppose you're SOL. Lenders can increase APR based on a variety of reasons so as long as it adheres by the CARD ACT. Otherwise, if these accounts no longer fit your long term goals or overall profile then close them.

Re: Is Chase freaking nuts???

kdm31091 — Mon, 16 Nov 2015 03:57:06 GMT

It sucks, but it's within their right. Closing the accounts out of spite does nothing except cease to give you the benefits. The issuer is not going to care one way or another.

If you don't really get use out of the cards anyway, then by all means move on. But the APR doesn't really matter if you aren't paying interest regularly. I totally get where you are coming from -- my quicksilver has 22.99%, and even though I've never paid interest on it, it still bothers me in a way. However, threatening to close is not going to move capital one or change their mind, so it is what it is. For now, it's in the SD and getting a small charge to keep it alive. Long term, probably won't be keeping it as I get 2% on anything with my double cash anyway.

Chase almost never lowers anyone's APR, unfortunately, so the odds of them reducing it again for you are pretty much zilch. So you either have to live with it and just not pay interest, or close the card. Please note though -- the amazon card's terms list APR from 14-24% and I have heard of literally zero people who actually have the 14%. Most people seem to get 19-24% with the amazon card unless their credit is truly, truly excellent. Point is, I wouldn't take it personally. They just charge a high APR for the card for a majority of people.

Re: Is Chase freaking nuts???

elim — Mon, 16 Nov 2015 04:04:06 GMT

I just received the same letter on amazon card (i think we all did). it doesn't change purchase APR.

changes are to the following...

cash advance APR

overdraft advance APR

balance transfer fee

late payment fee

return payment fee

Re: Is Chase freaking nuts???

Thomas_Thumb — Mon, 16 Nov 2015 04:16:39 GMT

@Anonymous wrote:
Chase sent me an invitation to apply for an BT on my 3 yr old Amazon card with 0% till 01/17 and was considering possibly taking an HP on the card so I could take the offer. Card limit only 2000.
Then I get an change of account terms in the mail from them 2 days ago saying my apr was being increased on the card to 24.99.
Are they nuts? Both my cards with them are both at 0 balance and I have perfect payment history with them and all my creditors, good scores,and always pay way more more than minimum. What possible reason could they have to do that.? Absolutely none.
Needless to say,I'll be calling them up Monday and cancelling both my cards with them. They should be lowering my apr not raising it. Doesn't make sense.

I would advise against closing your Chase card at this time. It is usually best to maintain the credit history - just let the card fade away if there is no annual fee.

I made the mistake of closing a high CL Chase platinum card with 19 years perfect payment history in 2005. They pissed me off because they notified card holders certain information was going to be shared with their "partners". The card has now dropped off my report - all that history gone.

I am a Charter member on an AT&T Universal (Citi) card from 1990. I am upset with the 18.1% APR they list for my account [all my other cards are 11.99% or less]. However, I learned my lesson. There is no way I am dropping that card. Becides, I always PIF - so I just suck it up - pride be damned.

Re: Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 04:06:06 GMT

Thanks Finstar. I looked closely,the apr change was for both purchase and apr. Not closing out of spite at all,just cant deal with a bank that will raise your apr like that. I'd have no problem with it if I was the reason for the increase.

Re: Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 04:09:41 GMT

I sometimes do carry a balance, thats why I have a problem with them raising it. May not have balance now but thats not always the case.

Re: Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 04:15:07 GMT

I understand all that for sure but I think I'd be ok closing them. The freedom i just opened in may with a bunch of others and the amazon might hurt me some though because it's one of my oldest cc.
Might have to suck it up and like you said,let them fall apart in my sd.

Re: Is Chase freaking nuts???

kdm31091 — Mon, 16 Nov 2015 04:15:11 GMT

@Anonymous wrote:
I sometimes do carry a balance, thats why I have a problem with them raising it. May not have balance now but thats not always the case.

But if you carry a balance -- even the low end of amazon's APR is 14% -- you'll want a low APR card, not a rewards card. Paying 14% or 24% doesn't really matter, as either one wipes out any reward benefits.

Re: Is Chase freaking nuts???

FinStar — Mon, 16 Nov 2015 04:22:46 GMT

@Anonymous wrote:
I understand all that for sure but I think I'd be ok closing them. The freedom i just opened in may with a bunch of others and the amazon might hurt me some though because it's one of my oldest cc.
Might have to suck it up and like you said,let them fall apart in my sd.

Well bummer! So, the terms & conditions you received are not as described from those in elim's post above? Has anything drastic changed in your overall profile such as score deterioration, higher utilization or several new accounts reporting? It sounds to me like they are repricing a variety of accounts but I would think the cash advance, overdraft balance APR + other fees would be the major changes. Maybe others who have received similar changes can share their experience. I would definitely not carry a balance on the card OP.

@elim wrote:
I just received the same letter on amazon card (i think we all did). it doesn't change purchase APR.

changes are to the following...

cash advance APR
overdraft advance APR
balance transfer fee
late payment fee
return payment fee

Re: Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 04:34:07 GMT

Will look at letter first chance I get again,I may have looked over something but I dont think so. I have a 14% utilization so that cant be it. I did open up 5 new cards may thru july. So maybe to many new open accounts.Scores are the same as below and better than when I opened account.

Re: Is Chase freaking nuts???

elim — Mon, 16 Nov 2015 04:46:33 GMT

i suppose my APR sucks already. maybe that's why mine did'nt change ...

edit: my purchase APR will stay at 22.24% lol

Re: Is Chase freaking nuts???

FinStar — Mon, 16 Nov 2015 04:39:12 GMT

@Anonymous wrote:
Will look at letter first chance I get again,I may have looked over something but I dont think so. I have a 14% utilization so that cant be it. I did open up 5 new cards may thru july. So maybe to many new open accounts.Scores are the same as below and better than when I opened account.

I would definitely check the letter for sure. I'm thinking, if this were the case, other Chase products that have an APR spread (e.g. Freedom) would be in the same boat with the repricing methodology and you'd see quite a few more posts (or other forums) with regard to any standard purchase APR changes. Hopefully, once you review the letter again, it may be in line to what elim mentioned upthread. Fingers crossed!

Re: Is Chase freaking nuts???

CreditCuriosity — Mon, 16 Nov 2015 04:39:33 GMT

Wonder why they are raising alot of peoples APR's? doesn't really impact alot of us here on this forum.. Guessing they just want a smidge more profit?

Re: Is Chase freaking nuts???

FinStar — Mon, 16 Nov 2015 04:47:16 GMT

@CreditCuriousity wrote:
Wonder why they are raising alot of peoples APR's? doesn't really impact alot of us here on this forum.. Guessing they just want a smidge more profit?

Typically, repricing depends on the actual portfolio. It can be risk-related, performance restructuring, LLR adjustments for riskier accounts, or even in anticipation with the FOMC making changes to the short term interest rates down the road... Only Chase knows though

Re: Is Chase freaking nuts???

Erusidhion — Mon, 16 Nov 2015 04:47:31 GMT

In my opinion that Chase Amazon Visa is complete garbage. The Amazon Store Card that can be upgraded into an Amazon Prime Store Card has way better benefits overall. I am glad Chase turned me down for the Amazon Visa a long time ago and instead I got a chance to get the Store Card. You get 5% back and you get 6/12 months 0% apr on purchases and then there's also 12/24 months 0% apr on select amazon items.

If they did approve me for the Visa I would have probably sock drawered it and used it every 3 months or so just to keep it active. I believe the raising of the APR falls in line that the Store Card from Synchrony is kicking their butts hard. Since it's Synchrony... I'm hoping that eventually it'll be upgradeable into a MasterCard. We'll see. I'm unsure what kind of contract Chase and Amazon have right now but it looks like it'd be in Amazon's best interest to just dump them.

Re: Is Chase freaking nuts???

FinStar — Mon, 16 Nov 2015 04:52:40 GMT

@Erusidhion wrote:

In my opinion that Chase Amazon Visa is complete garbage. The Amazon Store Card that can be upgraded into an Amazon Prime Store Card has way better benefits overall. I am glad Chase turned me down for the Amazon Visa a long time ago and instead I got a chance to get the Store Card. You get 5% back and you get 6/12 months 0% apr on purchases and then there's also 12/24 months 0% apr on select amazon items.

If they did approve me for the Visa I would have probably sock drawered it and used it every 3 months or so just to keep it active. I believe the raising of the APR falls in line that the Store Card from Synchrony is kicking their butts hard. Since it's Synchrony... I'm hoping that eventually it'll be upgradeable into a MasterCard. We'll see. I'm unsure what kind of contract Chase and Amazon have right now but it looks like it'd be in Amazon's best interest to just dump them.

Great speculation but seriously doubful that is the case. Some individuals like the Amazon Visa, others like the SYNCB store version - yet, there's a handful that have both to maximize various angles from rewards to long-term financing options.

AFAIK, SYNCB has no plans in changing the Amazon store card to a dual-card product (i.e. MC) in the foreseeable future.

Re: Is Chase freaking nuts???

Anonymous — Mon, 16 Nov 2015 04:53:40 GMT

Whats irritating is its just before Christmas and there trying to make a buck wherever they can. My card at 0 balance is easy prey. I either except it or close it.
Oh well I'm glad I don't owe them anything,and I have better cards I can use. No big loss.

Re: Is Chase freaking nuts???

elim — Mon, 16 Nov 2015 04:58:04 GMT

@CreditCuriousity wrote:
Wonder why they are raising alot of peoples APR's? doesn't really impact alot of us here on this forum.. Guessing they just want a smidge more profit?

yep, they must be in a pinch paying off the churners. they can raise my purchase apr to 50%, it wouldn't bother me at all. card's a decent earner with the limited choices i have for amazon purchases.

december 14' and october 15' statements