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What options do I have with Chase. They plan to add $ 10 a month service fee. I have always payed on time and working on paying off my balance. The up from 2% to 5% and $ 10 a month service fee makes it tough to maintain my payment schedule. I have a plan to pay it off and this will mess up budget.
thanks for the answers. I followed up with Chase and the only options they gave me was to transfer to 7.9%. I called my other credit card and transfered my balance to 5.9% without a transfer fee. I will be closing out my Chase card and other card with 0 balance once my december statement comes back with 0 balance. There are a lot of other banks that would be glad to take your business.

5 Thoughts on chase adding fee up minimum payment?
  1. Reply
    Spartan
    February 7, 2014 at 11:42 am

    The federal government is requiring credit card companies to up the minimum monthly payment. Companies used to calculate your monthly payment by taking 2% of the current balance. However, that made it an extremely long time until the balance would ever be paid off in full due to the accruing interest charges. With the newly required 4-5% of the balance, it makes it more realistic to pay off the credit card over a shorter period of time.

  2. Reply
    Judy
    February 7, 2014 at 12:00 pm

    For those that carry balances and pay the minimum, Chase will probably be raising the interest rates soon.

    Consider re-doing your budget. But don’t call it that – call it “spend as little as possible – and try to save as much as I can”.

    See if you can pay off that bill in 6 months and live debt free. Use a credit card for its rewards and never pay interest. Just pay it in full each month. I made over $ 240 in rewards last year. Never paid a penny interest.
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  3. Reply
    Ted
    February 7, 2014 at 12:53 pm

    You can call them and ask them to waive the fee for a while and when you get it paid off, close the account.

    You can ask them to change your account to one of their many no-fee cards.

    You can get a no-fee account from somewhere else and do a balance transfer and close the Chase account.

    Changing the minimum does not hurt you. If you were only paying the 2% minimum you were barely paying the interest. This was not a plan to pay off the card. I hope you weren’t still making new charges to the account while trying to pay it off. That would really run up your interest charges because of the way interest is calculated on new purchases.

  4. Reply
    Netanya
    February 7, 2014 at 1:43 pm

    Yes I got one of those change in terms papers with my statement, and I have never been late with a payment or missed a payment in my life with them or anyone else.

    I have a 4.99% APR fixed rate for the life of the loan, the only thing they offered me was to go to a 7.99% APR fixed for 2 years and if it’s not paid off in full by January 2011 the rate will increase again to what ever the purchase rate is at that time and then it will be a variable rate.

    I have been on the phone for two days.

    Call your bank, and if they don’t do anything for you, call the Comptroller of the Currency (202) 874-4700 they are the ones that told the banks that they could do this to us. You need to file a complaint.

    If you want to email them instead
    http://www.occ.treas.gov/mail1.htm

    Also call your Senators, Congressmen, and the Attorney General.

    We must all be vocal and let them all know that we are not going to be treated unjustly.

  5. Reply
    CassandraM
    February 7, 2014 at 2:41 pm

    You can’t opt-out of this one, but there are other options available to you. I’m getting hit up with this as well, and understand perfectly what you’re talking about. It has the potential to create a terrible hardship for many of us.

    In fact, most consumers cannot afford to more than double their monthly minimum payments, nor can most consumers pay their account in full on such short notice……..a little fact that Chase was obviously counting on when they led us down their primrose path of “fixed rate balance of the loan” offers…..only to turn the tables on us with higher rates and a limited term APR. So much for the words “fixed” and “until the loan is paid in full”.

    You can opt to go with a 7.99% APR good through January 1, 2011, and keep your 2% min pay and no service charges. You’ll pay more interest, but have a more manageable monthly payment. Chase will also discuss refinancing your mortgage and including the credit card debt in the new loan….but I would not advise going that route.

    We had no choice for now – we took the 7.99% option, but we also wrote letters and lobbied STRONG protests with the CEO of Chase (James Dimon), our senators Lamar Alexander and Bob Corker, the Attorney General, and the OCC. It was a little tricky to find the information on James Dimon – here’s the address and phone number obtained through Fortune magazine.

    CEO: James Dimon
    Address: 270 Park Ave., New York, NY 10017
    Phone: 212-270-6000
    http://www.jpmorganchase.com

    The OCC can be reached at http://www.occ.treas.gov/mail1.htm.

    The others you can locate by typing in the name of your state and “government” at http://www.google.com. The Attorney General can be reached through http://www.whitehouse.gov.

    I do urge you to protest. Consumers have to unite to be heard, and if this is creating a hardship for you, or you feel as I do – that their action is unwarranted and unethical, then you need to make yourself heard.

    Best wishes to you! I won’t tell you what sort of wishes I would like to send to Chase right about now…..

    EDIT: Netanya (above me) is the one who steered me in the direction of contacting representatives and taking a bold stand against Chase when I asked a similar question. She is absolutely right!!!!

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