Chase Now Charging for Low Rate Credit Cards

With some of the credit card practices going on lately, it should come as no surprise as to why the Fed passed future credit card reform in December, and now Sen. Dodd is trying to make that happen sooner. Take for example Chase began charging approximately 400,000 customers a monthly fee of $10 if they have a balance on a low interest rate credit card. Additionally, they are increasing the minimum payment on these cards from the current 2%, all the way to 5%.

A representative from Chase claims this only affects 1/2 of 1% of their credit card customers. Whether that number is accurate or a lowballed figure, one thing is for sure – if a customer is given a 0% balance transfer promo offer or a 7.99% APR until balance is paid in full, the credit card company should be obligated to follow through with that commitment. A New York law firm has filed a class action lawsuit against Chase for this. If you would like to read more or have been affected by this and would like to join the lawsuit, you can visit the website of Giskan Solotaroff Anderson & Stewart.

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I had a lovely WAMU card with a reasonable interest rate and I could check my credit scores for free! I loved it! We were paying down the balance with $100 and $200 monthly payments. Then Chase bought them and yanked my interest rate up to 29%! I would have to be mentally ill to pay this. I have called three times to ask them to lower it and they refuse, saying they need time to review my account history. On my most recent call, I was told it would be 6 months before they would be able to lower the interest rate. I canceled the account, but isn’t there some other recourse I could take? They must be stopped!! Does anyone have any advice? Thanks

Card Holders beware! Chase feels it can break it’s contractural agreement after they offer you a low interest rate and get you to transfer your balances from other cards. Then they hike the rate up. Card Holders don’t have the luxury of lowering their own rates. This was a contractural agreement. Bate and Switch.

You my friends at chase are legalized sharks. All of you. You should be tried and penalized!!!
Let’s lower the limits and charge over limit fees. Let’s lose our payments purpously through the mail just to up the % rates. You are worse than drug dealers in this country. It’s folks like you that has brought this country down quicker than 2001 if you remember. I’ll never bank through you again……..Steven R. Young

I’ll keep my fingers crossed on this

I don’t get the $10 charge thing. I don’t think the agreements say they can do that. I know they say they can change interest whenever but never read anything about them being able to start charging a fee out of the blue.

I have 3 Chase credit cards and mine have not gone up yet but I will def. keep an eye out for this.