I have held and used a Chase Platinum Mastercard for 18 months. In that 18 months, I have Never been late, have made more than minimum payments most months and have in fact made 23 Full payments to 18 billing cycles. My FICO is (or was 735). This month I went to pay my bill online and got a rude shock, my account was over limit. Further checking showed my APR had climbed from 7.9% to 29.9%!!
When I called frantically the customer service number, I was told they had sent notice of an increase in FEB. When I inquired why the increase they replied my outstanding revolving dept was to high. So bogus. My overall debt ratio is 32% now and was 38% when they gave me the card. I work for the fed gov (DOD) and earn nearly 100k a year. Using their logic, Michael Jackson must be paying 29.9% to since he owes over 300 million and only took in 60 million.
I think their low life accountants are just trying to use us paying customers to pay off bad debt. At best their Business practice is shady and I'm not to sure unlawful under the consumer protection act. I have, of course, closed this account and used a 4.5% loan to get rid of them. BEWARE! Stay away.
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