Chase Bank Complaint

Credit Card Lender Blackmails Holders Of Fixed Rate Cards - Chase Bank Visa Card


Chase bank has informed me that "due to the poor economy" your 5.99% Fixed rate card (that I have paid on time without exception) will be changed in March to a variable rate (7.5% Beginning). If I don't accept this "offer" I can opt out and close my account - which would have a negative impact on my good credit score. In calling chase's customer service representative It was confirmed that the change was indeed due to the poor economy and not due to any short comings in my payment history. When questioned regarding the negative impact on my credit....The reply was "well yes...The closing of the account will have a negative effect-something that they (chase) would consider when evaluating credit" it is a 'take it or leave it' form of blackmail that is not deserved. They want to weed out all the less than profitable intrest rates and hook people into a variable or screw up their credit. I have logged a complaint with the ftc. Does anyone else agree that these are the actions of a poorly operated lending institution screwing the already credit strained public ?

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Reader Comments:

Posted by gmbillick on 04/10/2009
We have a higher interest rate than your original and received the same letter..."Due to the poor economy...." Truth is that many people are not paying their credit card bills or liquidating their credit accounts, and the bank's profitability is decreasing. They also forgot to mention that they are generally underwritten and insured for such losses, and they also received federal government bailout (a.k.a. taxpayer's) money to stay afloat and they STILL want to stiff their "loyal cardholders."

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