Chase Monthly Service Charge Added to Promo Interest Rate Palatine Illinois

For over two years, I have regularly paid above the minimum on my Chase credit card bill. While the typical rate they would like to charge me is 28.99%, I accepted a promo interest rate of 4.99% and transferred a balance.

I can testify as others have stated here, they seem to bundle payments together into a single month... payments made on 9/4 and 10/1 were placed into a single month, as were payments made 10/16 and 11/01.

The issue I currently have is the announcement of a new service charge which will be billed against my account -- if my account is open, it will be charged, beginning with the January 2008 statement. In effect, this raises my interest rate from 4.99% to closer to 12%. Granted, this may seem like an acceptable interest rate... but it seems extremely unfair, if not downright illegal, to change my terms without cause.

Chase is quite blantant about the reason for the fee -- because I have a promo rate, as stated by: "The key factors we considered when making these changes include the current APRs and revolving balances associated with your account."

Chase made an offer - I accepted. This is called a contract. In my mind, they are now breaching the terms of the contract. I have not been over my limit, nor have I missed payments. Yet, the finance charge is increasing.

In their nice little note: "The account service charge is billed to your account monthly whether or not you use your account, and you agree to pay it when billed. The charge is $10 per month ($120 total annually) and it is a finance charge..."

NO - I did NOT agree to this -- I agreed to 4.99%. Of course, I can opt out by paying my balance in full and canceling my account.

Underhanded tactics such as this warrant a class action lawsuit.

And to think, they have the fortitude to act as though they are trying to assist people with debt in these economic times by a debt write-off? Sure, just after they add additional fees to the amount owed, then they'll write some off for a few who will otherwise declare bankruptcy, giving Chase little if anything.

Rosew
Lexington, Kentucky
U.S.A.