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Fleet and Chase rate jacks

Discussion in 'Credit Talk' started by ternstes, Jun 19, 2003.

  1. Jun 19, 2003 #1
    ternstes

    ternstes New Member

    I received two change in terms notices in the mail this week... one from Chase and another from Fleet. Chase wants to jack me to 24.24% and Fleet wants 23.99%

    The Fleet account is closed with an outstanding balance. Can I reject these terms? I read the notice cover to cover and saw no paragraph delineating my rights to reject.

    The Chase account is still open. Should I call or write a letter to retention to see if they will keep the rate the same?

    TIA
     
  3. Jun 19, 2003 #2
    GEORGE

    GEORGE Well-Known Member

    FLEET HAS A CLOSED ACCOUNT PENALITY RATE!!! THAT IS HIGHER THAN THE "JACKED" RATE!!!!

    CHASE usually has a "REFUSE TERMS" address you have to write to...they will close the account...and you pay at the "OLD" rate.
     
  4. Jun 19, 2003 #3
    suedan217

    suedan217 Well-Known Member

    I have both of these cards. Why are they doing this? Are they becoming like Providian?
     
  5. Jun 19, 2003 #4
    ternstes

    ternstes New Member

    I see the penalty rate on the Fleet terms, but I am not being converted to it. I guess I slipped through when I closed it, because I kept the 14.24 even after I closed it. Fleet is not converting to the closed account penalty, but just trying to jack my APR. Does Fleet allow someone to reject a change in terms?
     
  6. Jun 19, 2003 #5
    GEORGE

    GEORGE Well-Known Member

    Re: Re: Fleet and Chase rate jacks

    FLEET and CHASE are going PRIME to sub-prime???

    PROVIDIAN went (OR IS TRYING TO GO) from sub-prime to PRIME after they almost LOST IT ALL!!!
     
  7. Jun 19, 2003 #6
    ternstes

    ternstes New Member

    suedan,

    I do not know why they are doing this... yet. I will call Chase today and find out the reasoning. I have never missed a payment, but the balances are high. My wife and I are recovering after our "spending days."
     
  8. Jun 19, 2003 #7
    GEORGE

    GEORGE Well-Known Member

    Re: Re: Fleet and Chase rate jacks

    As far as I know...FLEET will NOT let you REJECT the new terms...AND IF YOU CLOSE IT THEY "SAY" THEY WILL "JACK" IT EVEN HIGHER FOR BEING CLOSED!!!
     
  9. Jun 19, 2003 #8
    ternstes

    ternstes New Member

    Re: Re: Re: Fleet and Chase rate jacks

    Thanks, GEORGE. Time for a BT. I am done dealing with Fleet.
     
  10. Jun 19, 2003 #9
    prafces

    prafces Active Member

    Re: Re: Re: Fleet and Chase rate jacks

    I had a substantial increase in my Chase rate also. I called and asked why the increase happened since I have on-time payments. Customer service didn't know. I then sent a certified letter to Chase asking for the specific reason for the increase. If they say that it is based on my overall credit history, I am going to use that as proof of damages if I need to pursue any creditors/collection agencies for inaccurate credit reporting.

    Chase signed for my letter about a week ago. I doubt they will even respond though.
     
  11. Jun 19, 2003 #10
    catnap1972

    catnap1972 Well-Known Member

    Re: Re: Fleet and Chase rate jacks

    It's simple...if you can't pay your bills on the low rate, you most certainly WILL be able pay them with a higher interest rate.

    (hope you caught the sarcasm!)
     
  12. Jun 19, 2003 #11
    jlynn

    jlynn Well-Known Member

    Re: Re: Re: Re: Fleet and Chase rate jacks

    I swear I have read in the FCBA that this would be considered an adverse action, and they have to respond to you. There are certain steps they have to take when jacking rates...

    Anybody real familiar with FCBA?
     
  13. Jun 19, 2003 #12
    amish

    amish Well-Known Member

    Re: Re: Re: Re: Fleet and Chase rate jacks

    Lucky you! I didn't even get "spending days", yet here I am! :p
     
  14. Jun 19, 2003 #13
    LIONHEART

    LIONHEART Member

    Re: Re: Re: Fleet and Chase rate jacks

    Rate increases can be prevented if you do not take any action which imply acceptance (I have been made to understand). You can do this by writing a letter rejecting the new rate and by ceasing use of the card.

    In most jurisdictions they wont be able to apply new rates to money used under terms of the old disclosure (card agreement).
     
  15. Jun 19, 2003 #14
    Hedwig

    Hedwig Well-Known Member

    Re: Re: Re: Fleet and Chase rate jacks

    I don't know much about Fleet, and now I hope I never will!!

    Chase has always been notorious about jacking rates, as far as I know. I've closed every account I had with them, including an unsecured line of credit at a decent rate. I just didn't feel like giving them my business anymore.
     
  16. Jun 19, 2003 #15
    GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Fleet and Chase rate jacks

    I HAVE SAID SOMETHING LIKE THAT BEFORE...people are having trouble paying their card off at 15.99%...SO LETS "JACK" THEIR RATE TO 27.99% SO THEY WILL BE BETTER ABLE TO PAY!!!

    A PERSON WITH A BRAIN LIKE ME WOULD SAY...TRY 0.00% FOR 6-12 MONTHS TO HELP YOU OUT!!!! Or even 5.99%...
     
  17. Jun 19, 2003 #16
    GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Fleet and Chase rate jacks

    What amazes me is that they even tried to "JACK" me and my wife...WE CLOSED THEM...THEY ARE PAID IN FULL AND THEY ARE IN THE PROCESS OF CLOSING THE ACCOUNTS...AND THEY DON'T CARE IF THEY LOSE 2 PERFECTLY PAID ACCOUNTS!!!!

    LIKE WE WOULD TAKE 16.24%...2.00% HIGHER THAN AMEX DELTA GOLD!!!
     
  18. Jun 23, 2003 #17
    Tony V.

    Tony V. Well-Known Member

    Re: Re: Re: Fleet and Chase rate jacks

    George and others,

    I called the Specail Dept at Chase and let them know i recieved the Change of Terms in my Statement: new APR would be 12.24% for purchases..I asked why and the REP said they will Keep my Rate at 7.99%, and it will not change.....We will see if they really do not change it....Card will remain in SOCK DRAWER...Good luck!

    Tony V.
    San Diego, Ca
     

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