Bank One was recently taken over by Chase Bank — I was shocked to open my January statement and see the interest rate on purchases went from 8.9% to 26.24%! I never make a late payment but I do carry a high balance. I called the company and they said they sent notice of this but I don't recall receiving it.
My only recourse is to either transfer the balance to some other company or pay off the entire balance in some other way, or write a letter to them stating I didn't receive the notice and close the account - they say they will accept this letter since its "so close the time" the alleged notification went out; if I do that they'll "re-set" the interest rate to what it was and I can make payments on the closed account.
Bottom line: I feel it is really sleazy to jack up an interest rate like that to a customer who has never paid late! After all, they were making money off me and never got it late! I will certainly remove my entire balance from this company as soon as possible and they will not make one dime off of me again. I suspect that there are many people out there who will not notice the drastic hike in interest rate and will just blindly go on paying forever — buyer beware, sure, but this is really a sleazy business practice.
0 comments