Chase / interest rate increase
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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