• Report: #423045
Complaint Review:

JP Morgan Chase

  • Submitted: Wed, February 11, 2009
  • Updated: Wed, February 11, 2009

  • Reported By:Fresno California
JP Morgan Chase
www.chase.com Wilmington, Delaware U.S.A.

JP Morgan Chase BACK DOOR $10 FINANCE CHARGE Wilmington Delaware

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My initial agreement with this credit card that I have had since 1993 was no annual fee. A few years ago I transferred a balance to this credit card when they had a promotional rate of 3.99% until paid off. I have been paying faithfully on this card, never missed a payment and was never late. In fact I usually pay the bill on the internet before I even get my statement in the mail.

Now all the sudden in January 2009, they have decided to impose a $10 a month SERVICE FEE*FINANCE CHARGE on my account whether or not I have a balance. This is in addition to the finance charges. This is a breech of contract. In the New Change In Terms Agreement, they call it a Service ChargeFinance Charge: $10 per month ($120 total annually) The terms of my promotional rate have been violated. My finance charges are only suppose to be 3.99% until paid off. They are charging additional finance charges.

Now instead of my APR being 3.99% which was the terms of my balance transfer, my new APR is 6.75% because of this new $10 service charge-finance charge. This is unfair. I called them to voice my complaint and they wouldn't do anything about it other than offer me a higher rate. The only way to avoid the service charge is to pay off the balance and cancel the card. This is unfair to punish faithful customers who pay their bills! If I close the account, it negatively affects my credit score.

I am not the only person upset about this. There are people all over the internet blogging about this and are mad at Chase, threatening to leave them and never do business with them again. If they treat their good customers like this, I'd hate to see what they do to their bad customers. I'm disgusted that they received any of my tax dollars in the bailout money. I want this $10 monthly service fee/finance charge removed from my account immediately. A class action lawsuit has already been filed by Giskan Solotaroff Anderson & Stewart.

Tami
Fresno, California
U.S.A.

This report was posted on Ripoff Report on 02/11/2009 03:26 PM and is a permanent record located here: http://www.ripoffreport.com/reports/jp-morgan-chase/wilmington-delaware-19850/jp-morgan-chase-back-door-10-finance-charge-wilmington-delaware-423045. 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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