Received a notice of important changes from Chase. As of my June statement they are going to raise 'any' open account with a balance now or in the future 'Prime Rate plus 15.99%, which as of March 16 would be 19.24%'
I can agree to this 'raise' or loose my credit rating by rejecting the change. To quote their notice 'Your card will no longer be available for use for new activity, including purchases, as the account will be closed'.
I have a 2.99% rate for the life of the balance. They are the ones who contacted me and offered me the 2.99%. I certainly did not ask them for it. It was an offer made to me due to my good credit. So if I want to keep in good standing I can accept this outrageous 'offer' or take a hit against my good credit.
I am to feel sorry for 'CHASE' because of the 'market conditions'? I don't think so. I don't remember seeing a bailout check in my mailbox! I am not sure how to protest this. I received another 'notice' from Bank of America. When I called them they confirmed my account will be left open but I will get the higher rate because of the 'economic' conditions for them (this is another rip off report to be sent). Give me a break.
I would appreciate hearing from anyone who is getting these 'notices' in the mail and what, if anything, can be done about it. I am going to email my state and federal representatives but really have little faith anything will be done by them as they are the ones who allowed the 'market conditions' to occur and also are the ones sending the checks to the banks.
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