Chase Manhattan Bank Complaint - Chase Brakes Rules On Credit Card Contract
2 1/2 Years ago I received an offer from chase for 3.99% Apr promotional loan on a credit card. This rate was supposed to be valid for the lifetime of the balance. The offer looked good so I consolidated my debts on chase card and have been making regular payments by automatic withdrawal from my checking account. The minimum payments started at $460 and over the 2 1/2 years were gradually reduced to $260. That is until last statement-1/09. When I looked at it I was stunned to see that my minumum payment increased to $642 dollars and a montly fee of $10 was added to the account. Assuming it was a typo error I called the chase customer service. I was informed the that my options were: 1)to agree to the new terms 2) get lower minimum payment but double APR to 7.99%, Or 3) opt out by paying the loan balance within 30 days. None of these were the terms of the initial agreement.
What this tells me is that chase can brake the contract at any time, for any reason
let me add that I have an excellent credit rating (over 800) and was never late on any payment to anybody. This makes me think that with this move chase targets its best customers. Way to do business chase-alienate the customers who are paying you regularly.
As for me, since I am sill getting 0% offers from credit cards I will give another bank a try. Hopefully with better lack. As for chase services - stay out.