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my minimum payment is so high now

Posted Thu August 24, 2006 12:45 am, by Sandra R. written to Chase Bank

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I have been a Chase customer for several years now. I have always paid my payments on time online. In July the online payment posted two days after the due date. Today I receive my bill and my APR has jumped to 29.99%. The message on the statement said that the promo rate expired because of a late payment during the promotional rate period. Now the finance charges are more than what my minimum payment used to be. With a minimum payment so high its going to make it hard for me to pay all my other bills. I called customer service and asked if they could reconsider and explained how I have always paid my bill on time. She said that I can try calling another representative at a later time but she didnt have a lower rate to offer me. She was rude to me.

I would like you to please look at my payment history and please lower the APR. It doesnt have to be the promo rate but something that is not going to make it so difficult to pay my other bills. I would also like my limits on both Chase cards to be brought back up to what they used to be. A few months ago a representative contacted me and said they were going to lower my limits because I was a risk. I dont use the cards anymore, I have just been paying on it. My cards were used so much the beginning of 2005 because I was in a transition into single parenthood and I used my credit cards to help set up a new household.


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by FancyPants Posted Wed September 13, 2006 @ 2:57 PM

I feel your pain. I was late on my Dec. 2005 payment with Capital One
due to being on vacation over the holidays. They called me and I paid
Dec. and Jan. at that time. My interest rate was increased from 2.9%
on my balance transfer and from 9.9% to 29.20%. I called numerous
times since this was a one time occurance in 4 years. They don't care
- my minimum payment all goes to interest and the balance never goes
down - it doesn't seem to pay to pay it - debt consolidation here I
come. In a program, you DO get a lower interest rate and do not have
to deal with the inconsiderate collection people who are probably in
the same boat as we are. I don't use my card - haven't in almost a
year - they don't care. Goodbye Capital One !

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by Carmina Reason Posted Mon September 11, 2006 @ 9:02 PM

I say this to everyone who ever pay the minimum payment, "Don't get
rip off by credit card company. Pay the entire bill every month".
Use the credit card for convenience, but do not let them lure you in
with low initial interest and then slam you with high interest when
the promotion rate ends. This is how credit card company makes money.
Those corporate clowns aren't going to shed tears over your sudden
unemployment or unfortunate life changing events. The only way to not
become a victim of credit card debt is to never spent more than what
you have in the bank. Good luck paying off your credit card and end
your association with this kind of predatory business practice.

Reply
by quadaunt Posted Fri September 8, 2006 @ 7:39 PM

The unfortunate truth is that credit card companies make the most
money on overlimit fees, late charges and high interest. Most credit
card agreements now have a 'universal default' clause which gives them
the 'right' to raise your interest rate and possibly lower your credit
limit if you are late on ANY of your credit card accounts, not just
theirs.

Perhaps you could talk with Chase about enrolling in their hardship
program so that you can work on getting the card paid off. Once it is
either sock drawer it or close it. Closing it may cause your FICO
score to take a temporary hit as you will lose the history, but it
will be worth it in the long run.

All the best to you.

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by RedheadWGlasses Posted Fri August 25, 2006 @ 7:50 PM

They have the (legal, not moral) right to raise your interest rates
for your payment being late. But having said that, these "automatic
payments" aren't always reliable. My boyfriend has his rent paid
through one of those online services at his bank, and one month they
were a couple of days late due to some technical problems. He
immediately got a nasty "YOU'RE GONNA BE EVICTED" notice -- after
nearly three years of living there with on-time monthly rent payments.
They charged him a late fee and his bank had to eat that.

Sandra, I'm on your side. It sounds like an online payment took
longer than usual to go through, or it was just processed later than
usual.

Oh, and they lower your limit without notice so that if you use your
card and go up against/over your new (and secret) lower limit, they
can up your interest rates.

Be careful -- credit card companies talk to one another, and other
cards may raise their rates simply because this one did.

GOOD LUCK!

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Re: my minimum payment is so high now by Sandra Rodriguez Thu August 24, 2006 @ 8:20 PM


Two days by Lia Fri August 25, 2006 @ 12:57 PM

No one was rude by S. Brown Fri August 25, 2006 @ 2:09 PM

by CrazyRedHead Posted Sat August 26, 2006 @ 2:50 AM

I wan't trying to be rude at all. I was only stating that it takes on
late payment, whether you were aware of it or not, to jack up your
interest. I'm speaking from a personal experience of my husband. He
paid his cc bill on time for two years and due to only one late
payment his interest went from 9% to 29.999%.

From all the complaints that I have read about Chase, your best bet
would be to just cut up the card, pay them off, and then cancel them.

Oh, and also that one late payment cause his other two cc to also
raise there interest, all because of one late payment on one card.

Chase doesn't care what your reason is on why you were only two days
late. It may not seem to you that two days isn't much but to them, it
is the only reason they need.

But truthfully, if the payment on this card is going to affect your
other more important bills, it would be best just to get rid of them.
I don't find a CC to be worth the stress and aggravation that it can
cause when it comes to your living expenses.

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by S. Brown Posted Thu August 24, 2006 @ 1:52 PM

The plain and simple truth is that one late payment will result in an
interest rate hike - - credit card companies are waiting with baited
breath for people to be late. And, if Chase personally contacted you
to let you know they were lowering your credit limits because they
feel you are a risk, I seriously doubt that they are going to increase
them unless you can prove that your financial situation has
dramatically improved.

I agree with the previous poster - - your best course of action is to
do your best to pay off this and other cards as quickly as possible.
I know this is easier said than done, but an extra few dollars every
month really makes a difference.

Reply


by CrazyRedHead Posted Thu August 24, 2006 @ 7:46 AM

The best thing is just to cut the card up and pay it off. If paying
the minimum is going to affect the other 'more important' bills you
are better of without it. It only takes one late payment to jack up
the interest, and they will not lower it for anyone or anything.

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