I made an innocent error on my payment one month. Minimum payment was $287, but I made a mistake and sent in $133, which was the available credit. Not sure why I picked up the wrong amount off of the statement. However, I discovered the payment on my own and sent in the difference of $154 just 12 days later. This was about a week before they sent me a statement showing the delinquency, for which they assessed a $39 penalty. Frankly, $39 penalty for paying $154 12 days late works out to over 700% APR, but I didn't say anything, and this isn't the cause for my writing this complaint.
Today, I got a letter from Chase stating that they are raising the interest rate on my card from 14% to 26.99% because of a late payment. I called Chase and explained that I've never been late before, that I made a small error and corrected it promptly, and that it is unfair, unreasonable and unethical to raise the interest rate by 13% on my $13,000 balance because of this technicality.
The lady at Chase stated that "The Bank" is not giving in and that they do not forgive any payment errors. Basically, they are cold-blooded, hard liners, gestapo with no heart, and do not forgive the least little mistake of their customers. However, when they make a mistake on my account, I know I'll never get any compensation out of them.
By jacking the interest rate from 14% to 26.99%, they intend to charge me approximately $150 per month additional interest on my $13,000 balance. How can my being 12 days late with a $154 payment justify paying $150 more per month in interest? Now this bank is absolutely crooked.
The one out I found and accepted is provided by law - not the result of Chase's sympathy (They have absolutely no sympathy.) By law, they had to give me the option to "close the account", whereby the 14% interest rate remains intact, I continue to make minimum payments, however I can no longer purchase anything with the card.
Oops, I did not read the letter correctly. They were raising my interest rate to Prime + 26.99%, not simply 26.99%. That is without a doubt grossly usurious and criminal. Why isn't the government protecting inocent people like me?