Chase change in terms notice....

Discussion in 'Credit Talk' started by rjones2002, Sep 13, 2003.

  1. rjones2002

    rjones2002 Well-Known Member

    I received a notice in my sept 03 statement with a change in interest rate. I am currently at 11.99% fixed for purchases and 19.99% fixed for cash advances. Well, the notice says that with me being a "regular preferred rate" it will be 23.99 (19.99+prime) and for "non-preferred interest rate of 25.99 variable. I find this is ridiculous! I used to have a credit line of 2000, then in February they drop it to 800 dollars for a PLATIUM card, now interest rate jack. Now, I am feeling like George, currently contaplating to close the account because obviously Chase considers me high credit risk (deadbeat), despite the fact of NEVER being late, no overlimits, no bk's, etc. I dont understand!!

    GEORGE Well-Known Member

  3. StarStuff

    StarStuff Well-Known Member

    rjones, same thing happened to me with Chase except they didn't bother to send me a notice (and now claim they did, in May) and I only found out about the rate increase when I actually saw the 23.99% rate on my August statement. When I complained they said it was because of high balances on my open accounts. My history is same as yours, solid w/ no overlimits or late payments on Chase or any other account and no negs on CRs.

    CNetters advised me to go to Planet Feedback and send a protest letter at for a start, which I did, but haven't received any response yet. It can take some time. I'm also going to talk to their retention dept. and see if they care anything about keeping me as a customer. Their CSRs sure as hell don't. Don't waste your time.

    George is right. Drop 'em if they treat you so poorly, especially with such a ridiculously low CL.
  4. Maer

    Maer Well-Known Member

    They did the EXACT same thing to me. I had a 5600 credit limit. I paid off the entire balance and within a week my limit was dropped down to 600.00. Then I received the "change of tems" in the mail saying they were jacking my already high (16.9 I believe) interest to 24.99%.
    I too sent a letter via Planetfeedback and never received any response.
    I'll be darned if I will close it though. Only because that is what THEY want me to do, obviously. I let it sit paid off for three months and this month I am going to charge the tiniest purchase on it. Just to make them send me a statement. I would love to find something for .25 cents. teeheehee!!! I wish I could tell them it is because I'm so worried about going over my itty bitty limit that I don't feel comfortable charging more than that. Besides, knowing them they would close my account saying my ratio was too high
  5. catnap1972

    catnap1972 Well-Known Member

    Put a pack of gum or a can of soda on it...find a store that has self checkouts if you think you're going to get flak from the cashier over it.
  6. Platinum

    Platinum Well-Known Member

    You can always pay-at-the-pump for whatever amount you want without any dirty looks from cashier. But don't go any lower than $1 because they might write it off just to avoid to send you a paper statement. Go ahead and choose any amount between $1 and $3. I've heard it drives them crazy !!!
  7. 8004me

    8004me Well-Known Member

    Seems to me I have read before that when you pay them off they cut limit, rate jack or both ? I have 5.5 % fixed guess I will have to always carry a $500 balance or so. I use the card alot though what is Chase thinking
  8. StarStuff

    StarStuff Well-Known Member

    Re: Chase change in terms notice...

    My PFB letter got sent to a William Harrison Jr., CEO, Chase Manhattan Bank, NY City. I see others that got sent to President Michael J. Barrett in Wilmington, DE, and wonder if I sent my letter to the wrong place. I do have a letter signed by Barrett from April 2002 when I did a BT, so he is the president (apparently) of the CC division; Harrison is chief of the whole shebang, I guess.

    The PFB complaint process gives you several Chase Manhattan options; it looks like Chase Manhattan Bank USA gets your letter addressed to Barrett.

    I already sent a letter on my own to Barrett and the VP, George Palamara, with copies of the detailed letter I sent to Correspondence and Inquiries as the CSR supervisor directed. Should I go back to PFB and resend the complaint letter from them to Barrett?

    How long should I wait for some response before I call retention? I sent my letters out on 9/5 and the PFB complaint on 9/9.


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