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Chase Rate jacked from 7.9 FIXED to 10.99 VARIABLE how can I FIGHT this OUTRAGE?


iZ
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Chase Rate jacked from 7.9 FIXED to 10.99 VARIABLE

Long Term great customer

Fico; true credit 1/20/09

TU 791

EX 767

EQ 774

chase 1 13.7K - 19.5cl

Chase 2 6.2K 17.5cl

Wamu 500 16.2 cl

Total Credit avail $90,651.00

Total Debt; $33,012.00

Never missed a payment

always pay more than minumum

No baddies!

No Inquiries for over 2 years

1) How is this determined from the banks perspective?

2) Why Did This happen now?

3) What are my smartest options to fight this!

A) is there a retention number direct line? if so what do I say?

B) is there a class action suit about this yet?

All constructive comments most welcome.

thank your for your valuable experience and time...

IZ

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FWIW, it doesn't sound like you got "rate jacked". It sounds like they eliminated a "portfolio strategy" and placed your entire portfolio (read: many customers) into a new strategy.

Essentially, they know everyone in your strategy is a wise borrower with good credit, so they're still offering you the same tier of APR you were in before; it's just they've deemed the low fixed APR is too risky for the current crisis. Or, they've estimated they will be able to raise your entire strategy and, that being Chase, they figure, with only a marginal 3% raise, customer attrition will be negligible, interest income on your strategy will rise 35% (3/7.99), saving the rating of the underlying bonds behind the credit card debt and also increasing profit. Also, I would guess that you won't get a notice of adverse action, because they probably didn't make this decision based on any consumer reporting agency's files.

In short: I think it has little to do with you, but everything to do with their business in this market. If you don't like it, you're free to take your business elsewhere.

Good luck in finding another issuer who will both offer a better APR than P + 7.74 and who will also have 24/7 customer service and the strength of $2.2 Trillion in assets, with operations spread over 60 countries.

3. (a)-- Call regular customer service and tell them you want to close your account. If you have retention offers, you'll be transferred to a retention specialist. If you don't, your account will be "closed by customer request". If you see that they are closing your account without transferring you, you can tell them you were just kidding and that you don't really want to close the account.

Note: other possibilities are:

1. They did this to you and a select # of cardholders and not an entire portfolio... based on a number of internal behavior and profitability and risk scores, essentially splitting the old strategy into two.

2. They moved you to a higher level of benefits. That is, from Platinum to Signature. Generally, these higher benefit cards come with a slightly higher APR.. (also, this generally doesn't matter to the majority of signature cardholders, because they usually PIF)

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One nice thing about Chase, I found that if you call the number and request name dialing- you can actually get a VP or higher up on the line. The way I did it was found the name of a person whose name was listed on a generic letter they sent me. Did the name dialing and spoke with a senior VP- the first words out of my mouth was about needing her information for a subpeona. She listened. It was was something about a fee reversal on a savings account. Problem Solved!

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thank you for the information.

so it is not personal but portfolio.

that still does not make it right.

they take the bailout money, lend it back to us

at a higher interest, and at a time when the

bank to bank lending is the lowest .

its just not right.

Any class action yet?

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Your complaint would be to first, Chase. Not satisfied? Then you have the office of the comptroller of currency- they are the 'administrator' for the national banks. They are the ones you MUST go through after you road block with the bank. They are not consumer friendly. I'd rather deal with the Taliban.

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The agreement for our two Chase accounts clearly states they can change the terms at any time for any reason. Yours probably did too.

Every bank card agreement issued in the last 20 years or so has that language. I am only astonished that people don't know what is in the agreements they agreed to.

By the way, that agreement contains other language that would offend you because it is one-sided in the favor of the bank. That is what the legal system calls a "contract of adhesion". If you use their money, you agree to their terms. If you don't accept their terms, then you cannot use their money.

The fact the bank publishes those rules in a fine print long disclosure and agreement, does not relieve the debtor of their duty to themselves to know what they have agreed to.

Change the roles and you would do the exact same thing. Don't like it? Take the credit card and cut it into pieces. Burn the pieces. Bury the ash in the back yard. You don't need the cursed things. They will destroy your life.

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One nice thing about Chase, I found that if you call the number and request name dialing- you can actually get a VP or higher up on the line. The way I did it was found the name of a person whose name was listed on a generic letter they sent me. Did the name dialing and spoke with a senior VP- the first words out of my mouth was about needing her information for a subpeona. She listened. It was was something about a fee reversal on a savings account. Problem Solved!

I like Chase... have 2 cards with them. I never thought of the tip you suggested above though, I LIKE the way you think! I always knew about the press # or don't respond to the prompts when calling in (because of my line of work) but I never assumed you could avoid regualr $8 bucks an hour customer service, and speak with a district supervisor or even someone involved high up on corporate strategy.

At any rate... any credit card company that still operates offices domestically, or at least gives you the choice to be transferred back to domestic facilities always rates high in my book.

Off Subject: I was trying to reply to the "Pay for Delete" thread in this sub-forum a moment ago, but something keeps happening where I can only view 1/4 of the page, and nothing comes up? Any ideas why?

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