CHASE BANK CREDIT CARD RAISES Monthly...

CHASE BANK CREDIT CARD RAISES Monthly Minimum Payment on a MILLION CUSTOMERS!

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Daily-Protest

Los Angeles, CA

#1 Jun 27, 2009
Chase Bank Credit Card latest wave of terror involves a Change in Terms that raises the monthly minimum payment on almost a million of their customers who have NEVER BEEN LATE making their payments. These customers were paying off a low interest rate offer Chase Bank Credit Card previously made to them.
Chase Bank has isolated these excellent payment history customers because they were promised low interest, life of the loan deals. It appears these customers are now considered "toxic assets" because the bank can't make enough money off of them.
So if you are one of these targeted customers and had been paying 200 dollars a month, you will now be paying 500 dollars a month. If you can't afford the Chase Bank Credit Card 150% monthly minimum increase, you will be defaulted and your rate will go from 3.99, 4.99, 5.99, to anywhere from 21.99 to 29.99 percent!
Chase Bank Credit Card Services will not allow these specially targeted customers an OPT OUT option. An Opt Out option would allow people to say "No, I like the deal we already agreed to, I will OPT OUT of your change in terms".
OPTING OUT means the customers agrees to keep paying the bill every month based on the terms already in place. OPTING OUT also means the account will be closed so the card can no longer be used, a peaceful, civil solution that Chase Bank will not allow.
Opting out is a "gentleman's agreement" that is made available 99% of the time by all credit card companies. Is this really the right time for Chase Bank Credit Card Services to misbehave?
http://www.daily-protest.com
Ken

San Angelo, TX

#2 Jun 27, 2009
I'm just another of the thousands effected by the same onerous Chase Card changes. I have written to the supposed "CEO" of Chase Card Services at 2500 Westfield Dr., M.S. IL1-6215, Elgin, Ill. 60124. This address was given to me by Chase via phone call on June 23rd. We'll see. Doubt it'll do any good. I've also written to my state and federal representatives and senators, and filed a complaint with the FTC. I am also contacting my local credit bureau and filing a letter with them.
As for me, I will "OPT OUT" regardless of the consequences. I am marshalling my resources such that I can ride out the storm should this underhanded action by Chase not be resolved satisfactorily. I will honor my debts with Chase, but only under the conditions that were originally entered into when I accepted their low interest offers. I have done the calculations and will continue to meet my obligations under the original conditions. I will ignore any and all penalties, interest, and fees assessed on my account by Chase, and let the chips fall where they may. Screw 'em! I love a good fight anyway!
any info regarding possible class action lawsuits, contact me at [email protected]
Daily-Protest

Los Angeles, CA

#3 Jun 27, 2009
http://www.changeinterms.com has posted 14 different lawsuits that have already been started against Chase Bank. The executive board of Chase needs to go.

In the meantime, why not ask Chase Bank for arbitration? What if a million Chase Bank customers asked for arbitration? I think by law we are allowed to ask for arbitration, and get it.

http://www.daily-protest.com
marge11

Tea, SD

#4 Jun 28, 2009
It is the "CHASE PANDEMIC 2009" over 1 million lives trashed!!

Does any one have a sample opt-out letter that we can all create and mail in saying we refuse the terms?
Holly

Jacksonville, FL

#5 Jun 28, 2009
It somewhat helps to know at least I'm not alone...but actually just magnifies my anger to think of so many others left scratching their heads and asking 'what the hell did I do to deserver THIS?'when I always pay on time or early and usually more than the miniumum anyway.
I guess this proves Dave Ramsey right when he says "If you play with snakes, you're going to get bit" - Chase for sure qualifies as a nasty snake pf the worst kind. I'm done with them.
Daily-Protest

Los Angeles, CA

#6 Jun 28, 2009
Hi Holly, the problem is that not all one million americans can afford to be done with Chase overnight. I think soon, if enough people stay angry, we are going to have to make counter demands.

Not only must Chase reverse this decision, but they MUST have AT LEAST ONE BOARD MEMBER RESIGN over this fiasco as a sign that they understand they are accountable for their madness.

http://www.daily-protest.com
Mark

United States

#7 Jun 29, 2009
If I ran my business and treated customers like Chase does, I would be out of business! I feel like I owe money to the Mob.

“The Truth ...Just live with it”

Since: Jun 09

Where the Truth Lives

#8 Jun 29, 2009
here is the problem. A lot of people cant wait to get what they want and they gave the video game companys the job of watching there kids and use the charge card to pay for it. Parents today dont want to be the parents of the 60s and 70s. My parents never used a charge card to buy a latte or at a fast food place. My parents saved money to get me what I needed not what I wanted. People need to sit down and read the fine print and stop being in such a rush. They need to grow up and get what they need not what they want and they will have more money at the end of the week to save. I understand that it is not correct to raise rates but when people dont pay the bill each month this is the end result. I know that a lot of people will disagree with me but I just spoke the truth. How many people used one credit card to pay off another...did they think at some point they would owe nobody the original debt? MOST not all need to start living within their means and not outside of them.
Daily-Protest

Los Angeles, CA

#9 Jun 29, 2009
Conn Truth, thanks for your input.

When Banks started offering 1% or less on their savings accounts in the early 90's, people basically started investing more in the stock market.

When our government took away all incentives to rent, making people feel like they were doing something wrong by renting, they reinforced many people's desire to buy a home, in many instances, before the home buyer had saved enough money.

These two examples up above steered the consumer into more risky investment ventures. I don't think it's fair to think people did something wrong because they desired the same tax breaks people who own homes get, or because they wanted more than a one percent return on their savings investment.

Now we have unsustainable consumer credit card debt to deal with. It is pointless to judge people who have debt since virtually everybody works at a place that uses credit. Unless somebody works at a place that does not take credit cards, and they themselves don't use credit, they probably shouldn't be judging others who have credit card debt since they probably owe their job to people who use credit cards.

There are millions of people who have credit card debt because of family emergencies, lets focus on helping them rather than blaming them.

Creative INCENTIVES TO HELP people pay down their credit card debts would be the biggest stimulus package of all. Lets stop the punishing people because they can't afford higher interest rates or higher monthly minimum payments.

I can't find even one banking program out there that is encouraging people and helping people to pay down old credit card debt.

Chase Bank's "solution" is to PUNISH people who have been their most on time paying customers! That is the REAL PROBLEM right now.

http://www.daily-protest.com

“The Truth ...Just live with it”

Since: Jun 09

Where the Truth Lives

#10 Jun 29, 2009
Daily-Protest wrote:
Conn Truth, thanks for your input.
When Banks started offering 1% or less on their savings accounts in the early 90's, people basically started investing more in the stock market.
When our government took away all incentives to rent, making people feel like they were doing something wrong by renting, they reinforced many people's desire to buy a home, in many instances, before the home buyer had saved enough money.
These two examples up above steered the consumer into more risky investment ventures. I don't think it's fair to think people did something wrong because they desired the same tax breaks people who own homes get, or because they wanted more than a one percent return on their savings investment.
Now we have unsustainable consumer credit card debt to deal with. It is pointless to judge people who have debt since virtually everybody works at a place that uses credit. Unless somebody works at a place that does not take credit cards, and they themselves don't use credit, they probably shouldn't be judging others who have credit card debt since they probably owe their job to people who use credit cards.
There are millions of people who have credit card debt because of family emergencies, lets focus on helping them rather than blaming them.
Creative INCENTIVES TO HELP people pay down their credit card debts would be the biggest stimulus package of all. Lets stop the punishing people because they can't afford higher interest rates or higher monthly minimum payments.
I can't find even one banking program out there that is encouraging people and helping people to pay down old credit card debt.
Chase Bank's "solution" is to PUNISH people who have been their most on time paying customers! That is the REAL PROBLEM right now.
http://www.daily-protest.com
Well who overspent me or the folks that are not paying the bills. Too many people depend on credit cards and carry a balance from month to month. STOP spending and STOP buying what they want and START buying only what you need. Then take the extra money you saved and put it towards paying down your debt and you know what before you know it you will have no more debt and from that point forward pay using cash not plastic.Its a easy thing to figure out. And once again pople need to look towards the future and see the the present sucks and the future will too unless you take control and use your heads for something besides a hat rack.
SPIT

Marshfield, WI

#11 Jun 29, 2009
Most of the people Chase is doing this to have been paying down their CC balance and trying to get out of debt. In addition they are people with decent credit ratings and income. It's just a way for Chase to increase their cash flow by placeing the burden of those who aren't paying on those that are. Just another example of how the hard working, taxpaying and responsible individuals are paying for those who aren't paying and should not have been given credit in the first place.
Jenni

Denver, CO

#12 Jun 29, 2009
Here's what we can do -
File a complaint with the FTC - https://www.ftccomplaintassistant.gov/
File a complaint with the OCC
Write your senators and congressmen
Contact your local news (less money in the local economy means less sales tax revenues)
Write Mr. James Dimon, Chairman & CEO, JPMorgan Chase & Co., Park Avenue, NY, NY (and cc the "Board Members" at the same address.
I am not allowed to post the full address here on the blog - but you can find it by going to JPMorganChase.com
Daily-Protest

Los Angeles, CA

#13 Jun 29, 2009
CONN TRUTH, I'll give you an example of how insidious the increase in the credit card interest rate can be towards paying down credit card debt.

Lets say you have a special low interest rate deal, like the kind all credit card companies have offered their most reliable customers in the past.

You are paying 2.9 percent interest on a life of loan debt and have a 300 dollar payment due each month, around 270 dollars of it goes towards the principle, and 30 dollars goes toward interest.

At 29% interest, that same debt would have around 290 dollars GOING TOWARDS INTEREST and ONLY 10 dollars going towards the principle.

We are literally talking about a 10,000 percent difference in how long it would take to pay down the card, all based on the interest rate being charged.

You can see how the ability to pay down a debt is completely linked to the interest rate that is being charged and how much per month is being paid.
The banks got their bailout, all consumers are asking for is incentives to pay down debt that make it easier and more realistic.

Chase Bank is literally doing the opposite to what would actually help people, the economy, and ultimately themselves.

http://www.daily-protest.com
B-Ohio

Cleveland, OH

#14 Jun 29, 2009
Ken wrote:
I'm just another of the thousands effected by the same onerous Chase Card changes. I have written to the supposed "CEO" of Chase Card Services at 2500 Westfield Dr., M.S. IL1-6215, Elgin, Ill. 60124. This address was given to me by Chase via phone call on June 23rd. We'll see. Doubt it'll do any good. I've also written to my state and federal representatives and senators, and filed a complaint with the FTC. I am also contacting my local credit bureau and filing a letter with them.
As for me, I will "OPT OUT" regardless of the consequences. I am marshalling my resources such that I can ride out the storm should this underhanded action by Chase not be resolved satisfactorily. I will honor my debts with Chase, but only under the conditions that were originally entered into when I accepted their low interest offers. I have done the calculations and will continue to meet my obligations under the original conditions. I will ignore any and all penalties, interest, and fees assessed on my account by Chase, and let the chips fall where they may. Screw 'em! I love a good fight anyway!
any info regarding possible class action lawsuits, contact me at [email protected]
Ken,

I am with you. I will not just accept the amended terms, or any other ludicrous offer that Chase has put on the table as a "solution" - variable rate, 30 day pay-off (in full), etc. I cannot believe that this is legal! I too have excellent credit, pay on-time (more than min.), etc. I have explained to Chase that I will not be able to afford to pay the new minimum - THEY DO NOT CARE! I was referred to some bs credit counceling agency - thanks! 20+ years as a "preferred" customer & this is my reward? Is anyone else not going/be able to pay under the new terms? I think that I am going to amend my agreement as well - voila, the balance is now down to zero! Those are MY new terms Chase. Seriously, other than the hit to your credit, what are the repercussions of just not paying? As far as I am concerned they are leaving me (and thousands of others) with no other option. Thoughts?
Cannot Trust Chase

Sanbornville, NH

#15 Jun 29, 2009
Some people are missing the point of why people are outraged.
If you were paying off a loan at the same amount each month, never late, never missed a payment, would you just say, "Hey! Great, now I have to pay triple!"
We didn't buy video games or spend beyond our means. We took advantage of a low interest rate program because it was a smart thing to do.
People moved car loans to this, and pooled other loans (maybe you have a loan..good for you if you don't).
We moved a few loans to Chase's much touted "Lower Interst for Life" program. With the loss of work, it was a smart decision to keep us afloat while we recovered. We've been paying on time and without ever missing a payment.
Instantly, our minimum payment is now almost 3 times more a month.
After an hour on hold with Chase, I was told my option was to close the card and pay the balance immediately, or take an increase in the interest rate.
Estimates are 850,000 people, many on budgets as they try to make it through this economy, who are suddenly upside down.
It feels like bait and switch, it feels like extortion. It's Chase's way to make you pay a higher interest rate if you can't afford triple your monthly payment. Why did they offer a low interest for life program in the first place if they couldn't afford it?
Our family cannot afford the increase.. We have worked hard, tried to do the right thing instead of rolling over after unexpected problems. We were making progress and were proud of it. All that is for not, now. All becasue of this reprehensable action by Chase.
I will never trust them again.
Neither should you.
Daily-Protest

Los Angeles, CA

#16 Jun 29, 2009
I am so proud to be associated with so many intelligent, peaceful protestors.

I went ahead and started http://www.BloggersAgainstChaseBank.com

Any blogger who wants to be listed, just post to the blog comments section and I will gladly add your blog. It will appear on http://www.BLOGGERSAGAINSTCHASEBANK.com and anytime you post a new article,,your blog will rise to the top of the page.

This will be a one stop shop for all new blog articles about Chase Bank and the arrogant and hideous ways Chase Bank continues to treat its customers.

You can also leave blog links on this topic as well. I am giving Chase Bank until July 15th, 2009 to undo the damage they have already done and stop the new damage they are doing.

After that, ONE CHASE BOARD MEMBER MUST RESIGN, and of course, the changes still must be rescinded anyways.

Otherwise, I'm not backing down. But we all need to band together. This is much more important than the usual distractions that we are constantly bombarded with from all angles, don't ever forget that.

Blog hits are WAY UP on the topic of Chase Bank, and it is Chase Bank's doing. Lets make sure they reap what they sow.
marge11

Tea, SD

#17 Jun 29, 2009
Now I am really pissed. NY1 news has a report on the Chase min payment increase and a spokesperson from Chase wouldn't say how many accounts were affected and said that they looked at several things, the 1 that really got me was "payment frequency!!!!!!!!!!" WHAT A LIE. we all know that not 1 payment has been missed by all of these card holders or they wouldn't still have the low APR thus they would not be getting a change in terms.
marge11

Tea, SD

#18 Jun 29, 2009
Oh wait, maybe the payment frequency was included BECAUSE they we always frequent and on time!!!!

CHASE PANDEMIC 2009 over 1 million lives ruined!!!!
marge11

Tea, SD

#19 Jun 29, 2009
We all need to blog this news article
/www.wsbt.com/news/local/49450 667.html
marge11

Tea, SD

#20 Jun 29, 2009
I got this from Defend Your Dollars.org

"Well consumers will find a bit of protection from this type of thing, once the credit card legislation goes into effect in February 2010. The new law prohibits card companies from more than doubling the minimum payment. So Chase’s action to raise minimum payments from 2% to 5% would be illegal. The problem is they will be permitted to raise the payment from 2% to 4%."

Even more proof that Chase is trying to get what ever they can through before Feb 2010.

This would save me $200.00 per month right now.

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