I have decided, yet again, that credit card companies are evil. I opened a Bank One credit card back in September 2004. Since then, Chase Bank bought them out. That's when my hell with the card began. All of a sudden, my interest rate started creeping up, month by month. It started at 8.9% and in six months grew to 14.15%. That pi$$ed me off by itself, but then came the kicker. I got a little dealy in the mail that said my interest rate was going up big time -- to a minimium of 16.99%, but as of some date, my rate was 19.74%. I'm lost on why this was happening to me. I don't have a gigantic load on my card and I pay at least five times my minimum balance every month, usually two weeks before it's due. I've got a car loan, which I also pay more than due, long before it's due and a couple of American Express cards (one blue and one classic). So I call these guys up to find out what the deal is and they tell me that the rate I'm looking at now is actually 21.67%. I ask them why, they have no reason. They ask me if I want to close my account, because they won't lower it for any reason, not even to keep a customer. I close the account immediately. I told the lady, who doesn't give a rats a$$ that I'm closing my account, that I'm 27 years old, so I've got a good 60 years of credit left in me that I will never again do business with Chase. Her reply: "have a nice day." So I started asking my family, friends and co-workers if they've had this experience with Chase. One person closed his account three weeks ago for the same reason. My sister closed hers last night because she got her dealy in the mail informing her that her rate was going to 31.8%. 31.8?%!??!?!?!?!?!?!?!?!!?!?!?! They had a reason for her: her credit had grown too much since she opened her Chase acount. She had it for three years and the only thing she opened since was a Discover card. I've got about 10 people checking on their rate to be sure they aren't about to get a giant rod shoved up their a$$ by Chase Bank. So...two things here. Have you been screwed by Chase recently? And if you have a Chase account and didn't read the new terms or haven't received them, check on them now because the date to opt out of the new terms is January 23.
I was screwed by Chase, but not recently. About five years ago I got rid of all my credit cards. My life has been much improved. I use a debit card. Everything is paid for, I don't have interest, and the jerks can't screw me over any more. It is a real relief.
I just closed my business account with Chase because when they took over they decided it would be a great idea to charge me out the ass for EVERYTHING!!!! So I moved all of my accounts (business and personal) to Bank of America and I'm happy so far with the service I have received.
I've never been with a Chase bank before (That I know of) so I cant say..I use Amex for the free crap I get.. free stuff is great even if it's crap.. next year I'm gonna get me that Land Rover of only 5K!! I tried this year to get a 360 for 150.00, but they were out of them before I had my shot at one
I was in the exact same situation as you. I had the Bank One card and Chase bought them out. Soon my interest rate went from 7.9% to 11.99%. Then back in october I got a notice saying it was going up to 32% just like your friend. After calling (assuming it was a mistake), they gave me no reason for the change. I cancelled the card in order to keep my 11.99%. The kicker is that my interest rate still went up to 32% and I noticed it on my statement. I called and told them I had cancelled and so the rate should not have gone up, they basically said "Oops, we'll fix it" I believe they just raise the rate and see which customers won't catch it. I'll never do business with Chase again. And it's going to cost them a lot of money in a year when I buy a house. In the end it's my fault for using the devil (credit cards), and my goal for this year is to be completely rid of those things so they can't be in a position to screw me.
Its work, but I suspect if you call Chase credit dept and tell them you are moving to another credit card since they are raising your rates they may cut you a deal. Moving to another credit card company might be less work. My wife had a Chase credit card in the laet 90s and they screwed us over hard. We got slammed into 3 or 4 of their promo programs (credit card insurance et al). It took months to get the account straight and an even shorter time to get slammed again. Funny story. After we closed the account, we got slammed again and a new bill in the mail with the new slam. My hope and prayer is that they really did record my last call to their 1-800 "customer" service number
I had a continental airlines chase card that I used when I traveled for business because I got miles out of it. My rate started at 9.9% APR. I never had a late payment or anything and 1 year later it was up to 29%. I called them and asked WTF? And they said they would not lower it. So I paid it off and closed it, cut it up and threw it away. My bank of america credit card has a 6% APR on it and i've had it for 3 years now. I have that one and an AMEX and a debit card and thats it.
We had two significant Chase cards for years, my wife's with Chase originally and mine was one that they bought from another bank. After several years, I overlooked one payment and they jacked-up my rate big time. I called and the clerk said same thing, wouldn't lower, so I paid it off in one week and when I called to close it, they wanted to drop my rate to 9%. I was so angry I said no way, but they went ahead and lowered our remaining card to 10%.
I think what Chase is doing is called Predatory Lending.. or something like that. I know Providian got sued big time for that.. * Bankone isnt that a card for people trying to rebuild their credit? * After Chase bought them out arent they obligated to honor their customer agreements. Someone will start a lawsuit and then you guys can all jump on the bandwagon. I dont like lawsuits unless you are clearly being treated unfairly. I would not just cancel the card but escalate as high up as you can and collect evidence / information of the people you talked to. J
So what do you think is the best credit card? Someone had mentioned Amex gives you free stuff, what other cards do things like that? I'd be happy to switch if I knew I was getting stuff back, and even happier if I knew I was getting money back! Pugs
You can pay your payment online, which is how I do it. That way you are never late. Chase has been very nice to me, they gave me a 15000 0% interest account for 15 month, I thank them for my 1000 bucks and will pay them off as soon as the introductory period expires.
Pugs, Citibank has a card that pays 1% on all purchase and 5% on gas and food purchases. They pay me almost $700 back every year.
Same thing with chase, only bad part is they pay you for every 2500 you purchase not every month like a card issued from a local store. Oh, never carry a balance on your credit card unless it is lower than your saving account interest rate.
Interest rates have been going up, but that is ridiculous...Credit cards are evil...If I didn't have debt, I'd be rich...
I just paid off my Chase Mastercard. It was always a Chase Bank Card and never a Bank One. APR was up to 29.99% Let me know when the class action law suit starts.
I think you should contact Alan Shore from Crane, Poole and Schmidt out of Boston. I once saw how he took down a credit card company lawyer when they were screwing over his secretary.
Chase's customer service is crap, and I have heard many horror stories from their pas customers (emphasis on past). After the purchase of Bank 1, I think Chase might be doing a little 'house cleaning' and trying to make it harder to get credit unless your credit is very good and you have a decent income. I am with Compass Bank and I use their visa debit card often, and along with that I use a Citi card for purchases (I pay my balances off entirely every month) because I get money back on those purchases, but the key here is to pay them off on time. Bank 1 were very good, but since the switch to Chase I decided to cancel two cards I had with them, and now all I have is an AMEX card and this Citi card.
