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Chase Credit Card / $10 fee and minimum payment due

1 United States Review updated:

Beware all Chase credit card holders. Starting this month, Chase is charging a $10.00 monthly service fee and raising the minimum due on balances from 2% to 5%. Everyone who took advantage of low interest rate balance transfers will be subject to these new charges even though you transferred your balances in good faith thinking that Chase would actually live up to the conditions they themselves set forth. They are liars and cheats and we are bailing these people out. It is time for a class action suit to make them live up to their promises.

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  • Ri
      22nd of Jan, 2009
    0 Votes

    We just had the same thing happen to us about the chase credit card charging a $10 transaction fee and raising our payment from $38 to $95 saying we had to pay 5% instead of the 2% we have been paying. We have had no new transactions and have never been late on a payment! How can they do this, I am going to find out and if a class action is required, I want in on it. If anyone has any information on how to handle this situation please leave a comment or even e-mail me at rick-tonisanders@sbcglobal.net and I will really appreciate it.

  • Ja
      22nd of Jan, 2009
    +1 Votes

    Just opened my statement. It is outrageous!. $400 monthly payment became $1000 plus $10 to add insult to injury. I am not even sure if I can afford it without jeopardizing my budgetary responsibilities. Anyone has any idea how to handle this?

  • Bl
      22nd of Jan, 2009
    0 Votes

    Chase offered to eliminate the $10 additional finance fee and charge the min payment if i agreed to a higher interest rate. What nonsence!
    Chase isn't honoring its present commitments, what possible assurance ca it provide that it will do so in the future. Once I pay off the cards, I will no longer do any business with them. I hope Case is not getting a piece of the federal bailout.

  • Jo
      26th of Jan, 2009
    0 Votes

    I got the same situation. I was their loyal customer for many years, and never missed a payment. They always find a way to squeeze more money from you. When the current market trouble unfolded I thought I was safe with my low interest credit card balances. I considered Chase still a reputable credit card issuer. (I lost my trust in Chase as a banking institution eight years ago when they screwed me badly by holding for 7 business days my money needed for the house down payment...)
    Technically speaking they have not touched my 4.99% promotional rate, which they guaranteed until the balance is paid up. Instead they introduced a $10 monthly fee (not an annual fee for a "no annual fee" card) and a new requirement to pay 5% of the balance a month. They hope to see customers with low rate guaranteed balances to start failing their monthly payments, so they can apply default annual interest rates of about 30%.
    I believe, they will get what they want if there is no CLASS ACTION low suit. Any lawyers out there?

  • Ri
      27th of Jan, 2009
    0 Votes

    RIGHT ON !

  • Ri
      27th of Jan, 2009
    0 Votes

    Right On !

  • Pe
      27th of Jan, 2009
    0 Votes

    I'm in the same boat. I've signed up at

    http://www.gslawny.com/lawyer-attorney-1383679.html

    as interested in a class action suit. I've also contacted my senator, my congresswoman, the senate housing banking and urban affairs committee, the banking comittee in congress, the fed, the FCC, BBB, and...I'm sure that I am forgetting something.

    These crooks are bound to beg for more taxpayer money, so giving your representatives an earful about their predatory behavior may have an effect if there are sufficiently many complaints. I think this is way worse than the coorporate Jets from Detroit.

    Peter

  • De
      29th of Jan, 2009
    0 Votes

    The same thing has happened to me. I don't care for lawsuits, but they have went to far. I'm all in for a class action LAW SUIT!

  • Ji
      30th of Jan, 2009
    0 Votes

    The class action complaint was filed on 1/28/09. Here is the link to a copy of the complaint:


    http://www.gslawny.com/files/chase_credit_card_complaint.pdf

  • Br
      31st of Jan, 2009
    0 Votes

    I'm signing up also. How can we put pressure on them to fix this - I've sent email to Lou Dobbs at CNN. I'd like them to get as much press about this as possible. My minimum on my 3.99% fixed when from $404 to 995 per month. Of course I was offered to just simply pay off my card, keep as is, or agree that they could charge me 7.9%for those balance tansfers with no monthly fee that is good until 2011. In 2011 the charges would move to normal every day purchase rate that is currently 5.24%!

  • Ca
      1st of Feb, 2009
    +1 Votes

    I too am a discontented customer of CHASE Bank, but the agreement of a fixed APR until the balance is paid off has not changed. The fixed APR on a balance transfer can only change if you, the consumer agree to the change. However, this doesn't mean the credit card company, i.e., bank can not impose ancillary fees to make up for any lost profit.

    The only changes are that CHASE has instituted a $10 monthly "Service Fee" and have increased the minimum percentage due of the outstanding balance from 2% to 5%. Which is within their Rights.

    I am sure that somewhere, blended among the legalese of your original *Card Member Agreement with CHASE you will find the following:

    "Rates, fees, and terms may change: We reserve the right to change the account terms (including the APRs) at any time for any reason, in addition to APR increases that may occur for failure to comply with the terms of your account."

    I would like to call your attention to this clause:

    "Your APRs may increase if you default on this account for any of the following reasons: We do not receive at least the minimum payment due by the date and time due."

    And now for the one clause that rules them all:

    "We can change this agreement at any time, regardless of whether you have access to your account, by adding, deleting, or modifying any provision. Our right to add, delete, or modify provisions includes financial terms, such as the APRs and fees, and other terms such as the nature, extent, and enforcement of the rights and obligations you or we may have relating to this agreement. Modifications, additions, or deletions are called “Changes” or a “Change.

    We will notify you of any Change if required by applicable law. These Changes may be effective with notice only, at the time stated in our notice, in accordance with applicable law. Unless we state otherwise, any Change will apply to the unpaid balance on your account and to new transactions. The notice will describe any rights you may have with respect to any Change, and the consequences if you do or do not exercise those rights. For example, the notice may state that you may notify us in writing by a specified date that you do no want to accept certain Changes we are making. If you notify us in writing that you do not accept the Changes, your account may be closed (if it is not already closed) and you will be obligate to pay your outstanding balance under the applicable terms of the agreement. If you do not notify us in writing by the date stated in the notice, or if you notify us but then use your account after the date stated in the notice, you will be deemed to accept all Changes in the notice and to accept and confirm all terms of your agreement and all Changes in prior notices we have send you regardless of whether you have access to your account."

    If possible, I would suggest that you make your minimum monthly payment just as soon as you receive your statement. And, just to be on the safe side, make a copy of your statement for reference should you not receive one as you usually do so that you can still send in a payment without their statement.

    While the credit card companies probably won’t send someone to break your legs for making a late payment or no payment at all, they can make you very unhappy and ruin your life.


    *The card member agreement provides the terms and conditions of a credit card account. This agreement is required by federal law as a consumer disclosure. It also represents a binding agreement between card issuers and their customers.

  • Bj
      2nd of Feb, 2009
    0 Votes

    I had the same thing happen to me. My $253 payment jumped over $600 per month. When I called them, they cgave me the same story about $10 fee or change to different rate and I would continue at same month payment. When I pressed the issue, I told them to lock my interest rate and monthly 2% payment and close my account. They complied.

  • Bo
      2nd of Feb, 2009
    0 Votes

    Lets get them back!! Lets all buy just 1 share of thier stock in every brokerage account you have. This way they have to send you multiple annual reports ect. Think of what this will cost them if the est 400, 000 customers who they are doing this to buy just one share. My 5 shares will sit in different accounts till the day I die. That breach of contract will cost them big time.

  • Jo
      3rd of Feb, 2009
    0 Votes

    Same thing happened to me $10 month fee...double payment and I was never late...those ###... Join this class action and make them pay. Also email OBAMA, Banking committee members, Office of the Comptroller of Currency, the Attorney General and the newspapers...
    Joules

  • Pr
      3rd of Feb, 2009
    0 Votes

    Me too 191/month to $475 I had to take the 7.99 ... I read the class action, I hope that it works. I thought i had my debt in the right place ... boy was I wrong. if the banks keep doing stuff like this they are going to create so much more default and people just wont pay cause they can't. Who will care about credit if no one has any. 2012 you only have 1 bankrupsy, your ok, we'll lend to you.

  • Tw
      3rd of Feb, 2009
    0 Votes

    http://www.gslawny.com/lawyer-attorney-1383679.html, get on the record. They won't get away with this one, consumers sit on the jury, not corp. execs. Finally...

    In January 2009, Giskan Solotaroff Anderson & Stewart filed a class action lawsuit against JP Morgan Chase & Co. and Chase Manhattan Bank USA, N.A. (collectively, "Chase"), on behalf of a class of customers who have been charged a monthly service fee on balance transfers to their Chase credit cards that have low fixed APRs for the life of the loan.

    In Chase's original agreement, Chase represented to its customers that to keep the low interest rates, the customers must only make timely required payments to Chase and the customers' creditors. As set forth in the complaint, lead Plaintiffs allege, on behalf of a class of similarly-situated customers, that Chase imposes, in violation of Federal and State law, a $10 monthly service charge and an increased minimum monthly payment on customers who wish to maintain the promised low fixed APR.

    To obtain more information about the lawsuit, please use the form below.

    Note that Giskan Solotaroff Anderson & Stewart will handle all received information as strictly confidential.

  • Ha
      6th of Feb, 2009
    0 Votes

    I received January 2009 statement and I was also affected like other people who had blance transfer done.

    $10.00 service charge was under Purchase column which will get 17.99% apr which eventually will accurmate until the transfer payment is paid in full.

    This can grow 120.00 per year and plus 17.99% additional apr charge.

    I am not happy with this and I also added to the


    http://www.gslawny.com/lawyer-attorney-1383679.html

    Thanks,

  • Ja
      6th of Feb, 2009
    0 Votes

    What a load of Dookie, We have also accepted the B.S. 7.99% just to maintain the 2% payment but WE WILL PAY THIS OFF AS SOON AS POSSIBLE and then we will charge a .42 cent stamp to the card (we have four) and use that stamp to process a .42 cent payment by check to them and make sure we get a paper statement. We will do this until we die as well and I love the idea of buying one share and insisting on an annual/bi-annual/weekly/daily report from them and if you are sitting around watching some TV give them a ring during commercial breaks to tie up customer service (I doubt they have any). DO WHATEVER YOU CAN TO COST THEM MONEY. We have e-mailed everyone we know to ask if they have Chase accounts of any kind and if it is banking have them close it if it is a spurious Credit Card do whatever possible to make chase's life a living hell. Short of breaking the law I will spend my time messing with their existence. PLEASE DO THE SAME!!!

  • Cb
      7th of Feb, 2009
    0 Votes

    Everybody should go to:
    http://www.helpwithmybank.gov/complaints/complaint.pdf
    Fill out the form, and fax it in. Maybe pressure from the Comptroller of the Currency will force them to live up to their original agreement. Especially after taking the $25B bailout money. Couldn't hurt!

  • Gr
      9th of Feb, 2009
    0 Votes

    Well Miracles do happen, Chase refunded my $10 service fee and returned the interest rate to the agreed upon special rate as stated in the promotion of two years ago!!

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