Chase - National, NY Review

National, NY 0
www.chase .com

Overall 2.89 of 5 view all 9 reviews

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computererds
Ishpeming, MI

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Predatory Lending Defined

cost-conscious, value conscious, expecting good, fair service

Pros

Overly willing to give credit

Cons

immoral, Will change rates without notice

AUG

2007

I once had a Master-card from Chase. I used it like normal for years. One day, while i had spent the card almost to the limit in the process of moving, they tripled the interest rate on me (8.9% to 29.9%). They also did not inform me of this change. I realized it reading my bill two months later. I had just got my credit report, and had a FICO score of 715. I had an even higher score previous to this. I called to ask what the hell they were doing, and got no real answer. I paid the balance off immediately.

Over the course of many calls, and then with the help of an ex-employee to interpret what they were not-exactly saying, this is the summary: They jacked up the rate because they thought they had me stuck. They never expected that I would have almost $7000 to pay off the balance and thought they had me stuck, unable to do anything but pay the insane rate.

At the same time they were trying to screw me, others were "rewarding" me for my good credit. I will NEVER work with Chase again. They are the only company that was called out on predatory lending by congress in the late 90's that is still around (not bought by a larger company)