@CreditAble wrote:
@Anonymous wrote:
Chase raising 2.99% APR BTFL to 7.99% BTFL. Other lender offered BT for 15 months at 0%... requested BT and advised the BT offer is no longer available... WTF, you just sent me the offer?
Did you have a loan in place with Chase at 2.99% for the life of the Balance Transfer?
Did the card have a purchase rate of 7.99%? If a BT has 2.99% for life, that would mean that you must make minimum payments on time until the balance (with 2.99%) is paid off. Of course you certainly couldn't expect to make purchases forever and only pay 2.99% interest on all subsequent purchase balances.
I do not see how the bank changed the interest rate on the original BT. Of course I am having to guess what you mean. You would be easier to understand if you could use complete sentences.
The life of a balance is actually a specific term of time. That would be more or less the time it takes to pay off the balance with at least monthly minimum payments. Other charges on the card could conceivably incur higher interest rates.
Another possibility would be illustrated in the case of a $1,000 BT. The interest rate on the card could stay at 2.99% until $1,000 plus interest was paid back. The interest rate on new purchases, and the current outstanding balance, could be raised to whatever the card company wanted.
Concerning your statement about the "other lender"
An offer no longer being available when you apply, is not the same as a change in interest rate after both parties agreed to the interest rate for a specific term.
Message Edited by CreditAble on 01-14-2009 08:14 PM
The problem is you are reading too much into what I've written - with in partial sentences or an unneeded dissertation.
The fact is Chase changed the term of the 2.99% BTFL to 7.99% BTFL. The purchase APR has absolutely nothing to do with it, as I do not purchase items on a card with a BTFL on it - nor have I added another BT to the original BT. Chase is the one who initated the increase. Chase called and stated they were increasing the rate to 7.99% BTFL due to the credit crisis.
Lastly, the 0% BT for 15 months was an offer received with a new card. The 0% offer, according to the terms and conditions, was extended to all BT initiated during the 15 month period - as long as those balances were paid during the 15 months. I completed one $2000 BT and paid it off in 4 equal payments. I requested another BT of $4500, which I was to pay $500 per month for 9 months. months. The second BT was denied because the "offer was no longer available" to me.
I hope this better explains the issue.
Banks do change their terms regardless of what some people believe because they can.
