Back in December of Chase changed the payment due date for our credit card account, which was previously the 3rd of every month, to the 2nd of January. Therefore, our payment, which was automatically scheduled through our bank for the 3rd, arrived 1 day late.in spite of our otherwise impeccable payment history with Chase, the interest rate was immediately increased to 29.99%.
All of our efforts to resolve the issue were in vain, so we paid off the balance on the account in April. Chase quickly started sending us offers for balance transfers at 4.99% until the balance is paid off and we decided that it would be a great way to consolidate all of our credit card debt.
Unfortunately due to an oversight on my part, one of the transfers had a different term (promotional 7.99% APR until February). When this promotional rate expired, Chase reverted to the old interest rate on this account of 29.99% and are not willing to lower it by more than 2%.
Further, each payment made is first applied to the balance with the lowest interest rate, leaving us with $20k to pay off at 4.99% BEFORE the amount of $4k with the 27.99% interest can be paid off.
I do not believe that these are reasonable business practices but don't quite know what to do other than having to once again transfer my balances to other cards. This is outrageous!
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