Chase Bank Jacks Interest!

by SteveM
(Los Angeles, CA)

In short... I'm a loyal, paying customer. Chase raised the interest to 12% on my card so I paid off half the amount owed. Chase lowered my limit and then says I maxed out the card and raises the interest to 27%.

But wait, there's more! I paid off half again. Again, Chase lowered my limit and said I was too close to the limit again and raised my rate to 28%. Now I get a letter telling me in February 2010 the rate goes to 30%!

I called Chase Bank Card Services and was told that 30% was their new rate for everyone. Thanks to the wonderful way I've been treated I've transferred auto loans to another bank. As soon as I can, I will pay off my Chase account and change my home loan from Chase. Chase Bank, you should be ashamed!!

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Man, that's horrible Steve. Chase Bank should be ashamed of themselves for their terrible treatment of their customers. All I can do is shake my head.

You did exactly the right thing by paying off half of what you owed asap, twice. What did they do? Lowered your limit, twice? That makes no sense at all. Paying your card down should ultimately help you, not hinder you. Instead of rewarding you for paying down your debt, they punished you.

I would write a long letter to the head offices at Chase Bank. I have almost finished off paying off my card now and am glad to be rid of them. Good bye Chase!

You might want to think seriously about checking into a Credit Union account. (We have a State Employee Credit Union where I live and your local probably does too.) I've heard good things about them and know that they also have credit cards you can apply for and/or transfer your loan over to them.

I would be interested to know if it's true that they're raising their rate to 30% for everyone. This doesn't seem right that they'd be able to do this across the board. Maybe it's just for car loans?