Chase Bank USA
Ripoff Raising APR's to outrageous amounts

I have read almost all of the reports here about Chase Bank and those reporting that their interest rates were raised from 7.99% or 9.99% (mine) to 21.24% (mine) up to 30.99%.

I will repeat again... It is unconscionable to allow credit card companies to apply penalty or universal default rate hikes to existing balances on the cardholder's account at the time of the rate increase.
In a few words this means, when I use my credit card, knowing the rate is 9.9%, I felt comfortable purchasing the items at that rate. Had my card been at 21.24%, I would not have made that purchase. So now, Chase turns around and raises the rate on past purchases that I made at a lower APR. This should be illegal.

What I also find interesting is the story that Chase told me as well as those who have posted on this site. The so called "announcement" of this change which I supposedly received with one of my statements indicates, for no reason at all (just that they are "allowed" to do this) that the rate is being increased. The Chase representatives told me that it was due to information obtained from my credit report - in that I am carrying too high of a balance (funny how they just raised my credit limit last June and because I used it, they get to increase my rate!) My credit is perfect besides carrying balances.

But, here is the kicker. To everyone who reported on here that they were told it is because of information on their credit report, do you actually see any inquiry from Chase Bank on your report? How do they know what is on the credit report if the inquiry is not made as it is not showing up on my credit report.

Write your representatives about The Loan Shark Prevention Act (H.R. 1619) which would amend the Truth in Lending Act to cap the annual percentage rate on any extension of credit, and the amount of any fee or charge that a creditor may impose under the terms of a credit transaction. Rep. Bernard Sanders of Vermont introduced this bill on 4/13. It is now pending before the House Subcommittee on Financial Institutions and Consumer Credit.

I have encouraged everyone to do this, but I am afraid we are at the mercy of the credit card companies who pay big money to our representatives to keep this kind of stuff from passing. The only thing to do is to write our reps and demand they vote for the consumer not the banks. If they don't vote for us, we aren't voting for them next election.

All I can suggest now is to boycott Chase and actually try not to accumulate any further credit card debt. We are at the mercy of these giants and the only way to get their attention is to stop using them.

Please respond if any of you have noticed if Chase shows up on your credit report around the time they announced the rate increase. (Also, has anyone else noticed on Chase's website that they have now started posting next to your online statements the names of the inserts they have sent???) How interesting they are doing this now, although three months ago they were not.

Company: Chase Bank USA
Country: USA
State: Delaware
City: Wilmington

  <     >