Chase offer

iVillage Member
Registered: 05-09-2005
Chase offer
11
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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Avatar for 2locachicas
iVillage Member
Registered: 05-14-2003
Mon, 04-17-2006 - 2:45pm

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

iVillage Member
Registered: 06-04-2003
Mon, 04-17-2006 - 3:14pm
This is the EXACT reason that credit cards are so scary to me. I never read the fine print and don't know what any of that stuff means. All I know is that one day my rate will get hiked up. Good luck. I don't really have anything else to add.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 04-17-2006 - 3:59pm

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!

iVillage Member
Registered: 05-09-2005
Mon, 04-17-2006 - 5:00pm
Wow - no transfer fee from Citi -- I have a Citi card that we haven't used for a while - no balance. I might give them a call a see what they have to offer. Thanks!
iVillage Member
Registered: 05-09-2005
Mon, 04-17-2006 - 5:04pm
Becky -- so I guess that the lesson here is to not have to ever use credit cards -- I mean, if nothing is ever set in stone, it really puts you at risk. I have been trying to pay our credit cards pretty much the day after the previous cycle ends just to make doubly sure that I am never late!!!!!!!!!! What a disaster if I ever am. What I really don't like tho is that they can decide that you have too many obligations, even if you are paying everything on time, and then they can jump up the APR. Kinda scary
Megan
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Mon, 04-17-2006 - 7:39pm

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).

iVillage Member
Registered: 12-12-2004
Mon, 04-17-2006 - 11:51pm
Hi, Megan--Well, our fixed rate mortgage is with Chase, have set it up online no probs. I did, however, move everything (except the $600 medical bill) over to the Capital One from Discover. WHy? Well, the interest rate on the Capital One is fixed 7.05%, no transfer fee, and those ridiculous "cashback" things from Discover werent all that great, AND, they didnt lower the interest rate. I set everything up online so I can see where it is going, when it is credited, and so far, no late fees. What is that website for checking all the cards (Danni, I think posted it)? I went online and checked out all the different kinds of cards before transferring. Whiz.
iVillage Member
Registered: 05-09-2005
Tue, 04-18-2006 - 11:00am
Thanks for all the responses. And Whiz, was that the Bankrate site? I guess what I want is 0% for at least a year with NO TRANSACTION fees -- if possible.
Megan
iVillage Member
Registered: 12-12-2004
Wed, 04-19-2006 - 1:08am
Hi, L4I--Yes, I believe it was the Bankrate site. I think someone else had a similar site. All the different kinds of cards were listed (cash back, flight fund miles, lower interest rate, etc.). For me, the Capital One fit my needs--fixed rate, lower interest, ease of transfer, etc. WHiz.
iVillage Member
Registered: 03-14-2004
Wed, 04-19-2006 - 6:56am

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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