I am sick to my stomach today when A bank who gave me an offer for the life of my balance for 3.99% if I transfered a balance to them. I accepted this term and was also offered to 'write myself a check' for the life of the balance of 4.99%. I accepted these offers a few years ago and used some of the money to pay off another loan and do some work to my home.
I now have a balance of $9,000.00 of which I have always paid more than the minimum payment and always paid on time. I was sick to see my January statement show double the minimum payment plus an $10.00 transaction fee! I called and was advised that Chase changed the terms and I could stay with the current terms or accept an offer of 7.99% until January after that it will be variable!
I advised her I have NEVER not paid on my account and have always paid on time. I don't understand how Chase can just change the terms of what I originally accepted and I stayed within the terms of the agreement. I was basically given the option to pay the $10.00 fee every month with 2% of the balance for the minimum payment or accept the 7.99% offer.
I have great credit and have never been late or not paid Any bill! I am getting penalized for being a good customer and paying my bill! I guess they are not making enough money on be because i have not been late so they could not change my apr but went ahead and did it any way!
I had no choice and accepted the 7.99% but will be shopping for a new company to pay that off! Stay away from Chase! They will change the terms when they do not make enough money off you. I will NEVER do business with Chase ever again!!! All I can hope is that there will be some great class action suit against them!
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