Chase Card Services, Chase Credit Card Unfairly Changed the terms of their Agreement Wilmington Delaware
Several years ago, I applied for and received a Chase MasterCard with an Adjustable Rate Interest of Prime plus 1.5%. I have never missed a payment or gone over my credit limit, which as been increased automatically by Chase several times. I currently have a balance of just over $3000, and my interest rate was 4.25% until this past billing cycle (04/09), where it doubled to 9.24%. Naturally I called to clear up the obvious mistake, but the customer service rep explained to me that I was not being singled out and I did nothing wrong. Chase simply decided to change the terms!
I responded that I did not accept the new terms because they were not the terms I had agreed to when the card was initially offered. I was told that I had no choice, since Chase had decided to make the change in November 08. The customer service rep was very calm and collected and had obviously fielded this call many times before. I asked him what would happen if I simply decided to change the terms of my agreement with Chase, and not make any more payments. Of course we all know what would happen.
How can a bank not be held to terms they had agreed to? If the prime interest rate had increased, I know the rate on my credit card balance would have increased and I would have paid it. But, because rates went down, Chase does not have to live up to their agreement, and simply changed the rules. No wonder the people are ready to revolt! I ended my conversation with Chase by stating the obvious - "You are simply driving your good customers away". I will pay off my balance and close the account. Good riddance Chase - we'll see you in the bailout line.
Fed up with bs
Hometown, Utah
U.S.A.
3 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
If you really are...
#4Consumer Comment
Thu, April 16, 2009
"Fed up with BS", then maybe you shouldn't actually read the credit card agreement. There is enough BS in there to keep you occupied for hours.
What you'll find is that the bank has control over the terms of the account and can change them when they like. You, on the other hand, have absolutely no leverage in this relationship. How's that for BS.
I think if most people would take the time to read their card agreement (before borrowing money on it), they'd think twice about carrying a balance on any credit card. With a normal fixed rate consumer loan, you know exactly how much you will pay monthly and in interest over the life of a loan. With the absurd terms of revolving credit agreements, you have absolutely no guarantee what that hamburger you charged yesterday will ultimately cost you. Does that sound like a wise financial move?
Flynrider
Phoeix,Arizona,
U.S.A.
If you really are...
#4Consumer Comment
Thu, April 16, 2009
"Fed up with BS", then maybe you shouldn't actually read the credit card agreement. There is enough BS in there to keep you occupied for hours.
What you'll find is that the bank has control over the terms of the account and can change them when they like. You, on the other hand, have absolutely no leverage in this relationship. How's that for BS.
I think if most people would take the time to read their card agreement (before borrowing money on it), they'd think twice about carrying a balance on any credit card. With a normal fixed rate consumer loan, you know exactly how much you will pay monthly and in interest over the life of a loan. With the absurd terms of revolving credit agreements, you have absolutely no guarantee what that hamburger you charged yesterday will ultimately cost you. Does that sound like a wise financial move?
Robert
Irvine,California,
U.S.A.
Here is why...
#4Consumer Comment
Mon, April 13, 2009
"How can a bank not be held to terms they had agreed to?"
- Because by using the card you agreed to abide by the terms. One of those terms is that they can change them at any time.
Where was your report on how unfair it is when your limit was increased "automatically by Chase"? After all if you don't think they should be allowed to change the terms. Why should they be allowed to increase your Credit Limit above what you agreed to when you got the card?
Don't get me wrong, I am not defending them. Just that if you read any CC agrement you will find that every other bank works the same way. Credit Card companies are not your friend they are in the business of lending money. But at the same time they don't force you to use the card. They also don't force you to keep a balance and pay any interest. Doing that is YOUR choice. So in the long run you will actually be better off by paying off your balance and stop using the card.