Chase Bank Cardmember Services Chase Bank nearly doubles my APR, even though I have never been late or dafaulted with ANY creditor . Wilmington, Delaware

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.