It's past midnight. I've just come home from work & opened the mail. Big mistake. The supposedly FIXED APR on purchases on my Chase Mastercard has magically jumped from 7.99% - did I say FIXED?? - to 22.99%. I'm going to kill these fuckers. Looked back at my records and my payments have been on time, aside from a late payment made back in March, so WTF?!Called customer service & was told they had sent a letter in the beginning of October informing me of the change in terms effective December 1st. I had the choice of accepting the terms or rejecting them by responding in writing sometime in November. Had I submitted a letter rejecting the terms, my account with them would have been canceled immediately and I would then pay off the balance at the 7.99% rate. Since they had not heard from me, they assumed my acceptance of the new terms. Well I never received that letter they claim to have sent in October. When I told the customer service representative I would have definitely responded rejecting the terms, he informed me there is nothing that can be done to change the rate now. I asked for a supervisor & he told me there won't be a supervisor on duty until 8am EST. Fine. I'll call back. This will be resolved. If I have to contact the Better Business Bureau or an attorney, this will fucking be resolved. Or I swear I will KILL THESE FUCKERS! *
* Just a note for the slow kids. As much as I feel like going postal right now, "kill these fuckers" is a figure of speech. Thank you.
*****UPDATE***** Problem resolved. And this bulletin is now circulating on Myspace:
Chase [Credit] Card Services - BE CAREFUL!!!
I don't see many bulletins about financial issues here (too personal? nah, we've all got money problems, fuck it). I've just had one hell of a stressful night dealing with a credit card company. I want to post this to possibly save someone else from going through the same undue stress. What Chase Card Services is doing is OUTRAGEOUS.
I looked at my statement last night & noticed that the APR for purchases had TRIPLED. Not just future purchases, but my entire existing balance is now racking up THREE TIMES the interest! I haven't made any late payments, gone over the limit, etc. WTF?
Called customer service & the rep told me "we sent you a letter in October telling you the APR was going to triple as of December 1st. You had until the end of November to respond. No response indicates to us that you accepted the new terms." I never received any such letter. "Had you responded in writing before November 30th, the account would have been canceled & you would pay off the remaining balance at the old (lower) APR. Sorry but the date has passed & nothing can be done about the interest rate now."
I asked to speak to a supervisor & was told there wasn't one on duty & I needed to call back after 8am EST. Four sleepless hours later, I called back. Explained the situation to the supervisor & she told me the rate cannot be changed. Mind you, they have sent me a statement with a 22.99% interest rate, a $100 minimum payment, with a whopping FIVE DOLLARS of that going toward paying off a principle of $5500. FUCK YOU it can't be changed! I didn't yell at her. I wasn't rude. I know better.
She gave me a fax number & PO Box for Chase Correspondence, and said it would take 7-10 days for them to reply. Got off the phone with her & a few minutes later wondered what method they would use to contact me. Don't really want to give them my cell .. if I don't have to. Don't have a fax machine to receive a reply.
Third time's the charm. Called customer service again and found out that Chase Correspondence replies via US mail. Thanked the woman for the information & added "okay, because if I don't hear back from them I"m going to have to contact the Better Business Bureau." She asked me why things did not get resolved with customer service, and I began the story over again with the statement showing a higher APR - when she interrupted me & replied "that means they saw something on your credit report which caused them to raise your APR. You can cancel the card & pay off the remaining balance at the old APR. I'll do that for you right now. Cut up the card. The lower APR will show up on your next statement." And it was done. Just like that.
Since the government is passing a law (effective Jan. 1st, I believe?) requiring credit card companies to raise their minimum payments so at least 1% of the principle is paid off every month, it makes sense that these companies will raise their APR's now to cover the lost interest. Check your statements!!
Bottom line, these companies will steal the food right off your table if you let them. Don't let them push you around! Don't be rude to the person on the phone (be glad you don't have their shitty job), but if a credit card company is about to fuck you for life, tell them you're going to report them! I'm so pissed off just knowing that they are doing this to other people & getting away with it. Fuckers!!!
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