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Chase Credit Card / promotional rate change

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JP Morgan Chase
Like many other people who have posted complaints about Chase's unconscionable change in promotional rates, I never received the notification which Chase allegedly sent in November, 2008. I called their customer service number to request a copy of the notice, and the representative agreed to send it. What I received from Chase, however, was a note claiming I had agreed to the change in terms involving a higher interest rate.

I called back to advise Chase i had never agreed to a change in the rate, and that I had only requested a copy of the new terms. The high-handed, snooty supervisor I spoke with said that there is no way Chase can send a letter describing the terms without actually changing the terms. After further, heated discussion, he said they will change my terms back to the original promotional rate with the higher minimum payment and the $10monthly service charge. We'll see if this happens. In the meanwhile, you would be well advised not to request a written statement of the terms if you just want to find out what they are.


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A  23rd of Jan, 2009 by 
Agree Disagree 0 Votes
If you're interested, a law firm in New York City is investigating the $10 monthly fee for the possiblity of a class action lawsuit. Here's the link to the law firm and a form to file with them for more information:

D  23rd of Jan, 2009 by 
Agree Disagree -3 Votes
I would like to begin by stating that this IS NOT an official
statement from the bank, merely someone who knows something. The
follwing is merely my humble opinion.
A "fixed" rate merely means that it's not variable, that it
doesn't fluctuate with the national prime which is determined by the
Wall Street Journal. A variable rate goes up or down with the prime.
It doesn't mean the card company promises to never ever change it.
Also, the bank and the bank
alone determines the minimum monthly payment. You have a valid
complaint for being offered a low interest rate, but you were never
guaranteed a set minimum payment.

I found this in section IV of my Chase CMA:
"We can amend the terms of this Agreement at any time. We will notify you of what these amendments are. Subject to the requirements of applicable law, any amendment to this Agreement will become effective at the time stated in our notice to you and, unless we specify otherwise, the amended terms of this Agreement will apply to all outstanding unpaid indebtedness in your Account as well as new transactions."
You can try to sue, but it will be a waste of time, ultimately.
Also, I keep hearing about the bailout. It was directed toward mortgages and JPMorgan Chase is
not a big player in the mortgage field, so they got a relatively small
cut. It was intended to entice the banks to invest in bad investments,
in the hope that it would reinvigorate them and help the economy. This
was not a requirement however, and many banks are holding funds until
the market recovers. I do not know if Chase practices this. But it was
never intended for unsecured, personal, credit card debt. With the
downturn in the economy people aren't spending as much, and the bank
depends on that revolving credit. Also, the bank has to borrow the
money that they loan you, at an interest of around 3%, but I could be
wrong about that. When you're paying 3.99, the bank isn't making much,
if anything. And with things the way the are right now, Chase and all
the banks have to start hedging for the future. That's why they have
that clause in your cardmember agreement. It's in contents IV of your
cardmember agreement.
This isn't personal, it's business. (A side note, your credit card is
*a contract!* Like any contract, if you don't read your contract
carefully sometimes there are unpleasant surprises. The banks are
trying to weather this storm. Also try to remember that there are
millions of jobs to protect in this industry. )

For those of you that want to call and chew out Chase, I can't stop
you. But please remember that the voice on the other end of the phone
belongs to a person who has bills to pay like everyone else. The
people taking the calls didn't do this, they're just getting paid 10 an hour to tell you what happened. They hear the screeching and screaming and tantrum throwing literally a hundred times a day. (they take around 150-250 calls a day, abd about half right now are grown people throwing tanturms because they're surprised that Chase fell back on what is essentially an emergency clause in the contract. If you're number 87, you might have gotten an attitude because gee, you were screaming at them for not changning the bank's policy! Thye can't! It's a bank policy!! Yes it sucks, and yes, I'm sure it feels like
a slap in the face. But understand that this is a last resort. No
one's sitting in a shadowy room gleefully rubbing their hands
together. Stay calm and reassess. No one will blame you for
transferring your balance to another company.

You have a valid complaint in initially being offered a low rate, but only a complaint, not a lawsuit. You were not guaranteed a set monthly payment. You've got it confused
with auto and home payments. You were also not promised there would be
no maintenance fees.

This sucks, but it is entirely fair, like it or not.
D  24th of Jan, 2009 by 
Agree Disagree +1 Votes
To: someonewhoknowsbetter,

1. "I keep hearing about the bailout. It was directed toward mortgages and JPMorgan Chase is not a big player in the mortgage field, so they got a relatively small cut."

From: http://kevincolby.com/2008/11/17/jp-morgan-chase-bailout-bio/

"Along with Wells Fargo, Citigroup, and Bank of America, J.P. Morgan Chase received $25 billion as one of four of the original nine U.S. banks to receive money from the Treasury under its Capital Purchase Program."

2. "And with things the way the are right now, Chase and all the banks have to start hedging for the future."

By driving the consumer (their asset) into bankruptcy and closing their account. How does that help them weather the storm and protect "millions of jobs to protect in this industry"?

What that would do is set them up in a better position to ask for even more "Bailout" funds that I am paying for with my taxes.

3. "No one's sitting in a shadowy room gleefully rubbing their hands together."

There's a board of directors or at very least a greedy CEO that is scooping up the "Bailout" money and spending it to lobby Congress for more money rather than investing it in their real problems.

Trust this, there are some very greedy CEO's sitting in rooms right now knitting their little "Golden Parachutes" as we spiral downward into financial oblivion that could give a tinkers damn about anything but themselves.

4. Finally, while it is true that it "sucks", it is not true that it is "fair".

In these times of consumer strife and bank "Bailouts", I find it abusive, immoral and borderline usury, legal or not.

I personally think they should have been allowed to FAIL. Unfortunately, that is no longer an option.

If you really want to screw something up, I say get the government involved, but at this point, I truly believe that the government should step in and break up the really big banks to provide for more competition in the marketplace. 3 or 4 ultra-wealthy banks consorting with each other is NOT competition.
D  24th of Jan, 2009 by 
Agree Disagree -1 Votes
1 I said a RELATIVELY small cut. Yes, Chase got 25 bil, but it was not intended for personal credit card debt, it was for mortgages and bad investments. Also, it was almost no strings attached. So, rather than invest in bad investments, many banks are playing it close to the vest and waiting until the market improves. I can't personally say I don't think that's not cool, but even if they had done just what was intended, it wouldn't have impacted PERSONAL CREDIT CARDS.

2 OK, I'll say it. The accounts that are having this done aren't generating enough revenue for the bank to even offset maintenance on the accounts. They *want* you to transfer your account to another balance. They can't afford to keep funneling money into accounts and not get any returns. They are LOSING money with you. Go.

3 J. P. Morgan isn't alive anymore. There isn't one big fat patriarch buying diamonds for his poodle. This industry supports millions of families, and Chase hasn't had to cut many jobs, thank god, nor do they intend to if they can avoid it. Should Chase slash a hundred thousand jobs so you can save $40 bucks a month??

4 It is fair. The contract states the bank can change the terms at will and up til now, they haven't had to. If you're not reading your CONTRACTS that have tens of thousands of dollars on them, and are plunging yourself headfirst into debt and outspending your earnings, that is YOUR fault. Suck it up, and grow up. Start living within your means.

a PS for the first post: The operator wasn't high handed or snooty, she was exhausted and tired of hearing grown people crying and expecting someone else to solve their problem.
N  24th of Jan, 2009 by 
Agree Disagree -1 Votes
Forgive the suck it up remark. It's just that I work in customer service and even I get tired of hearing grown people have tantrums becuase "It's not fair" How many times did your mother come right back with "Life's not fair"?
N  24th of Jan, 2009 by 
Agree Disagree -1 Votes
last post, i promise. my friend pointed out that I sound like I work for Chase. Lest they get sued over my mouth, let me make it explicitly clear that i do NOT work for Chase. I do work in CS though, and have friends in the finance industry, so I have some empathy. But enough out of me, I merely hoped some information would help you understand. Some people just love to comlpain about the injustices of the world, I guess, and who am I to stop them?
N  24th of Jan, 2009 by 
Agree Disagree -1 Votes
CS=customer service
D  26th of Jan, 2009 by 
Agree Disagree +1 Votes
To "someonewhoknowsbetter:"

I am the poster of the initial complaint. If ever there were a misnomer, "someonewhoknowsbetter is it." First, you completely missed the point of my posting. It was simply that you should not ask for a written statement of the new terms unless you are willing to agree to the new terms. Chase will take your mere request as agreement.

Moreover, the issue is not as one-sided as you imply in your simplistic ramblings. Chase made a promise to those who took advantage of a promotional offer to extend the low interest rate for the life of the balance. Irrespective 9of any right they reserve for themselves to change the terms at will, they made a specific promise which they are now trying to evade through subterfuge. If you had any understanding of the law of contracts--which you don't--you would appreciate that specific terms, such as the low-interest promotional offer good for the life of the balance, take precedence over general terms, such as a general right to change terms at will.

You were not privy to my conversation with the customer service supervisor. On what possible basis, then, do you challenge my characterization of the supervisor's attitude?

And on what possible basis do you question the motives and character of the myriad people who have complained about this issue, none of whom you know?
A  10th of Feb, 2009 by 
Agree Disagree +2 Votes
Richard P,
Chase pulled the same fraud with me (claiming I agreed to the 7.99% rate change via a phone call). Do not call Chase to complain people! Write them and keep documentaion. I've filed my complaint regarding this fraud to my state's attorney. Whether or not Chase can change the terms of a fixed rate blanace is one thing (which will likely be decided in court), but when Chase engages in fraud, its a whole new ball game. Claiming a person agrees to something when that simply is not true, that's fraud.
A  14th of Feb, 2009 by 
Agree Disagree +1 Votes
WAKE UP AMERICA, we are all like a bunch of sheep, me included. It's a SAD day when you cannot trust an institution as big as Chase. They HAVE NOT stood behind their agreement to borrow us the funds UNTIL PAID OFF (oh, I guess that includes their requirement to pay the balance off now if you don't like their terms) at the promotional rate. Forget the fact that we paid a fee up front and have made payments on time and complied with Chase's requirements. Being a good paying customer doesn't count anymore, they want you to fail, so they can make more money from us. So maybe their intent was really to have us default on loans so they could charge the higher interest rates. FYI: Someonewhoknowsbetter, I also worked in Customer Service for over 25 years at one of the four banks that received funds from the government and I can tell you that institution has a much better sense of how to treat it's customers. They would NEVER do something like this!! By the way the area I MANAGED was research for customer complaints and if one of my employees had treated one of the banks customers the way I was treated when I called, they would have been fired! How Super SAD that workers must lower themselves to this kind of crap to keep a job. Let's hope they have some influence and tell their managers how much stress this creates for them. Have you read the Class Action Lawsuit that's been filed? My first conversation with the customer service rep. included my statement to her that there will be a class action law suit and I will be glad to be a part of it. UGLY UGLY UGLY BANK And SHAME ON the person who made this decision to "Make" more money off the backs of hard working American's who are responsible people. I guess if you can't collect from those who default and don't pay, then you'd better punish those who do pay. Are We Stupid?? Just imagine what would happen if the majority of those who have debts simply quite paying...wouldn't take long for the whole country to really collapse. Let's hope Chase "feels" the impact this will have on their customer base.
N  14th of Feb, 2009 by 
Agree Disagree +1 Votes
Richard P and Imachasehater2: Same thing happened to me regarding not getting the notification of the changes and then received "the" letter saying I had agreed to the new terms, etc. of 7.99%. I contacted them immediately upon receiving that "lie" letter. Demanded they change my account back to what it was and they compiled. My current statement for Feb reflects the "old" 2% payment requirement, refund of the $10 Service fee and the interest rate reflects the 3.99%. I will have to check on line to see if that's what it still shows. Have a good Day.
D  15th of Feb, 2009 by 
Agree Disagree -1 Votes
Everyone here has to understand that this is a business.. you have the choice to stay or go if you dont like it leave.. here is an anology: I used to shop at the grocery store at the corner because it was close and convienient and suprisingly cheap prices however over the last 2 years prices have started going up i didnt understand he stated that because people are stealing his grocery carts and his cost of product has gone up he had to raise prices.. same situation not my fault people stole the carts or his prices have increased but I also cant expect him to take a loss on me he has a business to run.. so i chose to go somewhere else now..

Chase is no different they want these people who are only half a percent of thier customers to go somewhere else.. so do it stop complaining and do what you have to do to support your families or stay afloat. however dont complain when in 2 or 3 months other banks are going to be following their lead and doing the same thing we have a horrible out look for the future and chase has to stay in business and if that means upsetting customers who are costing them money then i say "so be it"

and lastly stop thinking that if you pay your balance in full or that you have a high credit score or that you pay more than your minimum payment makes you a great customer cause it doesnt.. you are a great customer based on the amount of money you make the bank the more finance charges you pay the more valuable you are.. this only makes sense if you owned a store and you pay 50 cents for a loaf of bread and sell one loaf to 1 customer for 60 cents and one loaf to another customer for 80 cents you of course would want customer number 2 that customer made you more money...
A  20th of Feb, 2009 by 
Agree Disagree 0 Votes
Hey Mr. someonewhoknowsbetter:

Lets face it, your an a$$. Go somewhere else with your rhetoric as you're comments are unwelcome here. I actually know people who work for Chase and they are pissed off that the execs are doing this. Chase is blundering again (you should see how bad their IT shop is, people are leaving left and right).
A  21st of Feb, 2009 by 
Agree Disagree 0 Votes
Oh, and if you don't believe me, go read about the hundreds of other people screwed by Chase here:

A  20th of Aug, 2009 by 
Agree Disagree 0 Votes
When you took advantage of a promotional rate which was good till the balance is paid off..that is a contract. I have never missed a payment and have been an excellent customer. I have 22, 000 on a 25000 credit line with a 450 month payment. Imagine my surprise when chase decided 2% payment was not enough for the minimum and I had to pay 5% a month or 1150/month. I was held hostage to accept a 7.99 rate so that I could keep my monthly payments reasonable.
I took advantage of these low rates and consolidated all of my other cards, Paying a fee in transfer balances which I think was 3% each time. It is not my fault they are not making much money off my account. Chase made the offer and provided me with a high credit line so I took advantage. Now they have turned the tables on customers and are taking advantage.

All I am saying is that Other card companies have said they were changing the terms of agreements and if you did not accept the new terms, they would close the account and you could pay off the current balance under the old terms. Chase did not offer this or anything The consumer had to either pay more a month (almost tripple) or accept 7.99 until June 2011 wiping out the 3.99 4.99 or 5.99 rates that were offered until the balance was paid off.

My account will be paid off and I will never support JP Morgan/Chase products ever again. Not having good customers must be the goal.

I can't even imagine how many accounts will be forced into deliquency with these changes. The customer was defin. put last here.

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