I was a WAMU customer, they contacted me and offered me a credit card. I accepted. Zero percent interest for one year then a 9% interest rate. Well before the first year ended WAMU went belly up and Chase took over. Didn't pay much attention first two billing cycles. I didn't even wait till the date my payment was usually due those two months, I made the payment early but I made just a little over the minimum due those two months. Then on the third month I made a large payment, early again but this one was for about 1/3 of what I owed. About 4 days later I made a $100 payment. All I can say is thank God I did because 3 days later I received a letter telling my my credit limit had been decreased because I apparently didn't meet their expectations. I had previously been a long time Chase card holder who never missed a payment and was late 2 times in four years and then it was apparently the US postal service's fault because Chase said they didn't receive my payment on time, yeah right. After the 2nd time it happened I paid the balance in full and closed the account.
Anyway back to this current issue. Had I not made that extra $100 payment I would have been charge with an over the limit fee and a late fee because they had changed my payment due date without telling me. And when they lowered my credit limit, they lowered to about $50 less than what my large payment covered so I would have been over the limit had I not made that extra $100 payment. Oh and did I mention they tripled my interest rate? There is hope however, the good folks at JP Morgan Chase Bank tell me that my interest rate will go down, it just won't happen until the year 2099. I kid you not, that is what my statements say. How can they do this? I was never late, I didn't go over my credit limit. Yes it was usually close to the top of my limit but this is a business card.
I am shocked and mad as hell that a company that took billions of our tax dollars and used part of them to buy WAMU a bank I never had any problems with is now blatantly stealing from me. 30% interst? With no notification nothing. They just tripled my interest rate, lowered my credit limit and this all caused my credit score to drop by about 50-70 points. I am furious about all the issues, the fact that they tried to cause me to go over the limit and have a late fee by being underhanded and sneaky. The fact that no customer service rep would even say I had a right to be upset. The fact that they tripled my interest rate, well to be technical I was still in the zero percent interest part of the deal so they actually increased it by 30%. The fact that this lowered my credit score and stopped me from being able to get a better rate on my ungodly high APR mortgage rate really made me angry as well. But knowing that they took all this TARP money and instead of loaning it to people and giving them credit like they were supposed to, they used it to buy up banks like WAMU and then gave their customers the shaft. Seriously, how dare they do that? I am struggling like most people to pay my bills because my creditors aren't banks anymore they are loan sharks. The banks would rather take your house, which is now worth 35% less where I live than it was 2 yrs ago, sell it for 1/3rd of what you owe rather than give you a decent interest rate so they still make money and you keep your home. Then they also want to triple your interest rates on credit cards when they know many people are maxing out their credit cards to buy luxuries like food.
What has happened to this country? I pay my bills. Due to a serious illness several years ago my credit is not perfect. I am doing my best to pay off all the medical bills I ran up because I had no insurance when I got hurt. I had 17 surgeries in 5 years. That's why I took out the mortgage to begin with, to try and pay down some of the bills that I had. Guess that was a bad idea. Then four years ago my house was almost destroyed in a fire. I would have been better off had the whole darn thing burnt to the ground because then my insurnace company would have had to actually pay their full share.instead they paid about 1/3 of what it cost to rebuild, repair and replace my home. The rest of the money came from my life's savings and my 401K plan leaving me with nothing but an empty bank account and a rising mortgage rate (that was Option One by the way). The really sad thing about the fire? My contractor was awful and a crook. I need another $45,000 just to fix the mistakes he made. He was insured but I couldn't sue his insurance company because they were also my insurance company and I had no more money left to fight them to get things like my brand new furnace replaced.
So that's my story. I'll save you all the rest of it. I just happened upon this site and saw someone else's story about what Chase did to them, this person was also a former WAMU customer and I wanted that person to know that they are not alone. Chase only cares about money, not their customers and as soon as possible I will pay this card off and I will never use it again.
Renee
Kenton, Ohio
U.S.A.
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