Complaint / review text:
Chase took over my WaMu credit card a while back. I have not made any purchases or used this card in over 2 years. I've never made a late payment the entire time I've had the card. To keep my post short, my average minimum due is $60. My average monthly payment is $236.00. A few months ago, I made a $300.00 payment. The following month, Chase raised my APR from 21.71% to 23.27%. Just to see what would happen, the next month, I paid just $2 above the $45 minimum due. Chase decreased my APR from 23.27% to 21.82%. When I made a payment over $200, the APR increased 1.6% the following month. Why? Because they can.
I'm still fighting to pay off this $2,100 balance as quickly as I can. I expect my APR to increase to 28% within the next two months. Chase was so kind to notify me of this change via mail. Chase only cares about their bottom line. They are not interested in helping the customer. It is obvious that Chase is trying to reap record profits before the new laws take effect in 2/2010.