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.
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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.

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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.

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