Chase Credit Card / rate increase and cash advance payments
My promotional fee went from 10.24% to 12.24% and I had also noticed that the cash advance total with a higher interest rate of 19.24% was not being paid off with my regular payments that are normally over the amount due. I wrote to Chase and asked them to apply the overage of my payments to the cash advance as I did not want the amount to keep increasing with the higher interest rate. They wrote me back and told me that they only apply the payment to the lower interest rates first and don't have the option to apply any extra payment money to higher interest amounts until the lower interest amount due is paid off. That is unfortunate and unfair as it will be a while before I pay off the $5700 with the now 12.24% interest. They offered to refund me the overage of payments I have made in the past years. They never did explain why my rate went up from 10.24% to 12.24% when I've been making my payments on time and over the amount due. I've always believed that when you make payments over the amount due, it gives some credit carte blanche. What a rip off! I am going to find another credit card company to transfer the total balance and get out of this scam as soon as I can!
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