Make sure you check the interest rate. they raised ours since the last statement from 8.99% to 15.25 %. we are never late paying. Hubby is going to call them and ask what the heck is going on.. I guess they think people don't check that stuff.
99% of the card companies are doing this sort of thing--to their best customers, even! They're losing so much $$ due to their bad risk customers, and even their good customers who have become unemployed and now can't pay, that the ones who DO pay are getting hit with higher rates to offset their losses. :o(
And they're doing it QUICKLY, before all those new lawas take effect in 2010. >:o(
I do have Chase, not late either, and they upped mine almost a year ago- I thought my rate was higher than that, but it may be the same. The interest is ridiculous. Luckily my balance was never too high, but with the interest, it will still take me a full year to pay off at the new rates.
My husband called them and they said they sent a letter out and if you did not reply by Feb. 27th they were upping it. I can't seem to find any letter. he was mad.
They raised mine, but fortunately it was on a card that my only balance on was with a fixed rate check that I used. I was very disturbed when they purchased Washington Mutual last year. I will do business with Chase, but I prefer not to and hope to pay off my balances ASAP.
I don't have a Chase card for this exact reason. I've never missed or been late on a payment and they wouldn't reduce my interest rate after raising it like yours was. I cancelled the card immediately.
I think they are banking on the fact that a lot of people don't look at their interest rate, hopefully posts like this one will make people check it every month to see if Chase(or whoever the credit card is through) is raising interest rates.
We only got our Chase card to take advantage of a good offer/promo for our trip to Disney World a couple of years ago. We didn't use it after that, even though it was a low rate (8.9 I think) When the financial crunch hit, we got rid of all our credit cards except one (not chase) and that one is for emergencies only. We pay with our debit card (no charge for that) rather than carry a lot of cash. I think if everyone begins to cancel cards, stop using them, etc, they will be forced to lower the rates just to keep their customers. They hated us, I think, as we paid our balance off right away, thus, never paid them a penny in interest.
This has happened to alot of people with alot of different cards since the economy took a dive.... not fair at all. i'm just worried that my HELOC might do something like that and if so, I'll be in serious trouble.
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Comments: 16
They're losing so much $$ due to their bad risk customers, and even their good customers who have become unemployed and now can't pay, that the ones who DO pay are getting hit with higher rates to offset their losses. :o(
And they're doing it QUICKLY, before all those new lawas take effect in 2010. >:o(
I think they are banking on the fact that a lot of people don't look at their interest rate, hopefully posts like this one will make people check it every month to see if Chase(or whoever the credit card is through) is raising interest rates.
glitter-graphics.com
When the financial crunch hit, we got rid of all our credit cards except one (not chase) and that one is for emergencies only.
We pay with our debit card (no charge for that) rather than carry a lot of cash.
I think if everyone begins to cancel cards, stop using them, etc, they will be forced to lower the rates just to keep their customers.
They hated us, I think, as we paid our balance off right away, thus, never paid them a penny in interest.
This comment is to let you know that your post has received 30 comments or 60 views and has been removed from "If It Starts with a 'G,' It's All Good." Thanks for posting!