@Lou-natic wrote:
I can't believe people are telling you to just "accept it"...Chase can and will put a penalty rate on your account for life over a late payment. I wouldn't risk not calling them. What's really fun is when you set up auto-pay through Chase and get a returned payment. Of course it was for my Prime bill and I had the money in my account so uhh what...anyway their system decided my NFCU checking account wasn't valid. Mind you they have been taking money out of this account for months by this point and the account is still in their system and I can make manual payments from it just fine. Chase is the only bank to have ever done this to me and you bet I called. They removed the returned payment and subsequent late penalty and fee. How this is acceptable behavior for a bank is beyond me.
I don't understand your response because it's beyond inaccurate.
There is this little thing called CARD ACT. It's the law. Penalty APR is addressed in it, specifically when it's allowed and when it must stop.
Account must be 60 days past due, and issuer must give at least 45 days advanced notice of penalty APR being put in place.
If no additional late or missed payments occur in six consecutive months, penalty APR must be removed.
I get the part where you feel wronged by Chase, but this is how myths start and propagate themselves to the point where links to laws and regulations must be used to convince some that what you read on credit card forum may not always be accurate.
