I have been a Chase credit card customer since 1995 with excellent credit, being rewarded with credit line increases up to $34,000. Due to illness, I had to draw from my credit line, and now carry a balance. My monthly payment is taken from my checking account automatically, I am therefore never late. I took advantage of their offers of 2.99%, 3.99% respectively until the balance is paid off. I have not been late or delinquent on any other accounts either.
Out of the blue I was informed via US mail that the minimum payment will increase from 2% of the carried balance to 5% as of August 09 closing date!!! In other words, it goes up from say $500/month to $1250/month!!!
I called immediately asking for reasons, e.G. My credit, any late payments...
In speaking to a manager I was simply told they decided I had to repay the debt sooner as a pure "business decision" on their part. When I told them, that I was not able to do that, or I would do that anyway to rid myself of the debt, I was told I could close my account and ask for a "hardship" exception. My credit, that I have built over many, many years would go down the tubes.
This is unethical, immoral, unjustified and undeserved and I am a very angry customer! I also know I am not the only one. If I can be part of the class action lawsuit, I would gladly participate and offer any assistance I can provide!
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