Complaint / Review
Chase - JPMorgan
Exorbitant rates customer disservice stealing bordering on illegal must be a way to stop this

I was a loyal, on-time, bill-paying customer of Chase. I was using a great deal on an interest rate to consolidate my credit cards and pay them down. Chase gave me a 6.99% rate "for the life of the balance", which I took advantage of and consolidated approximately $18,000 worth of credit card debt.

I was paying more than the monthly minimum payment, on time, every month, and was happy to see my balance going down. Then my computer crashed, right before the big ice storm in the northeast, during which I was out of power for eight days.

I missed my payment to Chase during this time. When my power came back on and I was catching up on email and all things internet and electronic, I found that my rate had gone from 6.99% to 29.99%!! All because I missed that one payment.

I called Chase to explain to them what had happened, and they told me there was nothing they could do. I talked to a supervisor and he told me there was nothing they could do.

So now my monthly finance charges are more than my previous greater-than-minimum payment amount. Chase has effectively made it impossible for me to pay off this credit card. I can't believe that this is actually within the limits of the law!

Something has to be done about these big companies taking advantage of their customer and gouging them in this way. Most companies will listen to what one has to say and give them at least one chance to "make good" on their mistakes. Not Chase.

No reasonable person would even consider allowing something like this to happen. For the Chase "customer service" personnel to state that "there is nothing they can do" is ludicrous. And given the state of the economy and the strains on everyday normal people, one would think there would be laws, rules, guidelines, emphatic advice, whatever to keep this from happening.

Is there any recourse for me? Other than to try to transfer my balance to other cards and close this account? And guaranteed - when I do that and call them to close the account, then they will tell me that I'm eligible for a low-low interest rate and please won't I reconsider?

Never again will I be a customer of Chase.