Complaint / review text:
I received a "change in terms" notice last week advising me that the minimum payments on my Chase MasterCard would be rising from 2% to 5%. No 'opt out' option. This means an increase of more than $500 to my monthly payment. When I called to get information, I was referred to the "hardship" department for options. I waited on hold for over 20 minutes. Finally, I spoke to an operator who assured me there was nothing I could do to stop the increase from happening.
She then offered me a "new loan" for the full amount at 6% interest (fixed) for 5 years. The card account would be closed, affecting my credit, of course. The reason: I had taken advantage of balance transfers at 4% and Chase wasn't making enough money on my account. Chase has just lost a 10-plus year customer. I will be closing my Chase bank account and moving my Chase car loan to my local credit union.