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Chase / interest rate increase

1 United States Review updated:

Today, I received a letter that they were raising my interest rate by 50%. Last year they offered a 'US Postal Service logo' VISA card to employees at 7.99% so a lot of employees transferred balances over to save money. Now that we have $7k due they are changing the terms.
We canceled 2 other bank cards when we transferred the balances and have been paying $450 @ mth to pay down the balance.
Our FICO score did not change nor did any other conditions of our family.
When asked WHY the rep said the company is making this change because they are not profitable enough on credit cards!!! But I always paid my bill each month before the due date, no late charges, no over balance.

Only remedy is to write to them to decline the change in terms, cancel account, continue to pay down balance until they change those terms and I need to win the lottery to pay it off in full. Did this instead of a home equity line of credit (prime is 4% today) because we didn't want to go through closing paperwork. They're making more money on us for cc interest than HELOC but they're not happy with that either???

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  • Da
      6th of Feb, 2009
    +2 Votes

    I got the same one, only I'm closing all my accounts with Chase. Sounds like they are trying to beat the Credit Card Bill of rights in congress. Raise the rate now while they can rip you off!!! I will never do business with that bank again. I wonder what they would do if I went to the with a CD and said I am not making enough off them so I will arbitraily raise the rate for no reason. To bad congress is giving them a monoploy.

  • Bw
      12th of Feb, 2009
    +2 Votes

    I am a victim too, I was guaranteed my current fixed rate by Chase for as long as my account was in good standing, for the life of the account. Guess what now my interest rate will double, and the rep I talked to was basically like, Oh well we can do what we want to in the end, despite of what we guaranteed you. So I will be canceling my account also. Chase is a SHAMELESS DIRTY ### WITH A DISEASE INFECTED WHORE FOR A MOTHER!!!

  • Ly
      17th of Feb, 2009
    +1 Votes

    Chase is a horrible company. I have had a wamu card for a long time with a low interest rate. I have never made a late payment and always pay more than the minimum due and I also have a very good credit score. One of the reasons why I had a card with Washington mutual was because they were very easy to deal with and never raised my rate. I had offers from chase before they took over wamu, but never wanted a card from them because I knew they did things like raising rates on long term customers with good credit. Chase has more than doubled the rate that I had with wamu. You would think that in a time when the economy is so bad and a lot of people are struggling with paying bills that interest rates would remain the same for those already paying their bills, but hey let’s make it harder to pay bills for people by more than doubling their interest rates. Good going chase, so when more people are forced into bankruptcy, who’s going to pay you.

  • Ch
      10th of Mar, 2009
    +1 Votes

    I had a Washington Mutual card, which we all know, was bought out by Chase. I went to check my balance and their site was down for about a week. I was finally able to check my balance yesterday and I found out my APR had gone from 8.99% to 19.99%!!! How can they do this?? I called Chase to fix what I thought was a mistake and the ### I talked to just kept apologizing. I said I don't want you to apologize I just want you to put my interest rate back to where it was! I am happy I only owe about $500 on this card so I can cancel it as soon as this is paid off. I will NEVER do business with anyone at Chase again and I would urge others not to as well.

  • Pa
      13th of Mar, 2009
    +1 Votes

    Screwed me too!!! had my card for 10 years .I was an original Providian cc then WAMU which honored Providian, Chase takes over and raises my rate form 9.9% to 22% This is plain robbery. So we give all the banks stimulus money then they take more form our pockets. You gotta love capitalism


  • Th
      16th of Mar, 2009
    0 Votes

    In November of 2007, Chase Bank announced that as of March 1, 2008, it will no longer increase the interest rates of cardmembers based on their individual credit-bureau information. They join fellow card-issuer Citibank, which also announced earlier this year that they would be eliminating "any time for any reason" fee and rate increases for their customers. The actions taken by these banks represent positive steps in eliminating universal default, a common but often criticized practice. Universal default is when a credit card company raises a customer's interest rate because he or she made a late payment on another, usually unrelated bill.

    After March 1, 2008, Chase indicates that they may raise a customer's interest rate if they violate the terms of the cardmember agreement by making a late payment, exceeding their credit limit or by making a payment with insufficient funds. When faced with a rate increase, Chase additionally plans to offer cardholders a way to lower their interest rate through a program called "rate reset". The "rate reset" program is basically an automatic payment plan where the customer must show consecutive on-time payments for a period of 12 months, after which their rate can be "reset" to the original lower rate.

    These announcements are positive developments for consumers and the credit card industry as a whole, but much more work needs to be done. For more information on all issues associated with credit, credit scoring and credit cards, order Welsh's book "Good Credit is Sexy". "Good Credit is Sexy" is available from for $24.95 or directly from the author¹s Web site at or call toll-free at 1 877 933 6932.

    What a joke!

  • Jo
      16th of Mar, 2009
    +2 Votes

    Never had a late payment in 10 years of having a Providan card - paid down to zero several times, and they raised my rate to 24%. Due to the swirling cess pool of Chase having picked up WAMU and Providan - and I had a card with Chase, already - always paid on time and more than the minimum - like or not, I was made a customer of Chase. I just paid off $10, 000 - and will be closing my former WAMU bank account tomorrow.

    Boycott Chase from now on. This economy is going to turn around, remember who screwed you over when the going got rough, and they could take advantage of people's misery.

    Boycott Chase - get them out of your life now.

  • Ch
      22nd of Mar, 2009
    +2 Votes

    I had a FIXED rate with Chase which was, as of March 1, changed to a variable rate and an increase in my APR. They told me what a good customer I was: paid on time, used card consistently and typically paid above the minimum payment due. I was also told that this change was simply Chase deciding to change their policy. Period!

    I will be canceling the account and will NEVER business with Chase again. I am totally on-board with a boycott of Chase. As was stated by another person on this board, the economy will turn around. I will not forget those companies that are screwing over people...especially at such a difficult time for many of us. SHAME ON YOU CHASE!!!

  • Di
      26th of May, 2009
    +2 Votes

    Once again another happy (screwed) customer. As soon as we get out of this mess Chase has caused us we will not ever get involved with such a gready company again. We went from 9% WAMU to 25% CHase and have never ben late either. SO I say they can have there card (without the payment)

  • Do
      15th of Jun, 2009
    +1 Votes

    I had a "0" interest loan on a $3500.perchase, paid $200. per month, but did not recieve one months statement (Aprils) they socked me with a $850. increase to my balance and will not restart the 0 interest balance. I owe them $3200. now. What thieves!! I told the person on the phone that I have had this kind of problem with chase before. I can afford and will pay off the balance and will intetionaly avoid using them in any financial transactioon in the future. Don

  • Ia
      19th of Jun, 2009
    +1 Votes

    To the last poster I had a simular experience with Citigroup/citibank in which financed a $700.00 computer from Dell because of it being conveiniant(I received $3, 000.00 credit line)well what they didn't tell me was the purchase was deferred which basically mean't they wouldn't bill me for three months which I wasn't made aware of so after the three months had ended then I was sent the first bill in which accrued an extra three months of finance charges so needless to say that added up to an additional amount owed of $172.83 can you beleive this.
    It doesn't stop here though also having a Home Depot card which I used maybe once a year and on average charge less than $100.00 annually this past Christmas I put like $400.00 on the card and paid more than the min as I always do with all my credit lines, I then get notified by Citigroup that they were reducing the amount of my available credit of 40% in addition they were increasing the interest rate to an already inflated 22.9% to 29.99% of course I opted out and cancelled the card, then they have the gall to report that the credit line was cancelled by Citigroup what a bunch of liers and theives(if your report is manually pulled for example a mortgage or auto financing it will reflect negatively on your account).
    Now on to Chase I as well as other posters also had a couple of credit lines via WAMU, once Chase got a hold of the company I got a notification that the interest on one of the cards was going up the reason they gave was "In order for your account to stay profitable we must increase your interest rate" Don't you just love the word play it's my interest yea right.
    Wise up everyone Chase is nothing but a holding company for the Federal Reserve, they are a tool it's purposes is to make sure that banks whom get to large and start competiting with the Federal Reserve banks which btw one of them is Chase, then they allow those banks to fail by stopping them from getting loans from the Federal Reserve, then Chase the Reserves tool gets to buy out the supposed failing banks such as WAMU(which may I also add was cited just over a year ago as one of the soundest banks in the nation)the holding company aka Chase gets to buy out all of their assets for pennies on the dollar, guess whom approved and loaned Chase money to buy out all those failing banks? you got it the Federal Reserve, International bankers, were getting hit with all those bad debts and they get to profit while never paying a single cent on their earnings as they are tax exempt.
    Yea it's time we restore our Republic, we were never mean't to be a democracy as cited by Jefferson, Washington, Franklin, and Adams, that "there has never been a democracy that did not destroy itself", that's why they created our country to be a Constitutional Republic, and that's why those special interests have tried to replace our Constitutional Republic under Admirality law and the UCC.

  • Je
      28th of Jul, 2009
    +1 Votes

    I have had one of the Chase credit cards (Visa) offered to Postal employees for several years at a FIXED 7.99 interest rate. Just this past week, I got a notice (which was mailed bulk rate and looked like a piece of junk) and buried in the fine print, was notice that my rate would be rising to 14.99 in August. I am so mad I could spit! I called and the representative told me that "due to the current economic conditions, " all accounts' interest rates would be increased. Even though my account standing and credit rating is perfect, my rate is still going up. I opted out of the increase, cancelled my card and told them to, essentially, kiss my butt!

  • Da
      25th of Aug, 2009
    +1 Votes

    Chase can burn in HELL. Screw Chase and their management team. I closed my various accounts and will ### slap them to everyone I come into contact with. They can go piss in the winbd.

  • Mi
      30th of Aug, 2009
    +1 Votes

    I have an Chase card I had a zero balance on they raised my rate to 36% from 12% how stupid are they!? But I wonder who has the control because I had a wamu card and my balance on that card is at 14%. Obviously Chase doesn't want to come out of this bad economy at all because if anyone with a brain and decent credit will decide when they get a new credit card they won't touch Chase with a ten foot pole!!

  • Do
      31st of Aug, 2009
    +2 Votes

    Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!! Boycott Chase!!

    Well today I just about had a heart-attack when I opened my bill from Chase. I transfered a loan of 30K since they had offered me a fixed rate (till the amount is paid off) two years ago. Fast forward, 24+ TIMELY payments, my bill went from $300 to over $800!!

    I called Chase and asked why, and what is going on, they gave me the run around, I cannot afford to pay, I was having a hard time paying the $300. But it was paid on time, now with this no one seems to care at Chase, well know what I'm going to have to stop paying as I cannot afford to do so anymore. What happened to being fixed??? I NEVER received a letter before my bill, I'm a great customer, unfortunately Chase doesn't seem to care. Now I'm headed to collections, and you won't be getting many more of my money.

    I'm telling ALL my co-workers, friends and family to close their accounts and Boycott Chase, shame on you!

  • Ru
      9th of Dec, 2009
    0 Votes

    I got the same letter but mine added that if I close I have to pay off the entire amount IMMEDIATELY!! WTF! Since I cant do that I'm trying to pay it down as fast as possible and will then close. They did this on my WAMU-Chase card (I guess Chase bought WAMU).
    Today I got a notice that they are evaluating my other Chase card (my original Chase card) for possible hikes in interest. How can this be legal!!!
    I called them and they said a 'verbal shrug' - if I didnt like it I could leave.
    I informed them that I would not only leave but I would never bank with them again or any of their side companies and I'd inform everyone possible to stay clear of them.

  • La
      10th of Jan, 2011
    0 Votes

    chase is the WORST COMPANY I'm not working unemployment is ending and told them i'm willing to make payments but need to lower monthly payment they said no they send me to the hardship program and they told me at random i will never qualify for any program I ask why they said they dont know, they select cards and i'm one of them that will never ever be qualified. I have made every payment low or high I was on WAMU and my account was transfer to CHASE. Very unfair business dealings. I know they are a company and need to do what they have to but in this economy you would think. I have capital one cards and they help and have worked with me but CHASE EVILLLLLLLLLLLLLLLLLLLL company i'm going to change my checking account from them because this is crazy.


    i told the representative on the phone you guys should treat customers how you want to be treated your company might be ok now in this economy but you never know history shows you can be on top today and at the bottom the next WITH BUSINESS DEALINGS.

  • Iw
      7th of May, 2011
    0 Votes

    I agree with all the posting. If you look at their name "Chase" it's what they do best, chase people down for outragous amounts of money. Im sure in the end they will be the one's crying how unfair things are when they go under. Every time I hear someone tell me that they bank with Chase I cringe. Chase is worse than those payday loans. At least they tell you they will be robbing you up front. Chase is like a wolf in sheeps clothing. I can't stand to even see any of their commercials. Yes we can boycott them and warn others to do the same. Sorry to hear such sad stories. Hope everyone can keep their heads up and wait for the news when Chase goes under.

  • So
      24th of Nov, 2011
    0 Votes

    I just transferred the balance from my Chase card.I have never missed a payment and never got close to my credit limit but they decided to raise my rate to 31.99%, When i called to ask why i was told that is was the going rate now and there was nothing they or i could do.

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