Good Treatment by Chase

I know we all get stuck on two major themes: repairing bad credit and avoiding predatory subprime banks. That itself can be fascinating, if you have the nerves for that sort of thing.

But I have something nice to say about a subject we usually ignore: Chase Manhattan Bank. Out of nowhere, they offered me a Platinum MasterCard at 9.9%, a variable rate linked to prime but not a teaser. With my credit, I only got $1000 on a Classic MasterCard, but my rate was still 9.9%. Of course, it's gone up to 10.4% because the prime rate went up twice, but I still can't believe what a deal it is.

But there's more. I transferred a 21% balance to this card, to take advantage of the lower rate. And you know what they did? They gave me a grace period on the transferred balance. My entire first payment of $40 went to repay principal--not a penny in interest yet. I can't believe how decent these people are.

One major social problem we cardholders face is that there are fewer banks like this around. Your ordinary megabank, looking for a profit without trying to loot your account, is almost extinct. First Chicago, Chemical Bank, First Interstate, and others have disappeared due to mergers in the name of efficiency. And their place has been taken by the rats and cockroaches of the credit slums.

Thanks again to Chase. I wish there were more banks like this around.

 

One day you'll open the morning fish wrap to see the headline that: "U.S. to Merge With Canada" Eh, right Steven?

I know what you mean RichGuy, I just lost a nice bank called Norwest to Wells Fargo.

Peace,

Barry

 

Barry -I've been a Wells customer for 15 years, and they have surprisingly maintained a pretty even keel through the years of acquisitions, etc. The 1st Interstate deal caused major computer problems, but they never tried to avoid responsibility.

It seems that Wells and Norwest were so similar in operations (aside from mortgages) and philosophy that it was pretty painless. I actually haven't noticed any difference at all. The Norwest managment is, for the most part, running the show, so I expect Wells to ultimatley look more like Norwest (such as mortgages now available at Wells) than the other way around. This was light years ahead of the shi!t deal when Nationsbank took over Bank of America. Now there was a place where both sets of customers got screwed, but mainly due to the management of NAtionsbank, Hugh McCollum specifically.

 

t'was a black day when..

First Card was bought out by First USA. Such a wonderful card company was taken over and brought down to crap level.

 

RE: Not even in jest

God, I hope not. I would sure miss the benefits dual citizenship offers. Though I can't say I would have been disappointed if the merger talks with the Turks and Calicos Islands (in the 70's) had gone through; cheap fun in the sun at par.

As it is both banking systems are unfortunately very similar (reason I've mostly held offshore accounts, 15% interest and above woohoo).

Though perhaps the following headline would be "Sub-Prime hell entering Canada CCB looking to 'carve' new territories" OUCH

 

Don't know if it means much but Wells Fargo
also just took over Fidelity Financial last
month. Sounds like Wells Fargo is in a spending spree. I wonder who's next to go.
Steven Z word has it CROOKS COUNTRY BANK
is looking into moving to Montreal, they
say they need some fresh meat. And that canada is giving them a huge tax break.
Anyway I think that's how my dream went.
I'm hoping tonight they move to Moscow,
maybe they can share some of their Blood Money to help the russian economy.