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/reports/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.
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