Washington Mutual Card Services, Washington Mutual Card Services / JP Morgan Chase WAMU rasied my credit card rate for no good reason New York New York

I too have (had) two cards by WAMU, previously Providian and soon-to-be JP Morgan Chase.

They obviously are trying to recoup their record losses on the backs of consumers by holding their (our) credit ratings as hostage. They know that if we close the cards, that our FICO scores will go down. I say it is time for a class-action lawsuit. At a time when the government is giving financial institutions billions of dollars and when interest rates are 0.0%, it is shameful that all consumer interest rates are going up. These same financial institutions made stupid business decisions and created the mortgage crisis, which has spiralled into an economic depression. I think not.

Additionally, they are required by law to offer an opt-out clause when they attempt to further jack up consumer interest rates. On both of my cards, no opt out option was mentioned. I had to call and get that information. To opt out of your WAMU slash JP Morgan Chase scam, write to:

Reference CH
P.O. Box 99606
Arlington, TX
76096-9606

Include your name, address and account number along with your desire to opt out.

It seems to me that usury and loan shark protection is gone. I for one do not remember voting that protection away.

Additionally, JP Morgan Chase intends to further violate consumer rights with the "information sharing" clause in their new terms of agreement (which I strongly suggest that all consumers opt out of). The propose to share "with others outside our family..." On other words, they can sell your name and phone number to robocallers at their choosing.

Closing your credit card is not enough this time. I urge you to file a complaint with the Better Business Bureau at www.BBB.org. Also write Lou Dobbs at www.LouDobbs.com and/ or your Senator and Conressman/ Congresswoman. Enough is enough. These actions were predictable.

The Credit Card crisis is the next big economic predicament. We need to squash it now. Complacency and greed are what got us here. We cannot illiminate greed. But we cannot be complacent again. It will deepen and lengthen this economic depression.

Jp Morgan Chase is not the only violator. CitBank also tried to raise my interest rates. I opted out of that one too. Mind you I pay always on time and I have a very good FICO score. I plan on keeping it that way. I do not plan on getting loan sharked nor disturbed by vendors.

So, you're going to transfer the balance to another credit card. That'll show 'em! By the way, be sure to read the new card agreement carefully. It will probably also say that they can raise the rate at their discretion. Just about every card issuer has the same terms, and with credit tightening up these days, most have exercised their option to raise rates.

I don't know where you got the idea that you had a "fixed rate" of 8.9%. That would be practically unheard of in the (admittedly shady) credit card industry.

The only reliable way to borrow money at a fixed interest rate is through a common commercial loan. Borrowing via credit card is a sucker bet.

I have 2 wamu visa cards. I carry about $7K on one card and $0 on the other. The $7K card is my small business card and I used to (construction business) pay it off or way down every month. However, for the last 6 months or so I have just made sure to send more than the min. payment due.

Never late and I have about a 700 credit score. I pull my credit report twice a year and have a 300K+ mortgage, 2 visas, an atv loan (revolving), and 1 vehicle loan. I have NEVER been late on a single payment for ANY of my creditors. I also paid off the ATV and vehicle loan this year as well.

When I received my Nov, 2008 statement it stated that my fixed rate of 8.9% was going to go to 17.99% or prime +12.99% or whichever is greater. This would be effective Jan 1, 2009. If I didn't like it I could opt out and close the account and keep my current terms. Or I could write in and receive a letter of reason why my rates were going up. I, of course, called and requested the letter. The letter was pretty generic stating that my rate increase was based on my increased credit risk because:

1. Number of consumer finance company accounts.

2. Maximum balance compared to limit over the past six billing cycles too high.

I immediately called them to discuss this because I am positive that the first reason is bogus. As for the second reason, well, I have a $7,500.00 limit and have carried a pretty high balance for over 6 months now. The first foreign sounding person stated that it was just my teaser rate going up. I tried unsuccessfully to explain that it was a fixed rate card but to no avail. Very rude people at the help line. I then asked for the manager and was told that she would tell me the exact same thing. And true to her word, her boss told me the exact same thing. Basically, they were not going to help in any way shape or form and would not discuss the terms they are what they are she said.

I then called the corporate offices and got all the execs names and addresses. I wrote a letter explaining what had happened, how upset I was, and how much banking we (my family of 6) do at my local WAMU bank. I even told them I lost my shirt on their stock just like they did but that I had invested in the company's stock because I really liked the way they do business. I have 2 business accounts, a family account, and my wife and 4 children all have accounts there as well. I CC'd the letter the credit card services dept and to all the execs. I received 2 of the letter back stating that they couldn't find my account (I think it has to do with the forced take over of wamu by chase) and one letter stating that they needed more info.

I finally, several weeks later, received a call about my letter. I returned the call (very helpful person this time) only to find out that my file had been taken from her and "upgraded" to someone over her head. She gave me the persons name and number (Jolynne Blackwell 1-925-738-5500 ext 5438) Well I left 3 or 4 messages for her and never even got a return phone call. About 2 weeks later I received a letter from her and it stated that on behalf of all the execs I had written and card services, they wanted to remind me that it was their choice and at their discretion to change the terms of my card and thank you for writing in and they have closed my account because obviously I wanted to opt out (I told them that in my letter that if they couldn't tell me a REAL reason for a rate increase or keep my current rate then close the account). They state that if I am unhappy with the number of consumer accounts showing on my credit report then I should contact the credit bureau not wamu. And that I have carried a high balance for too long.

This is total bull crap and not a valid reason for raising my rate. And I know exactly what accounts are on my credit report, in fact I paid off 2 of the 5 loans this year! I am transferring the bal to another card with a better rate next week. I am not going to give them the satisfaction of paying them any more interest! It is a shame that this customer service specialist that I was "upgraded" to couldn't even call me and discuss this. She had to hide behind a letter stating their bogus reasons. It is also a shame because the people in almost every wamu I have ever walked in to are super friendly and great people. I am moving all of my banking services to another bank soon. BEWARE WAMU CUSTOMERS!!!! Chase is poison for your banking!!!! Chad c. Canton, Georgia