I have been a customer of Chase for a couple of years now. I have never missed a payment. Always paid above my minimum. In September I was sent a change of terms bulletin.
The bulletin indicated that my APR would rise to the whopping rate of 29.24% if I did not send Chase a letter expressing my disagreement to said changes. I sent the letter because to do nothing would mean a rise of nearly 10% to my APR.
I read the bulletin carefully, it stated "If you send us such a letter, these changes will not apply. If your account is open, it will continue to be available for your use." I sent the letter on Sept 27th.
In December my APR was changed to 29.24% Why? I phoned Chase to ask. I was told that now I am considered a credit risk. Why? How did that happen? After much fumbling over the phone I angrily closed my account.
I phoned Chase after located my "change in terms bulletin" today I was told that they never received my letter. That was the reason my APR was changed.
Which lie am I to believe? I followed the rules, made my payments on time, paid above my minimums and yet my reward is a penalty.
Here's what I do believe. I will never be a Chase customer again. Chase is a liar and their own bulletin proves that. That is a truth I will spread as far and as often as I can.
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