Like so many others, I have recently become aware of Chase's deceptive credit card practices.
I received an offer from Chase in November to take advantage of a 3.99% fixed rate until the balance is paid in full. I took advantage of the offer because it made financial sense. I was unemployed and had been for sometime through no fault of my own. I, like so many others, watched helplessly as the value of my investments plummeted; funds I could have used to help me through a very difficult financial situation. Borrowing the money offered by Chase was a sound financial decision as it would provide me with funds at an affordable monthly payment to help me pay basic living expenses while unemployed.
Now, I see my monthly payment of $187 go to $461! Oh, and by the way, I am unemployed again! When I called Chase they said not all customers were affected but most where. The reason I was told was that I have been carrying the balance for quite some time (nine months!) and that I had low promotional rates. Wasn't that the point of the original offer? There wasn't any information in the original offer stating that they would raise the required minimum payment if, in their sole discresion, I was taking a bit too long to pay off the balance. My only option to keep the 2% minimum monthly payment was to accept a rate of 7.99% until August at which time the rate would increase to 13 % variable. Either way I'm screwed.
How can someone get away with this? While it may be legal, it is, in my opinion, unethical and deceptive. Isn't it nice that Chase gets $25 BILLION in stimulus funds, which we will have to pay for as well, and I get no stimulus funds. Apparently $25 billion was not enough so they screw the customer.By the way, I have never been late on any payment to Chase or any other creditor. Thanks to this latest move by Chase, that may soon change.
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