• Report: #661547

Complaint Review: JPMorgan Chase & Co

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  • Submitted: Sat, November 13, 2010
  • Updated: Thu, April 21, 2011

  • Reported By: Jim — Kalamazoo Michigan USA
JPMorgan Chase & Co
PO Box 15398 Wilmington, Delaware United States of America

JPMorgan Chase & Co CHASE Credit Card, Charge Interest with Zero Balance Owed Wilmington, Delaware

*UPDATE Employee: Explanation

*Consumer Comment: What?

*Consumer Comment: Oh my!

*Consumer Comment: JIM, "RONNY G" GETS "DYSENTERY"....

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I signed up with Chase Credit card as result of promotion from Amazon.com. 

Discovered that they charged $1.50 a month interest -- titled -- "Minimum Interest Fee" even on a zero balance so even if you pay your account in full each month, you will always be charged a minimum of $1.50.  I cancelled my account and when you review the information on the internet you will not find anyplace where you can do that but if you call the number on the back of the card you will find a live person who will cancel the account.  We should not pay interest on zero balances.

They also will charge you a late fee if you do not watch your account very carefully - if you don't get paper as I don't - they will not notify you prior to being late - they will notify you after being late and then you have to pay a very high fee.  This can be problem as it is hard to remember all your purchases.






This report was posted on Ripoff Report on 11/13/2010 10:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/JPMorgan-Chase-Co/Wilmington-Delaware-19850/JPMorgan-Chase-Co-CHASE-Credit-Card-Charge-Interest-with-Zero-Balance-Owed-Wilmington-661547. 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.

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REBUTTALS & REPLIES:
0Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Explanation

AUTHOR: honestabe22 - (United States of America)

I work for Chase and this is one of the most common calls / complaints we receive.

If you carry a balance from month to month, you're accruing interest daily. What does that mean? That means every day until you pay that balance off in full, you are being charged interest. So people think when they get a bill of $45.43 (a balance carried from the previous month) and they pay the $45.43 by the due date...there won't be any interest charges.

That is not the case.

You are STILL accruing interest on that $45.43 every day from when you're statement opened for that month, until the day you made the payment.

A lot of times this amount of interest is so small that instead you are charged a "minimum interest charge" which is $1.50 for Chase cards.

People misunderstand this minimum charge as a interest charge every month, which you will get no matter what, even if you pay in full.

That is not the case.

If you pay for what you buy by the due date, you are not charged interest. When you start carrying a balance, you're charged interest. Simple.
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#2 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

Could you post the EXACT terms you are looking at.  Because I think you may have mis-read it.

Every credit card company I am aware of has a Minimum Interest charge, depending on the company that can be anywhere from $0.50 to about $2.00.  But that only gets applied if you have a balance from the previous month and the amount of interest you would be assessed is lower than the mimimum.  For example, if the previous month you had a balance and would have been assessed $0.79 in interest, they will instead charge you the minimum of $1.50.  

Now as for the late payment.  They do tell you when your payment is due.  When you get your on-line statement(or a paper statement) there is a DUE DATE listed.  No company is going to constantly remind you.  Some have "payment reminders" that you set up, but that is something YOU must take the inititive to do.  Depending on the bank you may be able to set up notification to your e-mail, text messages, or even having them call a phone number.

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#3 Consumer Comment

Oh my!

AUTHOR: Robert - (USA)

*You can stay at this site and type in 659863 and read 'Consumer Comment #4' where he states that he gets "dysentery", okay?

Dang blast it!  I spilled my coffee when I read Karl's rebuttal!  LMAO!!!!

Could it be that even Karl has had enough of the Great and Powerful Roz polluting ROR?

ROTFL

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#4 Consumer Comment

JIM, "RONNY G" GETS "DYSENTERY"....

AUTHOR: Karl - (USA)

when he eats KFC chicken.

*You can stay at this site and type in 659863 and read 'Consumer Comment #4' where he states that he gets "dysentery", okay?

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