Chase Credit cards - more fees for the consumer

[Hawaii Hiker]

I got my latest Chase statement today....Two big changes - First the minimum payment went from 2% of the balance to 5%..That doesn't bother me much as I always pay more than the minimum anyways...But the kick in the ass was there 's a $10 service charge added to the bill EACH month....Doesn't matter if you have good credit, pay more than minimum, etc., you have an outstanding balance, you get charged $10 service fee each month in addition to your NORMAL finance charges.....I have a fair amount of credit card debt, however, 95% of it is at rates between 3.9 - 6.99% until its paid off (transfered balances to lower rates)...But I don't have a house or car payment, & no school loans, so cc debt is all I have...

Anyone else find any new fees/charges on your latest credit card statement?....

[NMDemDist2]

1. holy crap!!! any explaination on WHY they want an additional $10? n/t

[Hawaii Hiker]

10. I just called customer service - some accounts have this new fee & some don't

I have 2 Chase cards, one accout had the new monthly fee ($10) & the increase in the minimum payment due & the other did NOT....

The woman I spoke to was kinda vague on which accounts got the new fees...But I've never had a late payment, nor did i ever exceed my limits so heaven only knows how they came up w/this..

:banghead: :banghead: :banghead:

[Dr.Phool]

31. I just checked my statement. No service fee.

It was due on the 25th of this month, but I check my statement on the closing date, online, each month and send the payment then.

I did have my annual fee. But, I carry a balance on that card at prime rate.

[Kittycat]

2. No, but we'll be checking our statement.

If they've done that - we'll cancel it immediately. We have other cards we could use, that we don't. We like the points conversion program for Chase so that's why it's our primary card.

[Gidney N Cloyd]

3. And because it's the bill with the xmas charges on it, fewer people will notice the gouging.

[ikojo]

Be sure to thank Joe Biden for all of the changes

in what credit card companies can do...he was a huge champion of the 2005 bankruptcy "reform" (again only for consumers and not corporations)

[Deja Q]

8. Maybe VP Biden will do something to keep proper wage paying jobs here. Why?

So those debts can be paid back.

:shrug:

[SammyWinstonJack]

22. I heard a caller to the Ed Schultz show commenting on how Congress needs to

re-reform the bankruptcy bill of 2005 and I thought, 'yeah, right, I am sure Biden will champion that'. :silly:



I think if you give them a seat at the table, they'll eat all the food

Too bad the CorpoRATe media ran Edwards off. x(

[undeterred]

24. The bankruptcy bill is a significant problem.

Maybe now that Joe is no longer representing Delaware he'll be able to see how much its hurt.

[dysfunctional press]

32. "Too bad the CorpoRATe media ran Edwards off" - you forgot the sarcasm tag.

you do realize that had edwards been the candidate- it would have been mccain/palin being inaugurated today, right?

the "CorpoRATe media" didn't make that shitbag cheat on his cancer-stricken wife, you know. or would you have had them skip that story altogether?

[Clear Blue Sky]

4. Plenty of no fee cards out there.

[DJ13]

5. I have never liked Chase credit cards

Back in the 90's my wife and I had a Chemical Bank Shell Mastercard which was great.

Low interest, no games with due dates, all around great bank to deal with.

Then they were bought out by Chase, and the rates went up, the service went to crap, and the due date was never the same from one month to the next.

Got rid of that card as fast as I could, and wont ever go back to them.

[Cobalt-60]

21. Every payment was "late", no matter what

If I Fed- Exed it a week ahead of time: late charge.
they're dead to me now.

[Statistical]

6. I have a Chase Card

Got about $3,000 at 0% that I am paying down.

I checked my statement online. No increase in rate, no $10 fee.

The minimum payment did go up. I think it use to be 1.5% but now mine is now 3% but as I understand it the new CC rules will require a min of 3% as the minimum payment.
Of course they don't go into effect until next year but many CC are starting early.

[thecrow]

12. I just checked mine too..... Nope

No additional charges, no $10 charge.

[DesertFlower]

7. i have a chase visa.

i pay my balance every month and i get 1% cashback. i have a feeling that will be ending soon.

[Statistical]

13. Nope it won't. Ever.

The 1% cashback MAKES them money.
The merchant bank gets about 1.75%-3.5% of the gross anytime a credit card is used.

One of the only reasons I still put daily purchases on credit card is the 1.5% cashback I get.
Your 1% (or rewards, or bonus miles) are safe.

They aren't doing it to be nice. Whatever you get in "cashback" they get about double to triple from merchants.

[az chela]

9. I always pay mine off when it comes so havent

looked for a service charge but i sure as hell will look now.Thanks

[CTyankee]

15. Yep, me too. Another great reason to NOT charge anything you can't pay off entirely

by its due date.

I realize some people can't do this because they are in emergency situations. But most aren't, I would wager.

Also, I never get a credit card that doesn't pay ME something. My LL Bean card gives me free shipping/returns and pays me coupons that I can redeem in merchandise at LL Bean. I buy my basics there: shirts, pants, gloves, casual shoes, etc. IT's a good deal.

Chase gives me $ for gas purchases. That's a basic so I have the Chase card; otherwise, I would pay cash. If gas for cash offers me a better deal than Chase I'll switch to cash.

I'm a cold, hard dealer when it comes to credit cards. I won't give them a damn cent that I don't have to and they damn well better give ME something (just to justify their existence!).

[DesertFlower]

17. same here.

my chase and discover cards pay me back 1%. i use my old navy card. every $100 i spend they give me a credit slip for $5.00. my JJill card gives me a 5% discount. that's the only reason i use them.

[BlooInBloo]

11. Silver lining: encourage Americans to not live on their credit cards.

But yah, it's shitty.

[SOS]

14. Nationalize the bastards

by Michael Lewis:

"There are other things the Treasury might do when a major financial firm assumed to be “too big to fail” comes knocking, asking for free money. Here’s one: Let it fail.

Not as chaotically as Lehman Brothers was allowed to fail. If a failing firm is deemed “too big” for that honor, then it should be explicitly nationalized, both to limit its effect on other firms and to protect the guts of the system. Its shareholders should be wiped out, and its management replaced. Its valuable parts should be sold off as functioning businesses to the highest bidders — perhaps to some bank that was not swept up in the credit bubble. The rest should be liquidated, in calm markets. Do this and, for everyone except the firms that invented the mess, the pain will likely subside."

http://www.nytimes.com/2009/01/04/opinion/04lewiseinhornb.html

[FarCenter]

16. Did you do a cash advance?

That is the usual $10 fee.

But they have a bunch of different cards. Maybe about 75. Which type do you have?

[Hawaii Hiker]

19. No, no cash advance..Actually,

haven't had any new activity on that particular Chase card in a while, other than paying on the existing balance...

For cash advances, don't credit card companies charge way more than a $10 fee for that...I had thought cash advances were brutal in terms of fees, interest rate, etc?...

[pinniped]

18. I have 2 WAMUs and they're slowly morphing into shitty Chase cards.

I got 2 letters increasing the rates +.25% on each account, which is not bad, but still a fucked up thing to do after getting billions in taxpayer $$$$. Gordon Gekko was right, greed is good.

I quickly scanned the letters, but didn't immediately notice any 10 dollar fees. In the event I see it, they're gone, gone, gone....

There's about a month left to opt-out.

[MadHound]

20. Cut up your cards and go to a cash/check/debit basis

You'll save money, and be more fiscally secure without having to pay off these bastards every month.

[robcon]

23. Huh? What do I do - just walk away from the debt?????

A little reality check would be worthwhile.

[MadHound]

25. No, of course not. Sorry I wasn't more specific. Cut up your cards and pay off your debt.

Cut up your cards so you won't continue to go into debt and pay those fees. Pay off your CC debt so that you're free of of those blood sucking corporations.

I've never had a credit card, never needed one, and my life has been better because of it.

[demodonkey]

26. Have you ever tried to rent a car??

Most rental companies it's no Credit Card, no car. NO EXCEPTIONS.

Debit cards don't count.

One or two companies will rent a car with a debit card provided you have several forms of ID, give them two or more paid-up utility bills with your name and current address on them (these have to be with you, at the rental counter), and fill out paperwork.

[MadHound]

27. Though I've rarely needed to rent a car,

Since I prefer to drive anywhere in the US unless it's an emergency, I've never had a problem renting a car. I provide them with either a debit card and ID. I've never had to provide utility statements or such:shrug: I generally call ahead and arrange the rental, thus it is less hassle when I arrive.

Nor have I had much hassle flying. If people start to get uptight about not having a CC, I simply inform them that if they don't allow me to purchase a ticket based on not having a credit card, I've got a fine lawyer in my back pocket.

Yes, there have been a few hassles over the years, but they are well worth it. I don't have to worry about paying off a CC bill, paying extra money to spend money, have a great credit score, keep within my budget, and don't have to worry as much about ID theft.

It is a myth that everybody needs a CC, one foisted upon us by CC corporations and other corporate groups. Go to a cash/check/debit card basis and fight back. It's better for you and better for our country.

[demodonkey]

28. If you haven't rented lately, you might want to check again. Rules are changing.

It is getting harder and harder to rent without a Credit Card. Just check some of the major auto rental sites.

[supernova]

29. I rent cars, make hotel and plane reservations all the time with mine

I use a debit card that is linked to my brokerage account.

They will rent to you if you have the money in your account. I do make certain I have enough money in my account to cover expenses when I travel.

I haven't had a cc in 10 years. I don't miss it one bit.

[OPERATIONMINDCRIME]

30. I Use Mine Responsibly And Pay It Off In Full Each Month. No Fees For Me! I Love My Chase Card!

Great rewards program and for every 200 bucks in points I get a 250 dollar check! I'm MAKING money off them! I love it!