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Chase Creidt Card / increase minimum payment

United States, New York Review updated:
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My wife had her hours cut. I took on a second job. We were proud that were working hard to keep our heads above water after medical bills almost sank us. We moved a large balance to Chase for their touted “Lifetime Low Interest.” It helped.
We’ve never missed a payment, never been late and were making progress..finally..after 2 years.
We have a 3 year old and are on a tight budget.
Our minimum payment just went from $200 to $500 a month. Instantly. We simply don’t have that money. We would have in a year or so as our hard work paid off, but we won’t now.
Everything has changed now. We can expect a huge hike in interest and fees as we can’t pay this, and of course, the other credit card we have will immediately hike our rates when this affects our credit.
It is almost as if they want thousands of people to default or declare bankruptcy.
It’s disgusting that this is legal in our country. It feels like bait and switch.
It’s amazing that the people at the helm of Chase can’t see how this is going to further hurt our economy. Of course the hurt to their customers who took their low rate offer and have been paying a fixed amount on time for the last year is of no concern.
Apparently, not getting paid is better than being paid in full following their original terms.
Working hard and trying to be a good guy, you really do finish last.
Chase offered two ways to "help"
Sign up for their "new" loan at a high interest rate and high minimum payment or talk to a certain CCCS company they work with.
I looked into this company...BBB revoked their membership and they have as many complaints as Chase does.
Thanks, Chase. Way to throw your customers who have never been late and always paid under the bus.


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A  27th of Jun, 2009 by 
Agree Disagree +1 Votes
I feel your pain. I also was notified and horrified!!! I am calling it the "CHASE 2009 PANDEMIC" as it includes 850, 000 cardholders, all of whom have never missed a payment or they would not have been targeted because of the low fixed APR that is not profitable for Chase...mine is 4.99 and I can't get that kind of return anywhere!!
Call the media, tell you friends, report it to your state reps. ALL 850, 000 cardholders need to make a very LOUD noise!!!
A  28th of Jun, 2009 by 
Agree Disagree +1 Votes
I emailed my representatives and senators and even sent an email to the white house requesting a response. We need to make our voices known all the way to the top. This is absurd and at the very least totally unfair business tactics. It has to be illegal. Maybe if enough of us scream loud enough, they will order an injunction against Chase that will prevent them from going forward with this atrocity. It can't hurt to spread the word so that enough people will make a statement.
A  2nd of Jul, 2009 by 
Agree Disagree +1 Votes
Check out credit.about.com...I am having a hard time believing that the last few posts are true. They were offered great deals. NOT what I was told when I called. Actually I have called 3 times trying to get a rep that isn't rude and is from the USA. Last time they told me to stop calling because my questions have already been answered!!! anyway read the blogs and let me know what you think.
A  6th of Jul, 2009 by 
Agree Disagree +1 Votes
I had sent a message through my online account with Chase commenting on my displeasure with the Change in Terms...They emailed back a canned letter but also reminded me in a VERY threathning way that they can now Close My Account for ANY REASON...Today I get this in my email


You recently received an e-mail response in reference to a question or concern regarding your Chase credit card. We need your opinion on how effectively we handled your contact in order to provide the best service to our customers.

Please take a few moments and complete the brief questionnaire, which asks about this particular experience with Chase.

Your participation now will help us provide you with the best possible products and service in the future.

Note: For your security, Chase will not ask you to provide any personal information while taking this survey.


Chip Hill
Senior Vice President, Customer Experience

I really don't think CHASE is going to want me to fill this out!!!
A  6th of Jul, 2009 by 
Agree Disagree 0 Votes
I called Chase regarding change in terms to raise my rate. Basically, the mailing indicated to pay the balance in full or accept the rate hike. I pay $200 on time every month trying to pay down a debt I acquired during my husband's job loss. The rep said my only option was to pay the amount in full or deal with it. The rate hike was due to the economy he said. And what about the consumers' economy?Aproximately $115 of my $200 payment goes to interest. Its virtually impossible to pay down. I few days later, I received a letter that Chase was lowering my credit limit to the remaining balance of my account. That was fine with me because I no longer use the card but, the minor dent I made to the balance proportion to the available credit is gone. I do not doubt that my credit score took a hit because now my account appears maxed out. I do not understand why they did this? I do not make late payments and always pay more than the minimu payment. I owe $5, 500 and it will take $400 per month for almost two years to wipe out my balance with the outrages "deparment store credit card" rate they gave me(close to 25%). I've been a good customer for three years now. Its so fustrating, not to mention, RIDICULOUS!
A  6th of Jul, 2009 by 
Agree Disagree +1 Votes
Check out the article on the following site, He did a great job!

A  6th of Jul, 2009 by 
Agree Disagree +1 Votes

Chase did NOT give you an option to OPT-OUT of a rate increase?!?!

That's the first I have heard of that, usually they allow you to opt-out if you close your account. You need to re-read that change in terms notice and make sure there is not a paragraph that states "If you do not agree with these terms you must write to us by such a date"
A  9th of Jul, 2009 by 
Agree Disagree +1 Votes
This comment was posted at banktime.com and sent me into a tizzy!!!

I let’em have it!!!

“The cardholders affected by the new minimums will be those considered “high risk, ” who have been less than diligent about paying their account scrupulously in the past…”
A  10th of Jul, 2009 by 
Agree Disagree +1 Votes
CHASE TRIES TO STEAL WEBSITE: Please read The article @http://www.free-press-release.com/news/200901/1231777439.html#comments
N  31st of Jul, 2009 by 
Agree Disagree 0 Votes
Until last night I have been in the same boat as so many who have complained about the minimum payment increase. While my wife was in school and doing her post-doc training and I was getting a small business up in running we had accumulated considerable debts. We owe over $38K to Chase on 3 cards (which Chase acquired via bank mergers).

Last night I was able to come to an agreement with Chase through their "Hardship Department". The three cards we received change of minimum payment notices on are now in the process of being enrolled in Chase's "balance liquidation program". We are going to be on a fixed monthly payment that is lower than our current payments at the 2% minimum, and the rate on all cards will be 2%APR. Payments will last up to 60 months. Payments need to be made on time, but a single "late" payment will NOT kick you out of the program. There are no additional fees involved but there is one downside - as each of the balances are finally paid off they will be "permanently" closed and reported to the credit agencies as "voluntarily closed" by me. That of course will cause a small hit on my credit score, but since we have no plans for major purchases and my wife is the primary income anyway, it seems to be a relatively small price to pay.

I made note to the person I spoke with from that department that prior front-line customer service reps were not very forth-coming with information about this program, nor did they offer to transfer me to that department UNTIL last night (my third call). It would seem that this IS the "opt-out" for "those who qualify", but that Chase's front-line people might need additional training to get customers who need this assistance transferred to the Hardship Dept. in a more expeditious manner. There was also some hint that there may be other "hardship" programs and/or terms available, depending on what you qualify for.

Sincerely hope this helps, my wife and I are breathing a little easier today.

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