topic Re: Chase Revised Terms - Don't Make Me Laugh! in Credit Cards

Chase Revised Terms - Don't Make Me Laugh!

JagerBombs89 — Tue, 23 Aug 2016 00:44:24 GMT

Just got a notice that Chase is revising the terms of my old Military card. When I first opened it, all the terms were pretty reasonable but now, it has just turned into another money-grab-type-of-card! Now this card will be set for a $9 monthly autopay. For all practical purposes, I PIF all my cards every month but it was nice to know I had a card with minimal fees if ever needed. Now I doubt I will ever really utilize it and just keep it open to boost AAoA since its my second oldest card.

Pretty attractive changes, eh?!

Cash Advanced: 10.49% ---> 25.24%

Balance Tranfer Fee: 3% of balance (Max $65) ---> 5% (no max fee)

Cash Advance Transaction Fee: $10 or 3% (Max $15) ---> $10 or 5% (No Max)

Late Payment Fee: $20 ---> up to $37

Returned Payment Fee: $15 ---> up to $37

Re: Chase Revised Terms - Don't Make Me Laugh!

darwin_wins — Tue, 23 Aug 2016 00:47:58 GMT

I guess they have to somehow make up for the all perks that are being handed out through CSR at this moment. Gotta show that profit every quarter.

Re: Chase Revised Terms - Don't Make Me Laugh!

gdale6 — Tue, 23 Aug 2016 01:05:33 GMT

Sorry to hear this. This bank is a pariah, they make over 5B a quarter and its not enough. I could go on but I already posted my rant on this bank earlier today, was denied CSP for 5/24.....

Re: Chase Revised Terms - Don't Make Me Laugh!

pizza1 — Tue, 23 Aug 2016 01:28:23 GMT

@gdale6 wrote:
Sorry to hear this. This bank is a pariah, they make over 5B a quarter and its not enough. I could go on but I already posted my rant on this bank earlier today, was denied CSP for 5/24.....

ugh! Sorry gdale to hear that

Re: Chase Revised Terms - Don't Make Me Laugh!

Anonymous — Tue, 23 Aug 2016 01:46:25 GMT

"Making a payment through a third-party service" is considered a cash-advance?

Does that mean paying through PayPal is a cash advance?

Re: Chase Revised Terms - Don't Make Me Laugh!

JagerBombs89 — Tue, 23 Aug 2016 02:04:44 GMT

@Anonymous wrote:
"Making a payment through a third-party service" is considered a cash-advance?

Does that mean paying through PayPal is a cash advance?
I initially thought it was like making a payment to third-party which would in turn, for instance, make your mortgage payment. So the third-party charges you like 2-3% and now chase is charging 25% APR on top of that. Of course, I wonder how they would actually treat PayPal payments.

Re: Chase Revised Terms - Don't Make Me Laugh!

zerofire — Wed, 24 Aug 2016 18:45:48 GMT

Looks like Chase is just realigning your outdated account with the rest of their system. Belive it or not it costs money to have special account terms for very few customers and in your case your card with military benifits was not profitable for them as is. You usually will not get affected too much by these changes since your APR and rewards stay the same.

Cash Advance Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.

Balance Tranfer Fee: After 90 days from opening the account you really should not need to balance transfer. If you do get a regular credit line from a bank.

Cash Advance Transaction Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.

Late Payment Fee: You cannot pay the minimum every month? You avoid this fee if you just pay the minimum on time.

Returned Payment Fee: How bad is your checking that you bounce one? Make sure you always have enough money in your bank account for at least the minimum payment.

Realisticly all of the fees are avoidable by using the card like normal. You dont need a low fee card, you need a low APR card preferably fixed instead of variable.

@Anonymous wrote:
"Making a payment through a third-party service" is considered a cash-advance?

Does that mean paying through PayPal is a cash advance?

A cash advance is accessing your credit card line without making a perchase.but through withdrawl of cash. Banks do not like this since there is no merchant to secure the far side of the transaction and for that reason you cannot access your whole credit line for cash advances as well as getting charged intrest imediatly.

Re: Chase Revised Terms - Don't Make Me Laugh!

MJ-san — Wed, 24 Aug 2016 18:34:54 GMT

Yup ... this is the same thing I got on Marriott, United, Slate, and Freedom ... they have upped their cash advance fees to discourage it altogether. This coincides with their eliminating overdraft line of credit accounts and the ability to use a Chase CC as an overdraft protection source.

This has really made keeping my 30+ year old First Chicago - then BankOne - then Chase checking account very unattractive. I'll close it and just be a Chase card customer.

As for cash advances, if you ever do need them ... there are better cards out there. Most credit unions offer a much less onerous cash advance fee & rate - as does (did) Barclay Ring although I belive that one is no longer available for new apps (http://www.findmybarclaycard.com/barclaycard-credit-cards/ring). If you are military or ex-military (and if so, thank you for your service!)... Penfed, USAA, Navy all offer cards with cash advance rates = purchase rates.

Re: Chase Revised Terms - Don't Make Me Laugh!

CreditCuriosity — Wed, 24 Aug 2016 18:46:11 GMT

Just got this for two of my chase cards.. Doesn't impact me as the regular APR isn' going up just cash advance I believe in my case. Got for CSP and Freeom.. Sure it is coming for Hyatt and Ritz soon enough as well. Guessing everyone will be getting these as I got mine yesterday

Re: Chase Revised Terms - Don't Make Me Laugh!

Anonymous — Wed, 24 Aug 2016 18:53:49 GMT

I received that in the mail this past Saturday.

Re: Chase Revised Terms - Don't Make Me Laugh!

NRB525 — Wed, 24 Aug 2016 19:15:21 GMT

I got this a few days ago for each of my four Chase cards all on the same day. I needed an ambulance to revive me, I was so distraught by it.

There have been several similar drama posts about this recently, but all the changes do not affect regular use and rewards on the cards.

Re: Chase Revised Terms - Don't Make Me Laugh!

galahad15 — Wed, 24 Aug 2016 19:23:27 GMT

Sorry to hear

Re: Chase Revised Terms - Don't Make Me Laugh!

Anonymous — Wed, 24 Aug 2016 20:26:26 GMT

@zerofire wrote:
Looks like Chase is just realigning your outdated account with the rest of their system. Belive it or not it costs money to have special account terms for very few customers and in your case your card with military benifits was not profitable for them as is. You usually will not get affected too much by these changes since your APR and rewards stay the same.

Cash Advance Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.
Balance Tranfer Fee: After 90 days from opening the account you really should not need to balance transfer. If you do get a regular credit line from a bank.
Cash Advance Transaction Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.
Late Payment Fee: You cannot pay the minimum every month? You avoid this fee if you just pay the minimum on time.
Returned Payment Fee: How bad is your checking that you bounce one? Make sure you always have enough money in your bank account for at least the minimum payment.

Realisticly all of the fees are avoidable by using the card like normal. You dont need a low fee card, you need a low APR card preferably fixed instead of variable.
@Anonymous wrote:
"Making a payment through a third-party service" is considered a cash-advance?

Does that mean paying through PayPal is a cash advance?
A cash advance is accessing your credit card line without making a perchase.but through withdrawl of cash. Banks do not like this since there is no merchant to secure the far side of the transaction and for that reason you cannot access your whole credit line for cash advances as well as getting charged intrest imediatly.

I know what a cash advance is - I'm just trying to determine whether, under these new terms, a PayPal transaction is considered a purchase.

Re: Chase Revised Terms - Don't Make Me Laugh!

Creditaddict — Wed, 24 Aug 2016 21:11:52 GMT

I just don't get it actually... They don't want you to use it for Cash Advance or BT so they made the fees higher... it didn't change the purchase rate or the rewards?!

you basically had a credit union card before being able to take cash advances for 10% and now you have a regular bank credit card where most don't take cash advances because the rates are that high!.