I recently transferred my total outstanding balance from my other credit card (WAMU/Providian VISA) to my CHASE Freedom VISA Card. I decided to stop using my WAMU/Providian Card due to their unethical business practices, complete lack of integrity and respect for customers in good credit standing.
I have been a Chase customer since 2006 and had been happy with their service and most of all their integrity until now. On 1/15/08 I did a balance transfer from my WAMU/Providian Visa Card for $1500.00, and another transfer on 1/17/08 for $1950.00. Both were done at a special promotional balance transfer rate of 0.99% APR for 10 months. The transfer on the 15th was done online (www.chase.com), where I was presented with a list of special promotional APR percentages for the transfer—some APR choices were 6.99% and others were 0.99%. I selected 0.99% APR for 10 months. The transfer on the 17th was done over the phone, where a customer service rep confirmed the 0.99% APR promotional rate for the transfer.
On 1/25/08 I received my Chase credit card statement and was shocked to learn that I am being billed for the balance transfers at 8.99% APR and not at the 0.99% APR promotional rate. I called customer service the same day and was immediately given the runaround and a complete BS story—very reminiscent of my experience with WAMU/Providian. Not wanting to argue, I politely ended the conversation.
I called back 5 minutes later, and talked to an Accounts Supervisor (Ms. Stephanie Lotus). She acknowledged that most likely an error had been made—she said the transfer on the 17th should have been at 0.99% APR, but the other transfer on the 15th is at 8.99% since it was done online and was not verbally confirmed on the phone—this is complete CRAP since all special offers are listed and available online! I even have the original 0.99% APR offer with enclosed transfer checks that Chase sent me in the mail. The document states that this special offer can be redeemed either by using the enclosed balance transfer checks or done online by logging into your account and selecting the special offer—which is what I did.
Here are a few facts below so that you know that I'm in good credit standing:
* I've been a card member with Chase since 2006
* My credit limit is $15,000
* I've always paid more than the minimum due
* I've never fallen behind on payments or been delinquent since opening the account
* I have excellent credit (FICO is 776)
How can they do this? Isn't this fraud and a violation in the agreed upon terms/contract? I agreed to a 0.99% APR when I clicked confirm on their website—how on earth can they blatantly disregard that fact and set a new rate once the transfer was completed? I am completely shocked—a business as reputable and well-known as Chase behaving like a common crook and con artist.
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