My recent statement indicated an effective APR that was 7% higher than last month. When I called to find out why, a rude oriental woman, with poor English skills, said that I had not responded to a "change in terms" letter supposedly mailed to me in May.
Since I had not received such a letter, I asked her if it was sent by certified mail. She said no; it was sent regular mail. At this point she became impatient and began accusing me of arguing with her. Then she had the gall to suggest that maybe someone else saw it and threw it away. (Her "blame the customer" customer service technique was pretty lame, even for the blood-suckers at Chase).
For the record, I personally bring in the mail on a daily basis. Neither my wife nor I just flippantly sort through it and chunk it in the trash—she even opens junk mail. Chase just assumed that I received the letter (and didn't really care if I DID as long as they could legally say that they notified me of the change).
This technique is typical of the unethical way Chase does business. They make you reply to their "invitation" to be screwed (which any normal person would decline), or they screw you. Seriously, what moron would willingly agree to have their APR jacked up 7% for NO REASON other than Chase wants to make more money in a bad economy? It's not like I was late on a payment; it was just arbitrary.
I am supposedly being sent another notice to decline the change in terms. We'll see what happens.
The first time Chase tried to screw me involved their bogus, money-grubbing policy of "Universal Default." I had a stack of bills that I was taking to the post office and one of them fell between the passenger seat and the center console.
This was a gasoline credit card that I used about four times a year just to keep it from going dormant. Well I didn't discover the bill until it was already past due. Chase's response was to try and raise my APR 7%. When I refused, I was forced to close the account (not that it was any big loss).
Now mind you, the balance due the oil company was a whopping 40 dollars which I paid in full plus the late fee (fair enough, the fault WAS mine). So where does Chase come off thinking that they get to screw me when the late payment did not involve THEM at all?
It was bad enough that after 4 years of keeping my account in good order I had ONE late (by two days) payment and Chase doubled my APR. Even though I have never had another late payment since that time (many years now) I am still being penalized for that one incident. Once Chase jacks up your rate, there is no mechanism for reconciling things to the way they were before the increase even if you pay on time, every time.
These are the kind of greedy tactics that give capitalism a bad name.
Now that Chase, like a cancer, has bought WAMU I will have the pleasure of closing three accounts in one day. I will not do business with these people ever, ever, ever.
Awaken people! Chase isn't the only bank or credit card issuer around so don't be a fool. Use a local bank or check out Simmons First National for low rates and representatives who speak English as their first language.
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