View Full Version : Chase Bank Sucks!!!
Never late on a payment, always paid more than the minimum.
Today, the butt hooks at Chase Bank send me a rate increase from 9.9 to 19.24 percent
I called and complained about the rate hike and the manager said it was because the cost of them borrowing the money from .gov has increased so much.
What bull$hit, they borrow from the Fed at 1/2% and loan is out at 19.24% and complain about how difficult is to make a profit.
Can't wait to pay off the card and send it to the CEO's house cut up in little pieces.
M2MG
ronaldrwl
12-04-2009, 14:43
Not intending to be preachy but if possible never carry a balance on your credit cards, pay them in full. Never pay their interest and fees.
Chase has always sucked. You're just figuring it out?
Chase and Bank of America are the worst. At least they didn't pull the bullshit move where they change your due date without notifying you, then charge you with a late fee and jack your rates up.
As far as credit is concerned, you are supposed to carry some balance on some cards, but that doesn't mean it has to be much. Otherwise, I agree with Ron.
Both my credit card rates went up to at least 19% (probably higher though), and I was under the impression that pretty much everyone was having arbitrary rate changes.
I recently got an email from stupid Bill Ritter about this, but it is hard to take anything he says seriously, so I don't remember if he was claiming to fix this or not.
Not intending to be preachy but if possible never carry a balance on your credit cards, pay them in full. Never pay their interest and fees.
Before I cancelled the account and cut the card up, they tried to raise my interest on a ZERO balance, no late payments, etc. I did send the cut up card to the address on the back with a nice little note attached. Never heard from the @#^& again.. Although I did get some consumer survey type spam mail a few times, HAHAHA.
I think it's better to just leave the card open with a zero balance. You can't pay interest on zero dollars, it greatly helps your debt to credit ratio, and it makes them work for your money when they stare at your zero balance year after year.
Agreed Sturtle, I have other cards that I do that on... Just not BoA or Chase.
I think it's better to just leave the card open with a zero balance. You can't pay interest on zero dollars, it greatly helps your debt to credit ratio, and it makes them work for your money when they stare at your zero balance year after year.
I just had one of my cards closed out by the creditor because I held a zero balance on it for more than a year. bastids!
twitchyfinger
12-04-2009, 15:55
ALL banks suck!!! Same with insurance companies also!!! Two of my biggest pet peeves in live. I will stop now just to keep my stress level down.[Rant1][Rant2][Bang][Rant1][Rant2]
Bailey Guns
12-04-2009, 16:46
I've got news for ya...it ain't just Chase. The interest rate hikes are a direct result of the pending Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.
This is the bill that was passed earlier this year. The bill that Democrats were so determined to pass that they allowed the Republicans to attach the amendment that will allow concealed carry in national parks. It takes effect early next year.
The bill was passed to - you guessed it - PROTECT the consumer. A classic case of, "We're from the government and we're here to help you." In other words, it was and will continue to be a total goatfuck piece of legislation. In a really small nut shell, the bill puts restraints on when and under what circumstances credit card companies can raise rates. It was the brainchild of Sen Chris Dodd (yeah, that guy. The one who got all the sweetheart mortgage deals from Countrywide and who has a buttload of other ethics issues to deal with). It was co-sponsored by our own Sen Udall.
Go figure that those two geniuses couldn't foresee credit card companies raising rates in advance of the legislation taking effect. But that's what's happening. It's a preemptive strike by the credit card companies because of the restrictive legislation coming straight at them.
I just got an email update from Udall regarding this. As usual, he's using the tactic of blaming the big, bad credit card companies. What he understands but hopes you DON'T understand is that this is his and Dodd's fault along with the other idiots who supported it and Obama who signed it. Now he's introduced...yep, with Dodd...more fucked up legislation to "fix" the initial fucked up legislation.
This is just like during the 94 AWB. The Democrats laid out the rules...guns can't have threaded barrels, folding stocks, pistol grips, bayonet lugs, etc... The gun companies COMPLIED with the law and took those features off their guns. The Democrats, because they were stupid and didn't know jack about guns when they authored the law, cried foul. The Democrats accused the gun companies of CIRCUMVENTING the law when, in actuality, the gun companies were following the law to the letter.
The same thing is happening here except it's credit card companies instead of gun companies.
And we wonder why government doesn't work.
Here's a link to the Credit CARD Act of 2009: http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/
Sorry...it ain't the credit card companies to blame here. I'm not saying they're good and looking out for my best interests but they're not the only bad guy in the equation. You have to look no further than Democrats in congress. Go fuckin' figure.
Well, you can blame the credit card companies for raising rates on EVERYONE, regardless of if they have poor account history or not. They didn't have to do that. On the other hand, they are certainly getting their point across about the bill. You know how they say, "Vote with your wallet?" Well the credit card companies are doing just that, only with all of YOUR wallets! Haha.
It's a wonderful tactic and hopefully it will work to get people to pull their heads out and repeal that dumb law.
To the guy who's rates got jacked: Call them and tell them to lower your rate or you'll stop spending money with them. I just checked my Chase card... it was 7.24% on the November invoice, now it's 13.24%. I am on the phone now... Well, that was interesting. They won't change it back down. However, they said that since I pay the card off, I shouldn't be incurring any interest penalties. I am going to have to go back and look at my statement more closely to see if that's true.
To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like. When it went through congress I looked at the highlights of it, and everything seems to be actually in favor of you and I. The credit card companies are now having to be up front about the raep you get from having a revolving balance, instead of hiding it in fees and other sneaky small print.
Also, it passed with 90 votes in the senate, so don't act like the GOP isn't in cahoots here, either. As a libertarian I am getting tired of these republicans acting like they're the party of small government.
To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like.
How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?
How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?
I'd rather see the fees and penalties up front rather than in the small print and "gotchas" if you don't check your bill carefully. Also, I don't fault the law increasing my rates, I fault the banks who raised them. It's like people blaming guns for violence. The bill didn't stipulate that the rates be raised. It stipulated that they stop "cheating". In order to not-cheat and keep making the insane profit they're use to, they have to show how expensive revolving credit really is.
They seem to believe their profits are sacrosanct and that they can blame the fact that they're required to be honest as the reason why. I have stock in JPM and still don't think that increasing their rates is going to be beneficial to them in the long run. If they were smart, they would have left rates the same, taken the short term loss and the long term gain (of people switching away from the banks that did raise their rates).
I'm tired of knowing that every legal agreement, terms and conditions, and "Notice of Policy Change" I get is these lawyers finding new ways to screw me. Sorry, I'm not going to shed any tears for these banks "having" to raise their rates because of the big scary government.
H.
Bailey Guns
12-04-2009, 18:50
To the guy who's rates got jacked: Call them and tell them to lower your rate or you'll stop spending money with them. I just checked my Chase card... it was 7.24% on the November invoice, now it's 13.24%. I am on the phone now... Well, that was interesting. They won't change it back down. However, they said that since I pay the card off, I shouldn't be incurring any interest penalties. I am going to have to go back and look at my statement more closely to see if that's true.
To those people winging about the CARD act, I'd be interested to know what particular provisions of that bill you don't like. When it went through congress I looked at the highlights of it, and everything seems to be actually in favor of you and I. The credit card companies are now having to be up front about the raep you get from having a revolving balance, instead of hiding it in fees and other sneaky small print.
Also, it passed with 90 votes in the senate, so don't act like the GOP isn't in cahoots here, either. As a libertarian I am getting tired of these republicans acting like they're the party of small government.
Interesting to note according to you that those of us (me) with an opinion different than yours are whining. But, of course, you stating your opinion isn't whining. Thanks for clarifying that.
So, in my opinion, to those people whining about those of us whining about the CARD Act, you completely missed the point. My point was, the government told them, through the CARD Act, their business practices were going to be changing dramatically in 2010. And the credit card companies don't have to do jack, in terms of the CARD Act until 2010. So, big surprise, they beat the gov to the punch. Do I like it, necessarily? No. Do I understand it? Yes. This is what happens when we have incompetent representation in government...republican or democrat or libertarian. The government morons like Dodd and Udall are just smart enough to fuck things up for the rest of us.
If we truly had a free market in place, consumers wouldn't have to worry about this kind of nonsense as the market would sort it out.
Now, I'm not defending the credit card companies. I'm saying they're doing exactly what they're allowed to do by law. And I'm not saying the democrats are totally to blame. I think the democrats must take the bulk of the blame, though. Yes, it passed with strong bipartisan support. But it got the republican support from the CCW in nat'l parks amendment. As a libertarian, you can be proud that no libertarian senators voted for it...I guess.
And, since you brought it up, what has the libertarian party done for anyone lately, in terms of legislation on a national or state level? Being a libertarian just doesn't mean a whole lot to me. Frankly, I like a few aspects of the libertarian platform...mostly their stance on free markets and private property.
I also find it interesting that you're complaining about credit card companies raising interest rates while at the same time you mention you're a libertarian. From the Libertarian Party website and straight out of their Statement of Principles: We oppose all controls on wages, prices, rents, profits, production, and interest rates.
Simple enough,, Get rid of the CC's,, Then You don't have to worry about the intrest rates.. I haven't had any in at least 10 years... [Tooth]
Bailey Guns
12-04-2009, 19:17
I have a few credit cards. Some went from 6.9% interest or in that range to, in one case, 29.99%! So, I've been affected by this fiasco just like most others.
I seriously doubt, had this legislation not been on the horizon, my interest rates would have changed, or changed that drastically.
Luckily, I don't carry balances of any significance and almost always pay everything completely long before the payment is due. In the last 5 years, I've paid $2.54 in interest. That was last month when I quickly looked at my statement, saw "No Payment Due", and didn't send a payment. I had forgotten about a small charge that was made by me just prior to the statement closing date. It carried over for a few days and I had to pay the interest. Pissed me off. But it was my fault for not looking closer. I use my AmEx when I can...because I HAVE to pay it completely every month.
Interesting to note according to you that those of us (me) with an opinion different than yours are whining. But, of course, you stating your opinion isn't whining. Thanks for clarifying that.
So, in my opinion, to those people whining about those of us whining about the CARD Act, you completely missed the point. My point was, the government told them, through the CARD Act, their business practices were going to be changing dramatically in 2010. And the credit card companies don't have to do jack, in terms of the CARD Act until 2010. So, big surprise, they beat the gov to the punch. Do I like it, necessarily? No. Do I understand it? Yes. This is what happens when we have incompetent representation in government...republican or democrat or libertarian. The government morons like Dodd and Udall are just smart enough to fuck things up for the rest of us.
If we truly had a free market in place, consumers wouldn't have to worry about this kind of nonsense as the market would sort it out.
Now, I'm not defending the credit card companies. I'm saying they're doing exactly what they're allowed to do by law. And I'm not saying the democrats are totally to blame. I think the democrats must take the bulk of the blame, though. Yes, it passed with strong bipartisan support. But it got the republican support from the CCW in nat'l parks amendment. As a libertarian, you can be proud that no libertarian senators voted for it...I guess.
And, since you brought it up, what has the libertarian party done for anyone lately, in terms of legislation on a national or state level? Being a libertarian just doesn't mean a whole lot to me. Frankly, I like a few aspects of the libertarian platform...mostly their stance on free markets and private property.
I also find it interesting that you're complaining about credit card companies raising interest rates while at the same time you mention you're a libertarian. From the Libertarian Party website and straight out of their Statement of Principles: We oppose all controls on wages, prices, rents, profits, production, and interest rates.
Everybody wines, especially me. What other fun are internet forums?
I agree a free market would offer better solutions, I think the interests that are stopping it are current large companies using government to intervene on their behalf.
As for Libertarian senators, are there even any? I'm a libertarian with a little 'l'. Not a member of the Libertarian party. Some of their ideas are pretty good. Others are just retarded.
As for CARD, I think there are much better ways that the problems with the credit card industry could have been solved, and I have no doubt they have teams of crack lawyers trying to figure out all the work arounds at this very moment.
W/R/T CCW in parks, I like that law (Or rather, would have preferred the offending law was repealed, but since they don't work like that...). But I still hate the idea of riders. Being able to tack one bill into another like that is disingenuous. However being disingenuous is probably a compliment in Washington circles.
Companies where the best you can say about them is "They're operating within the law" are the kind that should be dying off in a competitive market. At some point the money just takes over, and they do anything for a dime.
Bailey Guns
12-04-2009, 19:47
Then it seems we agree on most major points. [Beer]
ryanek9freak
12-04-2009, 20:03
I agree, F credit cards, they're totally unneccessary. I have a debit card, and I dont' buy anything that I can't afford to pay for in full.
If what the lady told me on the phone is true, then as long as you pay your CC off entirely every month, you won't have any interest payments. I'm going to keep a closer eye on Chase this month and see if it's true. At that point, it's worth it for the 1.5-2% cash earned you can get from them.
H.
The main complaint is that the government unneccesarily put the credit card companies in a position where they felt it necessary that they had to take drastic measures (at our expense) to make their point known. I wish the general public would act as drastically when faced with stupid legislation.
Hoosier, you are now paying several percentage points of interest MORE now, than you were before, regardless of any hidden fees.
GunTroll
12-04-2009, 20:47
Bailey nailed that one! The new legislation is a joke!
You think they raised their APR's to make their displeasure known?
TBH I'm shocked that a bill the banks didn't like actually made it through congress with bipartisan support. Maybe I'm jaded but it seems like any legislation that can make it through the lobbyist-controlled Congress had to be detrimental... so maybe this bill was just an excuse for them to jack up their rates, and that's why they supported it.
Did you know that if you pay off your bill every month, the credit card industry calls you a "deadbeat"? And if you run a balance month to month, you're called a "Revolver".
GunTroll
12-04-2009, 20:56
You think they raised their APR's to make their displeasure known?
TBH I'm shocked that a bill the banks didn't like actually made it through congress with bipartisan support. Maybe I'm jaded but it seems like any legislation that can make it through the lobbyist-controlled Congress had to be detrimental... so maybe this bill was just an excuse for them to jack up their rates, and that's why they supported it.
Did you know that if you pay off your bill every month, the credit card industry calls you a "deadbeat"? And if you run a balance month to month, you're called a "Revolver".
I saw that revolver type comment come to bite me when applying for my home loan. Bastards. Get you either way. Being responsible or irresponsible.
Paying off my card was one of the best things I ever did.
Right now I keep it and use it for gas now and again, and pay it off, normally that night. I recently used the points I earned to get a K-Bar. I figure they don't exist to buy me stuff, they exist to make money, they aren't my friends and they could care less if they bankrupt me (so long as they get their money first).
So long as they keep buying me stuff and I don't pay them a cent of interest, I am fine with this deal.
In terms of comparing this to the gun industry, gun makers took the assault weapon ban and followed the letter of the law to keep their customers as happy as possible, the banks followed the letter of the law to bleed a little more out of their customers before they have to get up front and honest. I don't feel a bit of pity for them.
Side story about credit cards.
I had a card with a different bank years ago (the one I paid off) and they charged a fee when you canceled you card, but they didn't mention it or send you a bill at the time of cancellation. So I cancel my card, two month later I get a bill for 60 or so dollars, for a cancel fee, and two late fees as its been two months. I call them up, fully ready to yell at someone, long story short they cancel the card and I ask, "So will this just repeat itself in two months, am I gonna get a new cancellation fee?" Lady admitted I was going to and had to take it up with her supervisor so that I wouldn't. I made sure to name drop my attorney a couple times. No Pity for them. Thankfully the bank is now out of business
a credit card is like a loaded gun. useful and potentially life saving, but dangerous in the hands of idiots.
I never posted in the "what do you do for a living" thread...... right now I work in collections.
90% of the people I talk to have completely fucked themselves financially, pardon my french.
Years of overspending and bad money management, now all of a sudden everything is the credit card company's fault. In reality they are all victims of economic darwinism. Like a bum that falls asleep on the tracks, then gets mad at union pacific because his legs were chopped off when the train came.
Blaming credit card companies for your financial trouble is like a chain smoker blaming BIC for their two pack a day habit.
Sorry, I could rant for hours on this. Sufficeth me to say that you have the right idea. If you don't like how a card company has treated you, do business with someone else.
Pay back what you owe, on time, and there will always be a credit card issuing bank that will want your business.
Bailey Guns
12-04-2009, 21:44
Again...I'm not endorsing what the CC companies are doing.
BigMat...I agree it's a love/hate relationship with credit cards. But I have to question your comment about bankrupting you (or anyone else). I just don't see how credit card companies are responsible for people spending outside their means.
I learned my lesson the hard way about credit card debt. The credit card company gave me a credit card based on my ability to repay any loan they made to me. Never once did a credit card company force me to charge anything. Getting in over my head was all on me.
People who get in over their heads in CC debt can't blame the CC companies.
I agree with that, I did spend the money that I racked up the debt with, my fault, no doubt about it. I guess the problem I have with them is the way they do it. A little too much like a loan shark, rates sneaking up, marketing making it seem like a good idea, and going after college kids. Can't really blame them for the way they do things, but I know I don't like it either.
chase has paid ME $925 in the last 2 years. I don't pay them a dime. I don't care what they hike their rate to.
Credit Card debt is whitemans slavery.
jerrymrc
02-13-2010, 19:12
As an update I saw something new on one of my cards today. I just kind of look at the numbers and pay but I saw something in my online statement that made me think. Now I do have 3 cards. One with zero, one that had $900 on it and of course that one has been cut up since the rate went to 22% and this one that is at 11%.
In all my years I have never seen this except on a generic site telling you how evil cards are. I had just made a $200 payment so it should be about $400 next month. I do like the online payment since you can make more than one payment in a month. When I work a little OT I just pay some more on it if it is in the middle of the month.
And no I don't mind that you can see how much is on it. It is the box on the bottom that is interesting.
As an update I saw something new on one of my cards today. I just kind of look at the numbers and pay but I saw something in my online statement that made me think. Now I do have 3 cards. One with zero, one that had $900 on it and of course that one has been cut up since the rate went to 22% and this one that is at 11%.
In all my years I have never seen this except on a generic site telling you how evil cards are. I had just made a $200 payment so it should be about $400 next month. I do like the online payment since you can make more than one payment in a month. When I work a little OT I just pay some more on it if it is in the middle of the month.
And no I don't mind that you can see how much is on it. It is the box on the bottom that is interesting.
that shit is damn amazing. 14 years to pay off $700.
I pay off my cards every month, never pay a cent of interest, never have.
I screwed up last month though and went over my limit by like $20, I got pissed when they charged me a $39 over the limit fee....I called them because I had never had one before, but they wouldn't do anything about it.
last time that will happen, i opened another card and will only keep this one for a backup or if I need to make a big purchase.
jerrymrc
02-13-2010, 19:51
that shit is damn amazing. 14 years to pay off $700.
I pay off my cards every month, never pay a cent of interest, never have.
I screwed up last month though and went over my limit by like $20, I got pissed when they charged me a $39 over the limit fee....I called them because I had never had one before, but they wouldn't do anything about it.
last time that will happen, i opened another card and will only keep this one for a backup or if I need to make a big purchase.
While I do not pay them off in a month I do take big swipes at them. Kind of depends on how things go. I will say that I wanted to take a bigger swipe at the 22% one but I just paid $630 to get the wife's van fixed yesterday. :(
While I do not pay them off in a month I do take big swipes at them. Kind of depends on how things go. I will say that I wanted to take a bigger swipe at the 22% one but I just paid $630 to get the wife's van fixed yesterday. :(
yeah the little things definitely suck when they come up.
I hate the fact CC companies charge businesses about 2%, then nail the consumers with ridiculous rates above 10%.
Chase sucks. I am paying off my credit cards at the cost of other bills. But I have to get out of under these BS interests rates and fees. They love their fees. I wonder what the WaMu commercials would look like now-a-days since they sold out to chase? Oh and don't get me started on the Spanish redecorating they had going on in my WaMu chase bank ever thing was in spanish and when I talked to the bank manager about they threaten to call the police. F%ck them all.
Credit Unions are the way to go IMO -
Credit Card debt is whitemans slavery.
Yeah, it's a sad shame how every day all those banks are forcing millions of people to spend money using their credit cards. Poor, helpless downtrodden people. <snif>
How about the part where in response to this bill, the credit card companies just arbitrarily raised their rates on EVERYONE (including you)?
Thank your lawmakers.
ChadAmberg
02-14-2010, 11:21
Credit Unions are the way to go IMO -
Was doing research for a new bank for a buddy of mine, and there's two options if you don't like getting ripped off. Just about any credit union you're eligible for, or USAA. I moved over to their banking from Penfed when they closed up here in the Springs. Any fees they do charge are set up the same as any CU I've been a member with, and that's non-existent unless you do something wrong. Free credit card, bill pay to anyone (which Penfed didn't have), refund of ATM fees, and even to deposit checks you either take a pic with your iphone or scan them into your computer. USAA changed their eligibility requirements too: for banking products, anyone can join. And for insurance, as long as you served at any time you can join now, instead of the couple year time limit.
Another piece of advice. Several years back I worked for a credit card company. First off, I'd like to apologize to everyone... but I lived in Delaware and once duPont sold off everything, there's nothing left for jobs besides banking. So anyway, the best deal for 90% of the people with credit cards is... lowest interest rate card with no fees. Almost everyone will lose money to the bank using any kind of reward card, even cash back card, or affiliate (university, sports team, etc) card. I'd have to go to meetings where business types would get up to the podium and go on and on about how they randomly would cancel the accounts of the low interest rate card holders, simply so they could get them on rewards cards which the bank always made more money on. I'd see the charts and graphs, and it was remarkable. Remember, the bank makes its money directly from you.
I'd have to go to meetings where business types would get up to the podium and go on and on about how they randomly would cancel the accounts of the low interest rate card holders, simply so they could get them on rewards cards which the bank always made more money on. I'd see the charts and graphs, and it was remarkable. Remember, the bank makes its money directly from you.
That's why they call them "Banksters"
theGinsue
02-14-2010, 11:40
I think it's better to just leave the card open with a zero balance. You can't pay interest on zero dollars, it greatly helps your debt to credit ratio, and it makes them work for your money when they stare at your zero balance year after year.
I just had one of my cards closed out by the creditor because I held a zero balance on it for more than a year. bastids!
I worked for several years to get Discover to lower my interest rate to a reasonable level (like others here, I didn't have late payments, not over my limit, paying more than the min, etc.). They would only lower once every 4 months but they lowered it a point or two each time I called and complained. So, about 2 years ago, not even 6 months after finally getting it to an acceptable interest rate of around 11% (for Discover), I notice that it had gone back up to 21%. I called to complain and they said that EVERYONE's rate had gone up "by policy". I had a small balance which I immediately paid off quickly. I haven't used the card since so I'm waiting to have the card cancelled due to inactivity.
Sad thing is that this card/account HELPS my credit score since I've had it since the 1980's. Plus, the new rules for credit look at your available credit.
They'll get you coming and going.
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