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Category:
Banks
Submitted: 11/24/2005 8:57:56 PM
Modified: 2/19/2006 12:14:13 AM

CHASE BANK ripoff punishes good standing customers with APR hikes!! New York New York *Consumer Comment ..Chase Balancing the Books on the Backs of Customers

Company
CHASE BANK
Address:

New York New York
U.S.A.
Phone Number:
800-432-3117
Fax:


Dear Chase credit card holders,

I was a chase customer for about two year, never had a late payment since I received my card. I possessed two cards with Chase, a visa and mastercard. I always pay at least 10 days early than due date.

I received my most recent invoice from Chase, I noticed an APR of 27.99% and that's when I was shocked !!!!!
I concluded that some of my credit information has changed with one of the credit reporting agencies, I pulled out my credit report immediately but did not see any changes.

I called Chase next day, inquired about the hike in my APR. I originally had a fixed APR of 9.99% which has increased to 27.99% nearly 3 times. Their excuse was that I impose high risk to them... my credit score is 730 and I owe them $923 from my $10,000 credit line. They said they will not revert my APR to my original 9.99% under any circumstances...
I agreed to pay off the $923 which I owe and cancelled my accounts with them.

Chase advertises 0% interest and 100% interesting... Now the truth about them is 27.99% and 100% rip off.

Samuel
Dearborn, Michigan
U.S.A.

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Rebuttal Consumer Comment
Submitted: 11/29/2005 9:47:40 AM Modified: 11/29/2005 9:47:40 AM

Chase Balancing the Books on the Backs of Customers


I (and others) have done quite a bit of research on what's been happening at Chase since the 'merger' with Bank One. It's public record that Chase is 1) cash poor, and 2) has enormous legal liability problems (and massive debt) stemming from its dubious involvements with Enron and WorldCom.

It seems pretty obvious that Chase is 'sifting' through its consumer credit customer base and targeting those who can pay off their entire credit card balance. Yes, it's 'killing the goose that laid the golden egg' by permanently driving off customers like you and me who have excellent credit ratings, but the cash influx as a result of this maneuvering must be enormous.

Even if Chase's action is 'legal' behavior, it is certainly not 'ethical' behavior. My advice to all consumers: avoid Chase like the plague!

Susan - Ellensburg, Washington
U.S.A.


Rebuttal Consumer Comment
Submitted: 12/18/2005 2:31:13 PM Modified: 12/18/2005 2:31:13 PM

They did the same to me


They did the same to me. I was shocked, because I'd had this card for years. They said there was something on my credit report. I pulled me credit reports and there was nothing.

Then they said that it was because my line with them was reduced. But they reduced it for no reason.

I'm going to file a formal complaint with my local government agency. I was researching on the internet and I found this site.

Stay away from Chase. Ripoff Scam artists. Loan Sharks

Michael - Los Angeles, California
U.S.A.


Rebuttal Consumer Comment
Submitted: 2/4/2006 8:43:49 PM Modified: 2/4/2006 8:43:49 PM

Customer response


Ditto here,

THEN they had the nerve to send me a new card which I will never activate, and I am sure they are waiting for me to call and close the account before it is paid off so they can engage in other spurious behavior, but I refuse to give them the satisfaction. They will be paid off, account closed, and I will never deal with Chase again.

Rosa - Florissant, Missouri
U.S.A.


Rebuttal Consumer Comment
Submitted: 2/12/2006 10:51:39 AM Modified: 2/12/2006 10:51:39 AM

Same situation here


I called to find out why they were raising my interest rate. I was transferred to an “APR specialist” who confirmed there was nothing I had done since, my account was in good standing and I've never had a late payment. He did however state that my APR was too low and that chase was making changes to all customers with a low APR. I've been with Chase since they bought my Providian account and have never had problem with them until now. I will be paying off my balance and closing my account which is obviously what they want…

Issac - Shalimar, Florida
U.S.A.


Rebuttal Consumer Comment
Submitted: 2/12/2006 2:51:40 PM Modified: 2/12/2006 2:51:40 PM

Exactly right, they did it to me too!


I had (4) chase cards with approx. $35,000 balances combined. I was a premium customer for about 7 years with Chase.

I had a spotless payment history the entire time. In about a 3 month period all interest rates almost doubled without explanation.

Chase is the primary reason I had to walk away from my 14 year spotless credit and my 735 credit score.

It should be illegal.

I was given a take it or leave it attitude, so I left it!

I had a truck loan that was established with Bank One that was unaffected and I paid it off satisfactorily in Dec.'05. They send me a thank you letter and a letter of recommendation to finance another vehicle!

Figure that one out!

Steve - Bradenton, Florida
U.S.A.


Rebuttal Consumer Suggestion
Submitted: 2/18/2006 9:18:39 PM Modified: 2/18/2006 9:18:39 PM

Same issue here... sort of


My mother has had her Chase card for many years and her apr sky rocketed. My parents have perfect credit. They were able to finance their last vehicle with 0% interest. Very few people have credit satisfactory to manage this. She contacted them to let them know she firmly disagreed with the APR hike and went on a payment strike. During this time, somehow collection reps from Chase began contacting me asking for my mother and giving me personal information about my mother's account. Keep in mind I am 32 years old having not lived with my parents since I was 21 years old and have been married twice so have had two name changes. How they were able to find my phone number I will never know. This just goes to prove how evil Chase is.

April - Big Stone Gap, Virginia
U.S.A.



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