• Report: #184479

Complaint Review: Chase Cardmember Service

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  • Submitted: Saturday, April 01, 2006
  • Last Posting: Sunday, April 23, 2006
  • Reported By: — Springfield Illinois
Chase Cardmember Service
P.O. Box 15153 Nationwide U.S.A.

First USA Management Services offered 1.99% fixed APR until paid in full then uped to 18.24% Wilmington DE


2Author 0Consumer 0Employee/Owner

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Eleven months ago I recieved a set of checks from my credit card company encouraging me to transfer balances from my other credit cards. They offered two check at 0% fixed APR for a limited duration and one check at 1.99% fixed APR until the balance is paid in full. I asked my banker if she saw anything wrong with this "too good to be real offer". We read all the fine print in the glossy marketing advertisement that came with the checks but no bank identification could be found on it. Yet the check cleared and I have been dutifully paying the minimum payment along with a 1.99% finance charge now for 10 months. This month I open my statement to find a finance charge of $461.77 which represents a 18.24% APR. When I called the credit card company to determine what the mistake was they said that the 1.99% was only for the first year and they never offered a fixed low APR until balance is paid in full. They seem to have a short memory. With these convenience checks there is no contract to sign so you have to take them at their word.

This time they lied or at least changed the rules without letting me know first. In the mail recently they sent me another set of convienence checks. The same deal a year later, one check for 0% fixed APR for a limited duration and two checks for 3.99% fixed APR (interest rates have gone up I guess) fixed until balance is paid in full. I though they just said they don't offer low fixed APR until balance is paid in full. I guess they lied again. The principal amount we are dealing with is $33,282 that at 1.99% yeild a finance charge of around $57. At 18.24% that becomes $462. Good scam that needs to be stopped. I think it is called bait and switch after the deal is done. Best I can do is pay off the principal and interest at 1.99% APR.

I wonder how much damage this will cause my credit rating? Yes this is bad business. Thank you in advance if you can do something with this, so other consumers don't get hurt this way.

John
Springfield, Illinois
U.S.A.

This report was posted on Ripoff Report on 4/1/2006 5:05:28 PM and is a permanent record located here: http://www.ripoffreport.com/credit-card-processing-ach-companies/chase-cardmember-ser/first-usa-management-services-9wwyy.htm.

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#1 Update By Author

Chase, United Mileage Plus, Cardmember Services make low fixed APR until the balance is paid off offer then change to 18.24% and deny original offer, class action suit needed..

AUTHOR: John - Springfield (U.S.A.)

SUBMITTED: Sunday, April 23, 2006

My pay off of $$32,521.14 was posted to my account 10 days after I mailed it without my disuputed interest charges. I am currently being held liable for around $500 disputed interest charges from when they uped my fixed 1.99% APR interest rate to 18.24% before I was made aware of their unannounced action. A letter from Chase's cardmember services financial service advisor Nancy N Mc Cra stated "we regret that convenience check rates are only available for a limited period of time ...." at the same time I recieved in the mail yet another offer to take advantage of their 0% fixed APR for limited duration or 3.99% fixed APR until balance is paid in full. Chase cannot have it both ways by enticing customers with low fixed APR's until balance is paid in full then change the terms a few months after the transaction has occured. The statement fixed APR means fixed and until paid in full means until the loan is retired as long as minimum required payment is made. This is illegal and a lot of people are being taken advantage of that do not have much recouse. I would imagine a good trial lawyer could build a financially benificial class action suit against one of the largest banks and credit card companies. I must be only one of many.
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