I was trying to negotiate my interest down from 13.99% (it was 9.99%). They said there was nothing they could do about it (short of canceling the card and putting me in their hardship program). I operate a small biz and have never made a late payment on this, or another Chase card I have. When I responded that despite the "change of terms" letter they sent out to me, they could do whatever they wanted as far as interest rate. The guy started to get snotty and said "you knew the terms when you signed up for the card"... blah, blah, blah. I responded that yeah I knew the terms, and YOU changed them. CHASE increased my rate 50% despite the fact that their cost to borrow has gone down signficiantly (FED Funds). I also responded that the FED ought to raise raise to 8% to all banks and say "you have the option to not borrow any money form us if you don't like the 8% rate". I then informed him that Chase, and many other TBTF's would be INSOLVENT/BANKRUPT without the same people they are trying to shaft right now (the taxpayers). CHASE can kiss my ass, and I will now close both my CC accounts and they will never see my business again. THey had better hope the stock market continues to go on a tear, because they will have no traditional banking customers left by pulling all this schit. Screw you, Chase- I'll go visit my credit union today...
chase is the worst bank on the planet earth. They don't deserve to exist. During the next financial crisis, they should be the first to go bankrupt and NO PUCKING BAIL OUT!!!!
I'll check them out. I just opened a personal CC with Simmons First- they had a reasonable interest rate, but did a virtual proctological exam (including tax returns) in order to get the card. I was OK with that, in order to do biz with an honest bank that charged reasonable interest rate and had a good reward program.
Never a late pmt., excellent credit, etc. here too.
They jacked mine from 9.99 to 12.99 and said they couldn't lower it. Paid it off after the 0% bal. trans. expired, and they sent me the same 0% for 9 mos. offer, so I moved a bal. from another card. Yes, they charged me 3% trans. fee, but it's still less than the 9.9% from my other card, and I'll pay it off in full when the 0% expires.
AMEX jacked me from 9.99 to 12.99 to now 15.24% and gave me the same song and dance about how they can't change the rate, etc. BS!! So, it'll be paid in full every month, and used less. They could be making decent $ from me and many others, but they all are so damn greedy.
The funniest part about the way these banks move to correct their poor financial performance is to gouge the customer when the obvious sollution is to reduce the salaries at the top. These guys think they are worth all the money they are paid while doling out pennies to their lowest paid employees. The fact of the matter is that their high wages are what is erroding company profits, not from the lack of charging customers too much or from over-paying their underlings.
Instead of selling $1 hamburgers, maybe what I need to do is sell the option to take a bite out of that burger to 3,000 people for .10. Can't take that bite until after Jan 1, though- just long enough for me to securitize thos ebite conmtracts and dump onto some unsuspecting government agency that doesn't realize the underlying is really just a big 'ol chitburger.
i dont understand why the big banks are jacking up the rate on interest. that is the opposite of encouraging borrowing and growth. If i knew my interest is going to be that high, i'll definitely not to borrow for my business since the cost of borrowing will wipe out most of my gain if not all. thats not why the FED lend them money for close to no interest. I think the banks should give ppl with good credits lower interest to encourage them borrow more money since the likelyhood of collect the interest is high. it's good for both banks and consumers. I dont understand why the banks are doing the opposite. There was a news on Bank of America was considering charge ppl who has no balance on their cards. I dont know how that worked out but if i had BAC as my bank, I would definitely close all my accounts and never go back again. the big banks are out of their friggin mind.
LOL, good for you for cutting down this guy's sanctimonious routine. Who is a bank, these days, to lecture people about lobbying for lower interest rates, or tell people "we're legally entitled to raise them, therefore it's okay if we do and nobody has the right to complain"? ...or about managing one's money responsibly and not taking on more debt than they can pay, for that matter? I think people who are having trouble paying their debts because they got their asses kicked in the stock market should sneer at bank collectors "Oh yeah? When do I get *my* TARP money to help me with my liquidity problems resulting from bad investments?"
I operate a small biz and have never made a late payment on this, or another Chase card I have.
That's your problem right there: YOU MAKE YOUR PAYMENTS.
That tells the bank that you *can* make your payments. With more and more customers who can't or won't, the banks are getting desperate to squeeze every dollar they can from those who can and will. If you want the bank to negotiate with you, you need to stop making payments for a few months. Then call them up and tell them you just can't keep up. As long as you're making payments, they figure you'll continue making payments under any terms to keep your credit rating intact, and you're one of their dwindling pool of cash cows. It's only when they view it as a choice between giving you better terms or ending up writing off the debt that they're willing to compromise.
I suppose it all depends on how much you value your credit rating, although really, if you think about it, just how valuable is having a good credit rating these days, when credit is tight even for good customers and all it does is give you the privilege of being screwed by your bank, while having a bad credit rating just makes you one of the guys? Miss a few payments, and I bet you'll be amazed at how much their attitude changes!
LOL, I think I've just about talked *myself* into doing that, just for the hell of it! :)
They tried to put me over to their "hardship" department, but that would mean canceling the card in order to reduce the rate. I essentially told them to go screw themselves. I think Ben Bernanke ought to cancel all the banks credit cards and not allow them to borrow at a RIDICULOUS .25%, so they can go out and speculate in stocks. This whole TARP BS is a sham. It was supposed to prevent the collapse of the financial system, and ensure the free flow of credit. The problem is that credit is even tighter, and more expensive, and the system itself is no further away from the situation the led to its near collapse than it is right now, over 1 year later. Dodd, Frank, Bernanke, Paulson, Blankfein, and Geithner can all kiss this taxpayer's hairy ass.
I have a FICO over 800, and typically pay off all my balances at the end of each month. I won't trash my credit rating to get back at them, but WILL definetely not allow them to shear any more wool from this sheep. I'll pay off my balance and cut the card up, and let everyone I know that Chase is not a company worth doing business with.
Good for you! More people need to take action instead of just whining! I tore up my credit cards long ago when they were nickel and diming me.
They have evolved into outright crooks since then and are nothing more than parasites feeding off the people who actually work and do something for the country.
Ultimately the consumer is the boss, I urge everyone to ditch the plastic. If you cant pay cash, there are other forms of credit with much lower rates.
I would like to see everyone converge in front of a big bank and burn their credit cards like the hippies burned the draft cards in the 60s!
We all have different financial positions.
However, we can all agree that "Jamie P Morgan Chase" is out to screw everyone they can.
Hitting them back is important.
How -- depends on what's possible in you're individual situation.
I had the same thing with FIA last month. Never missed a payment so I get a call saying they are cancelling my credit card. I told them to lick my hairy bean bag. I'll remember which banks treat me right and which ones dont.