Bank One, Chase Manhatten, JP Morgan Unyielding - late fees, overlimit fees, outrageous finance charges, unexplained hikes in interest rates! Foul Play! Ripoff! Wilmington Delaware

Holly, we at bank one/chase appreciate you being loyal to us for the 9 years you had your account. unfortunately, john is correct in saying that if you have high balances on other credit cards the bank can raise your APR. also unfortunately there is no ceiling for interest rates.


also, unfortunately, yes your finance charges can and will bring you over your credit limit if you are close to using all your credit line, because the FC come out of your available credit.

and bank one/chase, as well as every other credit card company, ARE being regulated by the OCC.

R -- usa

I do not know much about legal processes/cases/claims against Bank One/Chase or other credit card companies. I did contact the BBB and they contacted Bank One ASAP. Bank One sent me this LONG letter regarding my complaint and outlined all their policies (which I could care less about - does not make them fair) and they DID lower my interest rate back down to 14%. I paid off my card and closed my account, washing my hands of them. Luckily, my credit was not damaged by the incident and I have moved on. Chase STILL sends me solicitations to get their credit card! I do not think so...best of luck to you.

I have had the same problems with Chase, Bank One. I have never been late with any credit card accounts, always in good standing with a credit sore above 700. Chase reviewed my credit history and because I have outstanding credit balances that are high, they jacked my interest rate up from 11.9% to an outrageous 29.9%. There is absolutely no reason for a consumer to be treated like this, and I'm very upset that these credit card (banks) are not being regulated! They have been taking advantage of consumers for too long! I wrote a long letter to the CEO of Chase Bank, and one of their representatives contacted me via phone and was absolutely no help at all! GREAT CUSTOMER SERVICE!

My balance with Chase I keep at ZERO each month. If I have to use the card, I pay off each bill in full. I will not let them make any finance charges off me! In the meantime, I am will be seeking other lower/fixed interest rate cards to transfer other credit balances. You have to try and beat them at their game! I heard of class action suits against credit card companies. How do I go about looking into this process? Thanks.

Well, I called Bank One today because I had not received the promise letter in the mail and I wanted to know the status. I spoke with the CCS and was told that since I closed my account they could not lower my interest rate. Why didn't the supervisor I spoke with know this information? Instead, as I already mentioned, he told me he would submit a request and I would get a letter in the mail in 7-10 days. The rep I spoke with today did not even have anything on file regarding that request to lower my interest rate.

She said they raised my interest rate because of the late fee and overlimit fee, which were dropped, but they could not lower it (more like WILL not lower it). I then politely asked what steps I needed to take or who I could speak with to get the interest rate to a managable level so I could pay this card off. She said no one and the interest rate was as low as it could go.

So, needless to say, I told her that I was going to file a report with the BBB and let them handle it. Once again, NEVER EVER do business with Bank One.

Matt -
Thanks for your advice. I am well aware that credit card companies can use my credit history against me at any point in time. However, it is completely unfair and unjust for them to hike up my interest rates even though my credit is very good and I am in good standing with ALL my creditors. I think it is a crock and that it should be unlawful - and we are all WELL aware that people get in trouble with credit companies because of these tactics and that companies do this to make a buck. I just wonder how the CEOs sleep at night (do they go home and kick the dog too? Sheesh! Enough is enough!)
I will continue to work with Bank One to resolve this problem. I will even look into what you suggested. Otherwise, I will write the BBB and the FTC and let them handle it. Hopefully this nightmare will have a decent ending.
Cheers!

I am not sure of your financial status at the time of these rate increases but the banks have a powerful weapon in the credit card agreement that you signed. It is called the universal default clause. Basically it states that the bank has the right to review your credit report at any time in the life of your credit card account and if they see any late or slow payments on your credit report they can increase your APR (annual percentage rate), lower your credit limit (even if this pushes you over limit) and close your account.
Remeber this decision is made on your credit report and how you handle OTHER accounts. So in essence the bank can penalize you for you other accounts even if you have nevr been late with them. This is another way for banks to ensure that you are in debt to them forever.
My advice to you is to speak with their colleciton department and inquire about a settlement on the account (a reduced amount payoff in one lump sum) Bank One will generally settle your account at 70% of the balance. Remeber to get any settlement agreement in writing PRIOR to making your payment.
One other piece of interesting info: if you have a $2,000 balance on a credit card and only make the min payment it will take you approx 23 years to pay it off.
I hope this info at least sheds a little light on the situiation. Good luck with the purchase of your new home this year!