Chase Bank
Bargain life-of-balance rate changed with 5% minimum and $10 monthly fee

Chase deceives its customers into signing up for their bargain rate until balance is paid off and then changes the terms once the consumer makes a commitment to them.

I had two offers active and they pulled the plug on the terms six months into the too good to be true 3.99% until balance was paid off offer. They increased the minimum payment from 2% of the remaining balance to 5% and tacked on a $10 per month service charge, which basically negates the lower rate, especially after paying the upfront transfer fee of 3%.

So, when I called to complain they made me a different offer at 7.99% with no $10 monthly fee and a return to the 2% minimum payment. Very interesting tactic, if not fraudulent. Needless to say I will be paying these off, since their is no longer a benefit to maintaining a relationship with such a deceptive organization.

They claim these actions are due to market conditions, but I have other Chase accounts where they did not do this. Of course those accounts have no outstanding balance. I bet if Chase did this to every credit card account they have issued, they would eliminate over half of the client base and those would most likely be their good customers.

Here is the kicker, they are borrowing the money from the fed at no cost and they have received billions of our money to supposedly bail them out, and this is how they are paying us back, with fraudulent deceptive offers.

It will be interesting to see how much longer they are around as I and my other low risk customers will no longer do business with them. Fortunately we still have many decent options available to us with more stable and honest institutions.

I wonder how long it will be before a class action is filed against Chase for fraud and deception.

Company: Chase Bank
Country: USA
State: Delaware
City: Wilmington
Address: P.O. Box 15153
Phone: 8009452000

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