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Chase Credit Card / rate increase and cash advance payments

1 United States Review updated:

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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Comments

  • Fl
      28th of Jul, 2009
    0 Votes

    I don't mean to burst your bubble, but unfortunately all credit card companies utilize the same unethical policies that Chase does. This includes Bank of America, Advanta, Citibank, First Equity, Fifth Third, etc. They took our FIXED RATE CARD from 7.99% to 16.99% after several years of excellent payment history. If you read the fine print, they basically can do whatever they want. The unfortunate thing is, even if it's not in the fine print they can still do whatever they want. I understand being in business to make money (as a business owner myself) but these banks are out of control and need to be stopped.

  • Wh
      27th of Oct, 2009
    0 Votes

    Unfortunately, we live in a time where we encouraged to live off credit cards. My advice is to stay away from credit cards and debit cards. I thought the purpose of these cards were to make customers life easier. Did you notice how we are constantly lured to use Debit and Credit cards for all our purchases through ads on TV? I am a business owner myself, 95% of my business sales is on credit cards. And of that 95%, I have to give back 5% to the credit card processing company through fees. I don't think customers are aware of that. Its no wonder companies are going belly up. We do the work, someone else shares in the profits. What gives them the right? Since the economic crisis I encourage my customers to pay me in cash now, not only does it bring me savings, it lets me pass the savings onto them. God knows we all need help right now. I'd rather give the money to people who really need it. And not these money hungry companies like Chase, who absolutely does nothing for customers. If you want to manage your money better, I say you pay off your credit cards and rely less on debt. Pay for things cash. If you don't have it, don't spend it.

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