someone want to tell me why the fees visa-mastercard charge are so out of hand?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
12 posts
teddyd
Green Member
Green Member
 
Posts: 3
Joined: Thu Mar 12, 2009 1:51 pm
Location: ohio

Chase

Postby teddyd » Mon Mar 16, 2009 7:36 am

Just read how Chase is going to start charging a monthly fee of $10 on people who they feel have had too high a balance for too long. Kind of vague, uh?

They also have increased minimum payment from 2% of balance to 5%. Seems to me Chase is looking to exit out of credit card business. Not very customer friendly benefits. Old payment on $5000 = $100 New payment = $250. Going to be a lot more late payments.

I recommend anyone who has a Chase Visa or Mastercard start applying for another card and transfer balance. If you can afford new minimum payment fine, it not prepare for an increase in your budget.


User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Tue Mar 17, 2009 1:45 pm

I do not think Chase is looking to exit the business; what they are looking to do is to maintain or maximize profits during this economy.

The $10 monthly fee Chase is charging for low interest balances is indeed extremely vague. Initially in their press release they claim that only applies to less than 1% of cardholders, but I'm extremely skeptical of that figure.



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests