Chase Raising APR rate!

by MGT
(Tucson, Arizona)

Have been a loyal Chase Bank Credit Card holder since 1995; yes, 1995! I had had a fixed 5.99 APR for years for being such a loyal customer. Never missed a payment, excellent credit, etc. Got a notice yesterday of a rate increase to 8.26% due to "market conditions." Called them, and they explained that it was nothing I did, but the "market" is making them raise their rates.

Of course, I can opt out, cancel my card, and continue to pay my remaining balance under the current 5.99% rate. But, why wouldn't they want to keep me as a customer? I even asked if they could do any better (thinking maybe they could just raise it 1% instead of 2.25%) and they said "no." A supervisor didn't help either. Now I have to decide whether I accept their new terms or opt out. Chase should value their loyal customers, but clearly they do not.


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Wow! I hate to say this MGT, but you should feel lucky! They doubled most everyone else's rates, if not more. (More in my case!) I too, have been a loyal customer for many years!

It's still disheartening to you, and I'm not trying to diminish that. Any rate hike is bad business, especially since we weren't warned in advance or given any options and the economy is gone to hell. It's like they want us to leave them. I am still getting a fair amount of 'invites' from other banks who want my business. I haven't made any decisions as of yet, but I do need to think about it. Everyone does!

If you decide to close your account, be sure to ask them to note that it was closed 'per your request'. This is very important to your credit score. I just got notice from Chase yesterday, that my account was closed, but they reminded me that my payments were still due. (Duh, no really?) But they offered me at least 4 ways to pay! Wow, how nice of them!

The more I think about this, the angrier I get. Look at the gammit of rate hikes we've seen so far, just on the few posts there are about Chase Bank Credit Card services on this site so far. Every single one of us was given a different rate hike. It doesn't make any rhyme or reason.

Why were some people offered a better rate than others for example. We all say we've paid on time, paid more than the balance due, and been a loyal customer! I'm sure most of us have good credit scores!

They're a bunch of morons, but that's exactly why I posted this page about them. You know the old adage, don't get mad get even! I hope someone at Chase see's these pages and knows we are all comparing notes. If their is a class action lawsuit filed against them in the future, it will give us some documentation of real people having real problems with Chase Bank Credit Card services! Thanks to these banks and other lenders, you need to relearn how to manage your finances, increase your income, and save your money.

Credit Card Lesson 101: Instead of borrowing from a corporation who uses you when it's convenient, it's far better to pay cash!