Credit card interest rate increase

I will suggest you to be a bit more attentive to your credit card bills. Although the bank should send some notification to you at the change of the interest rate, but it is due to the agreement of the card holder that allows them to do what they want.

Making regular payments will solve this matter considerably and you might have the chance of getting the interest rate lower at some point of time later

Same exact thing happened with me and the same exact company. My advice? Pay off the card and tear it up!

I went from 7.99% to 29% within 5 months of incorporating my company. Fico in the high 680's, no late payments and clean credit. But had new lines of credit with suppliers. Chase used "universal default" clause to raise rate...paid them off and vowed never to use a card company that has the term hidden in it's contract (about 47% of them do). I see class action-jackson in Chases future!

A person, who pays their bills on time and has for many many many years, is probably the best person to scam! Because that person will continue to pay their bills on time (no matter what the interest rate will be), is the exact reason they take advantage. It is simply an opportunistic business philosophy. How else do you think they bought ou all those other credit card companies?

I have experienced exactly the same with Chase. They are NASTY & GREEDY. Never opened a single acct with them, but have had 3 different accts with other banks they bought out. I chose to close one of the accts (big mistake!), so they immediately jacked the rate to 28% and then claimed that because it was a closed acct, there was nothing they could do to adjust the rate -- in spite of my having a very high credit score, always paying on time and paying more than the minimum on all accts. I had single-digit rates on all accts including this one until I closed it and they jacked the rate. THEN, with the confiscatory rate they were charging, the balance on that one acct was high enough that the added debt service expenses started squeezing my budget and causing me to begin falling behind overall. So they cited too high debt ratio and jacked the rates on my other 2 accts with them. What a racket!
I can't figure out their long-term business model. It can't be to have clients, because they clearly don't want them. I have sworn to warn everyone I can about Chase and their practices. Unfortunately, I still have accts with them and still have balances. For the first time in over 20 years, due to personal factors exacerbated by Chase's excessive interest and fees, I now have late-pays on my credit. I am working frantically on the personal factors over which I have control, so that I can get out from under their greedy thumb as soon as possible, and I guarantee I will never, ever do business with them in any way shape or form again. Except, perhaps, to short their stock!

Unfortunately, Dorothy, they do have the right to do that. However, be sure to read all of the documentation carefully. In many cases, you have the right to refuse the rate increase. You will then have to agree to have the account closed, but it may be worth it.

All credit card companies have increased the guideline for minimum payments. So people, who used to pay minimums only, are now going to have a tough time.

Denise, your story is different. You should ask for some documentation and inquire about what is the basis of so high interest rate they are charging. You have paid your bills on time earlier. So they cannot do this to a good customer, right?

And if you feel to fall behind with your payments, consolidate the account. Once a negative entry enters your credit file, it stays there for 7 years. Feel free to share your doubts here in this forum.

oh oh guess I am next I have a credit card with Bank One - They changed their name from First National Bank of Marin to Bank One. Got a letter from them saying they froze my apr and put me in a freeze - no over the limit charge etc. does this mean Chase will get my account?

Bank One is now known as Chase I think. Their website bankone.com is now redirecting consumers to Chase's website.