Just got a notice that Chase is revising the terms of my old Military card. When I first opened it, all the terms were pretty reasonable but now, it has just turned into another money-grab-type-of-card! Now this card will be set for a $9 monthly autopay. For all practical purposes, I PIF all my cards every month but it was nice to know I had a card with minimal fees if ever needed. Now I doubt I will ever really utilize it and just keep it open to boost AAoA since its my second oldest card.
Pretty attractive changes, eh?!
Cash Advanced: 10.49% ---> 25.24%
Balance Tranfer Fee: 3% of balance (Max $65) ---> 5% (no max fee)
Cash Advance Transaction Fee: $10 or 3% (Max $15) ---> $10 or 5% (No Max)
Late Payment Fee: $20 ---> up to $37
Returned Payment Fee: $15 ---> up to $37
I guess they have to somehow make up for the all perks that are being handed out through CSR at this moment. Gotta show that profit every quarter.
Sorry to hear this. This bank is a pariah, they make over 5B a quarter and its not enough. I could go on but I already posted my rant on this bank earlier today, was denied CSP for 5/24.....
Looks like Chase is just realigning your outdated account with the rest of their system. Belive it or not it costs money to have special account terms for very few customers and in your case your card with military benifits was not profitable for them as is. You usually will not get affected too much by these changes since your APR and rewards stay the same.
Cash Advance Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.
Balance Tranfer Fee: After 90 days from opening the account you really should not need to balance transfer. If you do get a regular credit line from a bank.
Cash Advance Transaction Fee: Do you really get cash from an ATM? Perchase product at a store like normal people and this does not apply.
Late Payment Fee: You cannot pay the minimum every month? You avoid this fee if you just pay the minimum on time.
Returned Payment Fee: How bad is your checking that you bounce one? Make sure you always have enough money in your bank account for at least the minimum payment.
Realisticly all of the fees are avoidable by using the card like normal. You dont need a low fee card, you need a low APR card preferably fixed instead of variable.
@Anonymous wrote:"Making a payment through a third-party service" is considered a cash-advance?
Does that mean paying through PayPal is a cash advance?
A cash advance is accessing your credit card line without making a perchase.but through withdrawl of cash. Banks do not like this since there is no merchant to secure the far side of the transaction and for that reason you cannot access your whole credit line for cash advances as well as getting charged intrest imediatly.
