Chase Platinum Mastercard fraudulantly doubled my interest rates on both my credit card accounts.
They apparently did it without reason. I have excellent credit and a six figure income. Therefore I think I am allowed to have several open accounts. To me its better to have some money in the bank than to have it tied up in full purchase of items I need, want, or desire, such as cars or a home. The credit bureaus even give me a good credit score. I always get the lowest rates available.
I didn't notice the jump in interest until the second month after it happened. I called and said they sent me a notice. To this day I have not seen that notice. I called and talked to a representative who told me it was increased due to "delinquent accounts" on one or more credit reports. I was agast. Fearing identity theft I immediately ordered all three credit reports. I have them in my hand and have yet to find anything which would set them off now. The only negative on my report was when I was in a dispute over two hospital charges and my insurance paying them. I didn't know at the time that they went to collection. Those were paid and that was TWO years ago.
I have been in the work force since 1993 and my complete credit history on record is near PERFECT. Payments on all accounts (besides the hospital accounts) are PERFECT. Absolutely NO late payments whatsoever.
After reading this site, I have found out it is happening to others as well.
At least I have never sent them a late payment or my interest rate would have more than tripled. I empathize with those that made a payment even one day late.
I called twice and got the same response both times from different reps. Almost a rehearsed response.
I emailed them:
Dear Chase Representative,
This message is actually about all my accounts. I have
spoken to two of your reps on the phone about my interest rate going way up. They both advised that a review of my credit report showed delinquent accounts. Out of fear of identity theft, I requested a copy of my credit report from all three bureaus and thankfully there has been no identity theft. There also is NO delinquent accounts. And there are also no late payments. EVER! What gives?
The only negatives on my report are two hospital bills that were sent to collection while I was in a dispute over my medical insurance paying them. That was in 2003. But as you can see they are not in default either and were paid the same year.
I have been a Chase cardholder for more than 15 years and have always received fair treatment, until now. One thing my credit report does not show is my exponential increase in income or my marital status, which allows me to never make a late payment. Check your records. If you cannot at least lower the rate back to where it was or even lower because of my EXCELLENT credit history, I will be forced to no longer be a Chase member.
Regards,
Here is the response i received:
Thank you for your request for a lower rate. At the
present time, there is no lower interest rate available on your account. However, accounts are periodically reviewed for promotional rate sales and we request you contact us in the future.
If you have any further questions, please reply using the Secure Message Center.
Thank you,
Laura Medellin
E-Mail Customer Service
AND MY RESPONSE TO THAT after I paid off and CLOSED one account:
Dear Chase,
Your response to my request is unsatisfactory. I have therefore resorted to closing my accounts with you. I paid off one account and closed it today, an account I had with you for 15, count 'em 15 years. I will be paying off and closing the other account next month. You obviously do not want my business. Not a single late payment on my credit reports.
Two of your "representatives" lied and said it was because of delinquent accounts. I have all three reports and I have NO delinquent accounts! So the reason I gave the representative I talked to today about why I was closing my account was because Chase FRAUDULANTLY increased my interest rate. It is fraudulant when they lied about why it was increased. Corporate/Sharholder profit would have been a better excuse.
Increasing the rate on someone with bad credit in the hopes that it would take a very long time to pay off is a good scheme. Fortunately for me I have a six figure income and GOOD credit and can afford to just pay you off. Therefore you won't be getting anymore profits from me. My oh my I also can't believe how much information on Chase is available at usacomplaints.com.
Thank you for 15 years of good service and
goodbye forever from a good customer.
I am now awaiting their response. I know they got my money when I paid off the credit card but what's up? Why are they wanting all their money now. I wish there was a better way to punish them. They obviously don't care about their customers. I hope they lose all who can afford or have the ability to refinance and pay them off.
I will never use them as my credit card company again! The funny thing is a day later I received one of their promotional APR "checks" to use as I wished with a 4.99% interest rate for the life of the balance. I am so glad I came here and read that it is a bait and switch scheme so they could further increase the rate after I already transferred balances or used the money for other things.
P.S. I have a Bank One card with a prime rate for life interest rate. Unfortunately for me Chase now owns it. If they mess with that interest rate I will be totally and utterly pissed off.
Thanks for reading my long winded post, but I had to vent and I hope it will let others know they are not alone.
Aaron
Joplin, Missouri
U.S.A.
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