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 Chase Increased My Interest Rate for No Apparent Reason
Posted Sat September 15, 2007 12:00 pm, by Timothy S. written to Chase Bank
Write a Letter to this Company | Rate this Company
I have had an Amazon.com Business card for over 1 year now. I have faithfully paid every payment early or on-time, and I have even paid more than the minimum payment due. I received my statement today (9/14/07), and to my dismay, my interest rate is now 29.99%. I called into customer service, and spoke with supervisor and he informed me that Chase sent me a letter in June 2007, giving me the option to "opt-out" of the higher interest rate (29.99%). I politely explained to him, that I did not receive the letter, and even if I did, why would I have not sent the letter back, opting out of an interest rate that is nearly double what my current rate was at the time. He placed me on hold, and transferred me to the "Credit Department"
I was transferred to the credit department. She stated that the rate increase was from what the credit reporting agencies sent to them, contained in my personal credit files. I questioned that statement, asking if they did a normal account review, she stated "No" the credit agencies sent them the information, Chase did not request it. She stated that she would need to ask me some questions about my credit report and my business, she placed me on hold for about 5 minutes, and then the phone call was dropped, and returned back to a dial tone.
My sincere question, is if there is a problem with a credit report, should the creditor (Chase) attempt to contact the person holding the credit card, rather than assume that something is not correct on a credit report? Or does Chase just raise an interest rate for no apparent reason? I would agree if I was in default, or late on multiple payments, or exceeding my credit limit, then a rate increase would be appropriate. But when a faithful customer is current on the account, and current on all accounts with the creditor, shouldn't the creditor let the customer know that they are going to do something drastic, and give the customer an option to explain, or correct the problem, before a financial burden occurs (to the customer) where the payment is double what it used to be, and the interest charged monthly is just rising the balance every month, setting the business backwards instead of forwards?
I would really appreciate a response to these questions, and a possible solution to this situation at hand.
I would like a response as to why this happened, and I would also like my APR put back to 17.24% (what it was originally at).
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by mike d. Posted Fri July 24, 2009 @ 2:28 PM
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I was just got a Chase letter that doubles my interest rate.. I am
current no late payments and pay over minimum and no credit changes
because I monitor it closely.. What these EVIL crooks are doing is
barely legal ROBBERY lets face it.. when I called to have them review
they said that because of the economy it has been raised and I would
have to close the account to keep my rate.. WHAT A JOKE... THIS is how
CHASE TREATS the GOOD ones..
md
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by ROSA FUENTES Posted Mon September 17, 2007 @ 10:19 PM
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I am presently recovering from similar circumstances and would like to
strongly suggest you listen in to www.daveramsey.com to get sound,
practical advice about how to get rid of these high interest cards and
take back the control of your LIFE and your financial future!
The borrower is a SLAVE to the lender. GET FREE, GET PEACE!!!
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by Adam W Posted Mon September 17, 2007 @ 4:36 PM
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Something changed in your report. I hope you have pulled them
already. Chase didn't like what they saw and they rate jacked you!
That is why it so important to monitor your credit!
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by Katy M Posted Sun September 16, 2007 @ 11:53 PM
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Pretty much the same thing happened to me with them - I just cancelled
the card and paid it off as soon as I realized they weren't going to
try to help me.
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by retail Posted Sat September 15, 2007 @ 10:30 PM
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Just a quick question. Did you call back to try and get a solution or
is this letter your next communication w/Chase since the call was
dropped? Thanks!
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by donno Posted Sat September 15, 2007 @ 10:24 PM
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and I have even paid more than the minimum payment due."
So, if I understand correctly, you have been sailing along, paying *at
least* the minimum amount due, and paying 17.24% interest on the
balance you were carrying. Only now that your interest rate has
increased to 29.99% are you upset.
Frankly, if you are happy paying 17.24%, why not pay 29.99%? It is
like in Trains, Planes and Automobiles: "Surely anyone willing to pay
$50 for a cab will pay $100 for a cab."
I don't know what chain of facts has led you to accept paying 17.24%
interest as the status quo, but I would worry more about that than the
point you probably threw away the notice that your rate increased
12.5%. Both these rates are absurd. Paying the "Minimum Amount Due"
is for suckers, by the way. Consider what would happen if you pay the
whole amount - 0% interest. The bank LIVES for people who pay the
Minimum Amount Due - you are one of their best customers!
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Yeah...
by TwinkleToes Sun September 16, 2007 @ 11:00 AM
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by Angelic Princess:) Posted Sat September 15, 2007 @ 9:35 PM
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I pay all my bills (not that many but still) in full. I don't spend
money I don't have.
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I'm sure they sent it in the bill if they sent it, in the things that
everyone throws away. It's a way to get around it, without lying.
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by ♥Venice♥ Posted Sat September 15, 2007 @ 5:12 PM
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This is a very well-written letter and asks a reasonable question that
deserves an answer.
I was just wondering though. Maybe it wasn't a letter they sent you,
but instead one of those annoying notices included in the bill. I
admit that I usually throw those out without reading them.
Who in their right mind would not opt out of a doubled interest rate,
unless opting out meant having to pay off the card, which doesn't make
any sense either. No wonder small business are destined to fail.
Good luck with this one. I hope they lower your rate.
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