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Jpmorgan Chase / service charge fee

1 United States Review updated:

Chase Card Services has started charging me a monthly service charge for paying my credit card bill on-time! I have a balance on my credit card that is set a fixed interest rate of 4.99%. This month, my minimum payment amount was raised from 2% to 5% of my remaining balance and I'm being charged a monthly $10 service charge fee. When I called, I was told that in order to have the service charge removed and minimum balance dropped back to 2%, I had to agree to have them modify my fixed interest rate to a higher unfixed rate! This seems illegal to me but I'm not familiar with credit card laws. Chase is basically trying to strong arm me into accepting a higher interest rate. Any advice or suggestions on what other options I have available?

Pa
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Comments

  • Ke
      27th of Jan, 2009
    0 Votes

    Patrick, I have the same problem. I have the promotional 4.99% balance transfer rate also. Now they are charging me the $10 "service charge" and raising the minimum balance payment to 5% too. I have never been late or missed a payment. I called Chase and they waived the $10 fee for this month but in order to stop the service charge I have to change to the higher rate as well...which was 7.99%. They have received a lot of complaints in the last 2 days from their customer base. Not much we can do I'm afraid. We either find another bank that hopefully has a better rate..good luck finding one.. or pay the balance off as fast as possible. I will be closing my account once this is paid off. I've had it with chase.

  • Pe
      18th of Feb, 2009
    0 Votes

    Same here, $10 monthly service charge and 5% minimum payment. It seems Chase nowadays only cares about squeezing out cash from the old customers, even after all those billions they received from TARP. This one does seem illegal, though. And why stop at $10?

    Time to check transfers to the local credit union.

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