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JPMorgan Chase

JPMorgan Chase review: $10 fee and minimum payment due 44

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12:51 pm EST
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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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44 comments
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John
, US
Jan 26, 2009 3:16 pm EST

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?

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blaise
Albany, US
Jan 22, 2009 5:39 pm EST

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.

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JaG
GNV, US
Jan 22, 2009 5:39 pm EST

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?

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Rick
Oklahoma City, US
Jan 22, 2009 2:12 pm EST

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.

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