I have had a Chase Mastercard account for the better part of 10 years. I have never once been late with a payment and have consistently received raises at work that, along with paying off my debt, served to lower my debt ratio as opposed to increase it.
Back in April Chase raised my rate from under 10% to over 30%. When I phoned them they advised that this increase was due to the fact that I had been determined to be a "credit risk" because my account had a high balance. (Then why did they recently raise my limit in I am such a risk?)
They did this without properly notifying me; I received no notice of the increase and, because my payment is online, might not have realized this increase had it not been for the fact that I noticed that much of my last two month's payments had gone directly to interest and not the principle. They claimed on the phone that they had "sent me an email notification" but I did not receive it and when I asked about having some proof their supervisor basically said they "did not need it".
According to a banking professional locally because they are located in Delaware they are more free to use such tactics.
Fortunately I had the means to proceed with paying them off and closing the account. I would like to help to assure that others don't fall victim. DO NOT BANK WITH THEM! This is the only way to truly protect yourself. They have no conscience and little if any concern for those who they may hurt.
I plan on filing a complaint with the O.C.C. And in addition I am using my status as a firefighter/paramedic to try to get some media attention. The public needs to know about these ripoff artist. I realize that I probably won't be able to get my money back but I am hoping that somehow Chase might end up in a class action with lots of national attention that ends up shutting them down.
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