Chase Credit Card Minimum payment Increase to 5%

[TPPRAP]

I am curious to see how many were pushed over the edge a few years back by Chase increasing minimum payment on credit cards from 1.5% to 5%?

Mine was on a card that had been "4.9% for life." Chase increased payment since they couldn't get out of the low interest rate any other way. What it meant for us was our payment tripled. I didn't know what to do except pay it and turn around and use the credit freed up by the large payment. Effectively this increased my interest from $150 per month to over $600 in less than a year. Any chance of ever paying it down was lost.

Chase had to know this was going to increase their no-pays tremendously and put the nail in the coffin on a lot of people who were trying to stay afloat.

We knew it was the beginning of the end when that payment tripled....a lot of stress for a few years, especially that I lost my job at the same time. The Good Lord provided throughout and I learned to rely on him and be happy for my daily bread.

It feels good now knowing there is light at the end of the tunnel and a new chance with 13. like others say in this forum it is a business decision and it took me a long time to finally feel ok about what we have to do.

[DYLAN150]

Yes, i am one of those, payments when from $300 to $750. I took out a large amount of money at 2.9% and was always current. But Chase does not care, they said it would take to long for the average person to pay this back so they raise the payments. Nice huh? I called and wrote letters, didn't do any good at all. Now Chase can eat the rest.

[tobee43]

we as well.....actually they not only changed the percentage of the payment amount ...but they also changed the interest rate we had for years....maybe 10 although we had been with chase 30 years in one way or another...never late on any payments so they upped our interest rate as well from 5-7% we had (3) accounts....to 39.9%...just because they could...

so what was for example a $100 payment was now $400 and of course they helped drive us to bk as we had approx 200k medical bills and with chase and b o a etc. upping all our accounts it wiped us out!

[keepsmiling]

Raising Hand. Summer '09, the beginning of the end for us. I paid it for a year, now I wish I hadn't.
Only a bank could get away with this kind of sneaky, back-door, bad faith business practice. Pisses me off to no end. We are part of the class action lawsuit, for all the good that does any of this. I spent a lot of time on changeinterms.com-- that guy is my hero!- and even left the flyers ranting against Chase surreptitiously in the bank lobby lol. We were in there one day paying our mortgage and they were trying to convince dh to open a checking acct. When dh told them that would happen over his dead body and why, the manager was SHOCKED to learn about this and scratching his head.

[tobee43]

keep...that changeinterms.com...is GREAT...thanks really good reading!!!!!!!

[TPPRAP]

They also purchased my HELOC a few years back so pushing me to BK means they can write that one off too!

[keepsmiling]

BTW Tobee, welcome back!!! Missed you <3
Dumb question but could you please explain "Nunavut"? tia

[keepsmiling]

Changeinterms is a great site and should be required reading. Unfortunately Lahm has been sidetracked, probably with getting on with his real life, and hasn't updated in a loooong time. Google Robert Lahm to see how hard he has worked trying to get Chase to play by the rules.

[Thor]

Chase really messed us up with when the increase happened. I would agree this was the nail in the coffin and they wouldn't budge with many phone calls.

[BrokeinMD]

Ahhh....Chase...How can I forget how they tripled my interest rate, jacked up the minimum payment, and reduced my lines and and then fined me for going over the limit?

Loved the letter....."our records indicate you are, unfortunately, a potential financial risk."

You know what, gosh darn it, they were right. They made me realize that I just didn't have it in me any more to do business with them. I hope they're gloating about it when they get notice of my discharge. Pfffffffftttttttttt

[tobee43]

BTW Tobee, welcome back!!! Missed you <3
Dumb question but could you please explain "Nunavut"? tia

thanks for the welcome back keepsmiling....

Nun = none
A= a
Vut= That

LOL!! i have no clue it was on the choices of where you live before laz added "private" LOL!!!!!!!

[tobee43]

Ahhh....Chase...How can I forget how they tripled my interest rate, jacked up the minimum payment, and reduced my lines and and then fined me for going over the limit?

Loved the letter....."our records indicate you are, unfortunately, a potential financial risk."

You know what, gosh darn it, they were right. They made me realize that I just didn't have it in me any more to do business with them. I hope they're gloating about it when they get notice of my discharge. Pfffffffftttttttttt

but what puzzles me so...is what ARE they doing??? we were excellent customers....WHY? would they do this and force people into bk??? what so our tax dollar can bale them out...i'm not thinking so.

i'm on most days somewhat logical...however, this one i just can't figure out. WE KEPT them in business.......so who's NOW their customers?? OH!!.....i forgot...CHINA!!

[BrokeinMD]

I remember the logic back in 2005 when they were given permission to do this was that customers will just pay off the balance.

I don't know who was giving feds advice at the time, I think it was still Greenspan...BUT.....

If we could pay it off immediately, we wouldn't have credit in the first place! Duh!

And, what's the result. A slow economy, because, people are trending back to living within their means. Cash only, no credit cards, B.K., etc.

[keepsmiling]

It has long been my fantasy to take Chase to court over this. It's just BAD FAITH. Anyone ever try such a thing?

[debee]

Chase stinks. BTW, Nunavut is a territory in Canada.