Help! Chase raised my rate to 29.99%!

[unfreshdiva1]

A year or so ago I had transferred all my cc debt over to chace for 9.9% interest. Last month apparently they got my payment late (although I'm sure I sent it in time) and they raised my rate to 29.99%. With close to $20,000 I am so in trouble! Any thoughts, ideas on how to get my rate lowered?

 

[LadyyRedd]

You can call them and see if they will lower it back down. You can state your great credit history with them (as long as you've never made late payments before). Hopefully it'll work. Cards usually state in the fine print that if you make a late payment, you lose the promotional rate.

If they won't, you can tell them you'll be transferring your balance with them to another company's card. But you have to follow through with it! If you have another card, you can most likely get some kind of balance transfer offer. Whenever I log into any of my card accounts online, there is always somewhere I can check to see if there is a current balance transfer offer out there for me.

Kimya

 

[Holly]

If that was your only late payment you could call and ask that they reduce the rate.

 

[disneyfreakk]

Did you pay online or mail in a check? If you paid online then you should have been sent a email with a confirmation number the day you scheduled the payment.

How is your credit? Do you think you would qualify for a new card with a low or 0% BT offer, or can you get one of your other creditors to do a BT for you? 9.9% fixed is pretty high for $20,000 debt.

 

[aka-mad4themouse]

OUCH! I don't know how these companies expect people to ever be able to dig themselves out of a hole when they raise interest rates to those levels! I guess they figure that they've got you trapped and there's nothing that you can do about it!

I agree with the others. Call Customer Care and ask if they can revert your rate back to the original 9.9%. Don't be surprised if they say that they can't. Chase is nototriously rigid when it comes to adjusting their rates. Be prepared to find another card with a better rate on balance transfers. You may need to walk away from this one.

Once you get the interest rate resolved (either by transferring to a new account or getting Chase to lower their rate), set up electronic payments so that you're never late paying again. My bank allows me unlimited electronic bill pay, but Chase and other CC companies also have their own systems set up as well. The money gets moved from the checking account that you give them and is credited towards your balance. You set the amounts and the payment dates.

You might also want to divide your monthly payments into 2 bi-monthly payments or 4 weekly payments instead of waiting until the bill is due. Since interest is computed on your average daily balance, this helps to bring your balance down quicker than making one payment on the due date.

Good luck!

 

[myAAbatteries&aTD]

So sorry - that's scary that they can up it that much! I like Chase's pay-by-phone feature b/c it's posted immediately and there isn't a fee for using it. I'll even make a couple of payments some months if I get a larger paycheck and know that we've put some extra charges on the Disney card.... and so easy b/c it only takes a minute or 2, no writing out checks, stamps to mess w/, etc.... Maybe for future reference......

I really hope you can work something out w/ them or get your balance transferred - that is one way to get them to lower it, btw. If you transfer your entire balance, they think you're going to leave and may re-offer you a 0% balance transfer or lower you interest rate.... Best of luck!

 

[WendyisDarling]

If it is the first time you have ever been late with a payment, I would definitely call and ask them to forgive the one late payment.
A couple years ago, I messed up paying online through my bank and a cc didn't get the payment. It was late by the time I noticed. I freaked out as I am never late. I called and they said since it was the first time they would excuse it and let me make a payment right then over the phone.
Never can hurt to try.

 

[caitty13]

I hope everything works out for you. I HAD a chase, or still do. I was within a day late for the first and only time and they raised my rate to 29.99%. I called and they said sorry there was nothing they could do at that time. I was able take care of the balance before it was really bad.

 

[brivers222]

Yeah same here, they lowered ours to 27.9% but that was the "Best" they could do! eff them, we closed the account.

 

[kimberh]

This is scary! I pay mine online setting up the payment date. I had no idea that it could go this high! I really would try to get a different card and do a balance transfer. Maybe use your spouse if you are married. With Chase, You can have 2 cards per wage earner per household.

 

[caitty13]

I had another one through chase and they raised the rate to 24% for no reason at all... Luckily we had not balance. I Did a balance transfer through American Express for 4.99% until the balance is paid.

 

[Tony P. IL.]

Chase raised my rate to 24% from 12% and there reason was my balance was to high. I was never late and always paid at least 10 times the monthly minimum due every month. I never went over half of my credit limit.

When I called Chase about the rate increase I was told it was because I went over 1/3 of my credit line. I said you've got to be kidding me as I have never been late and always paid at the least 10 times the minimum payment due. I also told them that I would think I was the type of person that would get the best deal with my past history and there answer was I was getting the best deal they could at 24% and you could call back in 6 months and we will see if we can lower it at that time.

Called back next day and talked to someone who had the authority to change the rate but they would not budge. It all happened when they had an offer if you charge so much you got a free airline ticket so I charged all our(6) airline tickets on the card. I even told them you send me the offer I use it and then you penilize me for it. I paid the card off right away and haven't used it since.

I did call 6 months later and they dropped the rate from an unreal 24% to a slap in the face 22%. They can keep there Disney Rewards (the only reason I used the card anyway) and they can put my account where the sun don't shine.

 

[shortbun]

I hate Chase. I paid them late once, so they said, and they raised my rate to in the high 20's. Dropped them like a hot potato. They are certainly after their pound of flesh. Vulchurs.

 

[Guzzi]

I just warned my wife to make the payments ontime!

 

[ceecee]

That is an unbelievably high rate. See if you can transfer to a lower credit card. Any chance you could get a home equity to pay it off, I think they are around 7% maybe??

 

[Handbag Lady]

I alos hate Chase so much that I can't even write it down here.

I suspect they hold onto my payment for days before entering it in. I've been "late" twice this year with payments having mailed the check the same day I get their bill in the mail.

I know I should switch to online payments, but I am too stubborn until companies pay me to make their jobs easier for them.Yeah, I know.

I wish Chase would just get taken over by a larger company and fire all of the CEOS.

 

[KyDerbyMan]

Well, just use it like one *should* use a credit card, pay off the balance before the next billing date so you don't pay any interest.

Keeping a balance over 5-15% of the credit limit on a credit card hurts your FICO anyway so keep the balance down.

 

[DVC-Don]

I pay online but forgot about a Citibank account once. They raised the interest to 24.9%. I think their computers (reguardless of bank) just see a late payment and automatically raise it. I still have the card, but never used it now.

 

[minster22]

We had a very similar situation with Chase......never a late payment, always paid many times the minimum payment but had a large balance on the account.We knew we had some cash coming to us and planned on paying the total off within a couple of months. They raised our rate from 8.9 to something ridiculous in the 20's. We closed that account (paid off) and will never NEVER do business with them again (Disney card or not!!!!)I feel for people who have balances on their cards from medical emergencies and other crisis that happen and even though they pay on time have their rates raised to an unethical amount.

 

[KaitlinsMom]

Isn't there a web-site where you can go to see what credit card is offering the best rate/best balance transfer?

I think I have seen it posted before, and seeing this post reminds me I need to see what else it out there!