I was sent an offer from Up Front Rewards/Universal Savings Bank saying that if I transferred balances to thier card totaling $5000.00 I would recieve a Dell laptop computer. The only thing I had to do was keep my balance above $3800.00 for three years. If I paid off the balance before that time I would be charged an early paydown penalty fee of $600.00
I was contacted by Up Front Rewards about 2 months ago saying that my card number had been compromised and that they were isueing me a new card and number. The funny thing is that I never activated the card because I never intended on using the card. I received the computer and was going to keep my balance above the $3800.00 so I would not be charged the early paydown fee. I recieved the new card and cut up my old one. About a month ago I recieved a statement from Chase Credit Cards with the same balance that I owed Up Front Rewards. I called Chase and was told that Up Front Rewards was no longer in business, and that my account with Up Front Rewards was no longer valid, and that they would be sending me a new card.
They never mentioned that the terms for the computer were the same, in fact they changed my interest rate from 9.9% to 11.5%. I mentioned to the lady on the phone at Chase that I guess I had gotten a free computer since Up Front Rewards was no longer in business, she said that sounded like a great deal. I recently secured a new credit card from CitiBank at a 7.4% rate so I transferred the Chase account and two other credit cards to my citibank credit card via balance transfer.
I have now recieved my statement from Chase saying I owe them the $600 early pay down fee. I feel that since Chase was not the bank I originally had the account with, plus the fact that they changed the interest rate after they aquired the defunt accounts that they are not entitled to the early paydown fee.
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