Chase Cards, Merry Christmas

[ChiDisneyFan]

Anyone else get the notice in the mail from Chase Cards that they will lower your credit limit, even below your current balance and then you have 45 days to get it below their balance! What a crock these credit card companies are! Isn't that perfect timing for the Christmas season. And I have very good credit and have a card with them since 1987! I'm just so angry that they can get away with this.

 

[CathrynRose]

Anyone else get the notice in the mail from Chase Cards that they will lower your credit limit, even below your current balance and then you have 45 days to get it below their balance! What a crock these credit card companies are! Isn't that perfect timing for the Christmas season. And I have very good credit and have a card with them since 1987! I'm just so angry that they can get away with this.

Geez. No.

I look forward to it, though.

 

[Greysword]

Yep, it happened to me on the Disney card last month. Luckily, we made a huge payment the month before to pay it off. This month they sent me a notice indicating they will be changing the terms of the agreement. I didn't pay close attention, as I will likely close the card soon.

Personally, I think it is a ploy by Chase to charge late fees and raise interest rates, claiming violation of credit limit. As such, I will vote with my dollars and tell them to take a hike.

Good luck with this!

 

[Nik's Mom]

That stinks for them to do that! Can you cancel the card to avoid them doing that?

 

[disneyfan55]

Anyone else get the notice in the mail from Chase Cards that they will lower your credit limit, even below your current balance and then you have 45 days to get it below their balance! What a crock these credit card companies are! Isn't that perfect timing for the Christmas season. And I have very good credit and have a card with them since 1987! I'm just so angry that they can get away with this.

Yes, funny they do this while they're sending out 5x bonus dollars offers and telling you to charge everything! And also the refer program!! If you refer a new member and the other gets the card, you get the bonus $25 and the new cardmember gets a credit of up to $100!! I don't get it. I got that bonus but pay in full every month. My daughter was part of all the closing of the WaMu buyout!! Hers was closed without any letter etc. She has written them to no avail, and not to the dept of Banking. Waiting on that one yet.

 

[cjnix29]

I'll have to keep my eye open for this one. I got one raising my interest rate, but nothing about my credit limit. About fed up with this crap!!

 

[disneyfan55]

I'll have to keep my eye open for this one. I got one raising my interest rate, but nothing about my credit limit. About fed up with this crap!!

Yes, I received the interest rate one as well. When I received it I called and asked about what's the next step lowering limits or closing they said NO. Well, I got the 5x offer and I guess they hopefully want you to charge up your card, and then send something like the OP got!

 

[Nik's Mom]

Op,
Can you transer your balance to another card. I can't believe these credit card companies. I assume this new tactic is in retaliation of the new laws that take effect next month?

I had Chase lower my limit last week, but it wasn't below the balance owed. I guess I'll expect them to lower it further.

 

[disneyfan55]

Op,
Can you transer your balance to another card. I can't believe these credit card companies. I assume this new tactic is in retaliation of the new laws that take effect next month?

I had Chase lower my limit last week, but it wasn't below the balance owed. I guess I'll expect them to lower it further.

I was thinking the same about the new regulations, they want to mess up scores so they can charge higher rates to new cards maybe! By doing this - lowering limits it makes your debt ratio degraded! I was just on the phone with Chase about something else and asked about my card and they said there's nothing on my account to suggest this, they were trying to get me to charge up though!! You can put your utility bilss/insurance on auto charge they told me. Yes, charge all your daily living expenses and not be able to pay. Some may do that I think that's what they actually hope sometimes. They have these thresholds to make in certain categories like groceries in order to get the bonus THen lower limits!! I don't understand the logic unless they, in reality are trying to mess credit scores in order to charge higher rates. I do have the bonus and have been charging more to get it (but I will pay it off in full ) I don't think I really do it how the bank would like!! Keep a balance (due to extra charging to get the bonus) and pay they high interest! There is no other reason to offer these bonus dollar offers with spending thresholds.

 

[kwhite1022]

Here is my question, if you have already opted out during the first go round of upping interest rates, and the closed the account, can they still do this to you as well?

 

[daughtersrus]

I don't remember if I got a notice or not.

I just checked my account online and it doesn't look like anything has changed. Does anyone know if there is a way to view this notice online if it was sent?

 

[disneyfan55]

Here is my question, if you have already opted out during the first go round of upping interest rates, and the closed the account, can they still do this to you as well?

WHo knows what then can or will do. It seems the time when the WaMu customers (bought by chase) were given a choice (almost said offer!) to either pay off or take the higher rate and they picked the higher rate in May, in July many were closed anyway with the higher rate!!! Nice, it didn't happen to me but there was a thread on it back then. I got the upping of interest rate (I really don't care since I pay in full, but it was still upped in Oct to 11.?)

 

[puffkin]

I am closing my card next week because of stuff like this! I got the god awful interest rate hike letter and I have until January to do it. We were in Disney last week so I left it open for anything unexpected down there and DH just ordered medicine and forgot and used this card. As soon as that hits I am closing this card. The rewards just are not worth it.

 

[disneyfan55]

I am closing my card next week because of stuff like this! I got the god awful interest rate hike letter and I have until January to do it. We were in Disney last week so I left it open for anything unexpected down there and DH just ordered medicine and forgot and used this card. As soon as that hits I am closing this card. The rewards just are not worth it.

To be honest, I'm ready as well since it seems this keeps going on. Amex also did similar types of things. They even offered some to close the account and pay it off and get some stupid giftcard!

 

[CathrynRose]

WHo knows what then can or will do. It seems the time when the WaMu customers (bought by chase) were given a choice (almost said offer!) to either pay off or take the higher rate and they picked the higher rate in May, in July many were closed anyway with the higher rate!!! Nice, it didn't happen to me but there was a thread on it back then. I got the upping of interest rate (I really don't care since I pay in full, but it was still upped in Oct to 11.?)

That is exactly what happened to me.

Yep - here: http://www.disboards.com/showthread.php?t=2232292

FTR - my card STILL shows as open with available credit on the Chase website. Five freaking months later. Pathetic.

 

[disneyfan55]

That is exactly what happened to me.

Yep - here: http://www.disboards.com/showthread.php?t=2232292

FTR - my card STILL shows as open with available credit on the Chase website. Five freaking months later. Pathetic.

Pretty sad that they did this. My daughter's still shows open back from May (she actually wrote the Dept of Banking on them closing her card with no notice or even a reply to her letter)

 

[indimom]

I'll be watching for a notice. I got the interest rate hike a couple months ago. Didn't bother me much since we pay off monthly, but this could really screw up my life. We only keep the one card and we keep our available credit limit low on purpose. But I'll be really ticked if they make it any lower because we like to have it for emergency purposes on vacations, etc... I might have to shop around for a different card if that happens.

 

[disneyfan55]

I'll be watching for a notice. I got the interest rate hike a couple months ago. Didn't bother me much since we pay off monthly, but this could really screw up my life. We only keep the one card and we keep our available credit limit low on purpose. But I'll be really ticked if they make it any lower because we like to have it for emergency purposes on vacations, etc... I might have to shop around for a different card if that happens.

I do the same (pay off each month and for vacations/emergency) I only have this one and a free AMEX card and hope they don't do the same. On another thread there were stories (I think it was on these boards) where people were awy on vacation and tried to use their card and they were either closed or the limit lowered below what they were using on vacation!!

 

[Becky2005]

I haven't got that yet but I'm on a different board with people working their way out of debt.

I have always said -- the fine print basically boils down to this "We can do whatever we want, anytime we want for whatever reason we want".

Yes, I know there are regulations in place, etc... but really it just boils down to they can raise rates, lower limits, raise minimum payments, basically whatever they want to because they can. They don't have to justify it at all.

I was just reading an article someone posted about a card that is for those with *really* bad credit, charging 79.9% interest with a credit limit of $300. It used to be something like $275 in fees just to open the card with a $250 limit, however, with some of the laws they can't charge that high of a fee, therefore they lowered their fee to $100? and raised the rate to 79.9% (I think it was 9.9%). This is just going by what I read, I don't know how accurate it is but didn't surprise me one bit.

 

[1PrincessMomma1]

And when more people say to heck with them & file bankruptcy they'll be boo hooing for more of our tax payer dollars. We can all thank Chris Dodd for this.