JP Morgan Chase Bank
Ripoff usurious APR arbitrary change of fixed rate

I am yet another consumer who has fallen victim to Chase Bank's misuse of power. My problems began when Chase bought out Bank One. My account with Bank One was a Platinum with a 7.99% fixed rate.in the weeks leading to the merger I noticed my rate begin to climb. I called then Bank One to find out why and they told me that I had a high balance. Fine. The rate leveled at around 16%.in an attempt to fix the problem I eliminated half of my balance. I called again and was told the same thing. When the merger came I got a rate revision/privacy policy in the mail from Chase Bank stating that my fixed rate account was now changing to a variable rate account at 23% plus prime. Nice way to treat a customer, considering I also have another Platinum account with Chase Bank.

I am at the point now where I'm tired of having 3/4 of my payment going to interest. I called today to see what could be done. I also had my address changed because for the last three months I've filled out the back of the statement to change the address and they have failed to do so. The gentlemen I spoke with told me that in determining rates they look at my credit history as well as my debt to income ratio. It so happened that I have credit report in front of me and there is not one negative issue on the report... Not one late or over limit account EVER. There was a pause and then he said they look at the balance. He saw that I got rid of half the balance before the merger. Then it went to "you should have gotten a revision in the mail." He also couldn't explain why my original Chase account was still at 12% while the mergered account has climbed to 25.74% as of today.

I don't know about the rest of you, but I pay my bills on time all of the time at a payment higher than minimum. Yes, I have debt. I have school loans, I have a mortgage. Why can I get a consolidation loan at 7% and a mortgage at 6.25% if Chase's reasoning for a high rate is accurate? It doesn't make sense.

When I found this page I was appalled at what they are arbitrarily doing with their accounts. If anyone has information on the status of the national suit against Chase Bank please tell me.in the meantime I plan to file complaints with everyone that I can. Thank you.

Company: JP Morgan Chase Bank
Country: USA
State: Delaware
City: Wilmington
Phone: 8009452000
Site: chase.com

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