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Chase Bank and Interest Rates


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I have 2 Chase cards and my wife has 2, received during 2006. The offer was no interest for 12 months and transfer other other high interest credit cards with a balance transfer. Interest would go to 8.9% after 12 months. We quickly paid off and closed/canceled other cards in the 18 - 22% range and thought we were set with this consolidation. We both also set a strict payoff schedule that made our monthly payments higher than the minimum payment due. It seemed like the right thing to do and I thought it showed good faith and responsibility. Payments were made on time.

We both have a good CR with only one bad writeoff from 2001. Scores in the 660-680 range. I recently received a letter stating that one of the cards will have a new interest rate of 21.5% for all purchases and transfers starting in October 2007. This seems to be a bad omen for the other 3 cards. We might be worse off than originally before we received these Chase cards. Any thoughts or advice?

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That's a pretty crappy interest rate.My DH and I just received our chase cards. He had a 0% BT for 3 months and then 19% after. I got 0% for 12 months and 14% APR after. I was pretty surprised that I have a better APR since my CR is much worse than his.

I agree, I would call them up to lower it. I wouldn't close the account since theres no annual fee. I would just pay in full or not use it at all.

I know I plan on having my DH call about his APR soon because he's getting credit everywhere else with higher CL and better APR. I have to wait a few more months though. Let us know how it works out for you.

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