JP Morgan Chase Or Chase Credit Cards Pay late 1 time by 1 day and get an APR of 29.99% Wilmington Delaware
Back in December of 2005, Chase changed the payment due date for our credit card account, which was previously the 3rd of every month, to the 2nd of January 2006. Therefore, our payment, which was automatically scheduled through our bank for the 3rd, arrived 1 day late.In spite of our otherwise impeccable payment history with Chase, the interest rate was immediately increased to 29.99%.
All of our efforts to resolve the issue were in vain, so we paid off the balance on the account in April of 2006. Chase quickly started sending us offers for balance transfers at 4.99% until the balance is paid off and we decided that it would be a great way to consolidate all of our credit card debt.
Unfortunately due to an oversight on my part, one of the transfers had a different term (promotional 7.99% APR until February 2007). When this promotional rate expired, Chase reverted to the old interest rate on this account of 29.99% and are not willing to lower it by more than 2%.
Further, each payment made is first applied to the balance with the lowest interest rate, leaving us with $20k to pay off at 4.99% BEFORE the amount of $4k with the 27.99% interest can be paid off.
I do not believe that these are reasonable business practices but don't quite know what to do other than having to once again transfer my balances to other cards. This is outrageous!
The Roses
Atlanta, Georgia
U.S.A.
1 Updates & Rebuttals
R
Springfield,Missouri,
U.S.A.
Read your cardmember agreement
#2Consumer Comment
Sat, April 28, 2007
In your cardmember agreement, it states that your APR can change if you have a late payment. And it states that your payment has to be there BY THE DUE DATE. No matter what the reason is for the late payment. It is our, (the consumer's) responsibility to make our payments in a timely manner. It's our responsibility to make payments on time.
You also have to look at your statements very closely, especially under the IMPORTANT NEWS section. And also look at your DUE DATE each month on your statement. It CAN change, as it did in your case.
As for the payments being applied to the lowest interest rate first, that is also notated on your statement, on the back. Read every bit of information, everything is in there.
Now you are probably saying, "who reads the fine print"? YOU, WE as consumers need to. We sign the back of our cards, and/or sign our receipts when we buy something. That is telling Chase, or whatever credit card you have, that you are abiding by ALL their RULES.