Complaint Review: Chase Bank

Your looking at it all one sided...people have defaulted at record numbers so business costs increase...you know kinda like we saw with high gas prices the grocery store raised there prices so did the airlines and so on...when issurance companies have huge losses on and huge payouts rates go up even if your driving record is perfect...basically when business costs increase the consumers pay plain and simple...thats why we are free to do business where we want and move on if we like...finance charges and interest rate increase create revenue to offset those losses....a bank is a for profit company....

Your looking at it all one sided...people have defaulted at record numbers so business costs increase...you know kinda like we saw with high gas prices the grocery store raised there prices so did the airlines and so on...when issurance companies have huge losses on and huge payouts rates go up even if your driving record is perfect...basically when business costs increase the consumers pay plain and simple...thats why we are free to do business where we want and move on if we like...finance charges and interest rate increase create revenue to offset those losses....a bank is a for profit company....

If the above was really true then how can they set you minimun back to 2% after they raise your rate to 7.99%???? Wouldn't the goverment be more concerned about paying off at the higher rate more than at the lower??

Isn't the real reason that they are not making the profit that they assumed when they offered these rates? And now are effectivly raising rates and/or forcing us to a higher rate? Now is the time to dump these people!!!!!!!!! I will be looking for another bank even if i have to pay more it will be worth it just to get away from these low lives. I just hope they don't buy out the next bank like they did with bank one. From another victim
Mike

Please read the information below. Chase is not the only credit card issuer doing this as they are being required by the the federal government. I have copied information in here regarding this information. The first paragraph is from a different source than the rest of the information. The bottom line is this is a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and your credit card minimum payments rise. Some credit card issuers have not been complying with this and are now being forced to comply.


Under pressure from government regulators, banks are raising the minimum payments cardholders are required to make each month. The move is intended to reduce the nation's long-term debt; but in the short-term, consumers are feeling the pinch when the credit-card bill arrives.


Today, your credit card minimum payment is usually between 2% to 2.5% of the total debt on your credit card. If you were to pay the minimum payment every month today on $10,000.00 of credit card debt at 18% APR, it would take you more than 50 years, 601 payments in total, to pay off your debt, and you would pay an extra $29,000.00 in interest charges to the bank for the privilege of using their money.

By the end of March 2006, major card issuers nationwide will be increasing their minimum payments to effectively 4% of the total debt each month, which for the estimated 50 million Americans who are paying the minimum payment each month may mean that their credit card minimum payment will double. Regulators argue that by paying 4% credit card minimum payments versus 2% credit card minimum payments, you the consumer will be able to pay off your debts more quickly, if you can come up with the extra money each month! Taking the above example of $10,000.00 at 18% APR, you would be able to pay off your credit card debt with a 4% minimum payment in as little as 15 years, and you would pay less than $6,000.00 in interest fees to the bank. That's a savings of over $23,000.00 versus a 2% minimum payment.

Sounds great right? Higher credit card minimum payments can help you get out of debt faster than lower minimum payments, but there is one catch. You need to pay twice as much every month. So if your minimum payment is currently $400.00, you'll need to find another $400.00 per month just to keep up with the new minimums. Even if your bank does not increase your rates this coming month, it's only a matter of time before they are drawn into compliance with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and your credit card minimum payments rise.

Us bank 3.99% untill jan 2014! I transfered my balance after Chase screwed me too! Us bank offered me no balance transfer fee and no 40.00 yearly fee as long as I have a balance from this transfer. Look into leaving Chase!