topic Re: Chase Slate Raising Interest Rates in Credit Cards

Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 23:19:19 GMT

I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 17:48:23 GMT

I feel your pain...the Fed has signalled an end to historically-low rates.

Maybe the folks TBTF may be anticipating having to pay real interest?

ETA: This, and credit card debt and defaults are on the rise as of late.

Re: Chase Slate Raising Interest Rates

Hex — Sat, 03 Mar 2018 18:01:58 GMT

It seems to me that you’ve had a variable rate card all along. Chase just hadn’t pointed it out to you until now. Seems legal but dishonest to me.

Re: Chase Slate Raising Interest Rates

beutiful5678 — Sat, 03 Mar 2018 18:23:14 GMT

After the Card Act of 2009 there are no fixed interest rate credit cards being offered. Perhaps yours was one of the last holdovers after the legislation was enacted?

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 18:32:35 GMT

@beutiful5678wrote:
After the Card Act of 2009 there are no fixed interest rate credit cards being offered. Perhaps yours was one of the last holdovers after the legislation was enacted?

That's incorrect. There are some fixed interest rate cards.

Re: Chase Slate Raising Interest Rates

Hex — Sat, 03 Mar 2018 18:34:43 GMT

Fixed rates are out of favor not banned. https://www.creditcards.com/credit-card-news/fixed-rate-vs-various-rate-credit-cards-1274.php

Re: Chase Slate Raising Interest Rates

lcab — Sat, 03 Mar 2018 19:07:06 GMT

I posted on this topic recently. I received a similar notice about a week ago. I haven't decided for sure, but I'm definitely leaning toward closing.

Re: Chase Slate Raising Interest Rates

K-in-Boston — Sat, 03 Mar 2018 19:10:00 GMT

Some of us with low interest rates received notices recently that our rates were being raised to be in line with what other consumers had for the same cards. My Freedom was an early casualty. As for a low APR card, if you are eligible for NFCU their Platinum card is super low.

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 19:47:04 GMT

@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm not in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.

A few months ago the rate on both my Freedom and Freedom Unlimited were changed from 12.9% and 13.9%, respectfully, to 15.24%.

My now Freedom Unlimited Visa SIgnature was originally a real, Chase Manhattan Platinum MasterCard before Chase Manhattan and Bank One merged in 2004. My Chase Manhattan MasterCard had a 7.99% fixed rate. The new Chase (essentially Bank One hiding under the Chase name) made quick work of increasing the rate.

A few things (already discussed here): with the economy doing better, rates are increasing everywhere. The low rates we all got used to were unsustainable and eventually needed to go back up. Also, the Chase Slate card is, in my opinion, only good for that intro 15 month, 0% balance transfer with no balance transfer fee promotion. Also, in my opinion, Chase is the worst in working with customers. They are raising rates in the hopes people will revolve balances. The money they make on interest can be used to fund UR points and line the pockets of stockholders.

I'd like to say that Chase is overrated...but the UR points program is arguably the best out there. Otherwise, I can't stand Chase. In closing, if you need a low rate credit card, you can't beat a credit union.

Re: Chase Slate Raising Interest Rates

AverageJoesCredit — Sat, 03 Mar 2018 19:53:21 GMT

Hey Dad, nice to se you are still around

Op, lol, i think you need a re edit of your post, you say you are NOT in the market for a low apr card but then ask for suggestions. Or perhaps you arent in the market and i stand corrected.

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 19:55:02 GMT

@AverageJoesCreditwrote:
Hey Dad, nice to se you are still around

Op, lol, i think you need a re edit of your post, you say you are NOT in the market for a low apr card but then ask for suggestions. Or perhaps you arent in the market and i stand corrected.

Trying to keep my resolution about not coming here as much. Congrats on becoming a Community Leader!

Re: Chase Slate Raising Interest Rates

UpperNwGuy — Sat, 03 Mar 2018 20:12:22 GMT

Credit union rates are creeping upwards, too. All the NFCU cards (except one) now list rates above 10%. They haven’t gone back and raised the rates for existing cardholders yet, but I expect that to happen at some point. PenFed Promise now shows a lowest rate that is 2 point higher than it was a year ago.

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 22:55:46 GMT

@UpperNwGuywrote:
Credit union rates are creeping upwards, too. All the NFCU cards (except one) now list rates above 10%. They haven’t gone back and raised the rates for existing cardholders yet, but I expect that to happen at some point. PenFed Promise now shows a lowest rate that is 2 point higher than it was a year ago.

NFCU is for the member. They make the money off of the margin, I highly doubt they will increase member's margin rate.

Re: Chase Slate Raising Interest Rates

Anonymous — Sat, 03 Mar 2018 23:18:38 GMT

Lol "not" -> "now"

Re: Chase Slate Raising Interest Rates

Anonymous — Sun, 04 Mar 2018 01:42:43 GMT

@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.

Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.

Re: Chase Slate Raising Interest Rates

simplynoir — Sun, 04 Mar 2018 02:03:09 GMT

@Anonymouswrote:
@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.
Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.

That honor goes to the NFCU Platinum with its current 7.24% variable rate and that's just from the big banks. What people don't know is there are some hidden gems in the form of your local CUs which at times carry cards with APRs in the 7-8% range; it's just a matter of looking for them if that's what interest you. Fixed rate is another story.

Re: Chase Slate Raising Interest Rates

Anonymous — Sun, 04 Mar 2018 02:33:00 GMT

@simplynoirwrote:
@Anonymouswrote:
@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.
Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.
That honor goes to the NFCU Platinum with its current 7.24% variable rate and that's just from the big banks. What people don't know is there are some hidden gems in the form of your local CUs which at times carry cards with APRs in the 7-8% range; it's just a matter of looking for them if that's what interest you. Fixed rate is another story.

One major source on low APR cards is galahad15, e.g. (in Dec 2017) talks about a credit union Visa with a fixed 5.49%

Re: Chase Slate Raising Interest Rates

simplynoir — Sun, 04 Mar 2018 02:49:26 GMT

@Anonymouswrote:
@simplynoirwrote:
@Anonymouswrote:
@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.
Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.
That honor goes to the NFCU Platinum with its current 7.24% variable rate and that's just from the big banks. What people don't know is there are some hidden gems in the form of your local CUs which at times carry cards with APRs in the 7-8% range; it's just a matter of looking for them if that's what interest you. Fixed rate is another story.
One major source on low APR cards is galahad15, e.g. (in Dec 2017) talks about a credit union Visa with a fixed 5.49%

Jesus, I just looked it up from another post galahad15 was in and that card has a current 4.99% fixed APR. Like wut...

Re: Chase Slate Raising Interest Rates

Anonymous — Sun, 04 Mar 2018 02:50:22 GMT

@Anonymouswrote:
@simplynoirwrote:
@Anonymouswrote:
@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.
Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.
That honor goes to the NFCU Platinum with its current 7.24% variable rate and that's just from the big banks. What people don't know is there are some hidden gems in the form of your local CUs which at times carry cards with APRs in the 7-8% range; it's just a matter of looking for them if that's what interest you. Fixed rate is another story.
One major source on low APR cards is galahad15, e.g. (in Dec 2017) talks about a credit union Visa with a fixed 5.49%

I should have added for major issuers. I’m sure some credit unions and small banks may have lower. Many of these types not everyone can become a member. Although I Bet a few some can.

Re: Chase Slate Raising Interest Rates

Anonymous — Sun, 04 Mar 2018 03:01:12 GMT

@simplynoirwrote:
@Anonymouswrote:
@simplynoirwrote:
@Anonymouswrote:
@Anonymouswrote:
I got a notification from Chase saying they were raising my rate from 8.99% fixed to 14.24% variable on my Slate card. My credit is stellar (830+ for all 3 bureaus) and I've never missed a payment or been late with them. I called and they claimed they were raising rates for all clients. They would not reason with me on the rate change. Unfortunately, this meant I had to close that account. The only reason I have it is because it's a low fixed rate.

I'm writing this post for a few reasons: First of all, I'd like to find out if anyone else has had this experience with their Chase Slate card? Secondly, I just want people to be aware of this so that they can take whatever action they think is appropriate. Sometimes these notices slip through the cracks. Finally, I'm now in the market for a low fixed rate credit card. If anyone has any ideas, feel free to let me know.
Simmons bank has the lowest rate left in the industry. I believe right now it is 9.5% interest. No frills card with no rewards. Specifically for excellent credit people who want a card to carry a balance. Have no baddies whatsoever on ones report to apply. They are very strict.
That honor goes to the NFCU Platinum with its current 7.24% variable rate and that's just from the big banks. What people don't know is there are some hidden gems in the form of your local CUs which at times carry cards with APRs in the 7-8% range; it's just a matter of looking for them if that's what interest you. Fixed rate is another story.
One major source on low APR cards is galahad15, e.g. (in Dec 2017) talks about a credit union Visa with a fixed 5.49%

Jesus, I just looked it up from another post galahad15 was in and that card has a current 4.99% fixed APR. Like wut...

I saw that but below where they give that rate is the magic line:

"The information is accurate as of June 1, 2015."

Despite elsewhere on the page having 2018 info.