Several years ago I transfered a credit card balance to a fixed 0% interest rate for the length of the loan. New purchases were fixed at 7.99% interest as long as I did not make a payment late. For years I made my payments on time and Chase provided excellent service, I had a platinum rewards card and cashed in on the rewards program.
In 2009 I received a notice that my interest rate would go up to 11.24%, I could close my account if I did not agree to the new terms. Two months ago I received my statement, and not only did purchases go up to 11.24% but my 0% fixed balance transfer. I tried to get information as to what was going, on and realized that people were actually in even worse situations, and that they could raise the minimum payment up to 5% and raise interest rates up to 30%.
I do not understand how Chase can do this to people that have paid every bill on time and for more than the minimum payment. I called Chase today to tell them to cancel my card and I declined the new interest rate and they told me I missed the deadlne: February 20. I spoke with Theresa who told me that cancelling my card would not insure my rates, that they could change. I told her I would be switching to a credit union.
She was polite and transfered me to Juan who would close out my account. He tried to agrue with me that about the interest rates he told me my rates changed because they were variable, I explained they were fixed rates orginally, how can you change fixed rates - he told me they are variable now.
Juan told me that my 0% balance transfer was just an introductory offer, good for only 15 months, this is a lie if he checked my records he would see that I have paid 0% on $7500.00 of the balance since 2006. They offered it for the life of the loan and it went up just two months ago.
As polite as the customer service agents were, they acted as if this was all ok, and Juan even told me come back again if I needed any credit. Why would I ever come back, when Chase raised rates like this, after I always paid and have excellent credit? I am afraid of what else they would do and who would stop them?
I would like advice on how to file a class-action lawsuit.
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