Help! Chase raised my rate to 29.99%!

[KyDerbyMan]

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!

Not sure of what's been posted before but this is a great site for credit info:
http://creditboards.com/forums/index.php?showforum=2

 

[janette]

Almost all low rate offers have the right to raise the interest rate for a late payment; some even do it if you pay a different card late.

I have some balances on special rates, for this to work I've found that it is best to 1) Never use the card again until the balance is paid. 2) Set up an automatic payment; you can always pay extra but it makes sure the regular payment is never late.

Sorry that happened, hopefully they'll work with you but it is getting hard to get the lower rates.

 

[DiznEeyore]

Almost all low rate offers have the right to raise the interest rate for a late payment; some even do it if you pay a different card late.

That's the Universal Default Clause, and you have to be very, very careful to make on-time payments to ALL of your accounts. Every credit card agreement I've ever seen has it; it's their way of getting more money out of you, even if you haven't paid their company late.

 

[disneyfreakk]

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!

I think this is what you are talking about :
http://www.creditcards.com/

Creditboards is GREAT, but it takes awhile to get the hang of the boards.

 

[ctinct]

Chase did it to me years ago, and it has taken me till now to almost get out from under them. It was my fault; I was late a couple times due to my divorce and not having a full time job, new day care expenses, etc. The thing is, they will NOT budge. I have had on time payments for years now. That's how long I have been paying this mess off (I was in such rough shape for a while I was charging food so we could eat). What gets me angry is I have probably paid several times over what my original debt was because of the high interest rate, and mine was "only" 28.something, not 29.99. They won't lower it. Why should they? I am paying the exorbitant rate and have never been late again. I am so paranoid I often pay online the day my statement cuts, or at the latest, that same week...usually before I get the statement in the mail. I print out the confirmation and then check to see that the payment is actually credited, and then I make ANOTHER payment. I balance transferred some and should be done with them in four months.

Oh, and they keep sending me checks with a low balance transfer rate, urging me to transfer my "higher " balances. Yeah, right, so they can apply the payment to the lower rate so i can keep racking up the 28% charges. I don't think so!

 

[roadtripper]

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

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'm confused-- doesn't paying online save you money and time, too? I can never find a stamp-- only .41 cents, but whatever--it's more money. Paying online takes SO little effort and it's free through Chase's website. I like their feature that you can schedule the date to withdraw the payment, so you can pay it while you're thinking about it, but not have the payment come out til your paycheck is there.
BTW, I don't work for Chase, but I have found them very easy to deal with, and I love my Disney rewards dollars-- free money for Disney if you pay the balance every month!

 

[kimberh]

For all of you that are have such a terrible story with Chase or any credit card, I feel your pain. In the early 80's I was in this shape. I urge you that do not pay online to set it up. It will stop this nonsince of the payment not being received on time. You can pick the day for the payment to be posted. I set down two days a month and go over all the bills online, then I am done. No stamps, no checks it is so simple.

 

[treboats]

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.

I had it happpen to me with Citibank and I called them and they immediately changed the rate back. They are now our primary card. It was a great customer service move on their part.

 

[Goofyzgurl]

I am definitely not a fan of Chase. I had that happen to me. They raised my apr to 29% b/c I had a negative on my credit report. (It was a medical bill that the dr didn't bill correctly, so the insurance didn't pay, but that got straightened out eventually). So they said b/c of that they were going to raise my apr. I just paid off the card but I don't use it. I really dislike them.

 

[PrincessDadx2]

Chase has very easy automatic payment set up. I pay the balance in full automatically on one card and the mininmum payment automatically on my low rate balance transfer card. It is automatically paid on the day it is due. No muss no fuss no worries and takes about 5 minutes to setup.

 

[2manypets]

I usually pay my Chase card about 10 times a month. Every time I use it, I pay it. Now my DH has a card he overused and they tried to raise his rate to 24.99% for having a high balance. I disputed it in writing, but cannot use the card, and it'll be closed as soon as the balance is paid (which is dandy, he doesn't want to use them). I've also noticed they change the due date. I guess they're trying to get us to default. I've collected an entire file of paperwork documenting the due date changes just in case. But for the record, I dislike ALL credit cards. I think they all are conniving, unethical beasts.

 

[RoyalCanadian]

I think the real problem is not the 29.99% vs. 9.99% interest rate but the nearly $20,000 the OP is carrying on the Chase credit card.

Am I the only person here who would not be able to sleep at night while carrying that debt load on a credit card?

 

[disneyfreakk]

I think the real problem is not the 29.99% vs. 9.99% interest rate but the nearly $20,000 the OP is carrying on the Chase credit card.

Am I the only person here who would not be able to sleep at night while carrying that debt load on a credit card?

I think you missed the point. The OP asked for suggestions on how to handle the situation. No where in the posts has the OP asked to be judged.

 

[mamalle]

I agree- dont judge others.. anyhow- Im a chase hater also- they tried to raise my apr from 9.9 to some crazy amount. I fought with them and then paid off my $1000 balance and said see ya.. they did tell me I could close it and keep my apr as it was until it was paid off so that might be a option for ya.. best of luck. things happen in life If you cannot say something nice- dont say anything at all is what we practice here in this family..

 

[FayeW]

My suggestion would be to go to your local branch and see about a consolidation loan to pay out the Chase debt. The interest rate will be much lower, you will have a set payment on set dates which I imagine would be automatically debited from your account.

Installment loans effect your credit score differently than revolving credit. It is generally considered to be better to owe on a loan vs a credit card, because with installment loans you have a definitive end date, and set amortization. With revolving credit you can re use the credit and potentially never pay it off in full.

You will probably save a couple of hundered dollars on the monthly payment as well. If you are paying 3% of $20000., that's $600 per month. The same amount on a loan would probably be closer to $400 per month. If you can pay the additional payment easily, then I would continue to do that to reduce the payment even faster (but set the required payment lower, so if something comes up (unexpected expenses, emergency, etc) you will only be required to pay the lower payment.)

 

[wvjules]

Do NOT get a home equity loan to pay off that CC. Turning unsecured debt into secured debt is a very very bad idea.

I doubt chase will lower their rate. Your best bet is to look for a low % BT card.

 

[RoyalCanadian]

I think you missed the point. The OP asked for suggestions on how to handle the situation. No where in the posts has the OP asked to be judged.

I certainly did not miss the point. Some people have a higher tolerance to debt than others -- mine is rather low. My suggestion is to pay off the $20,000.

 

[FayeW]

I certainly did not miss the point. Some people have a higher tolerance to debt than others -- mine is rather low. My suggestion is to pay off the $20,000.

Well, I am sure that is the OP's ultimate goal, but that became much harder to do when the interest rate TRIPLED over night!

 

[Adi12982]

I personally would talk to them, if nothing came of it I would use one of the 0 or low interest rate checks I get from another CC. 30% is just too high and will delay paying off this debt even more. I hope things work out, and soon!

 

[rockin_rep]

Do NOT get a home equity loan to pay off that CC. Turning unsecured debt into secured debt is a very very bad idea.

I've heard that too but don't know exactly why? Can you (or someone) explain further?