ED Magedson – Founder
Chase Bank Cardmember ServicesPO Box 15098 Wilmington, Delaware United States of America
Sometime in early July, I received a letter from Chase cardmember services about a change in terms. A portion of the change in terms was an increase in my standard APR from 11.99% to a variable rate of 18.24 percent, a 75 percent increase. This is despite that I have never been late or defaulted (e.g. exceeding the credit limit or a bounced payment) with any creditor.
Knowing about their right to change the terms and exercising the Universal Default Clause, I contacted Chase customer service about the situtation and was willing to negogiate a middle ground regarding their right to jack up the interest rate, but to a more tolerable level for me - - around 15 to 16 percent. Shovone, the CSR who listened to my plight, refused to budge even though I noted that Chase received (since repaid back to the Feds) $25 billion in TARP (Troubled Asset Relief Program) money, while enjoying nearly $5 billion in net profit for the first six months of calendar year 2009, a 30 percent increase over the same six month period in 2008. These are staggering figures for a bank who claims that "market conditions" warranted their credit card customers should have their ARP margins increased. In even spoke to a supervisor, named Toure and he refused to budge as well. So I decided to close my account with Chase and vowed to pay off my puny balance of $1,500 within a year. Considering that $1,500 is a small credit line compared to other customers, Chase was being foolish in their decision making process.
This report was posted on Ripoff Report on 09/03/2009 11:22 AM and is a permanent record located here: http://www.ripoffreport.com/r/Chase-Bank-Cardmember-Services/Wilmington-Delaware-19850-5098/Chase-Bank-Cardmember-Services-Chase-Bank-nearly-doubles-my-APR-even-though-I-have-never-489447. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
Advertisers above have met our
strict standards for business conduct.