My recent statement indicated an effective APR that was 7% higher than the previous month. When I called to find out why, a rude 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." As I inquired further 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 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 way Chase does business. They make you reply to their "invitation" to be charged more (which any normal person would decline), or they charge you more. 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 rip me off involved their money-grubbing policy of "Universal Default." I was taking a stack of bills to the post office and one of them fell between my passenger seat and the center console.
This bill was for a gasoline credit card that I used about four times a year (just to keep it from going dormant). 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 one lump sum plus the late fee (fair enough, the fault WAS mine). So where does Chase come off thinking that they get to rip me off when the late payment did not involve THEM at all?
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.
Now that Chase 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.
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