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Thursday, September 10, 2009

Chase Credit Card Scam

Anonymous said...
chase
about 5 years ago i took out a 25k credit consolidation with chase master card , with a locked in rate of interest for the life of the loan at 4.99%. I have never missed a payment, always paid more than the minimum. and have brought the balance down to 14k. about 6 months ago they raised the interest rate to 11.24% on any new purchases...but they could not change the locked in promotional rate of 4.99% last month my statement arrived and my minimum payment went from 380.00 a month and i had budgeted an extra 100.00 so i sent them 500.00 each month...they raised my minimum to 678.00 a month, an amount i did not budget and can not pay they raised the percentage from 2% of the total to 5% of the total. more than doubling my minimum payment. when i called and asked if there was a problem with my account, they said no, you are a good client paying early and more than the minimum...so i asked what they were doing and they said they can change the minimum payent due anytime they wish and to any amount.i told her i did not have the money to pay that figure, so she says ..well we can leave your minimum payment to the $380.00 if i agree to give up the promotional rate of 4.99% one they had offered to and i agreed to, if i give up the promo, they will give me 7.99% for one year and then raise it to the prime plus 7.99% after that date..i feel as if i was blackmailed into being forced into accepting a rate that i will never be able to pay off it will be difficult for me at 7.99% when they raise it to 7.99 plus the prime i will never catch up!...i believe this is a form of extortion and blackmail. i would never have agreed to a loan consolidation of 25k at that kind of interest rate...so i am screwed, if i do not agree to the extortion i will not pay my minimum and get many strikes against my credit score which is now at 719...there must be some way to stop this extortion/blackmail i was under the impression that these practices were illegal!...we all bailed out the banking industry and they have been screwing us ever since. my fear is that if i keep the 4.99% and borrow the difference each month, they can change the 5% increase to 7-8% in a month or two...they are out to get rid of that locked in rate no matter what they do!...why are we the people who are paying our bills on time being punished by the mis-management of the banking industry? i feel pushed against the wall...they want americans to keep the economy going but they are strangling us with these insane games they are playing...making us not use our credit cards, and they are devouring all our available cash!...i need some help...i do not know what to do

September 10, 2009 6:01 AM

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