So apparently Chase is not making enough money on my account, so they want to raise the interest rate on new purchases to prime + 10.99% (currently 14.24%). My previous rate was fixed 7.99% for at least 5 years. Also, there are no balance transfers available anymore on my account.
I am carrying a balance of ~$20k on a 2.99% and a 3.99% fixed for life offer. It doesn't make sense to pay it off. I used most of it to pay off a home equity loan in order to refinance.
I don't use the card for anything else so it doesn't make sense to opt out. It is also my oldest card which started at a whopping $300 in 1990. My limit is now $44k and remains untouched (that's the not so bad).
The specific reason is "the principal factor we considered in amending your account is maintaining profitability on your account"
Also, the notice was not a bill insert since I don't get paper statements, rather a tri-folded 8x11 sheet of paper.
I'm still ok, for now!
I received the same little trifold pamplet with the same reason for rate jack, "maintaining profitibility on your account". I've only used this card in recent years for 1.8% BTs. Pretty sure I won't be using it often now that they jacked my purchase rate up to 20.9% either!!!
BTW...I haven't seen any BT offers since Chase took over the account from Wamu either...used to received them a couple of times a month before!
I received the same paper notifying me that they were raising my fixed 8.99% rate to Variable 15.49%! Needless to say, I'm not happy. I'm carrying a $2000 balance and JUST transferred a $2K balance to it last month. I've had the card since 2006 and have carried larger balances in the past, paid them off, carried, paid, so they've made their money off of me. I've always paid on time, never late.
I called to argue the rates and the rep just kept saying, due to the economic times the rate is changing. So I asked if I made a $2000 payment, I wanted it to go to the purchase balance since they're doubling my apr. The rep stated they couldn't do that and it would have to go to the lower interest rate first. I just paid $60 to transfer a balance to a card that will now close...grrrr
Has anybody else had any luck arguing this rate hike?