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.