Chase Credit Card Minimum payment Increase to 5%

[clevelandmom]

Someone made a good point though. Do you think they did this so they could get TARP money? Because if so, then technically they screwed us twice. . . muther eff%$# bastards. . . .

[ChaseDidThis]

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%?
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My username says it all.

[tobee43]

My username says it all.

your name SURE does...


well we didn't go from 1.5% to 5....we had FIXED 5%....with them about 30 years or so...and Chase was really nice to us and change them ( we had 3 or 4 ) to 39.9%

[DYLAN150]

Yes, Chase was offering people with decent credit and fico scores 1.9%, 2.9% 3.9% loans ( written on credit cards) They would come in the mail in the form of a check and all a person had to do was fill it in and cash it. Only one provision. Don't be late on a payment or the interest would jump to 29%. But when you applied for a chase credit card in the fine print it said that they could raise the montly payment from 2% to 5%. And they did screwing alot of people.

[tobee43]

Yes, Chase was offering people with decent credit and fico scores 1.9%, 2.9% 3.9% loans ( written on credit cards) They would come in the mail in the form of a check and all a person had to do was fill it in and cash it. Only one provision. Don't be late on a payment or the interest would jump to 29%. But when you applied for a chase credit card in the fine print it said that they could raise the montly payment from 2% to 5%. And they did screwing alot of people.

DYLAN...we were NEVER late...ever.....and they still just jumped up all of our rates......when i called and asked why...they said because they could....BUT WE ARE PERFECT our credit score is over 800 why are you doing this....deaf ears...it was close to the day the government changed regimes...interesting...coincidence? i dunno...

[DYLAN150]

tobee43: That's just it, they did it because they could. I was never late also. They found a way to take in more money but I beleive it back fired on them. I use to get those checks weekley in the mail. Like 4 at a time. Remember, it said on them, take a vacation, do remodeling, buy a car, I did all of those. I mean everyone who had a chase card received those checks in the mail. In a period of a year I problaby received 200 of those checks. Also, Bank of America started sending them out but at a little higher rate like 5.9 or 6.9. percent.

[tobee43]

tobee43: That's just it, they did it because they could. I was never late also. They found a way to take in more money but I beleive it back fired on them. I use to get those checks weekley in the mail. Like 4 at a time. Remember, it said on them, take a vacation, do remodeling, buy a car, I did all of those. I mean everyone who had a chase card received those checks in the mail. In a period of a year I problaby received 200 of those checks. Also, Bank of America started sending them out but at a little higher rate like 5.9 or 6.9. percent.

got that correct DYLAN...and what really gets me is the banks are now attempting to blame US!!!! for spending irresponsibly ....well our cards were full of medical bills........NOT new cars or vaca.....we filed our bk with just over 200k worth or medical bills...and at least 1/2 of that was on the cards..(

[DYLAN150]

When all of this hit with Chase, I had two accounts with Chase. I had to get a balance transfesr to another bank and my interest went from 1.99 to 10.99% but the payment was still less than Chase. Chase then reduced the credit limit on those accounts. I have not used them since.

[wonderingrov]

DYLAN...we were NEVER late...ever.....and they still just jumped up all of our rates......when i called and asked why...they said because they could....BUT WE ARE PERFECT our credit score is over 800 why are you doing this....deaf ears...it was close to the day the government changed regimes...interesting...coincidence? i dunno...

I didn't have any Chase cards, but I remember when that big credit card reform bill got passed ALL my credit card rates jumped up to ridiculous levels. Before that, I was paying 2% - 3% on all of them - then, within a couple of months of that passing all of them jumped to between 16% and 20%. When I called them, all I got was "this was due to market conditions" nonsense (translation - we're getting screwed, so we're going to screw our customers). Unfortunately, that is one of the things we agreed to when we got all those cards.

Believe me, when I eventually did have to file bankruptcy, I had absolutely ZERO guilt about it after the way they had handled my accounts after all those years of being a customer.

[tobee43]

I didn't have any Chase cards, but I remember when that big credit card reform bill got passed ALL my credit card rates jumped up to ridiculous levels. Before that, I was paying 2% - 3% on all of them - then, within a couple of months of that passing all of them jumped to between 16% and 20%. When I called them, all I got was "this was due to market conditions" nonsense (translation - we're getting screwed, so we're going to screw our customers). Unfortunately, that is one of the things we agreed to when we got all those cards.

Believe me, when I eventually did have to file bankruptcy, I had absolutely ZERO guilt about it after the way they had handled my accounts after all those years of being a customer.

yeah....wasn't that just the way......apparently...the banks were to given "warnings" about the "new" laws going into effect to give the consumer more protection for just this thing happening.....or that's the way the media presented the changes in the laws......what a lie that was...so it gave the banks all the reasoning of a last chance blast at all of us.....one that's BIG PARTY...before they cut everyone's credit from cards to mortgage company....

man..have we been scammed big time i think. and me too, i have aboslutely NO guilt...although i did have a level of discomfort, as i had alway paid our bills timely for over 40 years...so that was more an internal turmoil thing for me...but not ...NOT paying the banks anymore.

[TPPRAP]

Ironic in my case that Chase (my biggest credit card creditor) was the straw that broke my back financially and that they hold my 2nd mortgage... which should be completely unsecured once the home sells and 1st mortgage gets all they are owed.

[WhattaMess]

Chase and Bank of America are the two that sent me into the death spiral of hell 3 years ago. Payments went from a combined 600 a month to over 1500. I sat in my car and cried the first month I got those bills. I already knew I was in financial trouble but that was definitely the final straw. Looking back though it was probably the best thing that could have happened, because it forced me into a 13 sooner rather than later. In two years (instead of 100) it will all be over and I will be totally debt free.