topic Re: Chase is sending out APR increase notices again. in Credit Cards

Chase is sending out APR increase notices again.

K-in-Boston — Wed, 15 Nov 2017 03:15:08 GMT

I know I've seen a few sporadic posts about it this year, but looks like Chase is sending out the folded white paper notices again for those of us that have lower-than-published APRs. My Freedom card is 2 months shy of its 11th birthday. I was at 13.99% not that long ago before the sudden rash in prime rate increases lately and I am currently at 14.74%. I guess the silver lining is that the Chase Freedom card range is 15.99% to 24.74% and they didn't increase it any higher than the minimum APR listed.

@Anonymous Bank USA, N.A. wrote:
Important Changes to Your Account Terms
We are making changes to your Cardmember Agreement. We are changing the Annual Percentage Rates (APRs) as described below because your APRs are below the lowest APRs we currently offer on similar accounts... All changes take effect 01/22/18.
...
Purchase APR 15.99% This APR will vary with the market based on the prime rate.
Balance Transfer APR 15.99% This APR will vary with the market based on the prime rate.

Re: Chase is sending out APR increase notices again.

K-in-Boston — Wed, 15 Nov 2017 03:19:37 GMT

Also wondering if DW will see this for her CFU as it's below the current range. My CSP and Slate are also slightly below, but thanks to the CARD Act they can't touch those... yet. Although their birthdays are coming up soon.

Re: Chase is sending out APR increase notices again.

peghede — Wed, 15 Nov 2017 03:23:39 GMT

chase lol.runnnnnn

remember them when they got all wamu assets for 7 cents on the dollar

Re: Chase is sending out APR increase notices again.

K-in-Boston — Wed, 15 Nov 2017 03:43:10 GMT

@peghede wrote:
chase lol.runnnnnn
remember them when they got all wamu assets for 7 cents on the dollar

No, I'm not running. It's technically not rate jacking, more of a rate adjustment. With the exception of Slate (0% balance transfer fee and 0% APR), I'm not carrying balances on my Chase cards so it doesn't really matter. It was just nice to see that it was lower than the lowest. I bet the same will happen with my Citi card since it was opened at 12.24% last year.

Hmmm I had an old Providian card that was later bought by WaMu. Then Chase sent me a letter stating that they had acquired the account and were closing it for non-use. How rude; I'm pretty sure I made a purchase not 4 or 5 years prior to them getting the account! That card has likely fallen off my reports at this point. I can't remember for sure without looking at them.

Re: Chase is sending out APR increase notices again.

MrDisco99 — Wed, 15 Nov 2017 04:14:19 GMT

Haha all my Chase cards are over 20% so I guess I don't have to worry about this...

Re: Chase is sending out APR increase notices again.

K-in-Boston — Wed, 15 Nov 2017 04:19:59 GMT

@MrDisco99 wrote:
Haha all my Chase cards are over 20% so I guess I don't have to worry about this...

I'll trade you my Chase APRs (which are all currently below the minimum) for your Chase credit lines. Let's make this happen!

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 05:48:25 GMT

I wonder if they send out similar letters to those with rates higher than the maximum current ranges....

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 22:45:10 GMT

Appreciate the heads up! My Aprs have been below advertised rates Found the Cash Apr raised to Chase Market in early 2017. Now I can join the masses and lose my preferred rates ; ( Depressing ... and sad as my notice came today, I have been thrown in with the masses! Funny though, I virtually never pay finance interest and only use accounts that have 0% BTs or a low interest rate of 7.9% for a very short time.

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 09:39:43 GMT

My FU is already 23.99%, up from 23.49% when I got the card. Somebody I know IRL just got approved 15.99% last month.

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 10:35:40 GMT

@Anonymous wrote:
I wonder if they send out similar letters to those with rates higher than the maximum current ranges....

LOL hilarious. Chase wouldn't cut their profits like that. They won't even lower your APR if you ask, yet alone on their own.

Re: Chase is sending out APR increase notices again.

AverageJoesCredit — Wed, 15 Nov 2017 12:21:24 GMT

Run Joltdude RUN

Re: Chase is sending out APR increase notices again.

joltdude — Wed, 15 Nov 2017 13:01:57 GMT

@AverageJoesCredit wrote:
Run Joltdude RUN

Actually both my Chases are PIF but if i ever needed to buy anything that wasn't... Its going on Disco or will be transferred to Tally...but the value of the rewards on the Amazon and the subprime APR will likely end it up in the SD for awhile...

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 13:58:51 GMT

I have 8 credit cards, 2 of which are with Chase and I honestly couldn't tell you my APR on any of them.

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 14:30:51 GMT

My Slate APR was 28.24%. I PCed it to Freedom. And my APR is still a whopping 28.24%. We'll just say with that card, I really wanted to break the mold.

Re: Chase is sending out APR increase notices again.

K-in-Boston — Wed, 15 Nov 2017 14:52:46 GMT

@Anonymous wrote:
@Anonymous wrote:
I wonder if they send out similar letters to those with rates higher than the maximum current ranges....
LOL hilarious. Chase wouldn't cut their profits like that. They won't even lower your APR if you ask, yet alone on their own.

I have to agree that they won't be sending out those letters! LOL

For those of you with high APRs, Chase actually does lower APRs if the CSR is able to see an offer on the account. It's a quick phone call and I'm ready to hear about the long hold times due to all the MFers calling to get their rates reduced today! (You could also just send a Secure Message but it may take a day for them to get back to you.)

I tried to get my Freedom lowered when the prime rate jacked it up to 14.24%. They politely just told me that my account already had an APR at or below their current lowest APR available for the card. I totally agree with the sentiment that APRs don't really matter if you're always paying in full, but life does happen and I also look at it at how a particular lender values me. BOA shows me their love with credit lines (yes, even though there's $145k in BoA credit lines in my signature they're all at mid-tier APRs!), but Amex, Chase, Citi, and Navy FCU show me their love by giving me their absolute lowest available APRs. CapOne, on the other hand, shows their absolute contempt for the 20+ years I've been a customer by not budging on APRs in the mid-20s (and never once giving me a credit line increase in those 20+ years).

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 14:50:07 GMT

I have love and hate relationship w chase as well...I love their credit cards but yet their interest apr is some if my highest I pay it off every month so it doesn’t matter. Chase informed me if I wanted to lower my apr they would have to hard pull ..

no way not worth it.

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 15:04:40 GMT

@K-in-Boston wrote:
@Anonymous wrote:
@Anonymous wrote:
I wonder if they send out similar letters to those with rates higher than the maximum current ranges....
LOL hilarious. Chase wouldn't cut their profits like that. They won't even lower your APR if you ask, yet alone on their own.
...(You could also just send a Secure Message but it may take a day for them to get back to you.)...

Chase is pretty good in that aspect. Every time I send them an SM, they get back to me within 2 hours.

Re: Chase is sending out APR increase notices again.

MASTERNC — Wed, 15 Nov 2017 15:50:32 GMT

I get a preview of my mail from USPS every morning, and I see I have a "Change in Terms" notice from Chase in my mail. It's kind of strange because I don't think any of my cards is below market APR, but it is possible.

Re: Chase is sending out APR increase notices again.

Anonymous — Wed, 15 Nov 2017 15:54:09 GMT

The APR on my Chase cards is already outrageous, they can't do much more to me...although I did get a BT offer on my Amazon card, 0% for a year...was not expecting that one.

Re: Chase is sending out APR increase notices again.

joltdude — Wed, 15 Nov 2017 16:00:24 GMT

K..

On asking Chase via Secure Messaging.... How did you do it... Basically asked if there were any offers on the account...or were you specific on what you wanted?

I'm tempted to try this for my amazon chase visa since it is one of the higher tier APRs...

Almost tempted to take an HP for a CLI too but... sorta hoping for a green dot so i can get an FU