Chase Ratejack, CLD, or other AAs

[Anonymous]

I recently logged into my Chase account and discovered that on my Chase Toys R Us card with a $20K CL (which I opened last Christmas-time for the 10% off) they were offering 3.99% on balance transfers until the balance is paid off.  I decided this would be a good way to "refinance" my Chase auto loan, which is at 9.24% with a $11.5K balance.  

Since no bank will let you transfer a balance from another account you have with them, I first transferred $11.5K to a Citibank card with a $0 balance, and then requested a credit balance refund.  I deposited the check last Friday, and it should clear probably tomorrow.

However, after reading threads here and on other sites of ratejacking, CLDs, and other adverse actions taken by CCCs, I am a bit scared of what might happen.  Since I haven't paid off the car yet, I have the option of continuing as I have, paying the auto loan as normal, and paying the credit card from the transferred/deposited funds.

My question is how long should I wait before deciding that Chase won't do anything evil to me?  The first statement with the balance on it just cut (on Oct 22).  I'd probably want to wait at least another billing cycle, but should I wait for 2, or 3, or more?  

Obviously, no one can really know when something bad might happen, but when something bad has happened to others, how quickly does it usually occur?

Chase charged me the max transfer fee which was capped at $75.  However, they put it into the category that has an APR of 11.49%.  The last time I transferred a balance and was charged this fee, I complained that I didn't feel it was right to be charged "fees on fees" and asked where in the card agreement this was stated, and they allocated some of my payment directly to the fee, paying it off completely.  Could complaining to them about this again trigger an AA?  Thanks!

[Creditaddict]

Ratejack will only effect new purchases, not your fixed bt offer as long as you don't miss a payment.

if this is really your only debt I wouldnt worry about it, it won't take you long to get it under 50% and probably would not even be noticed by chase.

[Anonymous]

It's my only real debt with Chase.  I plan to pay $240/mo, same as I was paying on the loan (the amount due was only $235, and the 2% minimum payment on the $11.5 K would only be $230).

My other two cards I PIF every month, and lately have started to pay the current balance the day the statement closes so they report a very low balance to the CRBs (whatever ends up clearing that day).  I then pay the current balance the day before the due date as well.  

I also have a WaMu card with $400/$1500 at 0% until Jan 2010, which will be paid off in 2 months but then charged up to $700, then paid off again in 4 months (car insurance), and a Citi card with $7000/$12.8K (wedding debt, transferred from one Chase card to another through a different Citi card, and then to Citi) which is at 0% until April 1, at which time I will PIF.  In addition to the Chase auto loan ($11.5K/15.5K) I also have a Cap1 auto loan (at $9K/$12K).

Will asking Chase to drop the APR for the BT fee again set off any flags? 

Message Edited by Mike14 on 10-27-2008 08:37 PM

[Creditaddict]

I guess I don't understand your question about interest rate for bt fee. that would only be 1 month? the fee should be included in your whole bt.

[Anonymous]

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@Creditaddict wrote:
I guess I don't understand your question about interest rate for bt fee. that would only be 1 month? the fee should be included in your whole bt.

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According to the Finance Charges section of the statement, it looks like the $75 BT fee will be charged interest at 11.49% APR (or about 1%, or 75 cents a month).  My question is that since I already asked about this before, if I say "where does it say there will be a fee on the fee? I didn't know that would happen" they might say "yes you did, you asked us before.  Let's take a Good Look at your account now" and then do Something Bad to me.

[Creditaddict]

hmmm. i have not seen this before. when i do bt on my usbank it shows the interest charges for that month at like 40% to = that bt fee, but then next month it's all at the bt rate.

wonder if this is a chase thing?

your barely over 50% i wouldn't worry about calling them, just don't ask for cli!

did that once with chase after paying a card off and they said omg you have other debt, cl now 1k!! in my defense i told the credit person debt was less than half what it was when i got the card to begin with, they simply said now we have different standards.

but this was all done by credit, if i had not asked them for increase and they pulled credit i think the account would have been fine, so i woulnd't get scared about calling them.

[Anonymous]

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@Creditaddict wrote:

hmmm. i have not seen this before. when i do bt on my usbank it shows the interest charges for that month at like 40% to = that bt fee, but then next month it's all at the bt rate.

wonder if this is a chase thing?

your barely over 50% i wouldn't worry about calling them, just don't ask for cli!

did that once with chase after paying a card off and they said omg you have other debt, cl now 1k!! in my defense i told the credit person debt was less than half what it was when i got the card to begin with, they simply said now we have different standards.

but this was all done by credit, if i had not asked them for increase and they pulled credit i think the account would have been fine, so i woulnd't get scared about calling them.

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I never call (unless I need an answer quick), I use the secure email link on the website.

I don't know if it's a "Chase thing" but I know it's not a Citicard thing" or "BofA thing" because both told me that the BT fee is at the same APR as the BT.

[Creditaddict]

wow that's ghetto Chase!

the good news is it will only cost you a little over $1, but still annoying... it should be IN with the bt balance.

[Anonymous]

Actually, it would cost a bit less than 75 cents a month.  At the 50 months I plan to take to pay it off, that's an additional $37.50!  Remember, "payments are applied to balances with lower or promotional APRs before higher APRs," so it won't be paid till last.  I'll email them tomorrow.

Message Edited by Mike14 on 10-27-2008 09:24 PM

[Creditaddict]

YUP, that's why I say that's ghetto on Chase' part... penny pincher's.

I might try to fight it like you have in the past, just on principle