Chasechase raising rates!

1
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I have 2 credit cards through chase and have had them for a few years. I have never been late on any payments. I received a letter from chase stating that my interest rate was being raised and to call. When I called I was told that it was not being raised because of anything I did, just that I have had the cards for a while and they are reviewing all older accounts and those with low interest rates are being raised. I applied for these cards because they were fixed rate. Don't know what to do. Any ideas would be helpful.

Responses

  • Ba
    bajaskier Feb 18, 2009

    Drop Chase and get another card that honors their word.

    -2 Votes
  • La
    lali Feb 18, 2009

    Hi,
    Same thing happened to me. I received a notice from Chase stating my rate was going from 4.49% to 9.99% effective March, 2009. I can opt out and keep my current rate until the balance is paid off but I will no longer be able to use the card effective March as the card will be cancelled. I didn't opt out because I have received same kind of notices from other card companies and after they raise those rates, my chase will continue to be the lowest at 9.99. It's terrible because I too have been a good customer, never been late and always pay much more than the minimum but they claim that they have to recoup some of their monies from bad debt that has ocurred during these hard economic times. What they are going to do is lose their best customers.

    -2 Votes
  • Re
    ReRe727 Feb 18, 2009

    Fixed rates only mean that your APR will not vary with changes to the prime rate. Fixed rates are not set in stone for life. Banks lose money when interest rates are 4.49%, so while you could be a great customer, the time has come for banks to stop losing money, as they now have loans they have to pay back to the federal government, with interest, and that interest is at above 6%. So to put that in context, the bank had to borrow money at a higher interest rate than you were being charged...from a business standpoint, does that make any sense? On a personal level, it does stink to have your APR raised, but it happens.

    The time of interest rates being in the single digits has come and gone my friends.

    2 Votes
  • Be
    Bette Ettinger Feb 18, 2009

    We were late in December for the 1st time ever. Next month the APR was at 27.7% totaling 117.00 a month. I called and spoke to 5 different persons, only to have the last one send me to a number that was disconnected...I'm canceling any card I may have that Chase is the bank. Poor customer service. What ever happened to allowing a human being the ability to make a discission rather than a computer. Not trying to get out of paying, just trying to get the rate lowered so I can afford the payment and pay them off
    before I turn 99.

    -1 Votes
  • Er
    eric Feb 20, 2009

    Chase can go to hell. I canceled my chase cards today after they tried to raise me from 5.99 and 9.99 fixed to prime +11. Since these were my oldest accts this will undoubtedly hurt my FICO (almost 800) but i don't care. When I called they were HAPPY to close my acct. ### YOU CHASE!

    0 Votes
  • Ca
    CAROL FULKERSON Mar 09, 2009

    I agree totally. I had to close 2 chase accounts as well that had low interest rates. It is sad that they get the bailout and we get the screw for paying on time and doing the best to do our part to get out of debt. I never had a late payment and had to pay a fee to get the balance transfer to begin with. No one has given me a bailout to allow me to pay a higher rate. I agree that its sad that they lose their best customers and what does that say about big companies running the smaller more personable out of business.. I like to be able to talk with someone locally and from now on i will do just that.. My days of supporting the WAMU, CHASE, CITI ARE OVER!

    0 Votes
  • In
    interestasses Mar 15, 2009

    same story with me 2 cards never late, always pay more than expected, trying to get out of debt and get low balled at the end by Chase. Thanks Chase for pushing away your customers in good standings. From a business standpoint that dumb so know they push us into a corner hoping we can cover the extra interest pushing them further in to debt, making us broker which makes them broker, which in turn leads us into a bottemless pit of debt as a society. Cool whatever Chase. Where is my bailout money.

    1 Votes
  • Li
    Linda Mar 16, 2009

    They did the same thing to me--11.24 to 16.99. Excellent credit, never late, low balance. They used the excuse that they need to keep the account profitable. Discover did the same thing to me a year ago so I transferred the balance to Chase. I'm furious. Here's what I'm doing:
    1) Accepting the rate, paying off the card before the increase hits, and never using it again. (If you close it, your FICO score goes down.)
    2) You can write to Bruce Ostermeyer, Director of Card Services, 800 Brooksedge Blvd, Westerville OH 43081-2822. Unleash your rage. These thieves need to hear from people directly.

    Also, you might check out TD Bank. I had a Visa through them when it was Commerce. My rate was around 10%. Last fall they lowered it to 7.24.

    1 Votes
  • Ad
    Adis Mar 16, 2009

    screw chase, they raised my wamu from 14% to 26.24% after buying wamu, each one of us paid over 5k for the bailout and now they turn around and stick up our ###, but 74K carpets and vacation with our money, why can they charge 26% for something gov gives now at 0.00% to 0.25%.

    I am fed up, why the hell nobody does something about this, I am for profit but not this rape. We should all come together and simply exercise civil disobedience. Imagine if 1 million people say "screw you and your usury, we will not tolerate this, either bring fair and transparent regulations or NONE of us will pay you anything.

    I am calling them right now fourth time and being on hold for 26min, first two calls I waited over 20 min only to talk to indian who barely spoke english and no no idea what the heck was going on.

    I will offer them 25% of credit to settle and close, or reduce rate by 50%, or simply screw them and not pay. Credit gets bad, so what, after six months it does not get worse, they write it off and sell the debt for 12 cents on a dollar.

    0 Votes
  • Ki
    Kista May 24, 2009

    I just received a letter from chase today. I have a master card with them and it's 9.99% also my limit is only $500. They stated the same reason to maintain acct. profibility and is rasising prime plus 12.99% and ends up being 16.24% I had to read in the fine print that prime was 3.25%. I guess that can't just make it simple and say your current rate of x percent is raising to this amount. Since I've had the card around 2 years or so I'm going to call and cancel it and just pay it off at the lower rate. I guess they can't rase my limit so they're raising the rate to make more money off me. It is a shame it's the lowest rate that I have right now on the two cards I have, the other is not through chase and is 12.99% The credit card companies are the ones next to be needing a bailout.

    0 Votes
  • Wi
    Will May 27, 2009

    What if everyone who received these rate increases from Chase were to just not pay the balance. Who would win in the end. Does anyone question why it took only hours for the Gov. to lend Billions to banks withiout a plan? But it is taking months for them to pass legislation that will protect the consumer...that would be the same consumer that is being pressed into stimulating the economy. If Everyone took a stand and stopped paying Chase, would there then be more money handed over to Chase... The main reason they are failing is because of bad bussiness practices such as this... Good bussinesses DO NOT FAIL! I personally think we are all lucky. It will be a giant waiting game now to see who last longer...the consumer, or the companies in line for the bail out...Can you make your funds go further then someone backed by the gov. ?

    0 Votes
  • Eg
    eGringa Jun 02, 2009

    I'm just going to join the madness and say, "whatever you guys want to do, I'm in" - my husband has has his card since High School - he's now 35. He has NEVER been late on a payment - ever. Our rate is going from 7.99 to 12.24 - we're going to close the card and transfer our balance to another bank. If anyone has the inside scoop on other banks offering better rates, let me know please. I can't even believe this is happening. Revolting time!

    0 Votes
  • Jo
    joe Jun 02, 2009

    Same thing just happened to me, I had a WaMu card for 10 years, never late and even paid more than the min payment. When I called they read from a script saying it is being raised due to "economic conditions" and it was nothing I did. I close the account right then and there. My other credit card which I have had since the early 90's actually gave me their 12 month intro rate since my history was so good. The person on the phone from Chase said it is happening across the board and it was a "business decision" I would like to meet the idiot that decided to raise rates on everyone not matter their history. I asked if I could only $10 a month due to "economic conditions" of course my sarcasm was not well received.

    0 Votes
  • Jo
    joe Jun 03, 2009

    Oh also would like to add the following, quoting Chase CEO Jamie Dimon in Feb. about CEO compensations coming under fire. He was quoted as saying “Pay got a little exuberant, and there were some legitimate complaints, ”. “But I don’t think the president of the United States should paint everyone with the same brush.” Funny how we should paint all CEO’s with the same brush and look at individual performance but yet Chase has painted all their customers the same by raising interest rates “across the board” and the increases are “not based on personal account history”

    0 Votes
  • Be
    Beth Jun 07, 2009

    Can somebody explain why my FICO score goes down if I close an account that is in good standing??

    0 Votes
  • Mo
    momof5 Jun 09, 2009

    My rates are also going up. I thought about calling Chase and telling them things I can't print here. I would like to just close the card, and pay it off as fast as I can. But, I've heard that closing down the account will hurt my credit score. Any advice?

    1 Votes
  • Wa
    Watchman77 Aug 28, 2009

    I will no longer use Chase but will use any bank THAT WE DIDN'T BAIL OUT. They have some nerve taking money from taxpayers then screwing the people that gave them the money.

    I will go to support my local credit union.

    0 Votes
  • Do
    dolly14 Sep 05, 2009

    I'm am so happy to find this site. When our WAMU card was transferred to Chase, we had a fixed 3.99 % rate. We had had that for over 3 years. We had bought our car on it so we were paying the minimum every month like we would do on a car loan, sometimes adding additional to the principal. The balance was over $18, 000. we had several other Chase cards and were not unhappy with Chase at that time. Then all of a sudden, all our other Chase cards were lowered to $500 limit from like $15000 credit lines. Recurring charges that we had going to them were higher now than our limit. Then, without any notice, our WAMU/ Chase card's interest went to 18.24%. I called Chase and they said that our WAMU interest rate had ended, the time period being up. I said I had the original paper saying it was fixed till paid off, but they said I was wrong. Anyway, we immediately took any dollar we could use and paid it off, only to have them close it without our knowlege again, three days after we finished paying it off. It still sits there in our Chase accounts page online saying $17500 credit line availble, but if you try to use it, you can't . We had that card with providian, before they became Wamu, so this plus there lowering all our limits caused our scores to go down over 100 points. I am now trying to get rid of all there cards, but unfortunately most of our cards became Chase so we are screwed. THeir CEOS are still some of the highest paid people, who sit in their big house lauging while they ruin our lives. I am writing to my Senators, the Banking commission etc, but it will probably be for nothing. I think the one thing that Republicans or Democrats can agree on is that Banks for the most part are thieves!!

    0 Votes
  • De
    debthelp Oct 19, 2009

    I know of a company that can settle this debt down to about half of what you currently owe. Send me an email to [email protected]

    0 Votes
  • Li
    lizsjohns Oct 21, 2009

    I opened my credit card account almost 10 years ago with Providian then Wamu took over and Chase. I have NEVER been late on a payment and ALWAYS pay more than the minimum. Last month I went over my limit by $8 and received a $39 fee for it. I understand and made no fuss about paying it. Last week I received a letter advising me that my interest rate will be increased from 15% to an outrageous 30% in January. I called 3 different times and spoke with everyone I could about stopping the increase as it was a small error and I have always been a loyal client. All I got was thank you for being a great customer but there is nothing we can do. This is just plain wrong and can't believe the way they have handled my situation. I will NEVER deal with Chase again and will make sure to tell as many people as I can about this outrageous behavior. I will stick with Capitol One from now on as they have always been great to me even when I did make an error...

    CHASE BANK SHOULD BE ASHAMED OF THEMSELVES!!!

    0 Votes
  • Ji
    jimn Dec 12, 2009

    I have been a customer for 18 years, and have never been late with a payment. I received notice that my interest rate would go from 8.99 % to 13.24 %. I made two phone calls, asked specifically why my rate was raised, and i was told that Chase had done this across the board because of the economy. I was assured that i was a good and valued customer. Chase has a strange way of conveying that. I was told that no reductions can be offered, but my account would be reviewed every 6 months and I may be offered a lower rate at some time in the future. This was after being assured that there was absolutely no concern with anything about my account. Summary, Chase had been getting 8.99 % from me, and demands 13.24 %. I will l pay off my card and Chase will get 0 %.

    0 Votes
  • Mi
    michael boyle Jun 03, 2016

    All this began not long after Chase Bank bought First USA bank card. We had First USA for 15 years. ALWAYS RATED 1. Sometimes we ran it up when we were doing rehabs (buying old fixer uppers) and turning them over. We had at the time a 51,000 credit line on one card and a 30,000 credit line on the other a 15,800 Discover card available credit line And a 15,000 Capitol one line. At the time we were just finishing up a job and were using Discover because of 5% cash back and we were at about the limit on only one card, Discover our balance on first USA was 21,000 on one and about 8,000 on the other I had gone to Intercity lumber to buy cedar for the screened porch and when I gave them the first USA card, it was declined... I used the other first USA and it was declined as well and boy was I floored!. After I got home I called First USA who told me they were now Chase. I said ok so what gives with the decline. They then proceeded to tell us that they had sent us a letter informing us that since we were at the limit of Discover, we were a poor credit risk. Now understand that just 9 month earlier we had paid off both of the First USA balances WITH A 50,000 PAYMENT and we were at ZERO. They had reduced our available credit line and destroyed our beacon score and that as a result of the discover card they felt it necessary to raise our interest level to 29.90 percent after we had had 8.99... this change our monthly payment from about 400 a month on one and 300 a month on the other to 3200 per month on both. We couldn’t keep up and we couldn’t surf the card because our beacon score was toast! But we did get the house finished finally and paid them off. And since have not fallen behind on anything! With reference to the home mortgage please see accompanying paperwork for explanation.

    0 Votes
  • Da
    David Jun 03, 2016

    Chase raised our apr on an account that had 3.99 till paid off to 21.99 for no reason perfect pay record on all accounts. The only thing they kept telling me is they sent me a notice a month ago and I had 3 days to opt out and I didn't respond. I never got it. They suggested that I use some other companies 0% introductery offer to transfer my Chase debt to and when Chase offered me a new deal I could come back. Fat chance. Now I am watching the mail for when they send me notice thatt they are going to charge me $10 a month more and increase my payment to 5 1/2 % . I hear it is comming.

    0 Votes

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