Chase Bank-credit Card Rate hike to 83% after 1 late payment Wilmington Delaware

THERE IS MORE TO THIS STORY THAN THE OP HAS OFFERED..I HAD THE SAME ACCT AT 1 POINT & WAS ALMOST A WEEK LATE ONCE & ALL THEY DID WAS CHARGE A 30.00 LATE FEE. ALSO HOW DOES "online issues" KEEP YOU FROM MAKING A PAYMENT? THEY DO HAVE A PHONE #...

So when add the late fees, etc. it becomes a very large APR. Which should be lower if there weren't fees, etc.

I think the OTS/Fed Reserve is working on this since it's confusing.

83? I don't think so. I have a Chase Credit Card and the highest that I have ever had on a Chase Credit Card is 29.99 %. I you look at the bill again you will see that at the most the APR is probably 29.99 %. If you have a Promo rate and you default on your first payment, you will go to a default rate. Tehy may determine that by a doing a soft hit to your credit report to see if your delinquent with any other creditors. (All this is stated in your customer service "TERMS AND AGREEMENT") before you apply for the credit card. (Which most people don't ever read!!!) If this is the first time you ever missed the payment, I suggest you bring the account up-to-date and speak to a APR specialist and as for a reversal as a one-time courtesy. Don't call in being rude because it won't get you any where. Just explain the error and they may just return the promo as a courtesy. It worked for me.

I'm wondering what your credit card agreement states as the "default" interest rate as a result of a late payment.

Per the FCBA Fair Credit Billing Act, the agreement MUST state the "default" rate that will be applied if you're late with a payment.

I don't doubt you, but dang! 83%! The highest default rate that I am aware of is 34 percent.

83 percent is a new record.