Chase Strikes Again!!!!!!

[MinnieVanMom]

I bought Michelin tires last week and put them on the Disney chase card and paid it off in full today. Still have my 26K open to buy limit but would never be so stupid to charge more than I could pay in full immediately.

IMO, credit cards are safe if you are smart and only use them and then pay off the purchases in full before the amount is due.

 

[tinker625]

Hello
There is no warning. You will see it on your statement first , then they will send you a seperate letter saying they are lowing your limit. As long as you spend some money on the card you have a better chance of it not lowering the limit. Its a sad state when your saving money by not using your credit cards and they penalize you for not using them.(Example: Last year I was told by the credit card company they canceled my card for no activation in 6 months. ) Stinks for them I'm a good payor.

 

[Timon-n-Pumbaa Fan]

I have several cc through Chase. Only one of them was a Chase card to begin with the others over time have turned into Chase cards, including my WaMu MyPoints card. Well, the highest rate Chase card has a remaining balance near of $100 and the lowest credit line of all of my cc's. I recently had decided to pay it off and leave it as an "extreme emergency only" card. I got a note from Chase this week that they were closing that particular account. I never pay late on ANY of my bills. Yes, I carry a balance on several cc's right now, but after 3 years of health problems, it's been a more or less a necessity. Yes, we have been to WDW during the time that I have been off and on ill, but I do not expect my partner to pay my cc bills and if she takes us to WDW out of her money, then that's her business.

Anyway, I just found it odd that of all of my cc's that I would almost expect to be the target of a closure, that this one is the oddest of them all, since it's almost paid off and has such a low limit.

 

[Nermel9]

This is not really great news I just got a Disney chase visa about a week ago! And I just found out yesterday that one of my other cc's closed my account last year without telling me! Grrrr I can't believe they can do this to people.

 

[disneyfan55]

I have been using my Disney Visa to pay some big bills lately as well ( to get the Disney Dollars). I have a high limit and fairly low interest rate (even though I never pay any) Hopefully they won't do this to me like the other poster with the 10,000 limit lowered to 500!! Why have a card with 500 limit! It's really a shame that Chase seems to be doing this to the best customers!!

 

[ckdsnynt]

be very careful guys. If you close out your Chase Disney Rewards cards, you MUST get your rewards points before you close the account or you lose them forever. Read the terms of your account. The interest rate was increased on my regular Chase account (not my Rewards account) so I cancelled it. I tried to speak to them about it. They were very rude and didn't care that I was gong to cancel it. They offered to cancel it for me. Refused to let me speak with a supervisor. Gave me an address to write to and complain (like I am going to complain. I just don't want their freaking card anymore. I will use one from my CU!).

Now, I am waiting to see if they raise my rate on my Disney card. If they raise my rate, I can live with that because I pay it off every month. But if they lower the limit substantially (like to $500) I will cancel because I like to put my vacation on it and pay it off in six months. With a limit of $500 you can't do that. i can't even put my groceries on it for a month and pay it off and the end of the month with that low of a limit!

Comments about Chase going under: isn't that one of the banks WE, the taxpayers, bailed out? If so, our own money is being used to cut our throats!

I would also like to add that the Chase person I spoke with made the remarks that raising the interest rate was due to the "cost of doing business." I'm sorry but their "cost of doing business" has gone up, at least in part, due to their poor business decisions to lend money or grant credit to people that were not credit worthy in the first place. Sorry, that is probably an unpopular thing to say but true. As far as my account was concerned, it was simply an excuse to raise the interest rate. Plain and simple. Chase needs to be honest in their dealings with their customers. If it wasn't for the rewards points, I would close the second account. Oh, and the poor effect it would have on my credit score to close two credit accounts within weeks of each other that have ridiculous lines of credit!

 

[kathie859]

its true, theyre in it for the money..their letter to me about interest rates (default) started, "In order to maintain the profitability of your account.."
Their sole purpose is the money.

Of course they're in it for the money-- they are a BUSINESS for heaven's sake!!

To the poster who mentioned not having more than one account with a financial institution lest your account be accessed without authorization:

Most banks offer discounts to customers with more than one service (i.e., checking account, savings account, credit card, installment loan, mortgage, etc). So the only way (at least at the bank where I work) is that if a person is behind in a payment on a loan or credit card and doesn't make arrangements to pay, their depository account (checking/savings) MAY be debited for the amount that is past due. This is an easily avoidable thing by being proactive if being late on the bill and contacting the lender ASAP.

 

[CathrynRose]

I posted about this here: http://www.disboards.com/showthread.php?t=2232292

The thing with me was this - a month and a half ago, they raised my interest 10%. I could accept the increase or 'opt out'.

I chose to accept the increase and less than 2 months later, they closed it - and locked me into a higher APR. That ticked me off.

I called and was able to finagle getting my old APR and it now shows *I* opted out. I got the letter this morning, so I am hoping that it did 'take'.

That being said... my husband and I were talking. Had they left our card alone, they would have been getting 10% more from us, in interest - as we *did* carry a balance. It was around $1000, but we carried one. They would have made more from us, leaving that card open.

The whole thing makes no sense. I hate Chase.

 

[ckdsnynt]

I guess I'm a minority, because I love my Chase credit card. It has the lowest APR of all my cards. I am currently in debt payoff mode and just transfered two higher balance cards to my chase card to take advantage of one of their offers. I bet they love me, but I am interested to see what happens when my balance is paid in full come next April.

No, I used to be a fan. Just since they jacked up my interest rate and were so rude to me when I tried to find out why that I became disenchanted with them. I will wait and see what they do with my Disney card before I become a flamer towards them!

 

[TheRustyScupper]

1) We have four (4) Chase credit cards.
2) Our total credit line is just over $145,000.
3) We use one of them as a main card, and charge about $4,000 per month.
4) To keep all of them, we charge a little every month on each card.
5) The wife cycles through each card when buying weekly groceries.

NOTE: We once had a Capital One card that canceled due to low use, so we learned our lesson. It can really hurt your FICO score if a card cancels you or reduces your credit line. This is due to the debt-to-credit ratio. And, for FICO ratio, it doesn't matter who canceled or opted-out. And, remember that FICO scores influence your car insurance rates, life insurance rates, loan rates, and even if you get that next job.

 

[CathrynRose]

TheRustyScrapper ~

My husband and I know that. The thing is, this wasn't our choice. We didn't want this done. So, where does that leave us?

I think that's the point of threads like these. We're ticked. We didn't do anything wrong, and we're being punished, for years to come, for no reason.

 

[mskayjay]

1) We have four (4) Chase credit cards.
2) Our total credit line is just over $145,000.
3) We use one of them as a main card, and charge about $4,000 per month.
4) To keep all of them, we charge a little every month on each card.
5) The wife cycles through each card when buying weekly groceries.

NOTE: We once had a Capital One card that canceled due to low use, so we learned our lesson. It can really hurt your FICO score if a card cancels you or reduces your credit line. This is due to the debt-to-credit ratio. And, for FICO ratio, it doesn't matter who canceled or opted-out. And, remember that FICO scores influence your car insurance rates, life insurance rates, loan rates, and even if you get that next job.

Our Chase VISA was just closed due to lack of use. They notified us they were doing this, stated they were letting the reporting agencies know that there was nothing wrong with "us" just that this was essentially housekeeping.....I've checked and rechecked and there has been no adverse affect on our scores.

"A mere drop in the bucket - compared to what they make from the people who carry a balance or are late on payments.. Which customer do you think they would prefer to have? The one that makes them the most money.."

Well lets see....I've been with them for 20 years, they've made a consistent amount of money off of us as we use this card for *everything* including the smallest transactions, they never have had to worry about us not paying, never decreased our lines or increased our rates.....I'd say they would prefer to have us over someone who may charge a ton and then go to arbitration to have their debts forgiven or reduced or even declare bankruptcy! The times they are a changing and we are the kind of customers those places do want now.

 

[disneyfan55]

Our Chase VISA was just closed due to lack of use. They notified us they were doing this, stated they were letting the reporting agencies know that there was nothing wrong with "us" just that this was essentially housekeeping.....I've checked and rechecked and there has been no adverse affect on our scores.

"A mere drop in the bucket - compared to what they make from the people who carry a balance or are late on payments.. Which customer do you think they would prefer to have? The one that makes them the most money.."

Well lets see....I've been with them for 20 years, they've made a consistent amount of money off of us as we use this card for *everything* including the smallest transactions, they never have had to worry about us not paying, never decreased our lines or increased our rates.....I'd say they would prefer to have us over someone who may charge a ton and then go to arbitration to have their debts forgiven or reduced or even declare bankruptcy! The times they are a changing and we are the kind of customers those places do want now.

But some have been cancelled when they are the kind of customer that pays on time, more than the minimum and never goes over the limit. There is a similar thread on the Cruise Critic site in regard to Princess credit card (not chase bank)

 

[C.Ann]

The times they are a changing and we are the kind of customers those places do want now.

Evidently not.. There are many, many threads here on the DIS - and thousands out there on the net - from people just like yourself complaining that their credit limits have been slashed to next to nothing - or worse yet, their accounts have been closed (and often times, with no warning)..

 

[bumbershoot]

Never, ever have more than one account with the same bank. Their new "sneaky" plan is that if you have a car or a home financed through them....along with a checking account, credit line...whatever...and you are late on your payment....they will go into your checking account and take the payment out (or put it on your credit line). Its in their "fine print". This happened to my father with Regions Bank and my aunt with Bank of America.

Ew.

I'm not sure the facts are completely accurate here.

You sure?
The OP worked for them, and Chase wanted to sell helocs as overdraft protection...doesn't seem to be that far off from that!

Part of the reason I left is because they wanted me to sell Home Equity LOC as overdraft protection for a checking account!

The times they are a changing and we are the kind of customers those places do want now.

No, that's the whole point of this sort of thread. That people just like you are having accounts slashed and burned, because you're not making the company money.

It's funny, that's what I kept saying to my CC companies, when I had just gotten out of grad school and had my financial world crashing in on me...they were making money from me, so they should be NICER to me and not so evil...they got so much more money from me than they would have if I had been able to pay those bills on time (from 17 to 26, perfect CC customer...from 26 to 27 things got bad and that year saw them all closed...9 years vs 1...it really sucked), they should have been sweet as candy. But they weren't!

They really are backwards...




someone mentioned doubts over their cost of doing business...one of the things they're doing here, at least, is wasting scads of money redecorating all of the newly redecorated wamu branches. SUCH a waste of money, and they've made them all so UGLY.