Unfair practices by Chase?

[Anonymous]

After the Chase buyout of Wamu my APR went from 11% to 26.99%

Had my card for 3 years

CL is $3000

Never late on any payment

Account balance is  $0 and in good standing

Utilize at least 10%

All three scores are over 700.

I have been pushing every week for them to review my account for lower APR. Every time they deny me.

This is their most recent answer:

"To qualify for a lower APR, your account must be open,
current, at or under its assigned credit limit, and have
had at least 12 months of on-time payments. If these
conditions are met, we will review your request for a
lower APR.

After careful review, we regret that your account is not
currently eligible for the terms you requested."

I have met ALL these conditions even though they say I haven't. 

I would like to keep this card open because it's helping my score.

What should my next step be?  

[Itsmeagain]

Keep the balance low and PIF every month.  Then it won't matter if your APR is 1000%

[GregB]

This year Chase raised one account with $14K CL from 17% to 24%. I never carry a balance and used it rarely. I used it for a $10,000 BT with no fee at 4.99% for two years. I received the BT offer before the rate jack but didn't use it until after. I would never be silly enough to carry a balance at 10%, let alone 17% or 24%. My FICOs are low 700s.

My other account has $20K CL. I use it regularly and sometimes carry a balance. For example I have PIFed it each month since last fall. This month I charged $7K and will probably carry $1500 over to next month. They recently dropped the interest rate from 8.24% to 7.24%. AND it is a 1% rewards card.

Are these responses to use patterns or just bizarre behavior like we have come to expect from Amex.

[Anonymous]

WellI good news is that if you dont carry a balance, there is nothing to worry about. Regardless of the interest rate. However, on the other hands if you do carry a balance. You better pray!!

[Anonymous]

a LOT f banks, increased the % rate.  mine increased about 9% with boa.  i called and they reset it down.  i had to agree to never use the card again, or else it will increase again. no problem

[Anonymous]

So now you have a card you can never use? That seems bizarre, but I'm not a big Chase fan either.

[Anonymous]

wasn't using it anyway. it had a large balance that i was working on paying off.  haven't used it in about 2 years

[Anonymous]

Since all of the big banks decided to raise my APR I decided most of my purchases will be made on my Credit Union CC's. I was gonna close my Chase cards and decided to wait until they hit the 2 year mark. No Cli + no rewards= no use.

[Anonymous]

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@Anonymous wrote:

After the Chase buyout of Wamu my APR went from 11% to 26.99%

Had my card for 3 years

CL is $3000

Never late on any payment

Account balance is  $0 and in good standing

Utilize at least 10%

All three scores are over 700.

I have been pushing every week for them to review my account for lower APR. Every time they deny me.

This is their most recent answer:

"To qualify for a lower APR, your account must be open,
current, at or under its assigned credit limit, and have
had at least 12 months of on-time payments. If these
conditions are met, we will review your request for a
lower APR.

After careful review, we regret that your account is not
currently eligible for the terms you requested."

I have met ALL these conditions even though they say I haven't. 

I would like to keep this card open because it's helping my score.

What should my next step be?  

---

They are feeding you the standard script line, they know you qualify and so do you but if they lower your rate then they look at it as if you are costing them profits. Which technically you would be if they lowered your rate.

The solution to this problem is to PIF every month and never carry a balance, or pay the balance down and retire the card to sock drawer status. NOT close...but retire it if they won't lower it when you pay it off.

Keep your head up,everything will all work out.

King

Message Edited by 74king on 06-15-2009 10:17 AM

[Anonymous]

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After the Chase buyout of Wamu my APR went from 11% to 26.99%

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I guess I should be jealous, They jacked mine to 28.99%,  (from 23.99),  My Providian card dates to 1997,

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 I have met ALL these conditions even though they say I haven't. 

I would like to keep this card open because it's helping my score.

What should my next step be?

---

Your (Our) only next step is to apply for another card,,  My guess is, those old Providian/WaMu cards will never be treated fairly by Chase,  If you use it, simply PIF then it won't matter what the rate is,  That's what I do when I use it,  PIF as soon as the charge hits, 

Good luck,