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If you have a Chase credit card, get ready to feel a little pain. Or a lot. Depending on the size of your credit card account balance. Chase is increasing its credit card minimum payment from 2% to 5%. Which means that a larger percentage of your balance will be required. For many who are already just scraping by, due to the recession, this could be financially devastating. Moolanomy offers one family’s problem:
This is bad news for Greg and his wife, because this hike increase their minimum payment $558 to $930 — which causes them significant financial stress.
That is a big deal for most people. And, apparently, Chase isn’t just doing to help their customers pay a higher minimum (and less in interest overall). Rather, the plan is to offer an option for users to take a smaller minimum payment in exchange for a higher interest rate. This move is aimed directly at credit card account holders that have low interest rates. Chase represents what is likely to involve a growing cadre of best credit card companies out to stick to the consumer while they can, before the rules that are part of the Credit CARD Act of 2009 come into being.
To save money -you could always get a 0% APR Credit Card -
June 29, 2009 at 8:03 pm
[...] stories are popping up around the personal finance blogosphere with regard to the fact that Chase is raising the minimum payment on its credit cards. Last month, I wrote a post about things are about to get ugly for consumers in terms of their [...]
June 29, 2009 at 11:53 pm
We moved a few loans to Chase’s much touted “Lower Interst for Life” program. With the loss of work, it was a smart decision to keep us afloat while we recovered. We’ve been paying on time and without ever missing a payment.
Instantly, our minimum payment is now almost 3 times more a month.
After an hour on hold with Chase, I was told my option was to close the card and pay the balance immediately, or take an increase in the interest rate.
Estimates are 850,000 people, many on budgets as they try to make it through this economy, who are suddenly upside down.
It feels like bait and switch, it feels like extortion. It’s Chase’s way to make you pay a higher interest rate if you can’t afford triple your monthly payment. Why did they offer a low interest for life program in the first place if they couldn’t afford it?
Our family cannot afford the increase.. We have worked hard, tried to do the right thing instead of rolling over after unexpected problems. We were making progress and were proud of it. All that is for not, now. All becasue of this reprehensable action by Chase.
I will never trust them again.
Neither should you.
August 12, 2009 at 3:06 am
Hi Tom,
I have experienced the same dilemma. I am self employed and utilized the “4% promo” at $17k for life of the loan to manage cash flow. Suddenly a $250. min. went to $598. minimum. Obviously Chase wants to decelerate the loan OR do the loan shark thing. Up to 13% here in CA. Sucks.
August 21, 2009 at 12:00 am
I have the same issue!! Low rates, never missed a payment, never late…and it just doubled from 500 to over 1000 per month…and we too have been trying to do the right thing and pay all of our debt…and proud that we have been able to despite our income being reduced in half…and then this happens…it sure does make you want to just hand it all to them and say we tried….it makes me so mad that our hands are tied to their schemes, and they still win……
August 27, 2009 at 1:39 pm
I cannot express how disgusted I am with Chase , I have 4 cards bussiness and personal , I will close them all and post a flyer that my bussiness no longer accepts Chase cards. I ask any bussiness person with a conscience to do the same.
September 2, 2009 at 8:29 pm
Same here, 350 min to 736. I explained i can’t pay, bla bla never missed a payment, even paid more than min. for 2 years. I asked to talk to someone else who could “work with me”… nobody.
I finally said well, good luck tracking me down, because now I’m not going to pay back a dime. bluffing ofcourse, but i bet if enough people say the same it might get back to them.
Anyway, am looking around for some debt consolidators who promise to pay of your loan and crap like that…
Chase sucks, they are prob the next to go under anyway and this is their last ditch effort to try and recoop.
The funny thing is, if nobody pays them, this whole thing is just going to backfire on them.
If you work for chase, get the hell out before you get canned
September 4, 2009 at 11:45 pm
Last night i sat down to pay my chase c/c online and when i seen the min, payment i think i had a heart attack i have never been late and have all way’s sent more then min,.235.00 min and it jumped to 596.00 i have 4.99 life of the loan and my credit rating is all most 800+ what can we do mr obama if this is your help then you can keep it we don’y want it if the FED. is doing this so we wont be in dept then why are they borrowing trillios from china this will pust millions of middle class people into bankruptcy GOD HELP US ALL…..
July 1, 2009 at 2:29 am
This just happened to me and my husband. We received 3 change in terms notices last Monday stating the new terms for our 3 Chase credit card accounts. One of the terms being that the minimum payment will increase from 2% to 5% on August 1, 2009.
I called Chase immediately after receiving these notices. I was told that there was no opt-out option available for us, although I have been viewing comments on consumeraffairs.com where people said that they were able to talk with the hardship department to work out a payment plan where they can keep their minimum payments at 2% but, they will have to pay interest rates of 12.99%-19.99% to do so. Some were even offered a 6% rate.
My husband and I just decided to go ahead and pay off 2 of our credit cards which was enough to offset the increased minimum payment on the one remaining credit card. We would have been paying an extra $1,000.00 total a month starting in August had we not done that. This is still not good for us though. We wiped out two thirds of our savings to do this. We were planning on starting a family within the next year but, because of this, we can’t. We went ahead and payed it off with our savings, because it would have come out of our savings over the next year and a half anyway. This is postponing our plans. I’m 34, not getting any younger, and now I’m probably going to have to wait another 3-4 years to have my first child and that’s if I still can at the age of 37.
Chase is forcing many people to make decisions like this. Either pay up, make the almost tripled minimum payments, accept a payoff plan at at almost triple the interest rate in most cases, or worse, default by not making the new more than double minimum payments come August 1st and possibly be forced into bankruptcy.
Balance transfer offers through other credit card companies are hard to come by these days. So, most people will not be able to transfer their balances to other cards to have the same low rate or 2% minimum payment. Many consumers stated on consumeraffairs.com that their debt was a result of medical bills, their businesses etc. and this will force them to default for the first time in their lives on their credit card payments.
I believe Chase targeted people who have good credit, thinking that we would rather pay up or pay the increased minimum payment instead of ruining a stellar credit record by not doing so. Well, apparently, they have overreached this time, because a lot of the people they targeted simply do not have the extra money to pay the increased minimum payment every month, especially people who have large balances to pay off. Actually, maybe their ultimate goal was for most of us to default by not being able to make the minimum payment for the first time amd be forced into paying higher interest rates as a result.
My husband and I were lucky to pay off about 2 of the three credit cards we have with Chase, but most of the people they targeted are not-they have good credit records but simply do not have the extra money to make the increased minimum payments every month. Chase needs to see the error of their ways and reverse their decision. This may be legal, but it is immoral and Chase will lose much more than they will gain including their reputation and money since many people will file bankruptcy as a result of this.
August 12, 2009 at 3:26 am
What you have said is true. I will dump Chase in a heart beat if they don’t step up to the plate !
July 2, 2009 at 2:29 pm
Thanks for sharing your stories! It is true that these are trying times. And too bad that the credit card companies can legally do things like this! And you are right: Chase specifically targeted those with low rates and good credit for this scheme. It’s despicable.
July 2, 2009 at 2:42 pm
[...] of the biggest credit card issues right now is the fact that Chase is raising minimum payments. For many people, this means that their minimum payment just became unaffordable. Double and triple [...]
July 2, 2009 at 3:13 pm
My husband and I received 3 change in terms notices last week for our 3 Chase Credit Card accounts stating that our minimum payment on these 3 cards would go up to 5% from 2%, an increase of $1,000.00 in the minimum payments for us.
After speaking with customer service at Chase including an account supervisor and being told there was no opt-out option for us, my husband and I decided to just pay off 2 of the 3 credit cards that we have with Chase. Luckily, paying off the 2 cards was enough to offset the minimum payment increase on the one we did not pay off.
But, in order to do this, we had to drain two thirds of our savings. This was money designated for the expenses we would incur before and after having our first child within the next year and a half. Unfortunately, because of this, our plans for this have been put on hold.
I know my husband and I were lucky to be able to pay 2 of our 3 Chase credit cards off, but there are many people faced with paying a more than double the minimum payment on their Chase credit cards(starting in August) that will be forced into defaulting on their cards and possibly bankruptcy according to comments I have found on several complaint websites.
Based on complaints I have read from other people, not everyone is able to negotiate a lower minimum payment in exchange for a higher interest rate on their credit card balance(s). People who did so only succeeded after being transferred to Chase’s hardship department. I believe Chase raising minimum payments is just a backdoor way to raise interest rates on those of us who have the low interest for life balances.
July 3, 2009 at 6:25 am
I didn’t lie or break my promise. Great credit and credit rate…payment always early and well over minimum. new 5% is a bend over and hold your ankles moment… I’ll make the higher payment, keep my low rate, pay them off in a hurry and never be back no matter what the economy.
July 3, 2009 at 5:49 pm
We can stand together and fight.
There are things that we can do and if others follow, will cause significant damage to these companies.
We are the consumers. Stop consuming or decrease the amount of consumtion and the consumer can take charge. Just remember, companies really don’t care how much you complain just as long as you keep consuming. Stop consuming and companies fail.
Here are a few steps that we can take as consumers:
1. Close your credit card accounts. This will deny them future revenues.
2. Stop using credit cards when at all possible. Credit card companies make a substantial portion of their income from vendor fees. Everytime you use a credit card the vendor is charged approx. 2% of the transaction amount. Interest is not the only source of revenue.
3. Start making bi-weekly payments. I.E. If your new monlthly payment is $400.00, start sending $200.00 on the 15th and the 30th of each month.
This will substantially lower the amount of interest they will receive, pay off the card quicker and save you a large amount of interest. Apply this this to car loans, mortgages etc. (Some Mortgages will not accept partial payment). To understand how powerful this is, a 30 mortgage can be paid off in about 23 years.
4. Stop using traditional banks. Use credit unions. You can typically get better savings rates and loan rates.
Just try a one year non-consuming campaign and you will be suprised at how much money you can save. You will also find out that many of the things you thought you needed are no longer necessary.
Good luck in the fight.
July 3, 2009 at 7:49 pm
This just shocked me today. I have been an excellent customer with Chase for about 20 years. I have never missed a payment and my interest rates are steller because of payment history. This is all about to change. I cannot afford to more than double my payments on my two cards with them. I don’t know how they can get away with this! I can only hope that I get a fixed loan to pay these off, and I will never do business with them again! You can blame this on our wonderful big brother government too thinking they know what is best for us. Way to help the economy out right!
July 4, 2009 at 7:58 pm
Pres. Obama should immediately issue an edict (law) for all credit card companies (especially Chase) to rescind their unscrupulous tactics of raising the minimum payment of 2% to 5% due monthly. This is blatant abuse of power and causing more undue hardship on many, many American families.
I am a senior citizen; taking great pride in my excellent credit…always paying more than the minimum on time each month. But 5% is more than double the amount I was paying. I am totally unable to do so.
I am stunned that there isn’t more of a “public outcry” and why the media isn’t helping. These big companies were bailed out by the Government for millions if not billions of taxpayers money. Instead of “assisting” and “offering help” to us small consumers they are literally forcing us into default and bankruptcy. Big Corporations can go into bankruptcy; get bailouts and then instead of being honorable and fair…and thankful…due more to hurt the economy with their tactics. I feel I have been mugged by Chase.
I am going to take a stand and not give Chase another dime. The government isn’t going to bail me out.
August 5, 2009 at 12:32 pm
I agree with you about this and Iam not sending another dime and told them so. This will not stop them from harrassing me. They came to me with a deal and I questioned them in length to make sure nothing would change until I paid off the card and Kim at Chase said nothing will change. Therefore they broke their committment to me and thousands of others like me. I cannot make such a payment.
September 5, 2009 at 12:07 am
I hear ya somthing has to be done for the middle class this is crazy we bail theme out with billion tax payer dollars and then they come back with this and doing so say f*** you america and where is mr obama ? i thought he was going to help the middle class ? some help………..im sorry for my language but im so stress out i think i had a heart attack last night when i sat diwn to make a payment and seen how much it was raised it time for us to stant togeather and say were as made as hell and we are not gonna take it anymore………
September 16, 2009 at 12:30 am
They are now making daily calls twice a day to me, Iam not paying another dime to them, I ask them to work with me I really used most of the money in the beginning to make the payment to them so they got back 19,000 of what they gave me and I will not pay another dime, they can ruin my credit or whatever they are evil people , today they ask if my spoouse was home, i do not have one, how in the h— do they have the nerve when no other name was on the account, Iam having an attorney write a letter for me I believe what they are doing is evil, and Iam going to write them and tell them the 19,000 plus my share of the money that bailed them out in the way of taxdollars is all they are getting. End of story, We need to stick together, not pay them off they are wrong in doing what they are doing to us.
September 16, 2009 at 12:32 am
By the way Mr. Obama is just where the masses put him, in the White House and not worried about any of us, the unborn, the elderly, nor the problem we have with N. Korea, Iran, Iraq, Chavez, Castro and the list goes on, he is just where he wants to be and is nothing but Hitler all over again, only here in America what is left of it.
July 6, 2009 at 10:06 pm
[...] of the issues that has many credit card users annoyed (or even downright angry) is the decision of Chase to raise the minimum payment requirement from 2% of the balance to 5% of the balance. If this had happened three years ago, it [...]
July 8, 2009 at 12:30 am
Interesting that comment above, that they “can legally do things like this” This action by Chase IS NOT LEGAL!
Chase will Discover it is not legal to cheat customers, when the class action lawsuits go to court, and I hope they smart from the verdict. I hope they go out of business, and cardholders end up paying their payments to a government holding company, instead of Chase.
The United States does not need this lowlife, dishonest business to continue to exist. The “services” it provides can easily be obtained from other credit card corporations. As far as we’re concerned, the demise of JP Morgan Chase cannot be too soon.
July 9, 2009 at 1:57 pm
Sadly, it is legal. A class action lawsuit recovers damages to people, and can set precedents, but it does not indicate criminal activity (in terms of the legal code) for Chase to do this. Unethical and illegal are two different things. Of course, once the recent credit card bill goes into effect, Chase will have to give more advanced notice before doing such things.
July 8, 2009 at 1:11 pm
I agree with everyone on this. This is highway robbery. I will be trying to move my balance to someone else if possible. I would rather pay someone else a higher interest rate than for htem to treat me this way after being a customer for many years.
July 8, 2009 at 3:31 pm
Thanks Chase for just ripping my college savings account to shreds! I’ve been a loyal consumer to Chase credit card for years…always paying on time and usually more than the minimum payment per month. They offered me checks for 3.99% until the balance was paid off. I took their offer because I needed money for school and you can’t beat that interest rate. Now, my monthly payment is almost triple?? My only course of action is to reduce my school load and increase work load. Chase should be really proud of their greedy selves. I kept up my end of the bargain, you are getting your money on time every month and because I have dignity and a sense of responsibility I will continue to uphold my end. It’s the right thing to do and it’s called the American Spirit. I don’t know what you call your actions….but they are DEFINITELY NOT in favor of helping your fellow Americans! Haven’t you learned by now that GREED is what got you into all this financial trouble? Unbelievable. You really make my stomach turn!
July 9, 2009 at 2:07 pm
[...] of control over your money situation. The most obvious evidence of this is the decision made by Chase to increase credit card minimums at this [...]
July 10, 2009 at 11:20 pm
I’m one of those whose minimum payment just got increased. Unfortunately, I had transferred a good portion of my credit card debt onto this card, because of a low, lifetime rate that was offered several years ago.
The payment is going to be very tight for me. My only consolation is that I will pay off the balance much faster now, which means Chase will be getting less interest from me in the long run.
And then I will never, ever deal with that company again.
July 13, 2009 at 5:48 pm
Way to find the silver lining! It’s still tough, but it sounds like you can make it work. Good luck.
July 11, 2009 at 9:46 am
[...] Chase Increases Credit Card Minimum Payment Requirement « Credit … [...]
July 13, 2009 at 5:57 pm
[...] As expected credit card interest rates are on the rise. Citi and Chase are the two main perpetrators right now, but more issuers are sure to follow. (Chase is already garnering outrage over increased minimum payment requirements.) [...]
July 15, 2009 at 1:36 pm
I heard about this. Do we know if this will be across the boards with all credit card companies?
July 16, 2009 at 6:13 pm
Who knows. But it is certainly a possibility — especially if Chase manages to make more money due to people choosing to take the higher interest rate instead of the higher minimum payment.
July 16, 2009 at 2:28 am
Guess what….no one cares about this, despite heavy internet coverage and stories in major newspapers and networks like MSNBC. I have written letters to my Senators, and filed complaints with the Comptroller of Currency and my State Attorney General. Want to know how many responses I’ve gotten? ZERO! The only communication I’ve received so far was from a very nice paralegal at an attorney’s office in California who are filing a class action suit. We’re all on our own here. here…..
July 16, 2009 at 6:14 pm
Sadly, we always are on our own when it comes to credit cards. They have all the power.
August 18, 2009 at 9:17 pm
They only have the power if we give them the power. There is a class action law suit about the 10.00 fee and we should get a class action law suit about them raising the minimum payment. I cannot make such a payment, I live on SS and my payment would be over 900.00
This is impossible.
I marked my July Payment final and Iam not making another payment at this time. We all need to stick together
July 19, 2009 at 7:13 am
got my statement today.they dident raise my min payment they doubled my interest rate.wtf?I had them for 10 years and never ever late.They suck.
They are slick.come feb they will not be able to raise interest rates on previous purchase so they are doing it all now before law comes into affect.We as taxpayers give them billions to bail out and they stick in our ass.
I have the money and will pay off all my balance.and then cancel them forever
July 20, 2009 at 6:39 pm
I look at things a different way. My minimum payment just went to $0.
August 18, 2009 at 9:19 pm
My minimum payment went to the same amount as yours Gary Had I known I would have called the Mafia to borrow money. They approached me I did not approach them this should all be illegal, after much explanation that the payments and the interest would not change until the card paid I took the money.
They are thieves and Iam not sending another cent and will claim bankruptcy first.
July 26, 2009 at 8:48 pm
Not paying Chase one more f…ing dime! The End
August 3, 2009 at 4:41 pm
I feel the same way. Want all of you to know my ex son in law took 50,000 from a joint account with my daughter she did not know even existed. It was Bank of america well after a year he got a letter at the old address telling him if he paid 2000.00 the card would be paid in full. I agree with Rhonda but I do not know the legalities and what they will do with it. I told them I have never been late, and could continue the 2% but they refuse to listen. Anything we can do, forget the govt they own the bank and for Washington to say they are dealing with this problem is another lie
Sunshine
July 27, 2009 at 6:06 pm
[...] Your current credit card does offer what you want: Some rewards programs are being cut. Or, you may have a card that doesn’t have a rewards program. Look for a credit card that offers rewards that you will use. Also, look for changes to terms, such as cutting your limit or raising your minimum payment. [...]
August 1, 2009 at 11:13 pm
http://www.bloggersagainstchasebank.com
http://www.daily-protest.com
Join the protest against Chase Bank.
August 3, 2009 at 4:37 pm
What can happen if a person just does not pay Chase, they have a lot of you know what after govt bailouts with our taxdollars and then raising our minimum payments. There is no way I can make such a payment. They approached me 2 years ago with this great 3.99 until the loan was paid I have paid every month on time, and now this.
I guess I will just have to let it go to a default this is just one of the crazy things and I believe Washington is behind it as they now control the banks they bailed out.
This wonderful administration is putting our backs against the wall big time and we better push back or we will all go down.
I want to know what others have done, they have pit bulls at these places we need help and we may as well forget the govt. they are in it up to their necks. remember they need stimilut money.
HELP
August 4, 2009 at 9:24 am
Sunshine,
Before you default, you may want to call Chase and ask for the Proactive Solutions dept. They may make an offer you can live with. The agreement I made is to close the account, accept a 2% APR (lower than my fixed for life transfer rate)and my payment would be 25 less a month. I’m going to continue paying more each month though, just to get rid of it quicker.They say it will be reported as Account closed by consumer, which should have minimal impact on your credit score. Tons of people have been signing up for similar plans. Since it’s all new we just don’t know if we might get screwed again on down the road, so if it makes you uncomfortable, don’t do it. I would at least call. I’ve seen several different #’s listed on other sites. The one I have is 1-866-351-0182. You can also try the # on your chase card, ask for Proactive Solutions Dept. , but you may be told there is no such dept. Just keep trying. I think some of it has to do with what call center you get routed to. Good luck!
August 4, 2009 at 6:00 am
The people who are worried enough to do research on the internet will find articles such as this one http://daily-protest.blogspot.com/2009/07/chase-bank-offers-proactive-solutions.html
Don’t forget to stay mad for those who won’t know about Pro Active and ProActive still changes the terms, just not as radically.
http://www.robotsagainstchasebank.com
http://www.bloggersagainstchasebank.com
August 13, 2009 at 2:08 am
My minimum went from 2% to 5%. BAM. I emailed Chase to no avail. I called the toll free and in all cases asked for a supervisor and they said they are instructed not to transfer my call. I visited the local branch and spoke to the Branch Manager. He could do nothing all 23 years old he was. I transfered my 8K balance to B of A. I closed my Chase Credit card account. I transfered my JP Morgan Account to Fidelity which is valued at 300K. I will now never do business with Chase or JP Morgan again forever and ever. I will take every opportunity to diss Chase.
August 13, 2009 at 4:52 pm
Hi Jerry, are you saying the Pro Active Department would not help you? I don’t have the number handy but if you do a google search,
chase bank pro active, you should get the number.
http://www.robotsagainstchase.com
http://www.daily-protest.com
If you really can’t get through, that will be really really controversial and worth my following up.
August 17, 2009 at 4:46 pm
[...] Leave a Comment One of the things that has many people in a lather recently is the fact that Chase recently increased minimum payments on credit cards. This is a hardship for many, especially in this economy. But it appears that help may be on the [...]
August 19, 2009 at 8:38 pm
Is there a place to write about Bank of America’s predatory practices, as well? I missed one $42.00 payment on a BoA Visa in June (I was traveling and made a rare goof on my credit card payment). This has resulted in more than $1000.00 worth of overdraft fees on my checking account (which was attached to my Visa account), a lowering of my Visa credit limit, plus the closing of another BoA Master Card account. My pleas for them to reverse the charges have fallen on totally deaf ears. I’m in the process now of switching my accounts to Wells Fargo — can’t get it done fast enough. BoA is totally mercenary.
August 20, 2009 at 5:07 pm
There might be. I have never had a problem with BofA; I did have a fee reversed once. But that is a lot of money! Especially for an honest mistake when you were traveling. You would think, if you have been a good customer so far, that they would listen to you. Good luck with Wells Fargo!
August 20, 2009 at 9:10 pm
Same thing with us. Excellent credit always paid on time and paid extra. We took advantage of low interest lifetime offers for business purposes in order to expand. The triple increase in minimum may be too much for us this winter during our slow season. Either way, if we make it, or if we don’t Chase is off our list for future dealings that is for sure. For me, to see them go out of business would feel like justification.
August 24, 2009 at 8:02 pm
[...] a Comment // The last few weeks have seen several stories about the fact that Chase has raised its minimum payment from 2% of the outstanding balance to 5%. I received one today in my email inbox: I received a [...]
August 24, 2009 at 9:07 pm
Thank you Mr. President! NOT! I received a zinger rate increase today from Chase raising my interest rate to 19.99% PLUS prime rate. Loyal customer since 1997 with no balances carried over and a super high credit limit. UN-FREAKIN-BELIEVABLE. Credit card reform for WHO–the banks that get the bail out money? Certainly no help for the consumer if this is what they do in order to raise revenue.
August 24, 2009 at 9:14 pm
Oh, yeah, couldn’t call Chase quick enough to CLOSE my account. This makes the 2nd and final account closed with Chase in the last three months. Nice that they change the terms before they’re legally unable to do it. If I were in the 2->5% min payment category, I would be beating down the doors of 1600 Penn. Ave. asking WTF?!?!?!?!?!?!?!?
August 24, 2009 at 11:02 pm
We received our statement today and our minimum payment has gone from $377 to $937. Never a late payment, but our interest rate is about 4.5%. They offered us an interest rate of 7.9% until Aug of 2010 at which time it will go to the going rate. We are so upset. We are really unsure of what to do. I know one thing, Chase isn’t going to get more money out of our family. We will find a way out of this that does not include them making a profit off of us. If I’m going to pay that kind of money, it’s going to go to a different bank. That’s for sure.
August 27, 2009 at 9:12 pm
Chase may be violating the credit card reform bill act by more than doubling their increase. The reform act clearly says the most Chase Bank can raise the monthly minimum is by doubling it, Chase went and MORE THAN DOUBLED THE PAYMENT.
It’s just a partial victory, but it would lower your payment a bit. I have proposed sending our payments to the corporate office. But if you do that, send it in PLENTY OF TIME, and totally verify the address and have a phone number that matches.
If you can afford to make the payment, then send in your payment to the payment center, but send a dollar to the corporate office since they are so short of money and have to after their most reliable, never late making a payment customers that HAD good deals with Chase Bank.
http://www.daily-protest.com
http://www.robotsagainstchase.com
http://www.bloggersagainstchase.com
August 31, 2009 at 5:17 pm
Sadly, Chase’s actions occurred before any part of the recent credit card reform bill took place. This change is therefore acceptable under the law. But your idea of protest is good.
August 28, 2009 at 1:41 am
I just received my August Chase bill and it went up 222%. My company has us on short weeks and unpaid furlough days, I will not be able to pay this. I think I may have to take the seven year hit. This is bait and switch. The very thing thing they are worried about is going to happen. If they do not want you to use the card any more, just lower the limit to what you owe. This is ridiculous, they received a 25 billion bailout check from the tax payers and this is what they do!
I wonder if in Michigan they can go after property on credit card default.
August 31, 2009 at 5:16 pm
I don’t know the specific laws, but normally your home is safe from credit card default, since a credit card is unsecured debt. But you should probably check into that, since I am not a legal professional, and you want to be sure that is accurate information for your state.
August 29, 2009 at 7:13 am
My name is Rick Strader. I am a manager/owner of a company I named Compunets (www.compunets.com). About 2 1/2 years ago, I took advantage of one of those Chase offers of 3.9% for $27,000. I wanted to expand my operations, build a home office extension, consolidate a few other bills, etc. Monthly payment was $335 or so. Now, out of the blue, with a $19,000 balance left on the card, its $957! OUCH!!!
Fortunately for me, I can absorb that amount of extra payment – thanks to all the online business I am getting now! HOWEVER, I WILL JOIN-IN THE FIGHT AGAINST THIS FINANCIAL ATROCITY BY NOT PAYING CHASE ANOTHER DIME!
It is so wrong what Chase is doing, we must do something about it now!
I know that this will ruin my credit. I will, however, be obtaining legal counsel to try to sue Chase for violating criminal and civil laws, like: “Fraud”, “Extortion”, “Purposeful and Willful Maleficence”, “Unfair Trading Practices”, “Misrepresentation”, etc.
I believe that we need to come together in some fashion to let Chase/JP Morgan know that they are NOT going to get away with this unconscionable act! I can bet you that one sure-fire way to take down this Gotham Goliath of Greed is for many of us to NOT PAY OUR CHASE BILL ANYMORE!
The danger is that our other credit card companies currently have the right to raise our rates once Chase puts this “significant blemish” on our credit report. But, as far as I’m concerned, “I DON’T CARE, IT’S A MATTER OF PRINCIPLE [and INTEREST,...and MIN. PAYMENT!
]”
If you want, email me directly at RickStrader@Compunets.com. I will be happy to communicate with any and all who want to see about taking this to another level (legally speaking, of course!)
September 2, 2009 at 8:37 pm
Put me on that list!
We should all bind together and say we are not going to pay a single dime!
The sad truth is they are probably going bankrupt anyway… so we can at least shorten the process.
Thank God for the Internet – Chase will be RUINED
September 6, 2009 at 6:48 am
Within two months from now I hope to have my book, The Cat Who Ate Chase Bank printed and for sale, (at a hopefully very affordable price).
http://daily-protest.blogspot.com/2009/09/cat-who-ate-chase-bank.html
I also am planning on a line of clothing accessories such as headbands, wristbands, sashes, and t-shirts with the slogan
“Chase Bank is Dead To Me”.
I found a powerful description of Barack Obama’s shenanigans in regards to Wall Street, what powerful writing….
http://bloggersagainstchasebank.blogspot.com/2009/09/holy-cow-what-indictment-of-barack.html
September 24, 2009 at 5:59 pm
sign me in and keep us informed.
You don’t need my story, it is one already told. What is the plan?
September 2, 2009 at 2:38 am
Here’s my Chase story. They cancelled one visa account with a $12000 credit line and now balance and lowered the remaining one’s credit limit 2 grand along with raising the payment and interest. I always pay more than the payment with no lates. My wife and I both have over 700 FICO. However, I’m ready to fight. What’s next, send the boys over to break my legs. Chase = the new mob.
September 2, 2009 at 8:41 pm
Does anybody know about those credit card consolidators who promise “to pay off your loan” with minimum payment on your part? I know it sounds like a scam, but does anyone have any good experiences with them?
September 3, 2009 at 3:42 pm
Watch out for those. Sometimes what you are doing is debt settlement. You stop paying your credit cards, and pay to the company. Then, when your credit is shot and the credit card company realizes you aren’t paying, the negotiator settles for a lower amount than you owe. Also, in some cases you consolidate your payments to the consolidator, and then the consolidator makes payments to your credit cards, often after negotiating a lower interest rate. In both cases, the “helper” gets a portion of what you pay. And you are right to be wary of scams. This is a popular way to scam money, collecting your payments and doing nothing. You are better off just working out an aggressive debt payment plan on your own, and calling your creditors to see if you can work out a payment plan with a lower interest rate for a set period of time.
September 8, 2009 at 1:56 am
Hey just wanted every one to know that i bit the bullet and called chase and told them that i could not pay there 5% min and they let me speak to there hardship supervisor they ask for total house hold income and for all monthly bill’s . I had 4.99 ballance and a6.99% at 11.875.00 and 235.00 mo payment. They came back with 6% and 227.00 mo payment this i can handel. Not 597.00 mo I had to close the account and set up automatic withdraw from my banking and i got it in writting so there can be no more change’s in the future. In under 5yrs i will be free and clear from this Loan SHARK .. So if you want to keep your min payment at 2% or less and not get hit to much with intrest hike take advantage of this option abd never ever use a cedit card for anything except emergency good luck may GOD BLESS ALL WHO LOVE AND SERVE HIM…
September 12, 2009 at 5:45 am
Hello all. I would like to share with you my view of this. . I do want to point out a few things. First of all as we all know these are loans Nobody forces anyone to take them. Secondly. The rate of interest has nothing to do with payment required each month. After reading each comment not a single person antied up and accepted responsibility for their debt.
Its always easier to blame others. Now I am not saying what they have done is right. However that being said we all know when we sign up for credit cards it comes with terms called the cardmember agreement. Now before you all start going on its all legal bla bla. It there for a reason it lets YOU the consumer know what to expect so next time you go to get a credit card READ IT. Also when you are sent stuff from the bank no matter if its junk read it. I’ve lost count of how many people say oh I didn’t get it. BULL. BY Law notification has to be sent out.
I am sorry for rant but I need to. These life of the loan rates that were giving out were just that for the loan not your payment for th life of the loan. The 3.99% life of the loan on 10K for example is just that 3.99 on the 10K.
Now that all being said. I suggest people stop blaming the banks screwing people and start owning up to their debt.
September 22, 2009 at 3:49 pm
Apparently you are a Chase employee or investor. Washington has effectively sold out the American people and nothing is going to change in the near future. All Washington, as was fully indicated by the bailout, is in the pocket of Wall Street. The top 1% of America which has constantly taken more and more of each American dollar is, in essence, Wall Street. And, surprise, surprise, after the bailout they have even a greater share of the American dollar. Stick a fork in us (middle class Americans) we are done.
September 21, 2009 at 10:12 am
Some of your statements read true. The reason people are upset though, is they believe in old fashioned loyalty. The fact is, Chase is preying on their loyal customers. They are making an “extreme” request during very difficult times. They are using their leverage against those that trusted them and those that made better decisions than most others, with the exception they should not ever use credit cards. This is the only way for many to better their lives, borrow money, invest in a business or education. Then you have the legal side of it. Read the agreement. I made legitimate loans, read the agreement, and am fine with the payment. Instead of leasing, I used 25k at 5.99% to purchase equipment instead of leasing, wrote off the full purchase of the equipment. Will I do business with Chase ever again. NO. Should anyone do business with Chase, NO.
September 24, 2009 at 12:16 pm
I have the same complaint. Transfered other cards and paid for my mothers funeral with a check now I would be really hurting due to chases new increase and in fact I looked over my old checks and never read where they could increase minumim payment. However, Lucky for me I am just paying them off closing account and will never use them again. They just lost a very good account.
NO MORE CHASE.