Complaint / review text:
Like so many others this week, Chase raised my minimum monthly payment from 2% to 5%. I believe it was the good old "bait and switch" scheme on their part. Since they could not raise the 3.99% interest rate they got so many people to borrow money with to pay off higher interest rate cards with, they raise the minimum payment by 150% knowing full well that many people will not be able to make the new monthly payments. As such, they now can and will raise the interest rates to the default levels approaching 30% APR. Most likely, this was planned all along to get people to miss payments so they could raise the interest rate on the balance! I was considering refinancing my house using Chase, but I now know better to have any dealing with them. Fortunately, I will still be able to make my new minimum payments so they will be out of luck with me and will only accomplish losing a long term customer (one who always make his payments on time).