Do NOT transfer your balances to a Chase credit card. They have deceptive and misleading advertising so you will think you can "consilidate' all of your other card balances to a low 3.99% or other rate for the "Life if the Balance." I went through great effort and paid transfer fees to take advantage of their offer, and they have since effectively made the transaction one I can not afford to keep by doubling my MINIMUM PAYMENTS from 2.5%, the typical payment percentage, and teh opne they offered my in the promotion, to 5%.
So when I received the notice in the mail, realizing my now "consolidated" debt minimum payment would go from $500 month to more that $1200/month MINIMUM, I called to say I do not want the changed terms and to cancel the card and freeze the offer.
I can't do it! They told me I could not refuse the hiked up minimum payment terms because THEY had not changed the percentage terms from the offer. There was no reasonable way for me to anticipate that Chase would effectively cancel the offer by hiking the minimum payment beyond a reasonable expectation. All of my other cards are at 2.5% minimum and so were they. I had never heard of this practice and believe it's not only unethical, but intentionally deceptive. They lure customers over with the promise of lower rates and great offer to consolidate cars, then do everything they can to take the offer away.
I have been a long-time card holder with Chase credit card service. My credit score is above 700 and I always make payments on time and typically pay at least 20-30% above the minimum balance due. Even with all my balances consolidated (and paid to zero) by now using this one card, I still had $8,000 remaining on the card!
This is deceptive advertising in the least if not some kind of consumer fraud. I contacted the state Attorney General's office to ask why this bank is permitted to use deceptive advertising in my state. They referred me to the "Comptroller of Currency." Who are they and can they place sanctions on Chase for underhanded payment extortion?
A manager at Chase credit card services went on to further say that Chase can raise the minimum payments to 50% or more if they choose to, and that this was never meant to be a "long term loan." So I wasn't paying it off "fast enough". Really? What happened to the "Life of the balance" and well within my $30K limit on the card (which was at zero prior to this). This is outrageous. Now I have to scramble to move the balance or part of ti somewhere else. Why do I have no recourse? Is there no consumer protection or truth in advertising? If Chase advertises a low rate to lure you and your balances to their card, DON'T DO IT!