I have been a Chase Mastercard customer for years. My credit is excellent - FICO over 800. I am never late on a payment.
I just received a notification from Chase that my interest rate is going from 7.99% fixed to PRIME 8.99 variable. That's about 12.25% right now.
I called, they basically told me there's nothing I can do about it except to close my account. The customer service people JUST COULD CARE A LESS, or they are trained to care a less. It's not even the money. I don't carry a large balance most of the time. It's this insulting way Chase conducts business that is most troubling.
This is EXACTLY why Chase is in trouble and EXACTLY why they should FIRE without bonus the idiots at the top who make moronic decisions like this. They are chasing away their very best customers. Only the ones who can't change cards will stick with them. This of course would be people with credit challenges. And believe me I sympathize with people who have been hit hard by the recession, and are finding themselves in tough spots they probably never expected.
Our government should have let the big banks FALL FLAT on their butts. They should confiscate all the money paid to these incompetent execs and BAN them from working in finance of any kind, ever again. And the taxpayers should have all gotten fat checks back from the gov't. THAT should have been the bailout strategy!
These execs STOLE all the bailout money that we, taxpayers, provided-then they slap their taxpayer customers with baseless interest rate hikes.
I loathe Chase Bank. As soon as I get a new card I will be closing this account and NEVER set foot in a Chase Bank again.
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