I have a Mastercard with Chase which I have had for going on three years now. Last year, in March of I paid off the full balance of the card. At that time, my APR was approximately 14%. I have not used the card since that time, and until recently, have held the card for emergency use only. I used the card about a week ago to place a deposit on a purchase. When I logged in to check my account, I discovered that my APR had been raised to 29.99% last year, five days after I had paid the balance in full. I have NEVER missed a payment, and have ALWAYS made my payments on time when I had a balance. I did nothing to justify such a ridiculous interest rate, and when contacted, all Chase would tell me is that a credit report was run on me three days after paying off my balance. This is a RIPOFF! They also REFUSED to reduce the rate. I will never do business with them again, and I warn all others to stay far far away!
BTW - There is nothing negative on my credit report, and I have three other major credit cards with APR's of 5.9,12.9, and 13.9.
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