Chase Manhattan Bank Credit Card
Arbitrary interest rate hike, to Prime 23.99%! That is abt 30%! Ripoff

I was disgusted with Chase last year when they increased my rate to 25.99% due to a delinquency on a separate account. My Chase Credit card was ALWAYS in good standing otherwise. I paid them off.

Last August they suckered me in with a low rate balance transfer offer, which I regret to say that I accepted. For the bill from February, I got one of the "cardmember agreement amendment" fliers that everyone throws out without reading.

Luckily I read this one.in fine print, it notified me of a repricing to Prime plus 23.99%! It was not clear that it would or would not apply. I called the number on the back of the card, and customer service confirmed (after a long wait for research) that my terms HAD changed. The rep stated that they sent a notice early in February, which I do not recall receiving.

I faxed my response in to refuse the change, and finally got a response that they would close my account. I am paying it off as fast as I can. I took out a 401K loan to get rid of them once and for all.

My FICO score is above 700. My past delinquency was REMOVED from my credit report prior to this. This action was described as a repricing due to excessive credit! This company offered me part of that excessive credit, then attempted to charge me 30% interest.

I could find nothing in my original cardmember agreement to prohibit this action. I am sure that they followed the letter of the law, and held to their side of the agreement fully; they are not stupid. I also am positive that they do this knowing full well that there are persons out there who will never notice the flier, and keep paying every month, and MAYBE wonder for a fleeting instant why their balance never decreases, and continue to pay anyway.

If I had not read that flier this time (I usually throw them out), I would have not known to refuse the change in terms, and in my March bill I would have been stuck. I have already been telling everyone I know about what this company is doing.

I am not alone. I went to my Credit Union to request a balance increase to transfer my Chase bill, and the guy there ALSO got the rate increase from Chase.

Legal? Probably.

Immoral? I think so.

Deceptive? Definitely!

J.P. Morgan, Chase Manhattan, and Bank One no longer will have me as a customer.

Bottom line, this company no longer receives my monthly $100 in interest on a credit card that I always carried a balance on. If they had left it alone, they would still be receiving over $1000 each year from me for not much work. Now they get $0.00 from me.

Company: Chase Manhattan Bank Credit Card
Country: USA
State: Delaware
City: Wilmington
Address: P.O. Box 15129

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