Chase Change of terms

Anonymous · ‎11-30-2009

Last week I received a letter from Chase on the change in terms starting feb. It talks mostly about the terms that I don't use. i.e. Balance transfer & cash transfer.

Also it says that Overdraft APR would be 19.24% ? I guess this is a replacement for over the limit charge fees.

My CL is 9100 on chase, so if i go over the limit say 9200, then 9100%19.24 = 1750 (per year)/12 = 145/month.

This is much more than $39 fees. So this is worse than before?

or am I missing something?

Anonymous · ‎11-30-2009

Chase has a penchant for delving into the quasi-legal so who knows. You might want to post the exact language from the CIT notice here. I haven't got mine yet.

Anonymous · ‎11-30-2009

I didn't get the letter so I'm not sure what it means. However in reading your post the thing that came to mind is that a lot of people use their credit card for overdraft protection for their Chase checking account. Maybe that is a change in the interest for overdraft protection from checking. I don't have my cc linked to my checking account so I never paid any attention to what the terms for that service were.

Anonymous · ‎11-30-2009

I dont have any other product from chase other than 2 credit cards.

This is what the text is

The standard APRs below amend your Rates and Fees Table.

Overdraft Advance APR

The Prime Rate plus 15.99%, currently 19.24%

those are the only lines in the section for apr. Rest are mostly related to balance transfer and cash advance terms.

Anonymous · ‎11-30-2009

I would hope that the higher interest rate would be for the over balance ammount only, or at the very most the charge that sent you over balance. But then again.. it is Chase

Anonymous · ‎11-30-2009

@Anonymous wrote:
I dont have any other product from chase other than 2 credit cards.

This is what the text is

The standard APRs below amend your Rates and Fees Table.
Overdraft Advance APR
The Prime Rate plus 15.99%, currently 19.24%

those are the only lines in the section for apr. Rest are mostly related to balance transfer and cash advance terms.

Sounds like boiler plate that does not apply in your situation.

Anonymous · ‎12-01-2009

@Anonymous wrote:

Sounds like boiler plate that does not apply in your situation.

You mean because I don't have any savings/checking account with chase?

Anonymous · ‎12-01-2009

@Anonymous wrote:
@Anonymous wrote:

Sounds like boiler plate that does not apply in your situation.
You mean because I don't have any savings/checking account with chase?

Correct.

You could also, of course, take a cash advance directly from the CC, either from an ATM or inside a bank. If you do so I would assume that APR is the one that would apply to the balance and usually there is no grace period.

Anonymous · ‎12-01-2009

Void,

I really think that the particular change you mentioned was in reference to those who use their credit card as checking account overdraft protection which doesn't apply to you or to me either. These letters aren't usually written on an individual basis, but sent out to large numbers of customers. Some of the term changes will apply to one person and not another but they still list all the changes in the letter. I have received a couple of letters from cc companies and very few of them had any application in my particular case. Two people may get the same letter and the interest rate will be different for both of them but the letter wasn't individually written, only sent out according to which interest rate tier they happened to be in.