Chase Faces Class-Action Lawsuit Over Credit Card Changes
Some Chase credit cardholders are suing mad. A few years ago, the credit card issuer offered a balance transfer credit card that promised a low rate for the life of the balance as long as the credit card remained in good standing. But, it wasn't long before Chase reneged on that deal, adding a monthly fee and more than doubling the minimum payment. When cardholders called to inquire about the deal, Chase offered to eliminate the fee and minimum payment if the cardholder agreed to a higher interest rate.
In February 2009, a class-action lawsuit was filed against Chase over the change in terms. You may be part of the lawsuit if you agreed to a balance transfer promotion and subsequently had a monthly payment or higher minimum payment imposed. You can contact the class-action's attorneys Girard Gibbs, LLP to learn whether you're part of the class.
According to MSNBC, Chase has already agreed to end the $10 monthly fee and refund $3.3 million in fees to 300,000 customers. New York Attorney General Andrew Cuomo says the change will allow consumers to save up to $22 million over the next year.
Related:
Have you seen the commercial spoof about the credit card minimum payment increase?
Check it out at:
http://www.youtube.com/watch?v=vt-a_8LYzrw
There are several options for the almost 1 million customers that Chase has screwed. First, contact Chase just so you can hear the “thats too bad” speech. Then file a complaint here
http://www.helpwithmybank.gov/complaints/index.html
It will get Chase attention! Also file a complaint with your states Attorney General and Federal Attorney General. Chase can put some on hardship payments by closing your CC account and putting you on a type of loan that is low interest and low payment for 5 yrs. Not all will qualify.
This is what you get with a government controlled by corporate money. Like FDR said, a government by organized money is just as dangerous as a government by organized mob.
I have spotless credit, never late and Chase raised my minimum payment on two low interest rate 5%cards I was using to finance my graduate school, an extra $1500 per month! I am doing a home equity loan to get out of this but Chase must NOT be go unpunished for essentially trying to ruin GOOD customers.
Tell EVERYONE about what they have done. They cannot be trusted and WE have long memories. They just posted RECORD PROFITS with our and the governments money. Stay in touch on the class action suit and file complaints with your states Attorney General.
Tell EVERYONE! NONE of your friends should be doing any business with Chase. Other credit card companies are NOT doing this. BofA has been great.
I have refused to pay Chase one penny since they unilaterally upped the minimum payment amount from 2% to 5% of the outstanding balance. If we ALL refused to pay the Chase would have to re-instate the original terms.
On another note, I received a notification today that Chase closed my credit card account due to inactivity. No prior notice at all and the account was in good standing. It’s true, Chase does penalize their responsible customers. I am moving my bank accounts elsewhere.