Every business is in business to make a profit, even the ones noted as “non-profit” require more money coming in than going out. I’m a capitalist at heart and believe in the free market system.
HOWEVER when credit card companies are allowed to charge enormous fees and hike rates to 29.99% at their whim they become crooks interested in making as much from you anyway they can under the guise that it’s perfectly legal to squeeze their customers for every penny for as long as possible.
For example, our Chase Visa which they changed over to Chase “Slate” Visa went from 14%, to 16% to 18% finally all the way in one fell swoop in Jan ‘09 to 29.99%, the maximum allowable by law. Their reason? We were late on our payment, we called our bank to ask how a payment made 2 weeks in advance was somehow late? Their response, Chase held the payment until after the due date, then processed it.
This is illegal right? Not at the time it wasn’t, Chase claims they did no such thing and basically said prove it. Anyway fast forward to Jan ‘11 and I’m still fighting to get our rate lowered since we are NEVER late and they know it. Their response and this is a direct quote “It is not Chase Bank policy to adjust interest rates at customer request”
My response, so what is it going to take to get Chase to treat us like customers and not like someone who visited a card shark? What is it going to take to get Chase to lower the rate? They respond, we may review your account in the next few months but can’t promise anything, why don’t you just pay more so it gets paid off sooner?
We owe at this time $17,000 on that card, we have knocked off 8k in the past year so we’re trying BUT 29.99% adds up faster than we can pay if off. The Chase supervisor tells me “it’s not Chase policy to keep you paying for years on end”. Oh really?!?!? Funny, because that’s what 29.99% does!!!!!! My wife and I have made a promise to them, we will NEVER do business with Chase in any form ever.
Their latest ploy to get people at 29.99% is the new Chase Ink card, this is a business card that they are pushing on consumers. Why you ask? Because the new rules enacted in 2009 known as the “Credit Card Accountability and Responsibility and Disclosure Act of 2009” aren’t enforced on business cards, so Chase sent out 47 million offers to get people to switch over to this card so the second you slip up, or they slip you up the card defaults to 29.99%.
Their other tactic? Lowering your limit to BELOW what you already owe, this also sends your card into default status and they can demand FULL payment no matter how much you owe, they have tried this ploy with us as well and all we got, was a weak apology but since the system can’t reverse this “mistake” they can keep you at the elevated rate indefinitely. There are more sites dedicated to trying to expose Chase for the predatory lender they are than I can count. I can’t wait until we are done with them so we can tell them to close the account and shove it.
Sorry for the rant, but I needed to let this out or my brain was going to explode.