I had a bank one credit card and have always been in good standing and stayed in good standing when it was taken over by chase. Last month I received a letter informing me that my APR was being raised from the 8.99% to 31.49%. I called them to find out why and to correct the mistake. I was told that my balance had risen to quickly and therefore I was a higher risk borrower and that is why my rate had increased. Obviously the fact that I have paid my bills for the last four years, never been late with a payment and was far below my credit line did not matter. I was told if I did not like it I was welcome to close the account (they said that I could pay my balance off at the old rate). What bothers me even more is that both myself and my wife have no late payments on our credit, and have never had any sort of credit problems at all. Also we have just leased our second car through chase (first was paid of in full, on time and returned) and also have our home equity loan through chase, also paid on time and in good standing. Strange that Chase would give us an A+ tier on a $38,000 car if we are such a high risk, and also that they would give us a home equity loan if they felt we warranted a 31.49% interest rate. The only humourous part of the whole thing was an advisor at chase telling me that if I stopped paying on time I would be subject to the default rate of 29.9% !!! Yes thats right, I would pay a lower rate if I didn't pay my bills than I would if I paid them.
I will never do business with any branch of chase again and am in the process of refinancing my Home equity line and lease.
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