No Bank One was just a normal bank ... I initially signed up with them because they offered 0% and 7.99% after 12 months. Otherwise I would have never got it. Didn't really hurt me too much since I didn't have a lot of credit on the card, but it just feels like someone trying to rape you, and I'm not into that. Chase was on my list, and now that I know it wasn't just me, I'll make sure everyone I know stays away from them.
Thanks for the heads up! So far mine has only increased 2%. For a long time i was paying them off but recently i was not able to do this. Definately going to pay this off ASAP!
I looked back at my online statements and Chase has been gradually increasing my APR over the past several months as well!
I know it may be easier said than done, but either pay your bills off at the end of the month or reduce your spending so you can pay your bills off at the end of the month, and you won't give a flip about interest being charged.
Wow thanks for the heads up guys. August - 10.24% October - 10.49% December - 10.74% Not as much as some of you guys, but an increase is an increase, and it doesnt look like they plan on stopping either.... I dont think I would have ever noticed! Next time I get one of those 0% on balance transfers, Im going to switch cards..... This is bullsh!t...
OMG. Thank You Thank YOU Thank YOU. I never use my Bank One card and then CHASE bought them out. I just created a login and check my APR. Effective Annual Percentage Rate (APR): 29.99% So I called and asked why. They said they sent out a Change in Terms and based on other pieces of information (???) they raised the rate. I closed the account.
I think what is going on is that Chase is trying to close out accounts from Bank One they don't want for some reason. They can't actually close them so they just raise the rates to make the customers close the accounts. I have a bank one card that is now chase. I'll have to check the rate.
I agree with you. I had a Chase card and a Bank One card. As soon as Chase bought out Bank One, that card is the one that sky rocketed. The other Chase card that I already had stayed at a very low and resonable rate. I guess raising one card to 32% and leaving the other at 7% was Chase's way of telling me they only wanted me to have one card from them.
That's how I always pay...and several weeks early. My payment is due on the 27th and I always pay by the 15th, at the latest. They're just @#$%&@#$'s that will never get my business again! While I'm not happy that other people are having the same problems with Chase, it does make me feel a lot better to know it's not just me! I called Citibank this morning to see about an account with them. I told them about my problems with Chase, and they said they've gotten a couple of similar calls. I opened an account with them with 0% APR on purchases and transfers for 12 months. The APR on that card is currently 10.24%, which is a lot less than most of the other ones I've seen. I got the reward-free one. I'm not planning on using it much and didn't see a reason to pay a higher interest rate to get a couple bucks back.
Some of this probably stems from the recent enactment of the Bankruptcy Bill, where the Senate and House shot down the following amendments relating to credit cards: – discourage predatory lending practices, – exempt debtors from means testing if their financial problems were caused by identity theft, – limit the amount of interest that can be charged on any extension of credit to 30 percent, – require enhanced disclosure to consumers regarding the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes, – to disallow certain claims by lenders charging usurious interest rates to service members, – protect military personnel from predatory payday lenders. The law also makes it easier for credit card companies to massage the language they use when talking about their practices... some choice paragraphs from the National Consumer Law Center: Disclosures only need to be updated "regularly." The burden would be on a consumer to contact the creditor to get up-to-date and accurate information. The bill also leaves open the possibility that disclosure information could be posted on a separate page from a solicitation, as long as it is in "close proximity." Also, the major new disclosures provided by the bill cannot be enforced by consumers in court. Consumers will not receive specific information on the billing statement about actual costs in interest and principal if they pay at the minimum rate or about the actual length of time to pay off the entire balance. The burden is on the consumer to call a toll-free number for more useful information, and even then they only will be provided with an estimate. For patrons of small banks, it is not clear whether they will even have a number to call after two years. Rather than provide actual payoff information based on the consumer’s account, the disclosure provides a hypothetical payoff scenario. For credit card plans that require a minimum monthly payment of 4 percent or less of the outstanding balance (which is most plans), the disclosure states that a 2% payment on a $1,000 credit card balance at 17% interest will take 88 months to pay off. The minimum payment warning is misleading because it assumes that the consumer pays 2% of the initial balance through the payment period rather than 2% of the balance at time of payment; when calculated correctly, the payoff time of 88 months more than doubles. The warning also is insufficient because American households with at least one credit card owe an average balance of more than $8,000 on all credit cards. With an $8,000 balance, the 88-month figure multiplies more than six-fold. The minimum payment warning and estimated figures provided when a consumer calls a toll-free number are misleading because they do not warn consumers, or account for the fact that, payments will be applied to interest and fees first, so that making minimum payments when the consumer is being charged late fees, overlimit fees, and other charges could result in the debt never being paid off or actually increasing in amount. Currently, creditors can change a teaser or permanent rate with a change of terms or penalty rate. The bill leaves this problem unaddressed. Moreover, card companies can evade the disclosure requirement by simply claiming that the teaser rate is not an "introductory" rate for a "temporary rate period," and then increasing the rate at will at some later date using the change in terms provision of the card agreement. This type of evasion would deny consumers disclosure of important information relating to the trigger events for invoking a universal default clause in the card agreement because disclosure regarding revocability of a rate only is required where there is a teaser rate offered.
I've lurked on this site in one form or another since about '99 and it took a Chase Bank thread to get me to come out of hiding...these dirty rats did the same thing to me...perfect payment record and they decided to raise me from 9.49 to 27.99 based on some other card that I had missed one payment on! Nothing I said would get them to change the rate, so I paid it off the next week(some $1100), as much as it hurt. I did not close the card because I am under the impression that available credit helps your credit score, even if it is from low forms of life. After seeing this thread, I decided to check on my account...when I paid it off, I had $.66 of credit. After 5 months of having it paid off, those scumbags hit me with a random finance charge of $.66 just to even it out. Since I had no balance and no fees on the account, what right do they have to charge me any money?
I interned with Chase in their credit card center in San Antonio for two straight summers. This Bank One deal is really destroying this company right now, all the top executives that i new have left. Quite dissapointing considering the fact that they were great value to the credit card center. I remember sitting in one of their meetings, supposedly, Finding a new credit customer costs around 100 dollars and keeping your original customers costs around 25 dollars. They will do everything in their power, and many times if you yell at some customer service rep. they will give some great incentives because they now the 100/25 rule.
I have an Amazon.com Visa from Chase. How can you tell what your APR is? I logged into my acct and looked at the latest statement...it says: Purchases APR - 11.9% Cash Advanced - 22.9% Effective APR - 0% I guess its 11.9....doesnt really matter to me though. I always pay the balance in full.
Just checked my statement online with bankone.. My APR is holding fast after over two years at 7.99% Very relieved.
