Bank One recently merged with (was consumed by) Chase Manhattan Bank. As a former Bank One credit card holder, I am now subject to Chase predation and fraudulent practices. If there are other former Bank One customers who are being discriminated against, I would appreciate a note in my comments box.
I went back in my files and exhumed every iota of paper I've received from Bank One and Chase in the past 16 months. My experience with Bank One started with a 0% introductory APR for 3 months on a balance transfer from another account. I was then transferred to a friendly 3.99% interest rate for the life of the loan, as promised in writing by Bank One. This went on happily for 6 months. Then Chase entered the picture.
The first month Chase took over my accounts, my interest rate soared to 14.77%, with no notification or explanation. The following month, the APR jumped again to 15.99%. I should have started throwing a fit at that time, but with the holiday business season upon me and working 80-100 hours a week, I admit I wasn't on the ball. The pattern continued the next month to 16.24%; then to 16.49%. And this month the coup de grace: a whopping 24.74%. All this on a fixed APR of 3.99%. For the life of the loan and with a 20 year credit history anyone would be proud to claim (nope, NO late payments ever or any defaults).
A rather snotty young man at Chase has informed me that Chase has proof that I received their written notifications because I continued to pay my bills on a regular basis. I informed him that I pay my bills on-line, and he told me with complete assurance that was impossible because Chase has just instituted an on-line bill pay system. Well I was paying through the Bank One online system, not through Chase.
And this is the icing on the cake. I just received in the mail a bunch of promotional checks from Chase with a fixed APR of 4.99% for the life of the loan. The logo printed on the outside of the envelope says Take a Deep Breath.in big, fancy letters. Any woman who's been to her gynecologist (men, read proctologist here) knows what that means.
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