I recently opened a Chase Visa Card September. I was granted an initial account with a credit limit of $4,200.
I made all payments on or before the statement due date and kept the account in good standing. On March 18th, I received a letter from CHASE dated "March 4th" stating that they had reduced my credit line from $4200 to $3200 based on a review of my account.
My last billing statement I recieved had a closing date of 3/22/08 with a payment due date of 4/11/08. My previous balance totaled $2768.69 with a last payment credit of $110 on 3/21/08. I made $617.19 in purchases on 3/17/08.
While reviewing April's statement I noticed two issues immediately. First, the minimum payment was now $249.18. Second, a Over Limit Fee of $39.00 was assessed on 3/19/08! I assumed the two issues were due to the result of the aforementioned letter I received on March 18th where as Chase Credit Cards reduced my limit in the middle of a billing cycle.
So, I called CHASE Credit Cards Customer Service to inquire why my limit was reduced and dispute the "Over Limit" charge. After dealing with 7 minutes of an automated system I finally spoke to a human.
I ask the representative the aforemention questions and to my dismay the person I was speaking to could or would not provide me with an answer. Although I was not happy about the credit limit reduction I was certainly going to be aggressive about the imposed "Over Limit" charge. After a 15 minute dispute and passed over to several account representatives CHASE refused to remove the "Over Limit" charge.
Seriously, PO'd about CHASE Credit Cards way of business and tactics I immediately closed my account. This RIP OFF Report message is to communicate and bring awareness to existing/or future Chase Card holders as to the fraudlent business practices of CHASE Credit Cards...
PS
I've read the fine print of my Card Holder agreement in detail after this experience. The only legal binder in the disclosure was their right to increase/decrease at any time. There is no part of the disclosure that identifies "Over Limit" fees other than those assessed at the end of a billing cycle.
If any subject matter expert has advice or recommendation for action to take on CHASE for fraudlent practices, please contact me. I'll see to it that other consumers are well informed.
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