jeffysdad wrote:I was a Wamu customer and my Wamu card was converted to a plain vanilla Chase card as was my checking account. I didn't use either card, so it really didn't make any difference to me. Chase antagonized me for some reason so I ended up closing the checking account. However, within the year I was back with them. For where I live, they are by far the most convenient bank, and despite some hiccups, I really do think they do a decent job on the customer service side.
I suspect your card's rate is so high because it was a Wamu account. Chase internally might have a flag on the cards that were converted from Wamu and its systems might be set to prevent a rate reduction on these accounts for some reason. That's the only reason I can think of that they would tell you to reapply for a new card.
According to an Accounts Manager I spoke to before, a lot of accounts back in 2009 (around the WAMU takeover time period and the fall of the major banks) were issued a pricing change notification that, if you disagreed with the new terms, you could call a certain number and opt out... and cancel out your account in the process. On the other hand, if you continued to use the card and the account, it meant that you agreed to the new terms.
These 'new terms' of this 'pricing change' for a lot of people included a MUCH higher APR - especially if the account had a favorable APR when first opened. Awesomeness, don't you agree?
Owing to that 'new terms' that was 'agreed upon' when the card or account was used later on, the APR thereafter was attached to it and yeaaap, I was told before that in such a case, a new account might be more beneficial as it seemed unlikely that the older account would be subject to future APR adjustments. That does not, however, mean that a new account won't be subject to a future 'pricing change' of a similar nature.
AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)
AMEX: Costco True Earnings
VISA: Chase Ink Cash