Chase offer
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| Mon, 04-17-2006 - 2:25pm |
I opened this 15 month 0% offer from Chase -- then I read the fine print. The transaction fee is 3% of the amount transferred with a minimum of $5 and a maximum of $99 (the $99 is higher than any other offer I have seen before). Then they say " we reserve the right to change the account terms for any reason (wow! ANY REASON) in addition to annual percentage rate increases for failure to comply with your account terms". On the next page they spell out what the FAILURE to comply means -- " we may change the terms based on information in your credit report, such as THE NUMBER OF OTHER CREDT CARD ACCOUNTS YOU HAVE AND THEIR BALANCES. They go on to say that the APR for this offer is not guaranteed: APRs may change to higher APRs, fixed APRs may change to variable APRs or variable APRs may change to fixed APRs. They also say they will use factors to determine the defaul rate including information from credit reports.
I guess at least they spell out how they plan to make sure that at some point the 0% will evaporate and some really high APR will appear.
Anybody else have experiences with Chase? Do they usually find some way of jacking up the rates -- based on payment history with other crditors etc.
Yikes
Megan

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Megan-
We have had great luck with chase. though the transfer fee is high. We bank at chase & they are one of bigger credit cards(empty right now but we keep it in case of a transfer need). I got a better "deal" with citibank 0% for a year with no transfer fees.
You might want to shop around....
Good luck!
Loca
I have never had any problems with Chase - other than I have one credit card from them that we have had for a long time with a zero balance and they continually call me to try and get me to use the thing!
Becky
CL of 4th, 5th & 6th grade Scoliosis
Megan
They can but I have never had it happen to me (yet) and looking at our income vs. debt ratio we are in way over our heads due to some unexpected employment situations, etc...
However, so far, they have never raised our rates and actually keep giving us the 0% interest checks or 2.99 or 3.99% until they are paid off checks (with no transfer fee).
Becky
CL of 4th, 5th & 6th grade Scoliosis
Megan
I used to work for a major credit card company (doing the marketing). Yes, they can change it at any time for any reason. For example, say you have a Chase and a Sears card. You miss a payment on the Sears, if Chase checks your credit report (which they do) and sees you defuncted on the Sears, boom, they raise the Chase because their reason is "you are a risk on credit". Nice huh? There's a great Frontline documentary about the hidden rules and loopholes credit card companies follow and get away with at your expense.
Before signing, always, always read their fine print insert. You'd be amazed. And if you think a point/cashback card is better because you get something, think again. On average, it takes you to spend $6k to get their stupid $20 cashback bonus. Not worth it.
I can't wait to get rid of my cards. After working 2 years in the industry I seen all the bull they shove down their throats. That's why I quit--didn't want to be a part of it anymore. It's sick.
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