The fact that Chase Bank didn't even bother to offer an INCENTIVE BASED credit card debt pay down program to customers with these terrific low interest rate loans is what bothers me the most.

It speaks to a level of arrogance and narcissism at the top levels of Chase Bank that is dangerous. Chase Bank executives actually believe paying down a low interest rate loan faster than a high interest rate loan is saving their customers money! This is completely incorrect.

Here is an incentive based credit card paydown plan that I designed that would have AVOIDED much if not all of the anger that is out there.

Offer customers a pay down your low interest rate credit card debt program at the SAME MONTHLY MINIMUM AMOUNT they are presently paying, and Chase Bank will send you a hundred dollars or take 200 hundred dollars off your debt!

And, make it an ongoing offer! If somebody wants to pay down their card for a few more months to lower their monthly payments, and then take advantage of the offer, that is fine too.

I just came up with an incentive based program that rewards customers who pay down their debts.

Additionally, if their customers agree to make the same payment they are presently making until their low interest credit cared debt is paid off, which accelerates the pay off date to 5 years or less....

The card would be immediately closed to new purchases, however a "sister card" could be issued with new terms. The new card's credit line would grow one dollar for every three dollars the other closed ard is paid down.

The result is, people are judiciously paying down their old card while getting a new card with new terms, such as the 5% monthly minimum payment, but the credit line grows at a much slower rate on the new card since the goal is to get people to not go so far into debt.

No anger, no stress from their consumers, and no signs of a board of directors that think they don't stink when their stench is being felt from sea to shining sea.

http://www.bloggersagainstchasebank.com

http://www.daily-protest.com

I also had the same experience as Rev Pierce with a Chase card that I have maintained for five years or so. However, after spending an hour on the phone with the gentleman from the PS team I agreed to an increase of 1% on my balance transfer account, locked in my payment for a fixed amount until the account was paid in full. I was happy with this agreement, for about a week, because that is when I got a letter saying that on further review I did not qualify for the plan they offered me. At this time I am still looking at my payment increasing from 2% to 5. Although I have not yet called the number for additional assistance on the letter. When I called originally the first thing the first representative said was that she noticed I had other unused credit lines with other cards and perhaps I would rather pay off the balance with Chase? Which has led me to believe that may be Chase's objective all along. To target cardholders that would pay them off.

Gayle Bennett

I have two Chase Cards. One I was forced to use for some expensive emergency dental work--used the low interest offer and now my payment will be increased to 5%--I have never been late, never missed a payment, and always paid more than the minimum. I will pay it. The second I used for online purchases and paid the total balance every month.

I have had both cards for over ten years--cut up both cards and will NEVER deal with Chase again.

Here is a description for a Proactive Solutions position at CHASE…

As a Proactive Solutions Adviser, you will be responsible for receiving inbound and outbound calls from customers who are identified as a potential risk based on several criteria, including: Economically devastated geographic areas (high unemployment, high foreclosure rates, Customers near credit-limit…

First of all, these cardholders DID NOT have a Hardship problem, before Chase created one!!

I would also say that CHASE has created a Economically devastated geographic area EVERYWHERE!!

Chase sent me a letter saying in their legal jargon that they were, essentially, not making enough money on my credit card account. I pay off everything at the end of the month or much more than the minimum payment.

So they raised by interest rate a couple of points.

I called and canceled immediately. Chase is about as scummy as you can get for a credit company. Don't even get me started on their Washington Mutual theft either...

Chase is running away from the credit card customers. bye bye chase. your loyal-ontime-paying-neverlate-customers are running away from you too. Only never to return.

We also had a Chase account for at least 8 years and received the interest rate notoices. Rather than even try to negotiate with a bank that doesn't seem to MIND losing cutomers, we opened a new account with our credit union, they paid off the balance with NO transfer fees and our rate is lower than it was with Chase. The rewards program with our credit union is better than the Chase Rewards too. We won't be going back either.

I'm glad you wrote in. I was wondering if credit unions would gain customers once banks started ratcheting up fees on cards. - eileen

Wow I'm kind of surprized. While no one likes getting their minimum raised, especially if that's what they're paying monthly, in the end you're forced to budget better.

I have another account who just notified me that a free Overdraft service I've been a subscriber of for years will now be $50 a year automatic charge to be a part of. Now THAT upset me. I'm cancelling the service, but still keeping my account.

Bye bye to my free insurance policy.

Chase is ridiculous, wanting customers to call into give them personal information on themselves, which they will use (HOW???) and disclose to (WHOM???) and decide on some unknown formula whether or not we qualify for something they've told us we qualify for. Then we'll be back in the same situation we are now, except for the slimebags at Proactive Solutions, who will keep our info on file to sell to anyone who wants to buy? NO thanks, Chase, I'll keep my info to myself and not trust you to get me out of the same situation you are causing by your unethical financial behavior. Proactive Solutions, my hiney.
When I finish paying off this low % rate at the minimum payment every month, I won't be doing any more business with Chase.

In response to Cco, I budget just fine. That is a gross generalization to make. I barely carried a balance there; which is not something most American's can say in this day and age. Ours was used as a Christmas Card and paid off with our tax return each year. We do not live above our means in our house. Our current balance was minimal compared to most consumer debt. Raising my interest rate and minimums is uncalled for. I am happy to have moved my balance to a credit union that won't change my rates, etc.

Here is a quote from another site after they made a DEAL with Proactive Solutions!!!

"as soon as my next payment processed I will get a confirmation in writing. She also stated that it may take 2-3 payment periods for the actual amount and payment plan to kick in and my monthly statements may be higher, but so as long as I paid the amount agreed to in our discussion today, I would be OK. This makes me nervous, but she said that the letter that processes as soon as I make my next payment will state this."

I would be nervous tooooo!!!!

I was also just rate jacked by Chase. It was the only card I used because of the great rate earned by my credit score and payment history. I did not receive a bill last month and this months bill indicated a tripling of the guaranteed rate for life due to late payment. I immediately called and made an electronic payment to bring the account current. The represenative stated that they mailed the bill so anything that happens beyond that is my responsibility. They would not reverse the rate increase and stated they could have raised the rate much higher then they did. I immediately cancelled the card, and they did not care at all. Look for a lot of "Lost Bills" for low rate cards, prior to The Credit Card Accountability Responsibility and Disclosure Act, which goes into effect in February 2010, which requires banks to review any rate increases imposed after Jan. 1 and reduce the rate if the increase can no longer be justified.

Anybody else come across this "Lost Bill" situation? - eileen

Chase has also done the bait and switch with my wife and I.
We have stealar credit scores and the increased our min payment from 2% to 5% just because they think they can make more money on someone else with a bad credit rating using the $ they had loaned us at 3 & 4%.
They are triing to make people default so that they can increase rates to the outer limits before the fair credit act begins.
I have already written congress and the president but they just seem to ignore the situation since they are all getting kick backs from the special interest lobbyer from the banks and the credit cad companies.
Vote them all out and lets get some representative that will represent us. the first thing they should do is eliminate all lobbyists and to make all money for election campains be supplied from the same central fund where anyone who wants to serve the country can use the money to get elected. this would provide a level ground for all candidates.

Chase bank raised my rates in Jan. 2009, tripled payment, etc. It took till June to finally get them paid off, even though I made full payment in Jan., interest, service fees, and so forth. I will never do business with them again, but what I am finding out, please read any other credit card agreement statements you may have, or when you get a renewal on a card. What I just found out is that Chase does the financing for Kohl's, Home Depot, and lots of other store or company cards. I love Kohl's but will close that account, no more of my money for Chase. Look at the bottom of the card holder agreement, usually on the back and near the bottom, to see what bank does the financing and then let us know of any other cards.

Who can you contact about Chase? Is there some organization or person to speak to about what they are doing to consumers. I was on the phone yesterday with a gentlemen who was very rude and did not care about our problem. I am so upset over this - they increases our interest rate and minimum payment - we cannot afford this - I am actually just letting the balance go to deliquency and screwing them- at this point who cares.

You should care. If you let your debt go into deliquency, you will have trouble getting credit from other creditors in the future. They will view you as someone who doesn't repay debts. Try Chase again and see if you get a different person or someone higher up on the chain. You might also consider going to a Consumer Credit Counseling of Maryland and Delaware or similar credit counseling group and see if they can help you work with Chase. - ema

I have a Chase Account which transferred from WAMU cards. i have been continuously problems with their nasty customer service reps and servises that I will never recommend them to anyone. Be careful when approached by Chase.

After Chase sent me a notice that the terms of my credit card would change and the interest rate would be higher, I canceled the card. At the time, I asked the Chase Representative on the telephone if this action would affect my credit score and was told NO.

After having the same score for over a year, the week after I closed the Chase card - my score dropped by 30 points.

This is outrageously unfair! Who has time to fight these things, though?

I have tried to contact Chase to discuss the interest rate hike they charged me.. I call and I'm put on hold for up to 30 minutes until I get so angry I hang up.. I don't have time for that. Are they just trying to wear me out? How can I contact them asap??

In addition to these hardship programs, which are great, there are other things people can do, such as consolidate cards, use zero % interest cards, and other ways to lower expenses and bills. This site has several ways to do this, as well as get other help such as with mortgage, electric bills, etc.
http://needhelppayingbills.com/html/help_paying_debt.html

I'm pretty sure whenever you officially close out a card, it affects your credit score whether it is a Chase card or someone elses. You should transfer your balance to a new card and just leave the former account sitting with a zero balance.

"I did not receive a bill last month and this months bill indicated a tripling of the guaranteed rate for life due to late payment. I immediately called and made an electronic payment to bring the account current. The represenative stated that they mailed the bill so anything that happens beyond that is my responsibility."

I love how people always use the excuse that they didn't get their monthly statement as reason for not paying their monthly bill. Even IF someone never got their monthly statement they still know they have a monthly payment due every single month on or around the exact same day every month. I carry balances on a few cards and I know exactly when the monthly payment on each card is due every month, regardless of whether or not I get my monthly statement.

Do you people honestly think that just because you may not get your monthly statement for whatever reason that you aren't required to pay your monthly bill? Please!

Chase jacked my interest rate from 7.9 to 27.24 and lowered my limit from 12k to $5900. Never been late, only pay it down, etc. I called. The lady said no help due to economic times. She hung up on me when I said well, I'll just pay it down and close it. Chase is the absolute devil. Stay away from Chase credit cards. You will be very sorry - I am.

I am a WAMU customer turned Chase customer thru no choice of my own. I found out yesterday that Chase closed my account, tho I've yet to receive it in writing, but not before they jacked my interest rate up another 10% making my minimum payment skyrocket! the reason stated was due to a late payment made 2 months ago (late by 1 day supposedly) and it was Chase's decision to do so. I said I'd not received any info about this and was told my letter was in the mail, and was hung up on. None of us should be forced to make up for their financial hardships!

I received noticed that after 8 years with chase, they were increasing my apr from 7.9 to 11% due to profitability-even on previous purchases. I was unable to negotiate with them. The customer service agent was rude and nasty and had no reason to be. I was not with her. I decided to opt out and close the account to save money and try to get another card elsewhere with better terms. I have experienced that opting out does effect your credit score. I was turned down which was a surprise to me by Simmons Bank in Arknsas. I have always made my payments on time and they are generally $3oo to $500 over my minimum. Now I am afraid to apply for any type of credit. At least they could have kissed me before they screwed me. THanks to all the nitwits in Washington for giving them the ability to do this.

I too am at their mercy my credit is now toliet.
Contact Chase:
Gerald A Smith CEO card Services
PH 302-282-3100
FX 302-282-3939
e mail gordon.smith@chase.com

So Chase has screwed me also! Maybe not as bad as others though. On Mon I checked the card and bal online. My interest rate was 9.99 Today 3 days later I receive a letter in the mail. They raised my interest to 14.99% and closed my account! Watching my credit swirling in the drain! Never late and always paid a lot more than min payments.

I got 2 letters from Chase Credit Today they're closing 2 of my former 3 cards from Wamu because they say I have to many New Accounts, the last account was opened a year ago with an offer from Wamu. I have Never Been Late have from 10% to 30% usage on all my cards, and pay 5 times the minimum Payment every month.

I say Good Ridden to Bad Rubbish but when a creditor closes 2 accounts won't that hurt my Credit Score and what legal action can I take to stop these Thieves and Destroyers of Hard earned High Credit Scores, I have a 700 plus Credit score and have recently paid off 2 Large credit Card purchases in full before there was any interest do at 2 different stores in 1 year. the credit card used was HSBC but being decent bankers they raised my Credit Limit 400 Dollars on one Card and the other 300 dollars. On another card from GE Money bank gave me a 1000 increase just last week.
now Chase is going to cancel 2 cards totaling 4000.00 and on my credit report it will read closed by creditor. which will tell other banks I defaulted when i have used less than 1/3 of available credit and have never been late.

If anybody out there knows who to contact to stop this attack on me Please Advise, What really pisses me off is I pay my bills and Chase just got bailed out by my Tax dollars so they could buy Wamu and Damage all of Us in one way or another. They don't believe i can handle my credit cards, I've done a Perfect job managing my Money Compared to these Losers, I will Not come Back ever to this Company and I will not, since I own my own internet company and except credit card payments from 99% my customers (I will post on my website I DO NOT EXCEPT Chase Credit Cards Here! Take those cards and Use them to line your Cat Box if your cat will do the honor of Burying it.

I Pray they Go under faster than Wamu and I will be sure to pass on the Ethics of this Den of Thieves, to all I encounter on line and in Person, Chase Bank go to Hell! That is the Most pleasant way to say what I think of this "Fly BY Night Bank" PLEASE go back to the East Coast and Stop using John Lennon's Instant Karma in your commercials. who do you think you are! Lennon is turning over in his grave using his Cry for Equality to sell your Evil Greedy Programs! You are do some Instant Karma, How Dare you, you this Song written about doing the right thing, to Rip people off!

Wamu was a Life saving Institution, Chase is the Killer of Financial dreams GO BACK FROM WHENCE YOU CAME, if the Devil will have You!

Please also send your complaints ASAP to:

James Dimond
Chairman & CEO
JP Morgan Chase
FAX: (212) 270-1121

Chairman Barney Frank
House Financial Services Committee
FAX: (202) 225-6952

President Obama
FAX: (202) 456-2461

You might want to go over to
http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html
and see what Chase is doing to tens of thousands (if not millions) of card holders now.

This is all out Financial Terrorism on consumers by Chase Bank.

Everyone that receives these “WaMuClosure1” letters is going to take a hard hit on their FICO Scores that will last years and help stall the recovery of the economy.

We’re not talking about people in trouble; it looks like most of these are the top-tier of the credit market that just got the axe taken to their FICOs by Chase referring to a non-existing Experian Report issue.

Chase should have given them a warning and allow them to pay the accounts off 100% and close them on their own...

I posted on July 16, 2009 to watch out for other businesses that might be financed by Chase Bank and to be careful or just avoid getting their cards. Well, this afternoon, I was pumping gas at a BP (British Patroleum) station and right on the pump, it had a card sign and offering the chance to open a new gas credit card financed by CHASE BANK. I will not have another Chase card, but it's difficult to know who finances the cards of independent companies. Be diligent, and avoid Chase Bank.

We have 3 chase credit card accounts. Recently one (and we expect more soon) was closed due to an overdue payment.

We's have never been late on any payment to any of our credit card banks since having a chapter 7 bankrupcy in 2005. We then did a 3 agency credit check and found that chase was listing the account we had back n 2002 - 2005 as delinquent (overdue 234.00)

Chase is the criminal bank that forced us to take the bankruptcy in the first place as they doubled our minimum payment from $200.00 a month to $400.00 for no reason at.all (they said they wanted to "help" us lower our balance" and we at that time were never late on any payment to them or others. Obviously that would break the bank - we didn't have that much money - so we did a chapter 7 and the chase debt was dismissed. SO now they are using that as an excuse to close our other accounts - we think other credit card banks which have reduced our maximum limit lately to just over what we owe - will do likewise. Then one or more will ask for full payment or an accelerated schedule and that will ruin our credit. So these banks take taxpayer bailout money with more to follow and they don't want to do credit anymore for a living. The big 4 citibnk, BofA, Goldman and Chase should be put out of business!

Crooks all - we had BofA before too.

I'm trying to get an email direct to chase credit cards but can't find an address unless I give them that old account number which I don't have anymore - plus that might also consitute legal acceptance of the debt. We are also sending corrections to equifax and transunion - if they don't remove that from our credit report - we will file a complaint with our state attorney general and the FTC.

John Hansen

I also had a really bad experience with Chase. I had this account from WAMU (the first credit card I have ever had), it had a high interest rate (23%) but good credit limit, so although I was not using it, I was keeping the card just for the credit score. I currently have other 2 credit cards with Chase. I make around $70,000 a year, and my balance may be about $300 on both credit cards (they had much lower interest rate). Long story made short, Chase increased the interest rates on the two credit cards (no big deal but I was pissed off) and then they increased the interest rate on the WAMU card to 28%. Furthermore, they ridiculously decreased the credit limit, which was the very first reason I was keeping the card. More ridiculously, Chase motivated all of this because of my credit reports. See, I keep my credit reports and FICO score constantly monitored, and believe me, my FICO score is around 750! Well, I immediately called Chase and closed my old WAMU credit card, and soon planning to do the same with the other Chase credit cards. In the meantime, I substituted it with another credit card from another bank, that gave me a better deal altogether. Really, I don't care if my credit score will be impacted by me closing the Chase accounts. Closing the accounts with Chase is a financially sound decision in all respect. The FICO score will go up again sooner or later, because my fundamentals are just right.

Well, I have read the whole article and after reading I want to say that You should care. If you let your debt go into deliquency, you will have trouble getting credit from other creditors in the future. They will view you as someone who doesn't repay debts. Try Chase again and see if you get a different person or someone higher up on the chain. You might also consider going to a Consumer Credit Counseling of Maryland and Delaware or similar credit counseling group and see if they can help you work with Chase. -Shelly kane

Chase (through Amazon) just sent me a letter stating they will be raising my rates to Prime + 26.99 as I went over my credit limit by $50 (and quickly paid this back down within 1 week of finding I was over the limit).
Asked them to review and they gave me a line of BS.
Will be closing the account and paying off at my lower rate, as well as sending letters to the CEO at Chase and Amazon