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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