Chase BankChase Bank JP Morgan ripoff New York Chase.com

Unfortunately, Chase won't lower your rate if you say you want to close the account. They will try to set you up on some sort of repayment program. To get them to even consider lowering the rate, you have to have at least 6mos of on time payments and then ask that your account be reviewed to lower the interest.

As for why it was increased, even if you're 1 day late, they will jack the interest up. Also, your credit reports are reviewed every so often and, based on the info there, they may increase your interest or lower your credit limit (which can put you over your limit and you'll start getting hit with overlimit fees). Unfortunately, it's all legal.

Sorry.

If you can, transfer your balance with Chase over to your other cards with better rates. Call Chase and tell them you want to close the account. Ultimately they do not want to lose you as a customer. They will probably offer you a lower rate.