Rejecting adverse action on a card with an annual fee?

[Anonymous]

This isn't adverse action, ( it's a broader change in terms applying to everyone). In fact, you said yourself you don't do balance transfers or cash advances. 

That said, although they do have the right to change terms, I believe that if you pay an annual fee, you have set the terms for the duration of that year. Maybe not legally, but ethically. Any changes initiated by a party (Chase) that are not in favor of the other party (you) should have an effective date of the next annual fee renewal date. 

It may not be the letter of the CARD act, but it seems to be the spirit of the law. No changes by the card issuer after the deal is made, unless the deal is broken by the cardholder.  

Of course, I'm applying ethics to a credit card company............

[Imperfectfuture]

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@gdale6 wrote:

I got this on a Chase card that was closed recently, its a change in terms not AA. Chase is getting greedy, 5.8B in profit last quarter isnt enough.

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They were counting on rate hikes.  Financials not doing well until rates are hiked (which is a weird perception, since equities are not that hot when rates are hiked).  Gotta have a blow out quarter, even though they are probably the wealthiest.

[NRB525]

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@Exonumist wrote:
Regardless of how little impact or how small of a change I consider any negative change to my account terms AA. Because it is not the fee structure that I agreef to when opening the card or paying the second AF the Fair Credit Act also considers it AA. I know Chase usually will not reimburse AF after a couple months, but this is different. I have a right to reject the changes for 45 days and they will close the card. Does anyone actually have experience with what Chase does if you reject changes on a card with an AF?

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The Ritz card is a high AF card because the cardholders are presumed to value the perks of the card, not to be looking to use it for BT, and willing to pay for cash advance fees on the off chance they don't have $100 in their wallet.

If your intent is to try to get the AF back, the sooner you close the card the better your chances of getting the AF refunded. And as others have noted, Chase may not be obligated to refund the fee. If they were indeed obligated, it would be written in your detailed terms and conditions document they sent you with the card. Otherwise, you are hoping they will be nice and send you part of the AF back.

As a point of reference, AMEX recently sent out notices on all my AF cards with them [ 4 cards ]; they will no longer prorate the AF. If you want an AF refund with AMEX, you must ask for it within 30 days of the AF being charged, otherwise you are simply paid up for the rest of the card year, closed or open. So I would expect other banks like Chase will also want to limit how many of the AF they refund.

[takeshi74]

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@Exonumist wrote:
Regardless of how little impact or how small of a change I consider any negative change to my account terms AA.

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You can call it what you want but AA is used by people here to mean adverse action taken in repsonse to risk presented in your credit profile.  A change in terms like this does not qualify.  You can insist on using your terminology but communication is a matter of all parties involved and not just you.

[NRB525]

I just got my four notices to "standardize these terms for cardmembers who have the same type of account".

"If you reject these changes you will not be able to use your account for new transactions and your account will be closed."

Freedom, Slate, Marriott and Hyatt, all slight variations to the same changes.

Just don't be late, no worries.