I received a letter (around November) from Chase indicating that my APR on my credit card was being raised from 7.99% to 29.99%. I called and was told the letter was sent in error and my account is not changing.in February I noticed a change in my account and checked the APR on-line and noticed it had changed to 29.99%. I pay most of my bills on-line and double checked to make sure I hadn't missed any payments to ANYONE.
I have not been late nor missed payments on any bills, so I called Chase to get an answer. The CSR asked if I had recently made any large purchases... I had purchased a new vehicle in Feb. He explained that the was the reason, by incurring more debt they feel I am less likely to pay my bills with them... Therefore I should pay more in interest. I asked how does jacking me for more money by charging me more interest than the people who don't pay their bills make me MORE likely to pay, he had no response to that one.
To top it all off, I recently noticed that my due date has changed... They also decided to reduce my grace period from 25 to 20 days. I was never notified of this new "change to the terms of my credit card agreement". I called again... After some hemming and hawing the CSR has not been able to determine why Chase as deemed it a good idea to screw a customer who has had an account in good standing for several years. I was told that these changes are allowed in the terms of card agreement. My take is that they are intentionally trying to cause a default, more money for them.
I have decided to make a more favorable change in the terms and agreements... I'm paying them off next month and cutting the card. I am not closing the account because I know it costs them money to maintain the account, even if I am not using it. I know it is a minor expense for them, but it still makes me grin!!!
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