Chase Bank

Call their customer service line and demand the original rate back. It's surprising how well that works sometimes.

Thanks for the info, dude. I too was with WaMu and have been contemplating opening a credit card account with Chase. Not no more.

Perhaps I should just take my $37 to another bank!

It's surprising how that USED to work sometimes.

There is no way your rate is going back down, not since that credit card legislation was passed.

Good customers are going to have to pay more money to subsidize the bad customers. This was a known side effect of the leglislation that was recently passed.

Easy/cheap credit is pretty much gone for the near to mid future.

Some would argue that that's a good thing (I'm on the fence).

I don't think Chase is much worse than anyone else...they're just first in line.

I worked for them; not the credit card area, but all divisions are the same at least in their menatality. I agree they are scum bags of the worst kind - check with kicky he worked for them as well.

Oh by the way there used to be a website called Chasesucks - I don't think it is around any more, but it was a hoot.

Damn, Bear. I just got off the phone arguing with them about my flood insurance. They keep sending me letters saying that I don't have enough coverage. I would NEVER get a credit card from that bunch.

I'm one of those credit card customers who pays off my monthly bill in full and I don't carry a balance. In other words, I'm what's known in the credit card industry as a "deadbeat."

On rare occasions, though, I miss a payment, usually due to extreme disorganization on my part. That makes the company happy, because then it gets to charge me interest for two months, and it also gets to charge me a $39 late fee. On those occasions, though, I've always been able to call the company and get it to waive the late fee. At first, I would call and give some excuse, but after a while I'd just call and say "I don't want to pay that fee." I might get an argument, but if I threatened to cancel the card they'd pretty quickly agree to waive the late fee (and usually they'd waive the interest too).

Well, about three months or so ago I was late with my payment on my Chase credit card. So I called them up. The following is what transpired:

Me: I don't want to pay the late fee.
Chase Minion of Evil: Why not?
Me: I just don't want to. It's a ridiculous fee. It has no bearing on the amount of money that it costs Chase to carry my balance. That's what the interest charge is for. I have no problem paying the interest, I just object to the late fee.
Chase Minion: Do you have any reason why you were late with your payment?
Me: No, not really. Just stupidity on my part. I didn't mail my payment in time.
Chase Minion: Well I'm sorry, but we can't waive that late fee.
Me: OK, cancel my card.
(at this point there was a short pause, after which someone else got on the line, I assume the first person's supervisor)
Me: Hello?
Chase Minion's Supervisor: I understand you have some questions about your latest bill.
Me: No, I just don't want to pay the late fee.
Chase Minion's Supervisor: We can't waive that fee.
Me: Then cancel my account.
Chase Minion's Supervisor: I'm sorry you feel that way. Is there anything that we can do to change your mind?
Me: Yes. WAIVE THE LATE FEE!
Chase Minion's Supervisor: I'm sorry, we can't do that.

So, in the end, I cancelled my Chase card. I chalked up the entire episode to the economy -- Chase has clearly decided that it needs every single penny it can wring out of its credit card operation, so it's no longer accommodating its customers. Of course, by insisting on the late fee, it lost my account, which, in the long run, will cost it more than $39, but no one ever said that Chase Bank was terribly smart.

None of these banks are looking at the long term though Joe. They've got their eyes on next quarter, and that's it.

Word!

for your reading pleasure:

http://www.chase-sucks.com/

Bear, you should have an "opt out" option that involves closing the account. In that case, you will be able to pay off your balance at your previous rate but not make new charges.

I opted out of a Bank of America rate increase and expected the account to be closed. Initially, they raised my rate anyway. When I called to remind them that I'd opted out they reversed it, didn't close my account, but cut my limit in half. I think they are waiting for me to make another charge on the account so the new rate can take effect.

In short, all the banks are doing this. It sucks. Check out the now defunct creditmatters.com blog for more stories.

I've done that Freeduck.

Thanks. That was very cathartic.

I'm glad you feel better.

So I've just paid off a credit card I've had for 13 years. And now that I'm no longer scared of charging a pack of gum for fear the next day I'll disappear into a black hole of debt, I'm ready to shelve this card--pretty much as bad as any card from Bank of America, Chase, Citi, the usual assholes--and get a new one, to improve my credit score.

That's the sole reason I would have one. In a perfect world I wouldn't use one ever. Ever. Ever. Naturally, then, all I'm interested in is one that has a low interest rate and doesn't **** in my mouth if I don't buy a defective Prius every month. I would use it like once or twice a month for any purchase over $100. I never want to carry a balance again.

So I thought about joining a credit union to get a card with low rates. Check it: http://www.nytimes.com/aponline/2010/02/08/business/AP-US-Your-Money-Credit-Union-Cards.html?_r=1

I suppose I'll do the majority of my banking with Chase still, though the more I read up on them the worse I feel about myself and the human spirit in general. I like the idea that the credit union would have the opportunity to woo me away, provided I don't find out the members belong to a weird cult that tries to drug me and make me put things up my butthole.

If you plan on paying it off every month - then who cares how high the interest rate is. To be honest if you cancel and get a different credit card - that will impact your credit rating negatively. If you can honestly say you will pay off the amount each month, you are better keeping the credit card you currently have - you should use it, but use it for a low amount - both of these will increase your credit score (regularly using your credit card shows you can responsibly handle debt and keeping a low balance shows you do not obuse your debt).

Or, you could just not use credit cards, because it feeds a horrible industry who profits off of the misfortune and bad planning of others, and then uses some of those profits to offer you 'perks.'

Our system will remain eternally shitty as long as people keep buying into it and pretending that it's okay. It isn't okay. That's why you cancel your card when they jack your rate up for no reason - it isn't okay for companies to treat their customers like ****.

Cycloptichorn

Yeah, that's what I meant by "shelving" it. No way would I cancel the card that pretty much accounts for my entire credit rating. And I need to open another one anyway to maintain good credit. I see this as an opportunity to begin using as my main card one from an institution less likely to rip me off.

I think Joe's first post sums up my caution, here. You **** up once, or they **** up and blame you, and suddenly you're paying at 30%. And in general it appears credit unions are less likely to nickel and dime you on fees.

Now if there is a downside to credit unions, or an upside to giant banks, I am certainly interested. I've gotta research this thing a bit more.

But as an example of what I don't like about Chase, yesterday I received a letter from them telling me to keep an eye out for another letter. One in which they would announce changes to their overdraft policy. I need to be vigilant, they say, for this policy will automatically be imposed on my account unless I contact them about my preference for the old policy.

A letter about a ******* letter? As opposed to, maybe, a single posting on their website? On which I would be able to click a ******* box to let them know I'm not interested in this new policy, which probably involves a disgruntled mid-level manager strangling my dog in the middle of the night? This sneaky **** is insulting.

You are better off canceling the one credit card if you are dead set about opening another one from a different company (and I can fully understand your dislike of these large credit card companies over a credit union).

But if you are concerned about your credit rating, having more credit cards can negatively impact your rating (basically you have the potential for greater debt).