JP Morgan Chase
Fixed 9.99 Percent Rate Changed to Variable 22.4 Percent

I received a flimsy little notice written in black with some red writing on it. I would have tossed it if I didn't see that it said "In reference to your Chase Credit Card ending in xxxx". When I opened it and started reading I couldn't believe my eyes. A Visa credit card issued by chase 4 years ago on which my payments have been on time, and automatically was "uped" to 20 k from 12k over the 4 years because of "exceptional credit" was raising my interest rate from a fixed 9.99 APR to a variable 22.4 %.

I figured there is some error as I have made payments on time and they in fact raised my available balance as a result of being a "great" customer. So, I called the number on the notice, and they basically said that as a result of raising balances on 2 capital one cards close to the maximum, and it has become unprofitable to keep the interest at 9.99 % that is their plan of action, either accept he 22.4% variable rate or close my card and pay back the balance which is $ 16,500 out of available 20k at the fixed 9.99 % but I no longer have use of my credit card it is closed.

I chose the latter. You gotta be kidding me. Is someone in government going to sit up and take notice that the American Public is getting royally screwed or is it going to take a bunch of class action suits. These banks are playing with our lives, it needs to stop now.

Company: JP Morgan Chase
Country: USA
State: New York
City: New York
Site: chase.com

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