Chase Payment Increase Leads to Rate Increase for Consumer
A number of visitors have been justifiably angry at Chase for raising their monthly minimum payment requirements on fixed for life balances from 2% of the balance owed to 5% of the balance owed. For many, the new payment required is mortgage sized and, in some cases, more than $1,000 a month.
Most of the consumers who have left comments on the matter have had no luck dealing with customer service. However, the post below is from a visitor who was able to negotiate a lower monthly payment, although he was forced to accept a substantial interest rate increase. Here is his story:
“Like many others, a week ago I got the rude surprise that Chase was raising the payment on my two cards from 2% to 5% of the balance. I had earlier transferred high interest cards to these life-of-the-loan 4.99% offers. I always paid on time–in fact, electronically a week prior to the due date to be sure I retained the excellent rate. I also paid above the minimums. With t