I have been a customer of Chase MasterCard prior to the year 2003. From that time until just recently I had a fixed annual percentage rate (APR) of 4.24% on purchases. Yes, I know. Eat your hearts out, but that was the agreement.
In April I requested from Chase an increase on my available credit to cover the purchase of refurnishing my living room and dining room. The increase was granted and the purchases were made. And so, for the first time in a long time, I was not paying off the entire balance of my Chase credit card each month.instead I was paying between $1,000 and $3,500 each month toward my debt which at its peak was $9,518. I always paid prior to the due date and many times the minimum due.
My reward for this timely effort? The privilege granted me for never missing a payment? Last month, October JP Morgan Chase took it upon themselves to increase my APR to 11.
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