Why I Hate Chase

I am done with Chase credit cards. I will never charge a single dollar to one of those cards again, thanks to those blood-suckers. And here’s why:

I have three credit cards with Chase. One, I’ve had since 2002. Another was a Bank One card, which was purchased by Chase in 2004. The third was its new Chase Freedom Card (you’ll probably remember the commercial, which used the Rolling Stones’ song “Free”). The first two cards had fixed APRs in the low teens; the second has a 0% introductory offer.

Recently, I noticed that the first two cards – which were always paid on time, and above the minimum payment – had their APRs jacked up to approximately 28% and 25%, variable. I was shocked and didn’t know why, until I saw the same thing happen with a Bank of America credit card I use. I first tackled the Bank of America card, and here’s what happened:

Back in December, I decided to pay $60 towards my Bank of America balance. This was the day before it was due. But stupid me forgot the decimal point, and I wound up sumbitting $6,000 online instead. My credit limit isn’t even that high! I noticed two days later than Bank of America had tried to take the money out of my Chase checking account and it bounced. I got a bounced check free from the bank and a late fee from Bank of America. I called Bank of America immediately and explained the problem to it, and said I would pay the $60 right away. It agreed and said that it would erase the whole debacle, including the late fees, from my account. Chase also took off the bounced check fee.

All was fine and dandy until the week after, when I noticed Bank of America tried sending the $6,000 payment through again. I was hit with another bounced check fee. I called again, straightened out the problem, Bank of America apologized and Chase took off the bounced check fee.

Fast foward seven months later, and I notice my Bank of America APR, which had also been in the low teens, was also jacked up to approximately 24%. I called and asked why, and the rep said something to the effect that what happened in December was reported as a Class B issue (missed payments, etc.), so they had the right to jack up my APR. I reminded her that it told me everything would be erased from my record, and that I wanted my APR backtracked to its original rate and a refund for all the extra interest charged to my account. After a discussion with a supervisor, the company quickly obliged.

Now, back to Chase: I figured my APRs had been jacked up due to what happened with Bank of America. It probably saw a delinquency on my account when it did its periodical review of my credit report. So I called Chase today and asked why. The rep’s answer? “You have too much credit, so you’re a risk to us.”

A risk to them? I’ve paid my cards on time every damned billing cycle. My debt is not close to my credit on those cards. So I said, “So, you’re making me even riskier by increasing my APR, therefore increasing my debt.”

“That’s how it works,” she replied. Unbelievable.

I then threatened to transfer my balances and close out both cards. She said, “We can help you with that.” What the hell? I thought credit card companies fought tooth and nail for your business. I had tried cancelling a credit card with them years ago and they kept giving me excuses why I shouldn’t close the account – and finally I gave in, fed up with fighting with them, and kept the card (with a lowered APR to please me).

So, I’m paying off both balances immediately and cutting up the cards. I’m not going to even cancel, because it will mess up my debt to credit ratio. But I’m sure as hell never swiping a Chase card again.

It’s kind of sad, because I am quite happy with my Chase checking account. I’ve never had a problem. You saw how helpful the company was when I had the bounced check fee due to the whole Bank of America snafu.

However, I apparently am not the only one with Chase credit card blues:

4 Responses to “Why I Hate Chase”

  1. Caitlin says:

    Wow that’s insane. I think it is absolutely horrible how banks take advantage of people like that. There is honestly no reason to do such things in my opinion. Ugh.

  2. God I love Chase. This reminds me when I learned about my “Savings Transaction Limit” after they nearly raped me of $100 dollars. Apparently I could only make six transactions per “transaction period”. The jokes on them since I’m switching to Wamu.

  3. Les says:

    I’ve never had a credit card in my life… but it looks like they can be a pain in the arse at times.

  4. jeannie says:

    Hi hate chase cards too! Fresh from my pair of scissors…I chopped em up. I spent over an hour just getting switched from one rep to another, finally ending up with a rude woman who gave me a tirade that she can’t help me because blah blah and she even ended with a “thank you very much” and I was like WTF???? I’m never rude to customer services reps and tried explaining that I didn’t receive any notification that all my %s changed and could I lower them, but because I had such a “history” of missing payments (I messed up around the holidays then used one of their stupid incentive checks to pay off another cc but that promotional ended without my knowing and I wanted to know why I had such a ridiculous balance) she gave me lecture instead! She finally ended with I can’t help you. I HATE CHASE!

Leave a Reply