Credit Card term change?

[Mark80]

My wife has 1 credit card with a high balance, all of a sudden WaMu sold out to Chase and her terms have been modified. They also jacked her interest rate up after the buy out. Is there anything legally you can do? It seems like a huge scam and when she signed up for the card years ago she agreed to certain terms?

Just curious.

Thanks

[StartingOver08]

My wife has 1 credit card with a high balance, all of a sudden WaMu sold out to Chase and her terms have been modified. They also jacked her interest rate up after the buy out. Is there anything legally you can do? It seems like a huge scam and when she signed up for the card years ago she agreed to certain terms?

Just curious.

Thanks

Yes, the credit card co's can change the interest rate at ANY TIME - usually there is a 15 day notice required. Also, usually she can close her account and remain on the original terms, but she can no longer charge to that card and has to notify Chase within the time period specified on the cc agreement. I agree with you, it is a scam. The best way out is to close the account and just pay down the balance under the original terms (if you can still do it).

[magyar123]

I received the same. I'm actually more afraid that Chase will lower my credit limits from $2500 to whatever, or even close both of my former Wamu MC and Visa.
In 2004 I burned two Chase cards totalling $20,000 in my bankruptcy filing.

[floridian]

i tried to close a card and they said, that as long as there is a balance on the card, that i cant close the account...

[StartingOver08]

i tried to close a card and they said, that as long as there is a balance on the card, that i cant close the account...

Look at your T&C's for that card. There is a place in the T&C's that tell you what to do if you do not accept the new interest rate. Generally it is you have to notify the OC that you do not accept the rate, they provide a specific address for the notification, not the payment address and they require you to close the account but keep making payments. Each cc is slightly different and they do not make it easy to opt out of the new interest rate - or everyone would be doing it!

But, I believe they have to offer you the choice. It is in the small print.

BTW, the cc's CSR's are useless. Don't try it over the phone.

[FLBK7]

I received the change of terms notification letter from Chase in today's mail. This cc was originally Providian with a $2500 limit about 2 years after discharge, then Providian was bought by WAMU and WAMU raised my limit to $10,500. I don't have a balance on that cc and so far the limit hasn't been lowered by Chase.

I make a point of using all my cards regularly for small purchases which I then pay in full at month-end. I know from experience (think Crap1) that if it becomes "dormant" it can be cancelled or an annual fee may be assessed. Crap1 actually told me that it "costs them money" to maintain my zero balance account, hence the new annual fee. I immediately closed that account, of course.

[ccmisery]

I had a WaMu Card, worst people I ever dealt with BTW, the customer care people were total jerks.

They did the same thing, sent me a letter to opt-out, I have a balance on the card and said APR would go to 25% for no reason. Just to help me push me further down the hole I guess?

So you can indeed close your account with a balance, it just hurts your credit so they say, I went as far as saying "Please note on credit report, Account Closed at owners request" or something like that.

I also got a notice from Citicards, stating the same thing, they are jacking up my APR and I have the option to close the acct and stay with the current terms with the balance remaining.

Meanwhile the govt is pumping billions into these banks and they are turning around raising APRs on people who pay on time and are never late, what's wrong with this picture? Hmmm??

[vicmost]

mark 80

I recieved the same notifications.
Since I'm planning on not paying them after next month and will file bankruptcy within 6 months I don't think I need to do anything..
Is your wife included on your bankruptcy?

[AMISLANDER]

They jacked my Wamu from 9.9 to 10.24...got an email today on all the "new and wonderful" changes...yeah, right!

[Flamingo]

We just received our notification also and the only change I can see is a 1/2% increase in the rate we had with WaMu. It looks like that is occuring for everyone with the changeover. Other than that, I see no really new exciting or bad changes after reading everything over. Most of what is in the brochure is standard stuff.