avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| reply to koam
Re: Chase has gone mad. Raised my APR by 3 times
said by koam  :Please identify one sentence of your reply that makes sense. Thanks. If you insist:
#1The banks have broken the social contract. #2
You pay and all is good. #3 Now everyone is getting fucked and why? #4It is a business now, and the model is to squeeze as much as they can from you. |
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major marco
Res Firma Mitescere Nescit
Premium
join:2003-02-13
Stepford, CA
clubs:
| reply to damn
said by damn :First they raised APR from 9% to 24% 3 months ago. Now they raise it even further to 28% ?? Did you recently sign up for more credit elsewhere? Take out a loan/mortgage? These are all items that will trigger APR hikes. Read your universal default clause in your contract.
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The Toll
Tracking Lord Stanley
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Maccawolf
Premium
join:2001-02-20
Hillsdale, NJ
| reply to Airline0wnerFTW
said by Airline0wnerFTW :
I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME.
I agree. there are better and more important things in life for me to worry about!
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Mom and Crockett...... I miss you both! |
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BabyBear
Keep wise ...with Night-Owl
join:2007-01-11
| reply to jjoshua
said by jjoshua : to offset the lost fees that they used to charge their riskier customers. YES WE CAN!* How about just denying the risky credit??? Or maybe it because they just want to trap you into paying monthly payments for the rest of your days. Got to get that stock price pumped back up!
*but that doesn't necessarily mean we're going to. |
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tvtek
Premium
join:2004-03-07
Concord, CA | reply to damn
It is not uncommon now a days for them to raise the interest rates and lower your credit line at the same time.
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Curiosity killed the cat, but for a while I was a suspect.
Steven Wright. |
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Jim Gurd
Premium
join:2000-07-08
Plymouth, MI
 ·AT&T DSL Service
 ·Comcast
| reply to damn
I got the same notice. As long as they don't eliminate the grace period or add an annual fee I will keep the card. I pay it off every month and they rebate me 3% on gas purchases plus 1% on everything else.
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The Mogambo Guru economic newsletter, an avocational exercise to heap disrespect on those who desperately deserve it. |
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ptrowski
Got Helix?
Premium
join:2005-03-14
Putnam, CT
clubs: | reply to damn
Citi is doing the same thing to me. Got to love it! |
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Sweet Witch
Be the flame, not the moth.
Premium,MVM
join:2003-07-15
Gallifrey
·Comcast
| reply to damn
I got WAMU cards *because* I didn't want Chase and look what happened! WAMU was a much nicer company to deal with.
My HSBC card dropped my credit line from $4800 to $530 about three months ago! I called, they said it was 'across the board' - I still can't believe they did that. I don't like how these banks can so arbitrarily screw you over. They should inform you of a pending fee instead of just taking your money and making you fight to get it back. If I just took someone's money I'd be arrested!
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"While you can teach an old dog new tricks, you simply can't teach him to be a cat."
"Are you my Mummy?" |
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djrobx
join:2000-05-31
Valencia, CA
 ·PHONE POWER
 ·AT&T U-Verse
·AT&T CallVantage
·Time Warner VOIP
·RoadRunner Cable
| reply to Greg_Z
said by Greg_Z :said by 57721182 :Why not just pay all your credit card bills on time and in full? That is why his rates jumped. The CC companies classify those that keep a zero balance "Deadbeats". Now, it is not just those that cannot pay off the balance, but those that keep no balance on their card high Interest Rates. Looks like lots more people are going to be cutting the card, and learning how to put money away for those items they want, and learn to live with a Debit Card. I dunno about that. I use my credit card heavily but always pay it in full. Chase has never raised my APR (still 10%).
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AT&T U-Hearse
Your funeral. Delivered.
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marigolds
Gainfully employed, finally
Premium,MVM
join:2002-05-13
Saint Louis, MO
| reply to Airline0wnerFTW
said by Airline0wnerFTW :
I Don't give a damn even if they put a 50% APR on my cards because I ALWAYS PAY IN FULL AND ON TIME. You will care when they close your account.
Chase bumped me up over 30% because I was not carrying a balance, then closed my account because "we were losing money on your account" since I never missed one payment in 7 years.
As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest? You'll care about a 50% APR then.
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ISCABBS - the oldest and largest BBS on the Internet
telnet://bbs.iscabbs.com
Professional Geographer
Geographic Information Science researcher |
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DC DSL
Stays crunchy even in milk
Premium
join:2000-07-30
Washington, DC
·Covad Communications
·Verizon Online DSL
| reply to damn
How long have you had your account with Chase? Have you called them to ask if they will rescind the increase?
A couple of weeks ago, I got letters from them telling me they were reducing the limits on the two accounts I have with them. The reasons they cited were nonsensical, though: "Too few accounts with time on file greater than 36 months" and "Insufficient relationship experience." Huh? I've had these accounts since the 1980s with other banks that Chase acquired about 5 years ago.
I pulled up my 3-bureau credit report and called the number on the letter and asked what the deal was, since I've had the accounts for far longer than 3 years, have never been late paying them or anyone else, and there's nothing showing as negative or derogatory on my credit report. The woman was very polite and in less than 10 minutes she had restored my original limits plus a $5K boost on each card and cut my interest rate in half.
Check on your notice and if they have a phone number that's for Portfolio Lending, or other than the customer service number on your card or monthly statement, and give them a ring. Those folks are all US-based and can make changes immediately, unlike the regular CS people. Just be polite.
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There is no giant fur-bearing trout. |
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Time
Premium
join:2003-07-05
 ·Dish Network
·Cox HSI
·Embarq
| reply to damn
Yep, I dropped my Southwest Airlines card (Chase) last month, as well as my Citi card. I got my first credit card through Chase, no more.
I don't carry a balance, but in the event I need to, I have a BofA Amex and Visa, and Blue from Amex.
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"If it can't be done with brains, it can't be done with hours" - Clarence "Kelly" Johnson |
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C0deZer0
Oc'D To Rhythm And Police
Premium
join:2001-10-03
Davenport, FL | reply to damn
This is why I've yet to have any credit card at all.
And with news like this, no way I'll go apply for one.  |
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Time
Premium
join:2003-07-05
·Dish Network
·Cox HSI
·Embarq
| reply to marigolds
said by marigolds :As a side note, did you see that several companies are now proposing to get rid of the grace period? The minute you charge something to your card, you start accumulating interest? You'll care about a 50% APR then. In the event that happens, I'll just pay for everything through debit or cash. BofA has great rewards programs, so it doesn't really bother me that the CC companies will be losing my business.
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"If it can't be done with brains, it can't be done with hours" - Clarence "Kelly" Johnson |
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dcurrey
Premium
join:2004-06-29
·ViaTalk
| reply to damn
Guess I should look to see what they are doing to me.
I never carry a balance unless its 12 month same as cash type. Since I pay them off every month interest rates don't concern me.
Most of my cards give some form of cash back. This amount to about $1000 yearly. From what I am reading cash back is going away along with grace periods on new purchases. This really pisses me off. I lose income and start getting charged interest on day 1 because aholes don't know how to handle money.
Guess its back to paying cash or debit card cc will have no value for me. |
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bostechie
I'm too old to know everything
Premium
join:2002-02-05
Boston, MA | reply to damn
Only use the Visa Check card issued by my bank. No interest on those pruchases. |
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SSidlov
Other Things On My Mind
Premium
join:2000-03-03
Pompton Lakes, NJ
·Optimum Online
 ·Cingular Wireless
| reply to damn
Yup Chase HAS gone mad. Mad to pay off the TARP loans, Mad to buy back the gov't warrants on the stock before the administration gets someone in that knows the true value of them, Mad to either have enough cash on hand to buy back stock or other banks while the prices are low.
Chase is doing everything possible to protect the bank and screw every penny out of the client base. It's not the Chase of 5 years ago, 10 years ago or the Chemical Bank of 15 years ago (remember Chemical bought Chase but didn't like it's name).
Chase has also dumped any mortgages they had which had a late payment in the last couple years into the FHA system and is acting as service agent (more profitable and it freed up balances sheet. You may have a FHA mortage and not even know it.
Chase collected in full on partial losses insured by AIG (AIG didn't have to pay in full) so that they would have more cash reserves etc. AIG's payments are not covered my any TARP agreements.
Finally, after all, CC paper is some of the more 'desirable' paper out there, and if you have higher APR on the underlying credit, the paper can be sold easier in a tight market even if it's 'risky paper'. Many more customers with smaller balances - due to reduced credit limits (500-2K)- with higher APR produces a statistically more stable package.
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»www.Warpstock.org
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Doctor Four
My other vehicle is a TARDIS
Premium
join:2000-09-05
Dallas, TX
·AT&T U-Verse
| reply to damn
The banks and credit card issuers that are doing this to customers with good credit who pay on time and in full are only shooting themselves in the foot.
They are in for one hell of a backlash when they start losing customers over this, and people start paying with cash, checks or debit cards.
One good thing that could come out of all this is that people will start saving more money.
Smaller, regional banks and credit unions are less likely to engage in these tactics. Also if you are present or former military, you should look at USAA. They have largely avoided the financial mess other banks have gotten into, and are also not as likely to jack up rates for customers who pay in full every month.
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"The trouble with computers, of course, is that they are very sophisticated idiots." - Doctor Who (from Robot)
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Sir Meowmix III
| Another for USAA.
I currently am with USAA for just about EVERYTHING, in 2007 the APR was ~9.7%, 2008 it was 6.75%, currently it's at 7.75% with a credit limit of $16K. |
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runnoft
Premium
join:2003-10-14
Deerfield, IL
·Comcast
1 edit | reply to damn
You SHOULD NOT close your credit card accounts, especially ones that you've had open for a long time. Doing that will lower your credit score. Even if you don't intend to borrow soon, a lower credit score can raise your auto/home insurance premiums and affect your ability to get a job or new rental situation.
You SHOULD work to pay off your credit cards monthly and become, in credit card company parlance, "deadbeat". By the way, the CC companies are not losing money on "deadbeats" who pay monthly in full. They still collect a set percent of purchases made using credit cards that is higher than the three-to-seven week float. |
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