My personal story of woe goes something like this.
I had a Visa through Bank One. I had a 0% introductory APR for the first year, after which the card went to a 7.99% APR. After I'd had this card nearly a year, I applied for a Chase Visa that had a similar offer, as I wished to transfer my balance to a 0% card if possible. Shortly after I did this, Chase bought Bank One, so I was in effect carrying two Chase credit cards.
Due to roommate issues (and what became an epic tale in damn_roommates) I had to move out of my apartment unexpectedly. I very literally made the decision to get out of a bad situation and accomplished all of the moving in the span of four days. I immediately had my mail forwarded, and began contacting various companies to have my mailing address changed. Commerce Bank (who's card I carry to this day), Cingular, and Chase were the three I was most concerned with, however I had online accounts with all three, and was sure to check them often to keep track until my paper bills started coming again.
Well, except Chase. I had an online account with them, but the online account didn't show a payment due on either card. Cut to one very early morning. My cell phone rings, and it's Chase demanding payment (at this point the payment was only a week or so late). I sleepily try to figure out what is going on, and was told that I owed X amount on X card and Y amount on Y card. I agreed to pay both on the phone, and was told that my account shouldn't be affected since I elected to remedy the problem that day. I asked why I hadn't received a paper statement, and low and behold - my address hadn't been changed.
Fast forward to the next month. I get one bill, but not the other (fortunatly they were due around the same time, so I caught it). I open the bill to find that my APR has gone from 0% to 28ish%. I call Chase, citing that the rep I spoke too said my account woudln't be negativly affected, and if they looked at my history with both cards they would see that I always paid my bills with them on time. The rep told me there was nothing she could do. I then inquired as to why I didn't get a statement for my second card, to find out that they still hadn't changed my address!
So, I went from having one 7.99% card, and one 0% card to having two 28% cards - because of errors that weren't mine. I requested that my address be changed, it wasn't. I requested again, and it only happened on one card. The online statement was inaccurate. No matter who I spoke to at Chase, they took the position that it was my fault, not theirs. I eventually cancelled the cards, but they tried to make that nearly impossible to do as well. My cancellation statements? Sent to the apartment I no longer lived in despite having received bills to my current address several times (after having to request my address changed many times over).
This story belongs to a friend - she told me about it first, and recounted it in her LJ later:
Does anyone know for a fact if this is illegal? Or does anyone else have a credit card that does this:
Okay, I have a Circuit City credit card that is now through Chase Banks, used to be through FNANB. I've had the card for..... I believe almost three years. I've always and forever paid my monthly payments online on or before the due date. Never had any problems, etc. In fact they just doubled my credit limit, which isn't necessarily a good thing, but there you go.
So, on with the story. I have a payment due on the 17th of February. Minimum payment due is $19 but I usually send off $30-40ish. I go to log in just now ("just now" being on the 15th of Feb. when she originally posted this message) to pay it. And I am greeted with this message when I go to the payment page:
Your online payment must be made on or before 02/22/2006 to avoid a negative credit bureau reporting. To avoid a late fee in addition to avoiding a negative credit bureau reporting, your online payment must be made on or before your due date. If you choose to make an online payment for at least the minimum amount due prior to 02/14/2006, no payment fees will be applied. If you choose to make a payment between 02/14/2006 and 02/22/2006, an Expedited Payment Fee of $14.95 will be applied to process your payment online. If you choose to pay the balance in full, no Expedited Payment Fee will be applied.
Does anyone have a card that does this? Is this seriously even legal?!?! Why not just make the due date the 14th then? I don't get it. So my payment is due the 17th, but it's actually due the 14th (which I had no previous idea of cuz I only just logged in today Feb. 15th) unless I want to pay them 15 dollars so that I may pay them. That amount is almost nearly 100% of my minimum balance due. What the fuck.
Just yesterday, a tale told by yet another friend:
Credit cards really are the devil. I told myself many years ago that I would never carry a balance. Well, crap happens in life and I ended up carrying a balance. I know I'm not the only person in this boat and I'm certainly much better off than most since I'm able to pay my payments and pay them on time.
Well, I was better off until yesterday when I checked to see what I owed and I saw this rather large minimum payment due. It appears that the folks at Chase decided to up my APR from 7.99% to 28.49%. I've never paid them late, I've never paid them less than the minimum and I've never paid any of my other bills late or less than what I ever owed. They claim I am high risk, despite my balance with them being $3500 below my credit limit and despite always paying them on time.
It infuriates me since them upping my interest rate so drastically would make me high risk. Who wants to see their finance charges more than triple along with an even larger minimum payment than what you already had in the budget to pay the minimum and then some? I've already submitted a balance transfer to another card and I'm awaiting that to go through, but I couldn't transfer it all. So, I'm still going to get screwed over, but not quite as badly.
Not that I was lacking motivation on paying off the cards or anything, but now I'm more determined than ever to reduce my credit card debt to nothing after this mess. Carrying any sort of balance is suddenly a scary thing and I just wanted to warn any of you out there with credit card debt about this. Just keep an eye on your APRs, especially if you're with Chase.
Not to mention the comments left on her entry:
1. THEY DID THE SAME THING TO ME!!!
They jacked my interest to 29.9 and then upped my minimum payment to almost 3 times what it normally is. I called and cancelled it at once. WATCH OUT FOR THIS!!!!!
2. I feel your pain... Chase did the same thing to us. We ended up switching the balance to a credit card that has 0% interest on it and CLOSED the damn Chase card. They refused to work with us and the funny thing - Brad has had that card for over 5 years. We will no longer use them!
3. Chase is evil. They've done crap like that to me more than once. And as hard as I try to get away from them, it's nearly impossible, because every time I turn around, some other card I have switches to them from whatever bank it used to be.
4. They did it to me last year!!!
It was right after we bought this house. Because of our increased monthly payments on our mortgage, they said we were high risk as well, even though we ALWAYS made our payments on time. I was fortunate enough to be able to transfer it to another card and get rid of them for good. Sorry this happened to you to
5. They were going to do that to my friend Marty, and she and her husband immediately decided to cancel their disney card (the disney card was bought up by chase)