So now Chase is raising the min payment to 5% of balance

[question everything]

Well, was nice while it lasted. I used it to pay for some siding at 3.99% for the duration of the loan which I have had it for more than 2 years.

Now they are charging $10 monthly fee to "maintain" the account. All they have to do is cash my check, slap a finance charge and mail a statement. This $10 fee brings the effective rate from 3.99% to 5.09% and they want 5% of the balance. "They have done this on several accounts."

Bastards. I am going to apply for a home equity loan. With these rates, such loans start looking more attractive and the tax benefit does come into play. Not with the 3.99% when the home equity loan was at 7%.

And we have excellent credit scores. I'd hate to think what they do to others who do not.

Is there anyone who is regulating them that is worth complaining? I thought that the "bankruptcy" law established a 2% of balance.

[phantom power]

1. I recommend looking into credit unions...

I also have Chase. Although I do like their web services, their recent fees and lousy interest rates are bullshit. I'm going to be migrating to my wife's credit union soon.

If there is anybody you can complain to, I'm not aware of it. Vote with your feet.

[billyoc]

2. Just the impetus I needed to stop paying them altogether.

[AndyA]

3. I guess they're doing it because they can.

The credit card/loan/banking industry needs to have some serious regulations put in place. I know Congress just passed a bill that was favorable to consumers, but the whole thing really needs to be torn down, overhauled, and put back together.

Their high fees, low interest rates, and abusive practices are the only way they can cough up the money to pay their executives such high salaries, perks, benefits, and bonuses!

[Fridays Child]

5. They blamed the economy, when I asked for an explanation.

So, they take 25 billion in bailout funds and, privately, plan to use the money for further bank acquisitions (http://www.nytimes.com/2008/10/25/business/25nocera.html), while they screw paying customers up the wazoo.

[Fridays Child]

4. Yep. They did it to us, too.

If you get that equity line, your rate should be 2.99% and your monthly minimum payment will be only 1% of the balance.

[question everything]

6. Really? They offer an equity line?

Perhaps I should look into this.

[Fridays Child]

7. Chase? Yes. Here are some others, too.

http://www.filife.com/topics/home-equity

[question everything]

8. Thanks. Are these triangles with the number 5 on them mean scoring? (nt)

[Fridays Child]

9. It looks like 5 is the top rating--as reviewed by consumers, supposedly.

In any case, there are lots of them that you can check out.

When I told my Chase banker that I had switched to Compass because they made me a better deal, she sweetened the pot, to get me to come back. I didn't get any special treatment. It's just that there were some promotions available, which she offered, in order to retain me as a customer.

But it was nice to see how taking my business elsewhere forced her to put all of her cards on the table. She even did the paperwork, for me, to cancel my Compass account. It was within the three-day cancellation period but they still make you jump through some hoops, and she took care of everything.

[CoffeeCat]

10. We only have a debit card...

...because the credit-card companies can do anything to you, that they want.

They can charge you 30 percent interest, if they feel like it. They can decide
that they want payment in full--in two weeks.

Too scary for me.

[question everything]

11. This, of course, is ideal. However, you may face other problems

as were detailed here earlier this year. For example, if you purchase gasoline, they put on "hold" a lot more than you think you were charged.

OK, found it

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=114&topic_id=39961

In my case, I used that Chase instead of a home equity loan to pay for $20K new sidings and their 3.99% until the loan is paid was far superior to the 6.99% from a Home Equity Loan, even when factoring the tax deductability of the equity loan. Until now, the payments were 2% and the balance is now $11,700. And all of a sudden they want $588 payment! Way over the $250 that I budgeted!

Sigh.