Complaint / review text:
Chase increased the minimum payment on my credit card from 2% to 5%. I was told by Linda, a supervisor, that only low-interest cards are being targeted with this change. Sixty-eight percent of my balance is currently at 3.99% and the remainder is at 6.99%. I was solicited heavily to transfer my higher interest rate balances to these lower rates. I have never missed a payment and routinely pay more than the minimum payment.
I do not recall ever agreeing to an open-ended minimum payment clause, and I have requested a full copy of my agreement with itemized changes and the date the change occurred.in fact, I have an October 2005 "important notice, " which expressly states the minimum payment is the larger of 2% or 1% plus fees and over credit line amount.
I'm appalled by the greed and self-destructive nature Chase has exhibited. I'm very fortunate, because I'm able to pay my balance off immediately, and I hope I never have to give another dime to Chase or their affiliates. But I am really concerned about the hundreds of thousands of families that will have to figure out how to come up with a 150% increase in their monthly payment or risk having their interest rates climb to obscene rates! The people behind this scheme are evil!