Bank One/Chase Complaint - Is Chase The New Enron? Upated: 6-14-05 - credit card

Posted by Zed on 2005-06-15:

This comment explains a few things. I have 2 credit cards from chase. One was a Bank One that became Chase & the other a Chase Freedom. I was paying an interest rate of 6.9% & 8.9% on these two accounts until recently when they raised both accounts to 29.5%! When I called to find a reason for this they said it was because I had high balances. What is that? In the same statement they raised my credit limits and included balance transefer checks with 4.9% intererst rates. If they are so concerned why raise my limits and give me checks. This prompted me to pull my credit reports & thankfully there was no derogatory or incorrect information. My credit score is 764 & I imagine that it is difficult to obtain new customers with good credit so Chase is shooting themselves in the foot. My father had a chase credit card until recently. Although he pays the his balances off every month so he doesn't really pay interest. He had a fixed rate on purchases that was in the 9% range & he said they raised that to 22.9%. He cancelled the card. His credit score is 806. Great move chase. Anyway, Im off to the post office to put checks in the mail to pay off those userers & I will never be a Chase customer again. Tell all your friends to closely examine their chase statements, they might be surprised. I was never sent letters about the interst rate changes although Chase disputes that.