Chase Disney Rewards Visa hikes thier rate

[Planogirl]

I wouldn't necessarily have an issue with the minimum payment of 5% IF it was for anything past a certain date. How will people who owe 10K and can pay $200 on it suddenly be able to pay $500 per month? It's true that people overcharged but trying to force people to make huge payments that they maybe can't afford seems ridiculous.

 

[drakethib]

Chase really sux.

We pay our bill off every month in full and we charge everything to it, but they never have once sent us one of those double dollars deals or anything.

I have been wanting to cancel them for a while and this just may be the excuse I need evern though it really isn't affecting us

 

[wilderness gal]

My DH & I saw this happening back @ the end of June, and we went to our local credit union & we shuffled some notes and they paid off what needed to be paid off without to much damage. They shredded our credit cards, and it's been tough but we've not charged anything since that time.

We had a 10K debt, and we were lazy but we used part of it for a Disney trip and our DS's college dorm but it's nonsense in them charging folks the 5% min when folks are on a fixed income now a days. We were going to be in the boat of that $500 a month, and there's no way we could have paid that.

I even called one of the Chase/Disney Reps and asked if our account was going to change from 2% to 5%, and of course she said no. At one time it was 7.99% fixed, but w/Chase/Disney but last year 2008, they changed our interest rate to 10.24% APR. A few years ago, we closed our local credit unions visa account only to get the low fixed 7.99% from Chase/Visa & the local credit union's fixed % was 9.99% (dumb move on our part but a valueable lesson to learn.

We were and still are just paying for other peoples mistakes of not paying or being able to pay their credit card bills. So who do the cc companies look to pay these other folks bills, you and me, they have to get it somewhere, so....it's us actual working class folks, shame, shame, shame on them......pretty soon some folks will end up defaulting because it's going to be tough.... it's so sad, but true.

My DH & I are 47/48 yoa & my DH hopes to retire from being a police officer w/in 3-5 years & with this in place (of paying this credit card off)...Lord willing, we just might be able to pull it off, but it was going to be hard if we hadn't, it was like seeing all of our hard earned money going down in the drain.

I dealt with getting all of the paperwork for the payoff & dealing with Chase - they were so ugly & rude, they left me on hold for over 10-15 minutes, they said they couldn't give me a payoff, but the girl @ our credit union said yes they will, just ask for a supervisor and ask for a 10 day payoff.....

we'll after the 10-15 minute wait, the so-called supervisor gave it to me but was ..so, so rude, and then proceeded to tell me that it might not be right....well it was way to much over what we owed but that's alright, it got paid off and we don't owe those folks NOTHING................


this is what the stimulus has done for us.............

take care, we totally understand, Lordy willing, it'll all work out to the good. Close those accounts......

be debt free, I'm trying to save now, so me & DH can go on a real vacation....I'm waiting to go back WDW @ WL ....debt free of course....

I retired this year from my job and started a new one, w/no vacation this year, I'm so ready for May 2010 to get here.

God Bless,

jean

 

[riaesq]

There are now over a dozen class action suits against Chase over this obscene tactic. I strongly suggest those doing any biz with this bank visit Changeinterms dot com.

I was one of a million who were promised a low rate for the life of the loan and had my payment more than doubled. How I will handle this yet, I am still not sure. But there are hundreds of stories all over the web from people hurt terribly by this.

Chase got 25 billion in taxpayer money and is now causing bankruptcies and defaults by the thousands. What they are doing should be illegal but they have found a loophole.

I think we should ALL file claims in small claims courts.

The other banks are watching to see if they can get away with this too.
All of this affects credit ratings, which in turn can EVEN AFFECT THE PRICE WE PAY FOR INSURANCE. Crazy but true- your car insurance can go up if your credit rating drops. And that will happen if you miss a payment, pay less than the minimum, or have your account closed.

It's just wrong for the banks to have this much power. I find it very frightening. They needed 18 months to comply with the new federal law but no time at all to raise rates and percentages across the board. And this at a time when they are getting money from the Fed at a cost of practically NOTHING.

And btw, there is NO optout option.

 

[mgroshans]

My interest rate was hiked 7% (9.24% to 16.24%) I called and talked to a supervisor and it had nothing to do with the way our account is. We always pay it off every month, never been late on a payment, been a customer for numerous years. The reason they told me is: the way the economy is. People's available credit is one of the reasons. Chase is paying interest on the available credit, but people aren't using it. I was upset, but there is nothing I can do about it. Oh well

 

[m&m's mom]

The moral of the story is- their money-their rules.
Just do everything in your power to pay off all CC and no more charging.
THAT is really what will hurt them.

 

[buzz5985]

Maybe everyone should cancel their Chase accounts! Even though I spoke with them and nothing has changed, I am seriously thinking of closing it all together. Then I will be locked into my rate and not have to worry about the flier that you never seem to get. That happened to me on my bank of america card.

For some reason, the CC companies are allowed to send these notices third class mail - what most people consider "junk mail" and you probably throw them out.

 

[mtomlin66]

I was always one of those "I pay my bill in full every month so I don't care what my rate is" until I messed up last month.
It was over a weekend and I was just careless and paid my bill 2 days late. I got a $39.00 late charge and about $60 in interest AND since I had not paid the next months bill (was not due for 3 weeks) I was STILL accruing interest even though I already paid! This makes no sense to me but although they did waive the late charge they would not waive the interest.
My own stupidity but I was hit w/ a big chunk on interest! Yes, I am more careful.

I too was caught this way. I would caution people that Chase's online system will not allow payments to be made within a three day window of another payment. When I got home from vacation in August I went online to check my account and see what my balance was from our trip. My August payment had gone through and I thought I set up my September payment. However, it must not have gone through since when I checked my account in September it was never paid and I then had a late fee and interest charges. Obviously I have to take responsibility for not being diligent enough of looking for and recording confirmation numbers, but to be honest it had become so routine that it never occurred to me that there might be a problem. Now I know better and will be viligant about tracking that type of information.

You were lucky that you could get them to waive the late charge. When I called I was told by a supervisor that it had been company policy now for quite a while that they do not waive the fee unless Chase made an error that caused it. Luckily I check my account frequently and realized the payment hadn't been made only 2 days after the end of the next billing cycle, so I was able to pay both months at the same time to stop the residual finance charges. This is when I figured out what must have happened with our September payment not going through because when I tried to make several payments on successive days for items that were posting to the account, the system stopped me on what is usually the confirmation number screen.

Oh well, life lesson I guess. If this is the worst that happens to me I guess I am fortunate.