If you haven't had some credit card limits reduced or interest rates increased you're in the minority. But now the credit card companies (at least Chase Bank credit cards) have a new tactic.
It happened to me last month and to a friend this month. Now they are raising the minimum payment - mine went from 2% to 5% and since this is a card with one of those (long gone!) "2.9% interest until paid off" deals I long ago max'd it out by transferring higher balance cards to it. But now the minimum payment almost tripled!
Exactly the same thing happened to my friend, and they are both Chase issued credit cards. Interestingly they are reacting to objections differently...I was offered a 5-year payoff at my existing interest rate if I closed the account but my friend was not given that option.
A new law was passed regarding what a credit card company can and can't do, but a lot of the rules don't take effect until 2010 - so you can bet they will try to make whatever changes they can to your accounts before then. Click here for information: Credit Card Legislation
So read all of those pesky "Change in Terms" inserts or mailings from your credit cards and don't be taken off-guard.
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Chase Bank should allow their customers the right to opt out. OPT OUT means the customer disagrees to the change in terms, closes the card and agrees to pay off the debt at the terms that ALREADY EXIST.
Please consider fighting back and protesting Chase Bank's action. They really are unacceptable.
Here are some research links if you want to learn more.
OVER ONE THOUSANDS LETTERS OF FEAR AND LOATHING AGAINST CHASE BANK IN LESS THAN 3 MONTHS AT CONSUMER AFFAIRS DOT ORG.
VOTE FOR THE CONSUMER RIGHT TO OPT OUT WHEN A BANK CHANGES TERMS AFTER AN AGREEMENT IS ALREADY IN PLACE.
Chase BANK SUED FOR FREEZING HOME EQUITY LINES.
CONSUMERS to lose 100 MILLION to 1 BILLION DOLLARS A MONTH BECAUSE OF CHASE BANK'S RAISE IN THE MONTHLY MINIMUM PAYMENT ON LOW INTEREST CREDIT CARDS.
Daily-PROTEST.com
ROBOTSAGAINSTCHASE.com
BLOGGERS AGAINST CHASE BANK.com
CREDIT CARD COMPANIES ME FIRST AGENDA IS CAUSING SOME STATES SERIOUS FINANCIAL LOSSES.
ChangeinTerms.com
Jamie Dimon's Competence Called into Question by John Kay.
It has been said of CE of JPMorgan Chase, Jamie Dimon (who does not have a banking qualification), that his dominance exists because at every meeting all the participants know that he could do each of their jobs better than they could. But the business world cannot operate at all if it can operate only with individuals of the calibre of Dimon. --John Kay
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