topic Re: Chase And Their New Account Service Charges in Credit Cards

Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 21:51:57 GMT

I have two different Chase cards, one business and one personal. Enclosed with the newest statements was a new notice regarding upcoming changes to my account(s).

Starting January 1, 2009, A new Account Service Charge of $10 per month will be applied to your account. This charge is owed whether or not you use your account, and you agree to pay it when billed.

Your minimum payment due will increase from 2% to 5% of the ending balance on your monthly statement. As a result, your required monthly minimum payment will increase.

Your APRs will not be impacted by these changes (gee, thanks!)

Both cards still continue to have no annual fee (hah!).

My credit score remains in the mid 700's, and has been for years. No new charges out of the ordinary. No "reason" for these new service charges, except that they need lots and lots of cash... and quick!

If this trend continues to spread to other CCC (and I believe it will), many Americans will have no choice but to default, and settle for paying 30 cents on the dollar down the line.

Thoughts?

Re: Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 21:59:09 GMT

My statement has yet to close on my Freedom Plus, but my Nov statement on my Platinum card has and nowhere does it state a $10 fee or that I must pay 5% of my balance.

It does say I can save $10 off some oranges at Al's Family Farms! And a Free Magazine...

Re: Chase And Their New Account Service Charges

spiritcraft1 — Thu, 13 Nov 2008 22:01:13 GMT

That is insane... basically a $120.00 AF (the highest I have ever heard of) What CC is that anyway? Does it affect your persona and biz?

Do you have larger balances?

Message Edited by spiritcraft1 on 11-13-2008 02:01 PM

Re: Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 22:18:48 GMT

Woah, now ain't that something'. I just double checked my Chase Freedom Plus statement and there is no mention of any fees or changes to minimum payments thus far.

Re: Chase And Their New Account Service Charges

MidnightVoice — Thu, 13 Nov 2008 23:03:21 GMT

Are those charges on both the business and the personal charge?

Re: Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 23:03:51 GMT

For what it's worth.. this notice was on a little 3"x6" piece of white paper, tucked in with all the ads and the envelope/statement. There is nothing printed on the statement itself.

Re: Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 23:05:19 GMT

Yes, both business and personal statements. They arrived within a week of each other.

My balances on both cards represent about 35% of CL.

Re: Chase And Their New Account Service Charges

MrCredit — Thu, 13 Nov 2008 23:08:02 GMT

Just another way for them to generate revenue.... this bailout is stupid all the banks are going to do is hoard the money and not lend anyway they aint stupid.

Re: Chase And Their New Account Service Charges

Anonymous — Thu, 13 Nov 2008 23:52:30 GMT

I don't receive a statement by mail, but I get an alert when my statement is ready to view on their website. At no time have I received a notice as described.

Message Edited by FaircreditguyFL on 11-13-2008 03:52 PM

Re: Chase And Their New Account Service Charges

smallfry — Fri, 14 Nov 2008 00:42:10 GMT

I haven't seen this myself but I will keep an eye out. I don't intend to pay $120 for the privilege of generating merchant fees for the Hydra.

Re: Chase And Their New Account Service Charges

MrCredit — Fri, 14 Nov 2008 00:44:17 GMT

Im blacklisted by Chase I think... I had a BK 3 years ago and I owed them 2k. My wife with the same last name cant even get their card .... scores in the mid 700s. She got a denial letter that says "Thank you for your interest in our credit card, we cannot offer you a card at this time"

no pull.

Re: Chase And Their New Account Service Charges

smallfry — Fri, 14 Nov 2008 01:40:38 GMT

@MrCredit wrote:
Im blacklisted by Chase I think... I had a BK 3 years ago and I owed them 2k. My wife with the same last name cant even get their card .... scores in the mid 700s. She got a denial letter that says "Thank you for your interest in our credit card, we cannot offer you a card at this time"
no pull.

Congrats you just saved yourself $120.

Re: Chase And Their New Account Service Charges

MrCredit — Fri, 14 Nov 2008 01:50:00 GMT

LOL.....thats crazy!! WOW, you know maybe they figure if one starts they all will, it could become an industry thing next thing you know we will be getting charged inactivity fees.

Re: Chase And Their New Account Service Charges

spiritcraft1 — Fri, 14 Nov 2008 01:57:15 GMT

It is "be careful what you wish for time"... They saved me not so long ago!

What a nightmare OP... sorry. That line in their statement "still no annual fee" is arrogant and false since they are now charging a compounding monthly fee. From what I read on these threads and in others, big banks are beginning to act very sub-prime.

Re: Chase And Their New Account Service Charges

Anonymous — Fri, 14 Nov 2008 02:00:52 GMT

Ugh... Now I need to transfer my Disney Visa somewhere.

Thanks for the heads up.

Re: Chase And Their New Account Service Charges

Anonymous — Fri, 14 Nov 2008 02:02:18 GMT

I won't be paying $120 a year either. They can keep the card if that's the case. I checked my online statement and there was nothing attached to it, but I will be on the lookout for the paper statment which should be here any day.

Re: Chase And Their New Account Service Charges

MrCredit — Fri, 14 Nov 2008 02:05:08 GMT

You may as well get an Amex for that matter $120 a year Seeesh! Lets hope the other big 2 don't follow suit.

Re: Chase And Their New Account Service Charges

haiti222 — Fri, 14 Nov 2008 05:23:59 GMT

More info here....They seem to be applying the fee to people with low rates and low rate balance transfers that they don't like anymore.....

http://www.ripoffreport.com/reports/0/388/RipOff0388782.htm

Re: Chase And Their New Account Service Charges

Anonymous — Fri, 14 Nov 2008 14:52:20 GMT

That is exactly my situation, haiti222! Thanks for the great link.

Re: Chase And Their New Account Service Charges

Anonymous — Fri, 14 Nov 2008 15:08:52 GMT

Great link indeed.

I run a lot of money through my Chase Freedom card and PIF. If I get this notice, I will outright close my account. I hope it doesn't come to that though, as I make a lot of money with that card and it's my highest CL.