Chase Rate Jacked a Closed Account!!

[LIFERBABE]

I just wanted to share the latest sleaze tactic of Chase. Last year they sent us a rate increase notice on our Visa. We opted out and closed the account to continue payment under the previous terms.

Yesterday I received our statement and the rate increased 4%. Call Chase and they say,

We sent you a Change in Terms on this account and you did not reply so effective May 1 your rate was increased. She said that every year you have to opt out again to keep your opt out rate!

How do you change terms on a closed account that was closed due to an opt out in the first place!! Why would anyone in their right mind, opt in to pay more interest on a closed account that they cant even use!!

She changed it back, but we are out the interest charged this cycle. I didnt even feel like arguing for that

My Airtran Visa is no better. We stopped using all cards but I kept my Airtran Visa because it has a low limit. Well to pay it off last month, I sent in 2 payments. The 2nd payment they held for 10 days and called it a "Payment Hold". They would not clear my credit line for 10 days saying that the bank could come back and take that money. Their reason was I made 2 payments in a billing cycle. I think they are trying to slow down my usage so I dont earn flight credits.

I am slowly but surely carrying more cash but some things I need a CC for. I will start using my credit union card because I hate all the games these companies are paying.

 

[JerJan]

I am confused...I sometimes will make 3 or 4 payments in a cycle on my AirTran Visa online directly from my checking and I have never had a problem....

 

[PrincessDadx2]

I am confused...I sometimes will make 3 or 4 payments in a cycle on my AirTran Visa online directly from my checking and I have never had a problem....

There is a difference between making a payment and having available credit. Some companies will accept the multiple payments but will not increase your available credit until the month is over. I think Amex does this also. If you have a low limit then you still cannot charge even though you payed the bill.

 

[JerJan]

Oh, thanks...I never knew that. My credit limit is $19,000.00 and I charge and pay off about $6000.00 monthly so it never came up.

 

[lck33]

Holy Moly! Hopefully you can pay it off soon and say goodbye! I really do not know what the banks are thinking these days... Seems like if you do have someone who pays every month on time, etc... that you would want to value them, but the banks are doing the opposite, It's like they want you to fail so they can claim it as a loss and get more bailout! Stinks all the way around for everyone!

 

[momxx5]

It is pretty hard to believe that the cc company can get away with that, especially when an account is closed (even more so due to an opt out)

It just shows how messed up these companies are and that they are trying to full one over on anyone they can.

Good for you for catching it and getting the rates reset. Too bad that you weren't able to fight for the interest.

 

[LIFERBABE]

Oh, thanks...I never knew that. My credit limit is $19,000.00 and I charge and pay off about $6000.00 monthly so it never came up.

Yes it never came up with us either but now that we are using the low limit card it is a problem

I agree that the banks are out of control and posted so others know to watch their rates even if they opt out

 

[DISdreamin']

There is a difference between making a payment and having available credit. Some companies will accept the multiple payments but will not increase your available credit until the month is over. I think Amex does this also. If you have a low limit then you still cannot charge even though you payed the bill.

Yeah, AmEx nailed us on this once. DH and I each bought a new computer with his AmEx and immediately sent an electronic payment for the full amount since it brought him very nearly to his credit limit at the time (I think he had a credit limit of about $6K and the computers were just about exactly that). Well, we checked and AmEx received and processed the payments so we thought all was well.

A couple days later, we're out and DH goes to use his card and it's a no-go! DECLINED! We just about died. Called AmEx and asked what gives? Well, even though the payment had be processed, the availability wouldn't be posted until the end of the billing cycle. They cleared it up and did it immediately for him, but it was really embarassing to stand in a store and have to scramble for payment!

To the OP, I can't believe how low Chase went. Wait...maybe I can. Anyways, glad you got the terms straightened out, and good luck paying that puppy off ASAP!

 

[Leajess99]

There is a difference between making a payment and having available credit. Some companies will accept the multiple payments but will not increase your available credit until the month is over. I think Amex does this also. If you have a low limit then you still cannot charge even though you payed the bill.

My AMEX account changes my available credit every time I make a payment. I don't have to wait until the cycle is over.

 

[Leajess99]

OP that is a crock and I so hope these banks get fried for their crooked tactics

 

[LIFERBABE]

Yes We are going to send a letter to Chase requesting opt out of all future rate increases and will copy my Congress person and Senator in the letter. We will also prvide bills as evidence of what the tried to do to us

We opted out and closed our account and make our payments on time. Thankfully we have not been negatively affected by the e onomy but what if we had and the banks are increasing rates on closed accounts.

And yes that is how I found out what a payment hold was. I made 2 payments and when I went to make a purchase it was declined. Now I carry more cash