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Chase Credit Cards / scam charges

1 United States Review updated:
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In January 2009, Chase Credit Card sent me balance transfer checks so I could use my credit limit of up to $12, 500 at a fixed rate of 7.99% until balance paid off. I have a spotless credit history and have been a good customer of chase for at least 10 years. At the time the account had a $0 balance. and I had not used the account since January 2006. On the checks, a note was indicated that as long as the check cleared by 2/28/2009, I would get the 7.99% fixed rate. This attractive offer made me write two checks to pay off higher interest rate cards in early February 2009. (1) $9, 000 to Discover (2) $1, 100 to Banana Republic.

On February 17th, I received an odd folded post card (that appeared like junk mail) from Chase Cardmember Services with a note that the first check 'was declined because of a closed account. In accordance with you Cardmember Agreement, your account may be charged a fee for the declined check.' Sure enough, when I called Chase, a $39 fee had been assessed on my closed account. Imagine that. A fee added to a closed account. I first spoke with 2 customer service representatives who refused to offer help and hung up on me. On the 3rd attempt, the representative kept telling me that he couldn't refund the fee. I started demanding action. Finally, he connected me to a supervisor who said he will refund the fee over the next few days on my account. Still 3 problems : 2nd check has not yet declined which will likely post a fee, Discover card will probably assess a fee, and Banana Republic will assess a fee.

Obviously, the problem will likely become demanding refunds for 4 fees assessed because of Chase's fraudulent practices. This is thievery. Given that banks have been bailed out with tax payer funds, this has got to stop!! We need serious law changes on how credit card companies operate and more regulation to protect the consumer.

I have ready other scary complaints on here about Chase trying to change interest rates on low interest rates that were supposed to be 'fixed until paid off' which I have quite a bit of balance at these rates and have maintained perfect payment histories religiously.

If you experience problems, please report them as well so we can leverage the ploy of average Americans and take charge of these nasty banking practices, particularly in the current economic situation.

Vi
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Comments

  • Ja
      21st of Feb, 2009
    0 Votes

    I commented on another post but I'll post here as this is even more applicable. They offer me something I cannot refuse. 2.99% for the life of the balance fixed -- not variable. I read the fine print, it was good. I spoke with the Chase bank manager about this and he shook my hand, saying, " no problem, it is as good as our home loans--only a better rate." He confirms that the only thing that would move my rate higher is if I paid late, I default or my credit tanked. No worries there, I'm at 749+ score with all 3 bureaus.

    Fast forward one year. Chase increases my regular APR from 7.99 to 29.99 (no reason, all of my accounts are in good standing.) Then they reduce my credit limit to just above my balances. Pissed yes, but no worries. I continue making payments on time.

    Now they send me a notice (Jan 09) that all my fixed for life promotional rate is going away. No opt out feature, its just going to happen in April 09. (says the customer service person).

    Chase took 25 BILLION in taxpayer money with the bailout. They were supposed to use it to pay bad debt, instead they bankrolled it (there is no supervision of the bailout money by the way). They are also using it to lobby congress to veto credit card reform.

    Chase follows the new credit model. They actively search for people who may have difficulty paying off debts and target them with balance transfers and debt consolidation offers. After getting in over their head, they bait-n-switch and frak them over. In an internal Chase meeting this policy was disclosed and the informant left Chase after he found out how crooked they are.

    Luckily, I am in a position to pay off Chase in full on this. A lot of people are not so lucky and this will be the straw that breaks the camels back for them. I feel bad that our government backed such a crooked company like Chase, but then again, it is our government. No stretch there.

    To all the flamers who would respond to this and with only the intent to tear up my comments: Go ahead. Maybe your a Chase Zealot in disguise, some CEO in his gold leaf pajamas who has to beat up on the person who got screwed by your company and has the balls to tell their story. Those reading posts after this will easily tell who is telling the truth and who is covering for Chase.

  • To
      27th of Feb, 2009
    0 Votes

    I wish I had a $39 fee. I have a large credit line and am constantly being sent convenience checks. They had always had a 3% FEE TO A MAXIMUM of $99 for each check. Without reading the fine print, I used two checks for $75, 000. I had a choice of using the $99 checks but I picked up the most recent checks I had and used them there was a 3% no maximum fee. I was given a total of $4, 500 to use the money for one month. They were unwilling to budge. That was a lot of money for my justing grabbing the wrong check.

  • Da
      27th of Mar, 2009
    0 Votes

    The raised our limit and sent us checks at the same time. Paid off the Chase account and used a check to transfer balance from higher card. After they received the payment and the check they decline the check and lowered my balance. All of this happened in less than two months.

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