topic Re: Unfair practices by Chase? in Credit Cards

Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 03:38:25 GMT

After the Chase buyout of Wamu my APR went from 11% to 26.99%

Had my card for 3 years

CL is $3000

Never late on any payment

Account balance is $0 and in good standing

Utilize at least 10%

All three scores are over 700.

I have been pushing every week for them to review my account for lower APR. Every time they deny me.

This is their most recent answer:

"To qualify for a lower APR, your account must be open,
current, at or under its assigned credit limit, and have
had at least 12 months of on-time payments. If these
conditions are met, we will review your request for a
lower APR.

After careful review, we regret that your account is not
currently eligible for the terms you requested."

I have met ALL these conditions even though they say I haven't.

I would like to keep this card open because it's helping my score.

What should my next step be?

Re: Unfair practices by Chase?

Itsmeagain — Mon, 15 Jun 2009 03:42:55 GMT

Keep the balance low and PIF every month. Then it won't matter if your APR is 1000%

Re: Unfair practices by Chase?

GregB — Mon, 15 Jun 2009 03:57:28 GMT

This year Chase raised one account with $14K CL from 17% to 24%. I never carry a balance and used it rarely. I used it for a $10,000 BT with no fee at 4.99% for two years. I received the BT offer before the rate jack but didn't use it until after. I would never be silly enough to carry a balance at 10%, let alone 17% or 24%. My FICOs are low 700s.

My other account has $20K CL. I use it regularly and sometimes carry a balance. For example I have PIFed it each month since last fall. This month I charged $7K and will probably carry $1500 over to next month. They recently dropped the interest rate from 8.24% to 7.24%. AND it is a 1% rewards card.

Are these responses to use patterns or just bizarre behavior like we have come to expect from Amex.

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 04:23:16 GMT

WellI good news is that if you dont carry a balance, there is nothing to worry about. Regardless of the interest rate. However, on the other hands if you do carry a balance. You better pray!!

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 05:17:55 GMT

a LOT f banks, increased the % rate. mine increased about 9% with boa. i called and they reset it down. i had to agree to never use the card again, or else it will increase again. no problem

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 05:31:25 GMT

So now you have a card you can never use? That seems bizarre, but I'm not a big Chase fan either.

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 06:08:32 GMT

wasn't using it anyway. it had a large balance that i was working on paying off. haven't used it in about 2 years

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 10:54:19 GMT

Since all of the big banks decided to raise my APR I decided most of my purchases will be made on my Credit Union CC's. I was gonna close my Chase cards and decided to wait until they hit the 2 year mark. No Cli + no rewards= no use.

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 17:17:55 GMT

@Anonymous wrote:
After the Chase buyout of Wamu my APR went from 11% to 26.99%
Had my card for 3 years
CL is $3000
Never late on any payment
Account balance is $0 and in good standing
Utilize at least 10%
All three scores are over 700.

I have been pushing every week for them to review my account for lower APR. Every time they deny me.
This is their most recent answer:
"To qualify for a lower APR, your account must be open,
current, at or under its assigned credit limit, and have
had at least 12 months of on-time payments. If these
conditions are met, we will review your request for a
lower APR.

After careful review, we regret that your account is not
currently eligible for the terms you requested."

I have met ALL these conditions even though they say I haven't.
I would like to keep this card open because it's helping my score.
What should my next step be?

They are feeding you the standard script line, they know you qualify and so do you but if they lower your rate then they look at it as if you are costing them profits. Which technically you would be if they lowered your rate.

The solution to this problem is to PIF every month and never carry a balance, or pay the balance down and retire the card to sock drawer status. NOT close...but retire it if they won't lower it when you pay it off.

Keep your head up,everything will all work out.

King

Message Edited by 74king on 06-15-2009 10:17 AM

Re: Unfair practices by Chase?

Anonymous — Mon, 15 Jun 2009 16:46:53 GMT

After the Chase buyout of Wamu my APR went from 11% to 26.99%

I guess I should be jealous, They jacked mine to 28.99%, (from 23.99), My Providian card dates to 1997,

I have met ALL these conditions even though they say I haven't.

I would like to keep this card open because it's helping my score.

What should my next step be?

Your (Our) only next step is to apply for another card,, My guess is, those old Providian/WaMu cards will never be treated fairly by Chase, If you use it, simply PIF then it won't matter what the rate is, That's what I do when I use it, PIF as soon as the charge hits,

Good luck,

Re: Unfair practices by Chase?

haulingthescoreup — Mon, 15 Jun 2009 22:42:18 GMT

johnson_long wrote:

...My guess is, those old Providian/WaMu cards will never be treated fairly by Chase, If you use it, simply PIF then it won't matter what the rate is, That's what I do when I use it, PIF as soon as the charge hits,

Good luck,

I'm not sure that it's just the former WaMu cards. I got my notice in the mail that my new APR would be prime + 15.99%, or currently 19.24%. That's just a 1% increase (my credit is hardly sterling, so it's not like I started with a killer APR.) This is on an always-Chase Borders Visa. They also raised the BT fee to 5% and some other junk.

Like others, I PIF, so it doesn't matter to me.

It's interesting, though. I think the banks are using the economy and the new CC law as an excuse to push the envelope and get away with anything they can. It would be funny if, in so doing, they converted a lot of consumers into PIF'ers, and they wound up losing money in the long run.

And yes, I do realize that there will always be those who carry burdensome CC debt. Just wondering if these actions will shift the balance enough to where the banks see a net loss in interest income.

Re: Unfair practices by Chase?

athensguy — Tue, 16 Jun 2009 13:21:29 GMT

I've been ratejacked by Citi, FNBO, Discover, and Capital One since 2008 (BoA in like 2006), but not Chase so far.

If you have been ratejacked with Citi and Chase, at least, it might be possible to convert into a card with a lower APR.

Re: Unfair practices by Chase?

Anonymous — Wed, 17 Jun 2009 06:01:25 GMT

@Anonymous wrote:
After the Chase buyout of Wamu my APR went from 11% to 26.99%
Had my card for 3 years
CL is $3000
Never late on any payment
Account balance is $0 and in good standing
Utilize at least 10%
All three scores are over 700.

I have been pushing every week for them to review my account for lower APR. Every time they deny me.
This is their most recent answer:
"To qualify for a lower APR, your account must be open,
current, at or under its assigned credit limit, and have
had at least 12 months of on-time payments. If these
conditions are met, we will review your request for a
lower APR.

After careful review, we regret that your account is not
currently eligible for the terms you requested."

I have met ALL these conditions even though they say I haven't.
I would like to keep this card open because it's helping my score.
What should my next step be?

Try the backdoor number for them. I called regarding my annual fee (which Chase had said I wouldn't have when the card switched, but then it appeared). When I talked to the regular CSR she basically said there was nothing she could do, couldn't switch my card, couldn't waive the fee,etc.

I called the backdoor number and almost immediately the gal switched my card and got rid of the pesky AF, I kept same APR, same card number.

Re: Unfair practices by Chase?

Anonymous — Wed, 17 Jun 2009 14:16:25 GMT

Chase ratejacked my Freedom card from 10.24% to 14.24%. And they've never made a cent of interest off of me. Like raising my APR is going to encourage me to carry a balance.