I have been a long term customer of Chase Bank both with business and personal accounts. My account was setup to auto pay each month. October I made a purchase that went over my credit limit but was approved by Chase, who then promptly changed (without notice) the interest rate from 5.99% APR to 29.99%.
In my opinion there should never be an over limit situation because they should not approve charges that would exceed the credit limit. I feel Chase Banks actions, which emulate most credit card venders, are deceptive in nature and my qualify by the current Federal Trade Commission rules as deceptive trade practices.
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