Chase Disney Rewards Visa hikes thier rate

[kc4601]

Has anyone else noticed a 6% increase in thier Chase Disney Rewards Visa rate? Mine was hiked from 9.24 to 15.24 without notice. I am fighting this right now.

 

[Minnie Lor]

Yeah, I think mine went up but we always pay it off each month so it doesn't matter to us.

 

[bcinohio]

Also watch your min payment if you don't pay if off. I have a Chase(BP Visa) and have a balance on it but don't use it. I received my bill the other day and the min payment went from $180 to $460 a month. I called and they said the min payment went from 2% to 5%. I'm never late, pay over the min and have had them a long time. I was furious. They wouldn't do anything about it. The guy told me that you will pay it off faster.

 

[minnie1928]

Yeah, I think mine went up but we always pay it off each month so it doesn't matter to us.

Ditto!

 

[secretpantssam]

I just got a warning that mine will be going up about 4%. I don't keep a balance, so it's not a huge deal, but I'm still mad. I haven't done anything wrong, I don't see why I should be punished.

 

[PirateMel]

I just got a warning that mine will be going up about 4%. I don't keep a balance, so it's not a huge deal, but I'm still mad. I haven't done anything wrong, I don't see why I should be punished.

I called and was told it was a business decision across the board no negotiation on the rate hike. You can either accept the terms or cancel and pay down or close the card. NOT HAPPY with them now.

 

[Disneychix]

Yes, received the same rate hike. I received a mailing a couple of weeks ago spelling it out. Basically accept this or close the account. Kinda stinks but I don't keep a balance on that card (just use for free rewards points and 6months disney free financing) so it won't affect me much.

 

[Hazzard101]

Beware of Chase, I had a Wamu card for a few years Chase bought them out.
I had a 9% interest rate for lifetime with Wamu. They sent us a few emails telling us they were taking over and that everything would be the same as it was with Wamu. We have been paying off our cards and putting extra on each one to pay it down. In three months, without notice, our 9% fixed rate went up to 20 something percent. They never told us.
The only way we found this out was when we received a letter in the mail from them, we paid online and went paperless, the letter stated that they have closed our account, 14 days ago. We had not used the card for over a year. They closed our account due to something on our credit report, there was nothing on our credit report. This was 2 months ago and the card still shows open online and in good standing. Well I just got this email sent to me from them. The personal info has been removed for obvious reasons but this was sent from them to me referencing the said account.

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I have never paid a bill late to any of my creditors and have a great credit score. I read this and about put my fist through the monitor.
Case was just bailed out by the government ( we the taxpayers ) and are now squeezing all the good paying customers to make up for the non paying customers.
There are posts from other Chase card holders on this site that have had similar things happen to them. They have done this to all the Wamu accounts and now they are going after the Disney Visa cardholders.
According to other posts on this site they have raised the interest rates on the Disney Visa and then lowered the credit limit and charged an over the limit fee.
Also beware that they cancel your card without notice and people have also posted about this on other threads. If you are going on a vacation and plan on putting you expenses on your card and paying when you get back. You could find out that your limit was reduced and or the card has been canceled when you get there. Hope you have another card or the cash to cover your trip.
Sorry for the long winded post. It didn't affect me because we haven't used our card in over a year but I would hate for some unsuspecting person to be put in an embarrassing situation because of the greed and bad business practices of Case.

 

[aka-mad4themouse]

I don't understand the whole squeeze-the-little-guy mentality of the CC companies. Raising minimum payments & interest rates on customers who are trying to pay off their balances is only going to come back to bite them in their collective butts. They may think that they're the only game in town but there's plenty of places that still take cash.

Both DH & I got the "increasing your rate" letter in July (effective 8/1/2009). It was one of those fine-print pamphlets that you need a magnifying glass to read. The rate increase was buried on page 2. It's now a variable rate of prime + X. The statement that was generated mid-August has the new rate on it. No credit limit decrease. No increase in the minimum payment. No problem. We pay in full, on time, every month. For us, the CCs are a convenience so that we don't have to carry cash all of the time. Nothing goes on the card unless there's already money in the bank to pay for it.

Take THAT, Chase!

 

[DISdreamin']

Just doing a "ditto" on the pamphlet with teeeeesny-tiiiiiny print! Noted the rate hike, but since we pay it off monthly, as it seems many here do, it really doesn't have any bearing for us.

 

[RachaelA]

I've gotten a bunch of pamphlets that I never read. I keep checking my interest to see if it changes, but it doesn't. We never carry a balance so it doesn't matter, but maybe that's why ours hasn't gone up yet.

 

[DMickey28]

Also watch your min payment if you don't pay if off. I have a Chase(BP Visa) and have a balance on it but don't use it. I received my bill the other day and the min payment went from $180 to $460 a month. I called and they said the min payment went from 2% to 5%. I'm never late, pay over the min and have had them a long time. I was furious. They wouldn't do anything about it. The guy told me that you will pay it off faster.

My Mom has a Chase card that carries a BIG balance with little interested. She almost kneeled over this AM when she saw that her min. payment is now $1K. YIKES ... obviously she is paying that off ASAP. Crazy.

 

[clmccormick]

Me too, it stinks! Won't be using that card anymore!

 

[gracie1]

I haven't had this problem yet. Two of my chase cards that have no balance I got the notice on but not the disney one yet. I called and asked them about it and they said there is nothing in the computer that my interest is changing and my minimum payment has stayed the same.
Not saying that it won't happen though!

 

[Hazzard101]

I haven't had this problem yet. Two of my chase cards that have no balance I got the notice on but not the disney one yet. I called and asked them about it and they said there is nothing in the computer that my interest is changing and my minimum payment has stayed the same.
Not saying that it won't happen though!

My DW has the same card as I do but in her name. We were paying mine off putting over a hundred over the min payment to pay it off. They saw the opportunity raised the rate and closed the account. We never received any notification that our rate was going up they just kept sending us email after email saying they were taking over our accounts and that everything would remain the same.
Nothing changed with our credit score or our payment schedule we kept paying over a hundred more than the min balance to pay it off for four months during the transition from Wamu to Chase. We got the letter and checked the account, they closed our account 14 days before sending a letter. They raised our rate ( that was fixed @9% when we signed for life with Wamu ) consumed the extra money we were paying on the card with interest.
I have been calling and fighting, they don't care the bill that was past by congress goes into affect in February that stops this kind of thing from happening. So Chase is robbing us now before the bill takes effect and they have to follow the new rules.
The fact that they closed my account that we were paying more on to pay off and left my DW's open and the rate lower shows that they saw we were paying it down and jumped at the opportunity to take our extra for themselves.
When this is all over, I will never do business with Chase again and I would recommend others to be very careful when it comes to your Chase cards. I always thought that having great credit paying my bills and being responsible with my finances would lead to me being a respected card holder. But I am now understanding the mind frame of the credit companies, get what you can out of the good payers to make up for the ones who don't pay their bills. I am done with Chase. They would go well with one Disney theme Arrrg

 

[BABY_EINSTEIN'S_MOM]

Got my letter as well.....9.24 to a new variable prime plus 12.99 which as of July is 16.24! I think I'm just gonna go Dave Ramsey on them anyway!!

 

[mejkjj97]

We had the same issue this month (we have 2 chase cards 1- Disney and other awards card)

they told us the following on the NON Disney Rewards Card- They sent out mailers in June/July (not part of the bill) that said if you used Balanced Transfers with low rates- you min payment went from 2% to 5%. They said it is to help you payoff your balance faster. you can get it changed back to 2% if you agree to go to an interest rate of 7.9% (good for 2 years). The rep we talked with can't believe what is going on and is having complaints left and right. but she said with the government making the changes to the Credit Card companies, they are finding other ways around the rules to make money and in the end the consumer is being hurt more than being helped.

she said it's the same for the change in the interest rate on the disney visa.

 

[natashag76]

OP- thanks for posting this! I didn't even look at my most recent statement until I saw this. I went from 5.24% to 12.24% WTH!?!? I'm calling right now to see what can be done

I just spoke to "Jenny" and she said that I was sent a notice in June to opt out of the increase by July 22nd which went into effect August 1st. I asked if there was anything she could do since a jump from 5 to 12 is pretty big. She said no. Then she gave me their sales pitch for identity theft protection. I thanked her and said that Chase is now getting plenty of my money, I don't feel comfortable giving them anymore! She laughed and said she understood.

I think I'll call again in a month or 2 and try again. Can't hurt, right? But it looks like I'll be using cash a lot more often in the future.

 

[Sammy]

Back in the Spring, when they went through their first round of increases, my Disney Visa went from 10% up to 24.99%!!! I was absolutely floored and could not get them to negotiate at all. Needless to say, I paid that off immediately and have not used it since.

 

[GRUMPY PIRATE]

the whole idea is to get you to close your account. They are trying to lower then amount of "credit" they have out there. Their ratings are dependent on how much "potential" credit they have out on cards and loans.

also, those that pay off the amount each month are the first ones they want to go, because you are not paying any (or little) interest. No profit in it. They also don't really seem to care if you get upset. They have enough customers that losing 2 or 3 million won't cause them any problems.

I know they pulled that with my disney card. 5.6% up to 12.99% (had zero balance, like a lot of people, every month)

the next step is to lower the amount of credit available.

One card (must confess we havn't used it in over a year) sent a notice that they were basically cutting the amount of credit limit in half, due to review of our use of the card, and deemed that the new amount was adaquate for our credit needs.

meh

went to a credit union, got a card with a low fixed rate.

I think eventually, it will be MUCH harder to get a card, and to keep it, you will probably have to use it a lot, otherwise they will raise the interest and lower your credit available.