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LaToya Irby

Chase to Increase Minimum Payment On Credit Card Balances

By June 26, 2009

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Effective August 2009, many Chase credit cardholders will see their monthly minimum payment more than doubled. Chase recently made the announcement via mail that minimum payments would increase from 2% to 5% of the current balance. That means if your current minimum payment is $250, your new payment would be $625.

It seems that the minimum payment increase is targeted at cardholders with low interest rate balance transfers. Chase couldn't raise interest rates on these balances because it previously promised cardholders low rates for the life of their loans. So Chase found another way to make money off these cardholders, in the short run at least. Assuming customers were actually able to afford the payment increase, Chase would only have an increased cashflow for the few years or so until these balance transfers are repaid. In the end, they lose out on a lot of interest that would have been paid under the lower minimum payment.

Even though a higher minimum payment hurts initially and takes some getting used to, it's better in the long run because you're able to pay off your debt quicker and end up paying less interest. Still, I think it's unfair that Chase hiked minimum payments with such short notice at a time when consumers are struggling to make ends meet. Unable to make the increased payment, I suspect many cardholders will be forced into default and worse, bankruptcy.

Though other credit card companies have yet to make this kind of change to minimum payments, I wouldn't be surprised if similar announcements came soon. The best option is to pay off your credit card balances as soon as possible. That way, you're not susceptible to changing credit card terms.

If at all possible, don't just let the credit card go into default. See What to Do About a Minimum Payment Increase for ways you can come up with the minimum payment.

"Chase Greed" (comment # 5) has the right idea. Complain to the FTC about Chase's unfair practice. If the FTC gets enough complaints they will launch an investigation and possibly force Chase to reduce their minimum payment. To file a complaint online go to https://www.ftccomplaintassistant.gov.

Update: Some Chase customers (commenting below) have been able to retain a 2% minimum payment by contacting Chase's Proactive Solutions department (1-800-404-6220). The credit card balance gets converted to a 60-month fixed rate loan with a 2% minimum payment. The catch is that your credit card will be closed, a move that could hurt your credit score.

The Proactive Solutions department will probably ask for some income and debt information to qualify you for the new loan. After being accepted, you'll receive confirmation of the new loan within two weeks. Readers complain that managers aren't forthcoming about this loan alternative and suspicious about the legitimacy of the new loan. But, some commenters, like Matt #109 and tfab #112, have reported success.

Source: Consumerist
June 26, 2009 at 11:40 am
(1) Ruined says:

My wife had her hours cut. I took on a second job. We were proud that were working hard to keep our heads above water after medical bills almost sank us. We moved a large balance to Chase for their touted “Lifetime Low Interest.” It helped.
We’ve never missed a payment, never been late and were making progress.
We have a 3 year old and are on a tight budget.
Our minimum payment just went from $200 to $500 a month. Instantly. We simply don’t have that money. We would have in a year or so as our hard work paid off, but we won’t now.
Everything has changed now. We can expect a huge hike in interest and fees as we can’t pay this, and of course, the other credit card we have will immediately hike our rates when this affects our credit.
It is almost as if they want thousands of people to default or declare bankruptcy.
It’s disgusting that this is legal in our country. It feels like bait and switch.
It’s amazing that the people at the helm of Chase can’t see how this is going to further hurt our economy. Of course the hurt to their customers who took their low rate offer and have been paying a fixed amount on time for the last year is of no concern.
Apparently, not getting paid is better than being paid in full following their original terms.
Working hard and trying to be a good guy, you really do finish last.

June 26, 2009 at 12:59 pm
(2) Natalie Sullivan says:

GOOD to have a triple Payment? Are you crazy! This will ruin my credit I have tried SO HARD to keep Clean. With Both of us self employed and both of us have half of our income due to the economy. As we struggle to stay afloat, this will likely put us into bancruptcy. Even if I cancel our health insurance, making us yet ANOTHER uninsured casualty. Another credit ruinied. ANOTHER Bankcrupcy!? End are barely meeting. Chase credit checks were helping us keep ends meet. CHASE SUCKS. They offer No Negotiation:(

June 26, 2009 at 2:07 pm
(3) Ang says:

I just got the notice in the mail today. My payment will go from $282 to more than $600. I can’t afford that. I can transfer part of the balance to other cards, so that my payment for Chase will increase by only $100 a month. But if my other card issuers do the same thing, I’m sunk. I’ve been working to pay off my debt and am on a 3-year plan for paying it off ENTIRELY. But this really throws a wrench in the works. I’m seriously considering canceling my health insurance (I’m self employed) because that will save me $171 a month. It seems we can’t win.

June 26, 2009 at 5:55 pm
(4) Poor House says:

We have two Chase cards both with low interest rates. We have never been late on a payment and have almost always paid more than the minimum. We got the letter in the mail a couple of days ago on one of the cards with 3.99% interest (special offer) that starting in August our payment will more than double from about $350 per month to about $875 per month. I’m pretty sure we will not be able to handle the increase. Things are super tight as it is. We are self employed and business has been way down. If they do the same to the second card which I am assuming they will there will be absolutely now way for sure. I’m thinking filling bankruptcy may be the best bet. This way the can stick it and get nothing. Yes this would ruin our excellent credit rating but I am guessing it would be ruined anyway. I’m certainly not going to refinance with a secured loan. In these uncertain times that would not be smart. Bankruptcy is probably best for us whether chapter 7 or chapter 13. Either way they get much less or nothing at all. I think Chase is making a big mistake and will be losing many of their best customers.

June 26, 2009 at 11:05 pm
(5) Chase Greed says:

File your complaints with the FTC people!
This is wrong and outrageous!


Contact your Senators and Congressmen.
Contact your local news.
This needs to be outed.

Chase is ruining the lives of thousands of families with their arbitrary decision and their greed.

June 27, 2009 at 4:39 am
(6) Dmitry says:

Thanks to ‘Chase Greed’ for ftc link. Just filed a complaint. Took a bit of time but feel better.

If you want things changed – do something.

Blog is good, but complaint to federal authorities is better. I’m sure that 800,000 customers affected is a critical mass to make this robbery and torture highly visible in congress, etc.


June 27, 2009 at 5:02 pm
(7) Foster says:

I have had an account with Chase for over 25 years and never missed a payment. My credit rating is above excellent, but now for the first time in my life I will have to default and possibly file bankruptcy. Chase makes a lot of money off people who work hard to do the right thing, but Chase apparently feels no obligation to ever do the right thing. What Chase is doing may be legal, but it is completely unscrupulous and a perfect example of unrestrained greed. I filed a complaint with the FTC and I hope everyone concerned does the same.

June 27, 2009 at 7:55 pm
(8) marge11 says:

I have also filed a complaint with the FTC and the OCC whom Chase is saying mandated the payment increase. I am calling this the CHASE PANDEMIC of 2009, which with the first round in Jan has now taken the lives of over 1 million!!
If I die over this I have asked my family to file a wrongful death suit.

June 28, 2009 at 12:44 am
(9) Foster says:

Marge11 is correct about the OCC mandate. I spoke to a very polite service rep at Chase and it is true that the OCC required these changes. The OCC is part of the Dept of Treasury and the Treasury is part of the Obama administration. I have also learned that President Obama is aware of these changes and approved of them. Can someone please confirm this info? I wouldn’t expect too much help from the government or the news media with this problem. Chase will naturally catch all the blame for this crisis.

June 28, 2009 at 1:17 am
(10) OCC Nope says:

It is not the OCC from what I can tell. The OCC required that a least a portion of the minimum payment goes towards principle. With these low APR loans a 2% minimum payment still pays down the principle. It has nothing to do with the OCC and everything to do with the greed and immoral behavior of Chase. Chase wants people to default so they can raise their interest rates or for them to pay the loan off.

“Along with the other Federal banking regulators, the OCC issued guidance in January 2003 that required changes in credit card lending and account management practices. The guidance applies to all financial institutions that issue credit cards.

One of the new requirements is to increase the minimum payment amount so that at least a portion of that payment goes toward the principal. This ensures that the debt amortizes.”

June 28, 2009 at 1:51 am
(11) Greedy says:

I filed a complaint with the FTC and my State AG. Same thing happened to me with the sudden increase in minimum payments. I will fight this because my only alternative is bankruptcy.

June 28, 2009 at 8:03 am
(12) marge11 says:

Chase is just using the occ as a scapegoat for these accounts. I pay $700.00 per month now and $600.00 goes to principle!! I am at 4.99% The occ wants it balanced when they are charging HIGH interest rates. Non of these account are high, that is why we are being targeted and the only reason. I have seen nothing from Chase changing the min payment on any of the other accounts. And don’t forget they are happy to give the 2% min payment back if you agree to a higher variable rate that they can change at will.

June 28, 2009 at 2:56 pm
(13) worry says:

Just submitted the complaint with FTC.
I’m also writing to local/national news.
We have to be louder or they won’t hear us.

- I’d love to pay down the debt if I could, but paychecks getting smaller, bonus is out of the question..at least job is still here, BUT this is just wrong.

June 29, 2009 at 2:44 pm
(14) Jenni says:

We have to concentrate on what we can do. Follow “chase greed”s advice below -

File a complaint with the ftc.

Write your senators and congressmen.

Contact your local news (because you won’t be spending money in your local economy anymore, they won’t be collecting sales tax revenues)

Write MR. JAMES DIMON, Chairman & Chief Executive Officer
JPMorgan Chase & Co.
Corporate Headquarters
270 Park Ave.
New York, NY 10017-2070

Write the Chase Board Members – same address!

Post this information on other boards with your story.

June 29, 2009 at 6:45 pm
(15) digiscrapper says:

here’s contact info for the Chase CEO’s


June 30, 2009 at 7:37 pm
(16) Extremely Iritated says:

I have contacted a lawyer in regard to this situation. Calling Chase goes nowhere. I explained that I simply could not afford 5% and that if they wanted their money they should take the 2% I had agreed to – or maybe I would just default on it. They offered to give me a number for a credit counseling service. I said “I wouldn’t be in this situation if it wasn’t for your immoral practices!” I was hot and it was getting me nowhere. My credit is A-1, never late on anything but none of that matters. I decided rather than to screw up my credit, to go to my bank for a personal loan. I am still interested in what the lawyer has to say but for now, I will pay the greed stricken company off and they will NEVER get my business again. I’m tearing up all my credit cards. I hope that this company loses their butts in defaulted accounts….

June 30, 2009 at 8:31 pm
(17) kara says:

An FTC complaint may be the answer. Just filed one at their website, and they do try to make it friendly. You don’t have to fill in all the blanks that don’t apply to your situtation. Just go thru the screens until you get to the free text block at the end, that’s how I did it, and it only took about 10 minutes to file it. What can it hurt? The attorney general of NY state is great at fending off some of these attacks on consumers, but he can’t do it all. Complain to the FTC, complain to your reps in Congress, complain to the horrid Chase credit card company.
It DOES seem they are out to ruin some of us, and get these low rate balance transfers off their books in the process. Talk about a non-caring company, they are the epitome! Now, I’d gladly pay a $10 monthly fee. Guess this was their #2 step in their scheme to get the $$$ to pay back the TARP, and fund all those other customers who are defaulting on them. I understand they have to stay afloat, too, but killing part of the goose flock is not their answer. Maybe our eggs are NOT so golden as the people stuck paying over 10%, but that is greed. 4, 5 or 6% is a fairly decent return on your money in this economy, and that’s what we’ve been paying them, regularly. They want more, they don’t care how they get it.

July 1, 2009 at 12:45 am
(18) jason says:

unbelievable. file a complaint with the ftc, call your congress people. calling chase won’t do a thing.

July 1, 2009 at 1:30 am
(19) Mel says:

I received the notice from Chase today re. the 5% min. increase. My current minimum is $524 and it will increase to $1310, $786 more per month when funds are already tight. We initially transferred our high int. balances to Chase bec. of the 3.99% fixed rate for the life of the loan. They were more than happy for us to do this 2 years ago. After speaking to customer srvc. today, we apparently are not “profitable enough” for them. According to them, the administration of the account and our current interest rate costs them more in terms of the interest rate that they then have to pay on this amount. We’ve always paid on time and have excellent credit. I don’t want to file bankruptcy or credit counseling, but I may not have any choice. What does great credit mean these days anyway? However, I looked into the new Chapter 7 requirements and we may not even be qualified so I may have to consider Chapter 13. BTW, Chase says that they don’t even care if we file default on the account and file bankruptcy because their insurance. I wanted to clarify that these days, the taxpayers are their insurers with these bail-outs. Why waste my breath…the Chase reps. have all been given the same spill to read off to their customers. Don’t even bother asking for a manager to speak to. Either way, I guess we’re paying the price. I’ll file a complaint with the FTC to help bring light to this situation. I hope everyone else does too.

July 1, 2009 at 8:18 am
(20) Almost_Chased_Away says:

I got the same letter from Chase. Minimum payment would have increased over $800/month. I’ve never been late. There is absoulutely no way I can afford nearly $10,000/year more in payments; I would default if I couldn’t refinance the debt.

I called regular customer service and was connected, like Foster (above) to a very polite, very knowledgeable CSR. I almost think that Chase was using their caller ANI system to route calls from people who had gotten the letters to a special group of CSR’s.

There was no discussion of OCC rules, and I hope that rumor is squelched immediately.

Anyway, I was polite with the CSR and he referred me to another division (“internal hardship”) who might be able to work with me. I called that department (talk about long hold times!) and eventually spoke with one of their specialists.

The outcome: Chase has converted my 4.99% revolving balance to a 2% APR installment loan with a fixed 5-year repayment period. The change results in closing of my credit card accounts, but no negative credit report entry will result. There is no “buydown” or reduction in principal involved. The fixed monthly payment is lower than my current minimum payment.

I am overjoyed!

I am still trying to figure out what Chase’s motivation is here. They are losing out on a lot of interest from me, and I didn’t ask for anything like an APR reduction. I believe that, for a large number of balance transfer customers, the initial increase in minimum payment would result in a lot of defaults, which CAN’T be good for Chase in the long run: remember, these loans are unsecured, and colletion of a defaulted account is extremely difficult.

I believe that it is the revolving balances that Chase is trying to get rid of. Perhaps installment loans, with a fixed monthly payment and – most important – a fixed repayment date, look better on balance sheets and to regulators. Revolving accounts represent a high risk for the lenders, the customer has the ability to keep borrowing more (up to whatever credit limit is imposed), and there is absolutely no certainty about repayment time frames. I believe that in the long run, converting some of these revolving balances to installment balances provides more stability for Chase’s portfolios, and by getting customers’ attention with the outrageous minimum payment increases, Chase has been able to force customers to contact them and modify their accounts.

I am very happy with the new terms of my Chase account. I had intended to seek a personal loan or a home equity loan to pay off the Chase balance, and instead I have ended up with the same thing but better: it is not a lien on my home like an equity loan would be, and it is at 2% APR!

I question Chase’s technique and lack of customer service acumen, but I am totally satisfied with the outcome in my case.

July 1, 2009 at 5:21 pm
(21) marge11 says:

Almost Chased Away,

You are the ONLY one that has received this kind of treatment from ALL the blogs out there. I have called 3 times with out being given any solutions and the last time I called they told me to quit calling because your questions have been answered. WHO DID YOU SAY YOU WORK FOR?????

July 1, 2009 at 7:22 pm
(22) Kevin says:

I just got off of the phone with Chase and shockingly had the same experience as Almost Chased Away. After the stories I had read over the last week, when I called in, I was completely prepared for a heated battle that would include phrases such as ‘bait and switch’ and ‘have you no soul?’ followed by a massive letter writing campaign. I was speechless when I was offered the payent plan at a LOWER APR and a LOWER minum payment designed to have me completly paid off in 5 years. I’m not sure why only a handful of people are offered this program while the majority it seems are being forced into far less favorable terms. Prehaps it’s a forula based on your debt vs. income or maybe it’s as simple as getting a CSR that’s in a generous mood. Either way, I would encourage anyone who has had a bad expereince to call back and keep calling until they offer this plan to you.

July 1, 2009 at 8:31 pm
(23) Extremely Irritated says:

LOL – Can you believe I went to the post with the link for the execs at Chase and I emailed Mr. Diamon or whatever the heck his name is. The next day I got a call from his office (not him though) and was told that they could give me the same 3.99 rate I have with the same minimum payment for 5 years. I had questioned the legality of their practices. I did get a loan and paid it off because I have good credit and they peeved me off – they will never get another dime from me. But try the link and email to see if they offer you the same….

July 1, 2009 at 8:33 pm
(24) Extremely Irriated says:

The link is from comment #15……

July 1, 2009 at 11:09 pm
(25) marge11 says:

Ok now there is 3 of you that have been offered great options. Did you get that in writing? My other concern is exactly how is it reported on your credit report. I have read blogs that it show up as payment settlement, unable to make min payment etc. Did they tell you exactly how it will be reported?

July 2, 2009 at 12:17 am
(26) OhioMike says:

Like Almost Chased Away, I recieved notice of a minimum payment increase from 2% to 5% and contacted Chase to attempt resolution. Being polite is critical, but I also expressed surprise at being forced towards default in light of the fact that only part of my balance was at promotional APRs; another good portion of it was at much higher rates. My current rate was about 10%, but as I paid perchance the balance down, it was destined to climb to over 19% with several Gs left to go. I explained to the CSR and then the hardship department that in the face of pay cuts I had found an additional job, and that if not able to maintain my current payments (minimum plus about $100 bucks)–if my minimum was increased to 5%–not only Chase but several other accounts would fold like a card deck. Being accountable for debts incurred is very important to me and i honestly would rather die working 100 hrs a week rather then default, but there is nothing more that I can do then I am now. The hardship dept. reviewed my current (reduced!) income and debt obligations and evidently applied for a personal loan to refinance the frozen credit card. Unlike Almost Chased Away, my fixed interest rate over 60 months is 6%, however the fixed payment is about 20 bucks less then my july minimum payment was and the loan will be cleared if all payments are made timely. There is no prepayment penality either, so i can continue to work on higher rate obligations before turning full attention to this loan. Although after reading the above i kind of wish i had recieved a 2% rate (of course!), I am extreamly grateful to be given the opportunity to make good on my obligation to chase and found the resolution to be more then reasonable. I wish I had not the debts I do, but at least I still have a fighting chance to survive this episode financially intact. I was told that with timely payments, my credit rating would not be adversly effected (it had been harmed when I choose to freeze the card 6 months ago, but i expected that and simply had to take reasonable steps in light of my job situation).

July 2, 2009 at 11:33 am
(27) Almost_Chased_Away says:

Interesting responses! I am glad to see that some other Chase customers are getting offers similar to the one I got, because “if it sounds too good to be true, it probably is”…but since others are getting the same offers I’m less skeptical.

Marge11, I do not have the new terms in writing yet; the CSR said I’d receive written confirmation, and also advised me to call their department back in 5 – 7 days to verify everything. So, yes, I still haven’t opened the champagne yet (although I wouldn’t waste money on champagne anyway). I’m anxiously awaiting the written notice.

As for how it is reported: the CSR said that it would be reported as “account closed by customer”, which has minor, if any, negative credit ramifications. Now since it is a modification of terms, it can – due to FICO’s bizarre algorithms – cause a temporary dip of a few FICO points even if there is no negative credit entry.

I established very clearly that there was absolutely no reduction in principal involved, since that sort of “settlement” indeed does have negative credit implications, as well as possible income tax ramifications.

OhioMike, it sounds as if your offer of 6% is still an overall reduction in interest rate, since you said that most of your current balance was financed at 10%. So, your deal seems pretty generous too.

The one thing I’m seeing in common with all these offers from Chase: the 5-year fixed payment schedule. That gives more credibility to my theory that Chase is trying to force a lot of indefinite-end revolving balances off their books, and convert them to fixed 5-year loans. They’re even willing to reduce APR’s to do so.

My recommendation to my fellow “dissed” Chase customers is still: call customer service; be polite; be patient; call the “hardship” or “Solutions” number they give you; be even more patient; give accurate information on income and other indebtedeness; ask a lot of questions and make sure you are fully aware of the terms of any new offer you receive. It looks as if there is help out there for many of us.

July 2, 2009 at 1:22 pm
(28) cailico says:

Spoke with Chase today and was offered same deal. Fixed payment for 5 years at 2.3% fixed as long as I do not default. My payment is now $67.00 less a month than my current minimum due. Interest rate went from 4.9% to 2.3%. No negative credit report, only will show account closed by consumer (still not good, but at this point its better than defaulting). This new agreement really feels to good to be true. I have no other options available at this time. I cannot afford a $1200.00 a month increase in payments. I accepted the deal and we will see from there. I am to recieve notification of these changes in the mail within the next two weeks.

July 2, 2009 at 3:03 pm
(29) Mark says:

Good thing I already paid them off and will not use them any more. Doing the Dave Ramsey thing, trying to be debt-free.

July 2, 2009 at 3:55 pm
(30) Jill says:

I just got off the phone with Chase. I spoke to a CSR first and explained my situation with the increase in the minimum payment. I told him I read about the 5 year loan they were offering and he told me this is thru their Hardship Department. He told me he wasn’t sure about the interest rate but he thought it was around 12% and that my credit report would show that the account was closed by Chase. I decided to speak to someone in the Hardship Department before making a decision. I’m glad I did because I qualified for a 2% interest rate over 5 years with no prepayment penalty. Also, because my account is current, my credit card will be reported as closed by consumer to the credit agencies.

This is a federal program that Chase has to offer to those people who qualify. The rep I spoke to asked five questions…monthly income after taxes, monthly rent/mortgage amount, second mortgage amount if I have one, total amount of any installment loans (car loans, etc), and minimum payment amount of all credit cards. Once I make my first payment (due on 7/10 – which was my credit card due date), a letter will be generated and sent to me with the terms of the loan.

July 2, 2009 at 6:44 pm
(31) Aaron says:

I do not know who is spreading this rumor about Chase, but it is not true. I have the word of a representative at Chase TODAY that they have no Hardship Department that will renegociate the terms of this situation. The rep was quite adamant that Chase will not change the new terms of the agreement and still demands a 5% monthly payment.

July 2, 2009 at 8:06 pm
(32) Kevin says:


I guarentee you it is not a rumor. While in the back of my mind I am still waiting for the catch, this is a real program that was offered to me. I’m not sure of the exact name of the deparment I was refered to, but it was something to the effect of “Solutions Center” or “Special Solutions”. Their direct number is 877.890.2941. I’m relly puzzled as to why some of us are being offered this program right away, while others are being told that it doesn’t exist, but it’s definately out there.

July 2, 2009 at 8:20 pm
(33) picshp says:

I have never posted anything online before, but I just have to thank you for the recent posts! Because of your posts I was able to get my balance switched to a fixed, 60 month at 2%. I talked with the customer service rep (called the number listed on my bill and on the back of my credit card) and they refused to offer any solutions. I asked about talking to someone in the hardship department and they refused to give me a number and only offered credit counseling numbers. They were unwilling to offer anything else. I went online to chase.com and found another number… (800)935-9935. I asked for the hardship department. They were kind and asked income questions along with any other loans, credit card minimums, etc. I can actually breathe now and not stress about how to possibly come up with the new minimum payment of 5% in August.

July 2, 2009 at 8:27 pm
(34) Cailico says:

Not to burst any bubbles, but there was a post on consumeraffairs.com about someone who went through the same process of the “hardship dept” got the fixed payment for 5 years, supplied the necessary income/debt info and received a letter few days later stating they did not qualify for a hardship and are now back to the 5% minimum payment problem. Please if anyone gets info from Chase regarding their approval or disapproval let us know. I thought it was too good to be true, I’ll be stalking my mailman for the next few days.

July 2, 2009 at 8:58 pm
(35) Surprised says:

I called chase today concerning my payment increase on the account. After getting the same old “there is no option to get out of this” from customer service I asked for the hardship department. My previous int rate average on the acct was 4.75%. After speaking with the hardship department I came to find out that Chase is required to offer card holders a payment program if they are not able to afford the new terms on the account. I have other credit cards with Chase but the hardship department stated that because this was the only account affected that this is the only accout that would automaticly qualify for a payment program. Also I found out that they have to “match” your current interest rate and cannot legally place you on a payment program at a higher rate. The closest program they had for me was a 5 year fixed payment program at a 2% interest rate. Yay! it was better than what I was paying on my account. The account will be closed but will reflect on my credit report as closed by card member. The hardship department explained to me because the 2% was not automatic on my account that they had to submit an exception request to the back office which would take 5-7 days to approve but that it will automaticly approve because of the new terms that changed. I agree that I do not see how Chase is going to get anything out of this considering the fact that I’m paying less in interest a month and I can pay the account off with no pre payment penalities. Please do not get fooled that there is no way out of this. If you talk to the customer service and they are not willing to help you, which they probably won’t, ask to speak with the hardship department. Explain to them that the new payments will be hard for you to keep up with and as long as your debt to income ratio is not out of balance they will place you on the payment progam almost immediately. I cannot believe a company would treat there long time loyal customers this way but in return they are going to end up bitting it big because they will have less money coming in. Just be patient with the hardship department and they have to work with you. Best of luck to you all and I hope you get better interest rate as I did.

July 2, 2009 at 9:17 pm
(36) Aaron says:

Interesting. When I asked for the Hardship Dept, I was told there was no hardship department. I was told there was no one else I could talk to there, but they could give me the phone numbers of some credit counseling agencies. I wonder, does it depend on which customer rep you happen to reach???
I have been calling the phone number on the back of my card, btw. Reached two different reps, the 1st one said there was nothing he could do. The 2nd one was the one who claimed there was no Hardship Dept, or any department in the company that would/could renegociate the terms of this.
Such varying experiences with the same credit card company, what to believe?

July 2, 2009 at 10:34 pm
(37) picshp says:

Aaron…try the number in the posts above. It’s worth a try…

July 2, 2009 at 11:22 pm
(38) also_called says:

I called Chase and was transferred to what I assume was the Hardship Dept. The man I spoke with mentioned what sounds like the fixed repayment program being referenced here. He told me that would mean I would have to close my card. I told him I didn’t want this option since it will negatively impact my credit report (much of my debt is on this card and if I close it my debt to credit ratio will take a big hit). That being said, taking this option is certainly better than missing payments. Does anyone know how much this will impact overall credit rating? Since I did not want this option, the man I spoke with also told me to call back after I receive my first statement with the increased minimum payment, because I may have more negotiating power at that point (i.e. call when I really can’t pay). I do not trust that advice- seems like quite a gamble with potentially very damaging consequences for me.

I’d love to hear back from those previous posters who closed their cards and took the fixed payment deal in a few weeks to make sure they did indeed get the deal promised. And would also love to know what the change in credit score was (if you know). And thanks for all your stories.

July 3, 2009 at 12:12 am
(39) MessedUpByChaseBigTime says:

Chase victimized about four hundred thousand customers at the beginning of 2009. The OCC, FTC, Congress, etc. have all been contacted by that round of Chase victims, with little result. I hope that people will still continue to fight. Now that more people are being targeted, the leadership of this country may finally listen, especially with the jobless and bankruptcy rates going up.

If you would like a good list of resources to fight the evil institution that is Chase, I recommend the blog changeinterms.com.

Have you seen the commercial spoof about the Chase minimum payment increase? Check it out at http://www.youtube.com/watch?v=vt-a_8LYzrw.

July 3, 2009 at 12:22 am
(40) MessedUpByChaseBigTime says:

If this link doesn’t work


look for the Chaise Credit Card Diet!

July 3, 2009 at 1:53 am
(41) needfumigatin says:

Anybody try to figure out what that phone number is, that picshp gives? That number, 877-890-2941 when you google it, gives results for complaints from people about getting phone calls from it. I wonder if it’s some company called Credit Solutions? Can’t find info about such a company, but be careful about giving your private info –income, credit balance etc., to anyone you don’t know. How do we know who this phone number belongs to? A few anonymous posts urging us to call it, with some dubious claims that they have resolved the latest problems with Chase. Anybody else’s uh-oh antenna going off?

And BTW, don’t pay off Chase early because of this. That’s exactly what they want! We still have the low % aprs. I suspect the class action lawsuits already in work, will squelch Chase’s dirty little schemes B4 long. I feel un-clean just having talked to them on the phone. Yukk, can you imagine anything worse than being one of their lowly CRs? Skunky job for a skunky corporation.

July 3, 2009 at 5:34 am
(42) anna856 says:

“Even though a higher minimum payment hurts initially and takes some getting used to, it’s better in the long run because you’re able to pay off your debt quicker and end up paying less interest”
Is thinking prohibited in this land? People can’t afford this change and they are fed this garbage.

July 3, 2009 at 10:59 am
(43) Tonya says:

My sentiments exactly, anna856. I’ve even read other online articles suggesting that those of us who are affected by Chase’s more than double minimum payment just need to adjust our lifestyles a little bit and cut down to the bare necessities and they recommend cutting out your cable, your land line telephone, going out to eat etc. While that may help some people whose minimum payments have went up by 300-500 dollars, it’s not going to help people whose minimum payments have went up $1,000.00 or more!! What are we suppose to do? Sell one of our kidneys? People simply can not make the minimum payment-simple as that!!

July 3, 2009 at 11:26 am
(44) Clyde says:

Default on chase let the greedy company loose more money Chase is slime

July 3, 2009 at 12:42 pm
(45) ronald dale says:

Thanks everyone for all the research…

here is representative note I sent to whitehouse.gov, edschultz show, tom hartman show…et al

Media exposure..with Chase name up front might help..if nothing only to give us more time to work on alternatives


I listen daily here in Chicago…and wanted to make you aware of more bank hegemony..


Chase credit card holders..were given one month notice that minimum payments up 150%…100′s of thousands of on time hardworking folks will now be forced to bankruptcy…

I sent to whitehouse.gov etal….any mention by you would help us all..It is sad such fallout to chase customers could happen..yet the institution gets protected

Thx Ron

July 3, 2009 at 1:59 pm
(46) RONALD DALE says:

I have contacted my senator, congressman, talkshow hosts..both radio and television..and ftc complaint…..

It occured to me that the time allowance is just as eggregous…

So 150%…30 day notice…protected/bailed out banks are not only not cooperating but we are worse off than before…

I believe this story needs media attention and this will be the only possibility for some relief….MSNBC and CNN is next..

Let us keep at it

Ronald Dale

July 3, 2009 at 5:57 pm
(47) Aaron says:

thx to MessedUpByChaseBigtime,
for that link to the Chaise CC Diet. Funny, well done, good enough to run in prime time! Wish it would.

July 3, 2009 at 7:25 pm
(48) picshp says:

Just to clarify…the number you listed is not what I posted. I went to chase.com and listed their number as (800)935-9935. I will be waiting to see if it actually comes through. It still is a glimmer of hope for some of us unable to make the new minimum payment.

July 4, 2009 at 7:47 am
(49) CMW says:

My mother and I have several credit card accounts with Chase and received notice that the minimum payment on these account are going to be increase from 2% to 5%. We share a house hold together and there is no way either of us can afford the increases on our payments.

My mom lives on social security benefits and a small pension and I myself work for a company that has been hit hard by the economic and has forced us to take pay cuts.

I am very upset as this change in your policy which may lead us to file for bankruptcy. This is just killing my mother who has been distraught since we receive these account change notices from Chase.

I have tried to call and speak to customer service representative, but have not been able to resolve this issue.

July 4, 2009 at 11:35 am
(50) GloomyAboutTheFuture says:

I find it infuriating that Congress had the opportunity to address this problem IMMEDIATELY with the so-called Credit Card Reform Act. Instead, they chose to be influenced by the obscene amount of lobbying from the banking industry. So we all have to wait until next year for any kind of relief. This country will probably be in a deep recession and a lot of people will be bankrupt by then. Get ready for the next “banking crisis” folks. Who do you think will be bailed out – AGAIN?! Not the American taxpayer, that is for sure. We only subsidize these fools. They think we’re foolish, because we think if we just work hard and pay our ever-increasing taxes and bills, maybe we can enjoy some peace and a little (just a teeny bit, please) bit of prosperity.

Incidentally, the “reform” does NOT cap interest rates or address minimum payment increases. I believe it also does not mandate Opt-out conditions, either.

Thanks for nothing Congress. Who do you represent, by the way?

Certain banks and businesses are considered “too big to fail”. I think the American taxpayers should be at the top of that list.

P.S. Everyone should still contact their representatives to let them know that we are watching them and we are NOT IMPRESSED. Harass the heck out of them.

July 4, 2009 at 12:01 pm
(51) marge11 says:


Very well written!! I think we can change that to Deep Depression in the economy and our mental status. Stress shortens lives by several years….THANKS CHASE…..During the Great Depression the Beer sales rose dramatically, maybe we should just stop making our payments and invest in Budweiser!

July 4, 2009 at 1:22 pm
(52) Sam says:

Carter Franke threatened to do this on March 13, 2008 when he testified in front of the House Committee on Financial Services.

Have you noticed how none of the news outlets have run with this awful story? They’ve run small pieces of it but haven’t really exploded it like it needs to be exploded – this is a huge story that affects the financial lives of one million people who have never even thought about filing for bankruptcy. Is this complacency due to Chase contributing advertising dollars to these businesses?

I’ve also written the BBB, the OCC, the FTC, the President, my Congressman, my Senators, Congresswoman Maloney, and Senator Schumer.

I do not want to settle with the devil yet – I still want to fight, even though there is no way I can survive more than a month or two of payments.

July 4, 2009 at 1:42 pm
(53) marge11 says:

Carter Franke also testified before the committee that Chase gives OPT-OUT options when terms are changed. His signature was also on many of the BT offers.

July 4, 2009 at 2:06 pm
(54) Sam says:

Marge 11, I absolutely agree with you.

Carter Franke FIRST testified he had a great relationship with ALL his customers and that he would allow a customer to opt out if they would prefer to keep their original terms in tact. He gave this testimony in front of the U.S. Senate Committee on Banking, Housing and Urban Affairs on January 25, 2007.

Less than 14 months later, he testified in front of the House Committee on Financial Services regarding the credit card reform bill (HR 5244). Franke said, “The bill requires a bank to follow payment terms which cost a great deal to implement – costs that will be passed on to consumers – and will virtually end competitive efforts to win business through low or zero interest offers. At Chase, our experience is that consumers appreciate these offers and take advantage of them. Many have become our long-term, valued customers…We believe that especially in times of economic uncertainty, our customers appreciate knowing that whatever financial strain they might face, we won’t add to it, as long as they remain in good standing with us.”

Here is the threat from Carter Franke:
“We also very strongly believe the context in which HR 5244 is being put forward argues for considerable restraint on this legislation. In this uncertain economy, with credit markets already much tighter than they have been in many years, prudence would seem to dictate extreme caution with legislation that has the potential to further restrict consumers’ access to credit…THERE IS CLEAR INDICATION THAT RESTRICTING CREDIT CARDS [with this legislation] WOULD LIKELY HAVE PAINFUL CONSEQUENCES FOR CONSUMERS AND SMALL BUSINESSES – AND EVENTUALLY FOR THE U.S. ECONOMY.”

July 4, 2009 at 2:47 pm
(55) marge11 says:

There is a post on http://www.visioncredit.org/chase-raises-minimum-payments-adds-service-fee by a Chase employee, it is worth a read, even though it gets me mad all over again. #126

July 4, 2009 at 3:01 pm
(56) Sam says:

Marge 11, thank you for the referral to the other website. It was actually nice to read that there is a decent person working at Chase. I did not know one existed.

July 4, 2009 at 3:42 pm
(57) marge11 says:

I am seeing a few blogs out there that reference a $60.00 annual fee also being imposed with this change in terms…Does anyone know anything about that??????????

July 5, 2009 at 4:29 am
(58) Joe says:

I have entered into a new contract with Chase with incredibly good terms, good for the lifetime of the contract. This is one that Chase cannot change the terms of. Here it is: I will not do business with Chase for the rest of my lifetime! For me this will be a sixty year contract! Tell all of your friends and family about this, as I’m sure they will want to sign up for this one immediately!

July 5, 2009 at 12:43 pm
(59) Sam says:

I will go one step better. We have a mortgage with Chase. NOrmally I would do anything to fulfill my financial obligations.
This time, if we are underwater when we sell, will just walk away from the mortgage.
My response to Chase: sorry, nothing we can do!

July 5, 2009 at 3:43 pm
(60) marge11 says:

I was going to make 2 payments per month on this new increase…At changeinterms.com I was warned that in doing that, even if I meet my minimum payment I would be charged fees for NOT making my minimum payment because the first payment went all to principal an not count towards the minimum payment!!!! Does anyone here pay Chase more than 1 time per month…I pay online…

July 6, 2009 at 11:17 am
(61) annie says:

for marge11: I’ve often made my payment to Chase in two separate payments, for budgeting convenience. I can’t imagine what advice you had at that other site, but it’s mistaken. I make one payment right after the new statement comes out, and the other by the due date. The sooner in the month you make a payment, the less compound interest you pay the credit card company (because your avg daily balance is less.) But you need to wait to make a payment until AFTER the new bill comes out, or it won’t apply to that month’s minimum. Should not matter how many payments you make in order to = the minimum. The website should show, day by day, how much more you need to pay toward the minimum.

July 6, 2009 at 11:28 am
(62) Sam says:

Please go to the following website and VOTE NO to the poll. Chase has been sending their trolls to vote and tipping the poll toward yes:


FYI – I am the Sam that wrote comments #52,54,and 56. I did not write comment #59.

July 6, 2009 at 1:15 pm
(63) terr says:

Luckily, this poll does not affect the legality of what this corporation of shysters is trying to do. Some of the people making comments or voting have never received an invitation to transfer a balance at a low rate for the life of the balance. Or they have not seen the promotional info given to us at the time Chase made the offers which we accepted. We all saw it, that’s all that matters.

So these ignorant ones are blowin and goin all over the place about how credit card companies have the right to do this, or the right to do that, and we shouldn’t have borrowed the money, etc. What card companies do NOT have the right to do, is deliberately deceive customers about the terms, when they transfer balances. That is what Chase did. Many of us inquired as to the monthly payments before we took the money. We were told there would be a min. payment required of around 2 % of the balance, and the terms would not change unless WE failed to make payments to them or to our other creditors. Those are straightforward terms. Chase cannot be allowed to change the terms on us in midstream. They cannot call the loans due before their time, outside of the terms which both sides agreed to at the time the offer was accepted. What if a car loan suddenly had monthly payments that went up to over twice what you were paying? Maybe some of these people who think it’s ok for Chase to do this, could relate to THAT scene. It’s not a bad thing to have credit card debt, when it helps you manage expenses by avoiding high interest rates. A deal is a deal, and to renege on a deal makes you a welcher. Chase is a welcher that consumers can’t trust. Once I pay off their tawdry, dirty little card balance, I will have nothing more to do with them. No, I won’t pay them off early, I’ll pay as agreed, will pay the minimum — under protest, if the deal they made with me is broken. They will have no more of my business ever. And I hope they perish from the face of the earth, as we don’t need any more of their kind around to take our money and practice the worst kind of deception. If the government won’t stop them, maybe public opinion outrage will, eventually.

July 6, 2009 at 1:30 pm
(64) marge11 says:


Thank you for clearing that up for me. I really did not want to call and talk to ANYONE at Chase!!

July 6, 2009 at 3:08 pm
(65) Missy says:

I was shocked to find out they are raising to percentage to 5%. I always make my minimum payment and when I can make higher payments. About a year ago they increased my credit limit (Not Using Of Course)!!! Then two months ago they gave me a skip a payment for my great payment history. Then here is a slap in the face and I see no way to make my new payment. Mine will jump from $239 to &598. Ouch! I would have to get a second job and of course I thank God every day for the job I do have. I called the customer service and did not get any where. I am going to try again!

July 6, 2009 at 5:09 pm
(66) marge11 says:

I had sent a message through my online account with Chase commenting on my displeasure with the Change in Terms…They emailed back a canned letter but also reminded me in a VERY threathning way that they can now Close My Account for ANY REASON…Today I get this in my email


You recently received an e-mail response in reference to a question or concern regarding your Chase credit card. We need your opinion on how effectively we handled your contact in order to provide the best service to our customers.

Please take a few moments and complete the brief questionnaire, which asks about this particular experience with Chase.

Your participation now will help us provide you with the best possible products and service in the future.

Note: For your security, Chase will not ask you to provide any personal information while taking this survey.


Chip Hill
Senior Vice President, Customer Experience

I really don’t think CHASE is going to want me to fill this out!!!!!

July 6, 2009 at 5:36 pm
(67) almost_chased_away says:

LOL, marge11, I think you definitely need to fill out that survey and tell them what you really think! ;-)

OK, here’s an update: I called the direct number that the CSR at the “Solutions” or “Hardship” department – or whatever it’s called – gave me last week: (877) 890-2941. That’s the number a few people posted above, and I assure you, it goes to a Chase department! Remember, the CSR last week told me to call back to confirm in 5 – 7 days.

Well, good news and…no news. Remember, I have 2 accounts affected by this change; the “exception” for one of the two has been approved and confirmed, with a fixed payment for 60 months at 2% APR as promised last week. I am satisfied with this verbal confirmation, although I will still be happy to get the promised written confirmation in the mail.

The other account is still “pending”, anthough this representative told me that that is not unusual even though the requests were both entered at the same time last week. He advised me to call back later this week.

So my advice stands: be patient, but be persistent. Call them until you get through and be firm, but be polite. I really think that for a lot of the “regular” people with good payment histories with Chase, they just want to get you onto a 60-month closed-ended loan and be done with it, so keep trying to get your terms changed if the 5% minimum payment is impossible for you to live with.

As for any possible affect on your credit: since this is considered a “modification” to your loan terms, and since the closing of your revolving accounts may place you at a higher percentage of utilization of all your open credit lines, I have been told that you may experience “a few points” drop in your FICO score for a while. As you know, almost any change in your credit profile can make your score fluctuate.

However, there is no – I repeat, no negative credit entry on your credit reports for this change. You are not being forgiven any principal, or doing some sort of “buydown”. And my take on a few FICO points is: I’m not looking to radically increase my indebtedness right now anyway, so it doesn’t worry me. My overall credit will remain “excellent” for most purposes.

July 6, 2009 at 10:43 pm
(68) marge11 says:
July 6, 2009 at 10:45 pm
(69) Willa says:

I appreciate knowing I’m not alone in this crazy boat! Last week I e-mailed my senator,etc. Tonight when I went to the FCC website to leave a complaint it said that the web site was not available…I wonder if all the complaints are slowing their servers?? I will call the numbers provided above to try for the hardship 2%/5 year loan. If it means closing my Chase account I will not miss doing business with them.

July 6, 2009 at 11:14 pm
(70) marge11 says:


Let us know how you are treated! Good Luck

July 6, 2009 at 11:47 pm
(71) atcabot says:

Just so everyone understands what is going on here… Banks are no longer going to be able to leverage their accounts at 60-to-1 when the new credit legislation comes through (this means they will have to have a reasonable amount of money in deposits to cover what they lend.) Chase has decided to go after their BEST customers who locked into low-interest rates on the virtue of their high credit scores and try to recoup that money more quickly with a new 5% minimum payment to then lend at higher interest rates to less credit-worthy (but much more profitable) customers. The fall-out is that they are then HURTING their best customers’ credit scores by lowering their debt-utilization ratios. This is APPALLING!!!! PLEASE GO WITH A CREDIT UNION FOR YOUR LENDING NEEDS! THIS IS ONE SURE WAY TO PROTEST THIS GROSS ABOMINATON OF WHAT THE CREDIT-PROTECTION LAWS WERE MEANT TO DO!!!!!!!

July 7, 2009 at 9:58 am
(72) Missy says:

I just wanted to update everyone with what I found yesterday. Remember the first time I called the individual said there was nothing they could do for me. After reading all of your comments I called again.

I called the number on the back of my card and they refered me to someone. They set me up on a 60 month repayment for 6%. They asked me if there have been any changes in income and other questions about minimum payments on other cards. The gentleman was really nice and was even laughing with me. Totally different than the first conversation I had with them in June. My payment will be just below what I was paying and they will get their money. I thin that is what it is all about. I am glad that you all posted these comments or I would be looking for a second job!

July 7, 2009 at 12:26 pm
(73) marge11 says:

For everyone that has taken a Deal…Please keep us informened down the road, even 6 months later. I am still wondering exactly how it will appear on your Credit Report…Did you get this new contract in writting????? Does it say there will be NO change of any terms includung the Payment??

Sorry I still have a hard time in Trusting Chase for any contract…I thought I had a contract before.

July 7, 2009 at 12:28 pm
(74) Theresa says:

I am one of the 850,000 people affected by this latest round. I have a 24K balance and like all of you, could not afford the “new” min. payment. I haven’t slept in almost 2 weeks since I received the notice. This seems to be the only thing I can think about. I have filed complaints with the OCC, FTC, AG, Senators, Congressmen, and anyone else who will listen. After reading several recent posts on different websites, I decided to call again and be NICE! I was referred to what they called the “Proactive Solutions Team”. 800-404-6220 was the # I was given. I called and they asked income/debt info and said I qualify for 5 year loan at 2% fixed interest. No prepayment penalty and I have to close my credit card. They said I would get confirmation in approximately 2 weeks. I do not know what makes one qualify for that rate or a much higher rate, as many of the posts I’ve read people are being offered from 6% to 17%. But with the exception of this Chase card I only have one auto loan and my home is paid off (used Chases money to pay off my house due to super low interest rate) So maybe it is just your debt/income ratio that makes the difference. I have no idea what drives any of this. All I do know is I will never ever do business with them again once this is paid off. And I will of course continue to be sick to my stomach over this for the next couple of weeks until I get confirmation in the mail that this is indeed exactly what they said it is. I’m very leary because if something is too good to be true, than it probably is. But at this point, I have no other options but to wait and see as I refuse to take out a HELOC and turn unsecured debt into secured debt. I have always been a person of principle, and every fiber of my being wants to not pay them another dime…teach them a lesson! But I know, and you know, that we will be the one to pay in the long run. Good luck to all of you, I will post again if and when I receive my confirmation of the new terms. And if anyone else has gotten the same offer I got, and you’ve gotten your written confirmation, please post it.

July 7, 2009 at 12:54 pm
(75) STEVE says:

Read every line of the agreement. Basically, what Chase writes means nothing. Whatever they said your payment was going to be, could probably change at any time at Chase’s discretion….
sorry..but I would not trust them for anything.

July 7, 2009 at 4:10 pm
(76) mandie says:

How can we KNOW that our FICO score, etc, will not be affected by making a deal with this Credit Solutions at 877-890-2941??? I don’t trust Chase, I don’t trust the Credit Solutions people not to report that I am in a “hardship” situation. As many others have reported, Chase tells me too, there is NO such dept as a Hardship Dept. Is Credit Solutions some collection agency branch within the Chase family???

July 7, 2009 at 4:16 pm
(77) Diana says:

Has anyone else, in addition to receiving the notice of increase from the 2% to 5%, received the notice that if you pay late on any one of your “Chase or Affiliated Accounts,” that the interest rate on ALL of your Chase related accounts will go to the default rate?

July 7, 2009 at 5:40 pm
(78) marge11 says:

Yes that was sent through my online statement with the threat that they could also close or suspend my account for any reason anytime!!

July 7, 2009 at 8:17 pm
(79) Joe says:

It makes no sense in the scale of humanity or any natural phenominon to go back to the bully who just beat you up, and ask him to help you heal your wounds. The bully will laugh at you and surely hurt you again.

What is natural is to retreat and do what you have to do to survive now, and then come back later with renewed strength and beat the bully into perpetual submission. The bully will then cease to exist.

What are some of you people doing?

Don’t help the bully!

Don’t trust Chase for anything!

There ARE ethical lenders (good people) out there. Find them and transfer your balances away from Chase for good.

July 7, 2009 at 11:41 pm
(80) Halley says:

The previous comment makes a lot of sense, I wouldn’t want to negociate with these liars and schemers, either. Not even a Dept. inside their outfit.

But the part about transferring balances away, this is just what this corrupt corporation wants us to do. They want out of what they promised. Some of us may have no choice but to do that. If you have another source of funds to make the extra payment to them for a few months, it might pay to hold on and wait for any outside resolution. We can be sure it won’t come from Chase, and government intervention is uncertain, lawsuits take a long time. This whole situation with credit cards has been a long time building. It was just a matter of time until the bottom echelon of the industry decided to see what it could get away with, and if they do get away with it, God help all of us who carry these FLOB deals. The other card companies are watching like a pack of wolves and forming their own plans for our destruction. We have to fight this.

July 8, 2009 at 1:11 am
(81) Joe says:

As Halley says, “But the part about transferring balances away, this is just what this corrupt corporation wants us to do.”

Don’t let this bother you. This is actually what this Chase bully seems to think is a victory over you! Let Chase think they have won. In reality Chase is quashing their own good customers! Chase management must be a bunch of incredible baffoons. The people who did business with Chase and anyone else who knows about this will NEVER be back [to Chase.]

Beat this bully in the long run. Call anybody else in the lending industry to help you out but certainly do not enter into another agreement with Chase! That would be ridiculous.

July 8, 2009 at 7:43 am
(82) steve says:

Chase’s management think that to lose a million out of millions of customers is no big deal.Think of it as the GM dealer who tries to screw the customer, not thinking of future business,just trying to make the quick buck, as compared to the honest dealer who builds relationships year after year. Which ones are still in business? They are not looking forward…only looking at what they can grab today. They dont want to know that the million customers represent millions of customers, and the one product represents several, like loans, mortgages and investments. Believe me, it will come back on Chase; maybe not this year or next, but it will in the not too distant future.

July 8, 2009 at 8:28 am
(83) cailico says:

Chase account update:

Spoke with the Chase “hardship dept,credit solutions” today in regards to my call on 7/2 in which I discussed and supplied the necessary info to have my account closed and repay my low fixed rate balance transfers accounts at the 5 year, 2% interest term. The rep I spoke to today said my accounts have been approved for this change and I will recieve the programs terms and conditions in the mail shortly after my payment post on 7/10.
In regards to how it will affect my credit report and credit score remains unknown at this time. I did print my anuual free credit report and FICO score from 7/2/09 and will continue to monitor this for many months to come.

Joe – I totally agree with your post and the bully mentality that Chase is inflicting upon us. However I carry over 38,000.00 in low fixed rate unsecure balances. I have tried several different options to move this balance away from Chase as is my desire. Unfortunatley no one has taken the bite to take on this unsecure debt. I can say that as I pay these accounts off I will never do business with Chase again and should the opportunity arrive to move this money out I will certainly do so. At the present time it’s either proceed with this solution or go bankrupt. I will not allow Chase to bankrupt me. I will keep everyone posted when I recieve the info in the mail.

July 8, 2009 at 11:36 pm
(84) Tony says:

Let’s see, in my May statement my minimum payment is $0. Then I get a notice my minimum payment is increased from 2% to 5% starting in August. And today they lowered my limit credit limit. How dare they try to ruin my credit rating! I always paid on time. And I’m not going to jump through hoops for this company!

July 9, 2009 at 9:14 am
(85) marge11 says:

Watch your statement!! Chase changed my due date AGAIN!!

July 9, 2009 at 9:54 am
(86) Good Deal says:

Actually I did the consolidation and it seemed to work out just fine for me. My $360 monthly payment 5.8% loan went down to 2% and $317 a month. I didn’t want to use that account for any other purchases anyway.
Also, I don’t think credit card companies will have those low rate deals much for a long time. So closing the account will not have any benefit. It might even help my credit score because I won’t have a credit line open. Each credit card reduces the likelyhood of another creditor extending me more credit.

July 9, 2009 at 5:39 pm
(87) Mike says:

I successfully modified my account with Chase… here’s how:
Call 800-404-6220. This is Chase “Proactive Solutions”

After verifying income and debt, they agreed to a modification. The terms I agreed to were to close the account and pay them at a fixed rate of 6% (slightly less than my current rate is after averaging a variety of BTs) payable over 60 months.

More than 2 late payments and they will revert to the current terms of the agreement. According to the rep I spoke with, who was friendly and patient actually, as long as I pay on time, the account will be reported to the credit bureaus as “Pays as agreed” (no new loan is created as it is just a modification of the existing account). They will waive all fees while under this plan. I encourage everyone who has no other option to do this.

July 9, 2009 at 5:44 pm
(88) tim says:

Hello All,

I was one of the one that got the same minimum payment increase. I’ve
never been late and pay my balances as was promised to me. It’s time
to fight back by all consumers. we are getting pushed around by all
these banks. We should make flyers and pass them to their customrs in
front of these banks and informing them on what is going on. if they
see the action people are taking they will understand their actions
wont go unpunished and they will loose business

July 9, 2009 at 6:28 pm
(89) marge11 says:

I still don’t understand the work out plans and also I don’t trust them…I thought I had a contract before…I wanted to close my account and pay what I have been paying which is $200.00 more than the minimum payment and I would of had it paid off in 3 years!!! I don’t understand why I couldn’t make that deal….”oh hey” I would still have my 4.99 rate….that they couldn’t change…I hope you are all getting these new “contracts” in writing!!

July 9, 2009 at 6:49 pm
(90) marge11 says:

This comment was posted at banktime.com and sent me into a tizzy!!!!

I let’em have it!!!

“The cardholders affected by the new minimums will be those considered “high risk,” who have been less than diligent about paying their account scrupulously in the past…”

July 9, 2009 at 9:28 pm
(91) Halley says:

I agree with marge11 that some of these comments are from people entirely unaware of the fact that Chase is selecting only the customers with the best low rate deals/best credit, to impose this payment increase on. These are the people who are more likely to pay up or to transfer the balance elsewhere, exactly what they want. Other sites include comments such as “customers who have not made much progress in paying down their balance,” — HAH! These customers are paying much MORE toward their balances, because they have the lower interest rates. Chase is happy to continue taking money from people at the 2% minimum payment, as long as plenty of the payment goes only toward interest. Those unfortunate people are the ones having problems making progress on the balances. That Stephanie Jacobson character also is quoted all over the place, saying Chase wants these people to make progress on the balances. She does the no comment bit when asked about targeting those with low balance deals. These un-truths are all over the internet, and you just can’t educate everybody. If everyone understood the true predatory nature of Chase’s action on the payment increase, and why they are not demanding accounts with high interest rates pay more each month, there would be more understanding. Follow the money.

July 10, 2009 at 5:37 pm
(92) Sandra says:

I, like many of you, got the notice of the change, but I am also one of the people who had an increase in January on another account in my husband’s name. That payment increased from $340 to $850 (down to $650 currently). I was able to absorb the first increase by borrowing from my home equity line of credit (not the best option – but it works for now – and since the payments are dropping pretty fast, I am glad to be able to pay that one. Now I get notices for 3 other accounts – Payments on those were $464 and would have been $1160. Another $696 a month!!!!! I took the advices of others and called 1-800-404-6220. I gave the info. on income and debt (don’t forget medical bills you may be paying on!). I was also offered the 2% for 5 years on each of the three accounts and as others said, the total amount will be less than what I am currently paying. I did not have to ask for the plan, because as soon as they answer, they said you are calling about the notices of minimum payment increases. I feel like a huge weight has been lifted from my shoulders. I would advice anyone else with this problem to do the same!!! CALL!!!

July 10, 2009 at 5:37 pm
(93) George says:

I have read all comments to date and I am highly skeptical of forging any new agreements with Chase. Chase Bank has been quite arbitrary and mostly uncommunicative as a whole to date, so I am concerned that fine print issues and possible fees triggered in these documents not yet received will be unfavorable to the consumer in light of a full examination.

Why does there exist all of this confusion and hard-line approach to many of us from Chase when they could have been much more open and much clearer about any possible options?? I agree that they are being very short-sighted with their lack of sensitive PR, buoyed as one commentator suggested by the fact that they now have government loan guarantees….ironically from us the taxpayers in the end.

I also find it ironic that their reasons given me for raising my minimum to 5% were “current APR’s and revolving balances associated with your account”…exactly the results from having taken them up on their balance transfer offers. Let’s not forget that Chase solicited this business from us, and we have paid upfront fees for it, too.

July 10, 2009 at 9:05 pm
(94) steve says:

George, I agree. Something doesnt make sense.
Chase, who is hungry for cash flow, is giving you 5 years to pay out the debt? At 2%, which is lower than the percentage you have now?
My bet there is a hidden clause that will jack up the rate, or the payment or both once you are out of the life of the loan deal.

July 10, 2009 at 9:26 pm
(95) jessica says:

Hope we find out soon if these agreements have undisclosed fees, or unexpected verbage on the credit report. I’m another one who will not trust Chase again. Fool me once…

July 10, 2009 at 10:21 pm
(96) marge11 says:

I wonder WHO is holding these new contracts…Is it really CHASE or another debt settlement company? Like Credit Solutions???? For anyone that made the DEAL can you still make your payments online to CHASE??

July 10, 2009 at 11:19 pm
(97) Sandra says:

I specifically asked about online payments as I utilize that method currently. They said I would be able to continue through the online payment on Chase as before. You can continue the set payment or increase the amount, as there is no penalty for early pre-payment.

July 11, 2009 at 1:10 pm
(98) joel says:

So far i have not read that anyone has anything in writing. also has anyone had the first installment taken out yet?
i was told 15th, so i am waiting. The old setup on line is still there, that is the old APR and minimum installment due. word of advice, if you want this don’t wait till you are a few days away from your old minimum due payment date!

July 11, 2009 at 3:30 pm
(99) George says:

Well, it is wonderful to be able to talk to others in the same boat to compare notes. To those of you who have made a new contract with Chase, please do share with the rest of us the terms and conditions that you receive in writing, and the final verbage on your credit report. This will help clear the air for all of us. Also to those of you who have gone this route, if you finally realize why Chase would even offer these new contracts in lieu of our current agreements, please share that with the rest of us as well. The only explanatory comment we have thus far is the commentator who feels that this may be a bookkeeping move away from open-ended liability to finite term liability for accounting purposes. Any more comments on that?

July 11, 2009 at 4:56 pm
(100) fabio says:

I imagine Chase will be more willing than ever to deal with people when the ka-ka starts hitting the fan in August, when people who failed to open the little junk mail-appearing brochure, find out their payment has been jacked up to 2 1/2 times what they expected! Frankly, I had failed to read that, and only caught wind — and boy, did it smell — of this in an online finance forum. Then I hunted for the notice among some junk mail I hadn’t gone thru yet. Yep, there it was, the little time bomb. Fuse lit, set to go off next month. I’m not calling Chase yet, I think I’ll send something in writing first, stating I’m opting out, and see what they reply to me. And yes, I am aware they say No opt out, but I feel like yanking their chain a little and making them spend some time on me.

July 11, 2009 at 6:49 pm
(101) twims says:

I just got our notice too. The gall this company has is unbelievable! Our new payment will be nearly $800/month! Or, should I say *would* be nearly $800/month, because one way or the other I will NOT be paying that much. I’m going to call about the 2% deal I’ve read about here. If I can’t get that deal, then I’ll go to my credit union, or I’ll take out a loan on my 401K – something, anything other than pay that ungodly amount. Does anybody know if you can still be a part of the class-action lawsuit if you agree to new terms with them? Actually, 2% IS a better deal (we’re currently at 4.99%) but losing that line of credit is going to effect our scores and we are going to be looking at a new (used) car soon.

July 12, 2009 at 1:14 pm
(102) Foster says:

I finally called the solutions team at 877-890-2941 and spoke with a very helpful young lady. After giving her all my info and explaining my situation, she put in a request for a change to the 60 month installment plan at the most favorable terms. A few days later she called me back and informed me that I had been approved to close my 3 credit card accounts and change them to a 60 month plan at 2% interest. She told me that I would receive a letter explaining all the terms in writing after I make the July payment on the credit cards at the regular minimum payment. The 60 month installment plan at 2% interest will take the place of the 5% minimum payment cc plan in August. Starting out my payments will be less than what I am currently paying. This works for me and allows me to avoid default and bankruptcy, but I still don’t understand why Chase is going through all this and putting so many customers through so much stress. It all seems so unnecessary.

July 12, 2009 at 1:24 pm
(103) Ang says:

Anyone who has received the lower-interest/fixed payment, installment loan deal, please contact me. I’d like to get your comment for a story pitch I’m working on for a personal finance web site. Especially if you have received the terms in writing, please email me at kaywad68 (at) yahoo.com, if you can comment. I can’t promise a story but am in the querying stage. Thanks.

July 12, 2009 at 3:39 pm
(104) marge11 says:


You need to leave your comment at changeinterms.com under the most recent headline. I would like to read that article….I am not one to trust Chase anymore and I am hoping that cardholders are not jumping out of the pan and into the fire!!

July 12, 2009 at 6:19 pm
(105) steve says:

I just read that chase is closing all Washington Mutual card holders. At the very least they are decreasing their credit lines.

July 12, 2009 at 7:34 pm
(106) marge11 says:

Here is a description for a Proactive Solutions position at CHASE…

As a Proactive Solutions Adviser, you will be responsible for receiving inbound and outbound calls from customers who are identified as a potential risk based on several criteria, including: Economically devastated geographic areas (high unemployment, high foreclosure rates, Customers near credit-limit…

I would say that CHASE created a Economically devastated geographic area EVERYWHERE!!

July 13, 2009 at 7:26 am
(107) George says:

In regards to Foster’s comment, I agree that it just doesn’t make sense for Chase to heap this stress on good customers when an option seems to be available to many. Why would they take this callous appproach? It is still worrisome to me that these new contracts are being forged verbally and presently, but that nothing in writing will be mailed until presumably after the July payments are made and the accounts are officially closed. That seems to me to be a point of no return reached without all the facts first. Why would Chase take this less than timely approach also?

July 13, 2009 at 8:37 am
(108) Missy says:

I had to leave another comment. I thought this was quite funny. I was one who called the first time and they told me they could not help me. After all of your comments I called again. They like many of you set me up on a 5 year repayment at 6%. They asked for my July payment which I authorized. Saturday in the mail I receive the confirmation of my payment in one envelope and in another envelpe there is another CREDIT INCREASE for being such a great customer! What a joke! Apparently they have not finished closing my account yet!

July 13, 2009 at 10:20 am
(109) Matt says:

I finally called 877-890-2941 (ProActive Solutions) this morning. I spoke with Jackie in Georgia, USA!! As much as I hated to cut a deal with Chase on this, Jackie was very nice and made it very simple: 2% fixed for 60 months ($44 less than I’m paying now per month) and account is permanently closed “at customer request”–so no unfavorable on credit report (I will watch this, though). Will wait impatiently to see this in writing…

July 13, 2009 at 3:40 pm
(110) screwed says:

Just wondering if anyone currently unemployed and drowning in debt was able to “qualify” for one of these 60 month Chase “hardship” repayment plans. Or do you need good job/credit rating to even get that???? My own situation is pretty dire and I am afraid to call Chase to even discuss it.

July 13, 2009 at 9:11 pm
(111) marge11 says:

I just received this in my email today…

We’re writing to let you know a change in terms notice included with your June 2009 statement for your credit card account ending in 0000 is available online. The changes will be effective on the dates listed in the notice, except we will delay until your October 2009 statement the effective date for the changes listed in the notice that you have a choice whether or not to accept. We will extend the date for you to notify us if you choose not to accept those changes until August 15, 2009.

To see your statement and notice or download them as a PDF, log on to http://www.Chase.com and go the screen with your June 2009 statement.

Note: The account above is enrolled in Paperless Statements, so you won’t receive a paper statement or notices in the mail. You can update your statement delivery preferences anytime to begin receiving paper statements again.

Please don’t reply directly to this automatically-generated e-mail message. If you have questions, please contact our Customer Support team at the phone number on the back of your card.

CardMember Services

Did anyone else get this??

July 13, 2009 at 9:59 pm
(112) tfab says:

Wanted to let those know that I did receive two confirmation letters regarding the payment plan with Chase. The letters confirmed that my account was closed by consumer and what my min. payment was and the 5 year term. They further congratulated me for taking control of my finances. Altough this payment plan has lifted a huge weight off my shoulders I have three Chase cards my payments would have increased by $600 per month between the three. I however did not fair so well with the rate. My cards had a 2.99, 3.99, 4.99 fixed (balance transfer). They gave me a fixed 6%. Not the best but we can breathe again.

July 13, 2009 at 10:34 pm
(113) marge11 says:


Does it state that this is a fixed rate and the terms cannot be changed for any reason, unless you default??

July 13, 2009 at 11:16 pm
(114) Katie says:

Ways to strike back.
1. Complain to state attorney general etc. now. There are enough of us to have political influence, let’s use it.
2. Wait until you have three months’ worth of payments left on the card so they can’t retaliate. Then pay the last three months payments by sending 100 small checks for odd amounts: $ 2.57, $ 0.41, $3.50. They have to either cash the checks using manual data entries or send the checks back and, either way, it costs them about $ 5 per check in handling fees. So you’ll be be forcing Chase to pay $ 500 to handle the 100 small checks. Well worth it. I think that I’m going to set myself a goal of sending 500 separate checks in the last six months of my loan and thereby costing Chase $ 2500. It’s perfectly legal. There is nothing in the credit card agreement that says you can’t make a payment of $ 0.37 by check. Revenge is sweet.

July 14, 2009 at 4:16 pm
(115) Brenda says:

I received my 5% increase letter in June. This would have jumped my payments up to over $1200. No way I could afford that. I have submitted complaints and have been reading a lot about this issue online. Was ready to call them and put up a stink! And I agree with many here who have said they’d love to just tell Chase to stick it! But of course I don’t want to ruin my credit. Thanks to all of you who reported on the repayment plans and phone numbers.

I just got off the phone with them. First off I called the 800-404-6220 number and it asked for my account number. Then it asks if I’m calling about the “overlimit letter I received?” Huh…what overlimit letter and why would I get one…my account is not overlimit. Anyway it put me on hold so I hung up and tried the 877-890-2941 and immediately got the Payment Solutions department. As many said, she was very nice, asked questions about my income and debt, asked how much I could afford to pay then offered me their “Balance Liquidation Program” at 6% which is the same as many othes have been offered here. I was hoping for the 2% but my locked in rates on the card were at 6.99 and 7.99% so this probably explains why the higher rate. Anyway, the same as they have told others, as soon as my next payment processed I will get a confirmation in writing. She also stated that it may take 2-3 payment periods for the actual amount and payment plan to kick in and my monthly statements may be higher, but so as long as I paid the amount agreed to in our discussion today, I would be OK. This makes me nervous, but she said that the letter that processes as soon as I make my next payment will state this.

I still don’t care for Chase, but I am definitely breating easier. I have another card with them with a low balance that I plan to cut up, and an auto loan under them that I am going to try to refinance out from under them next month. They won’t get any more of my business and I’m telling all my friends how shadey they are!

July 14, 2009 at 6:23 pm
(116) marge11 says:


So let me get this right…It may take 2 to 3 month’s for this to kick-in and even though your minimum paymnet, for example..shows $1200.00 and this new “contract” say’s you only have to pay $500.00 you are NOT going to trip a default rate!?!?

July 14, 2009 at 7:21 pm
(117) steve says:

So it looks like Chase’s game is:
1. Get the cardholder out of the protection of the fixed low rate for the life of loan.
2.Charge a rate which is higher or slightly lower for a longer period of time, giving Chase more interest.
3.Open the door for the rate and/or the payment to be changed, no matter what Chase says.
4.Hope the customer will be one minute late, so they can raise the rate to 29.99%, plus late fees.

Thats why they dont offer any relief on the original payment terms…

July 14, 2009 at 9:05 pm
(118) tfab says:

My letter states: Thank you for your interes inthe BLP. I understand that this has not been an easy decision and want to reassure you that in making this choice, you are one step closer to taking control of your finances. Participating in BLP comes w/many benefits: A fixed APR of 6% for all balances, which corresponds to a daily periodic rate of .0164, waiving over limit fees as long as you remain enrolled in the BLP and eliminating your balance within 60 months. A return check fee of $35 will apply while you are on the BLP. Continued particpation in BLP depends on our receiving at least the min. payment of $___ by teh due date each month. Additionally, payments made while onthe program apply to your principal balance first. If youare not able to satisfy the terms of teh BLP you will be removed. Upon removal, the terms of your account will change as sort forth in your Cardmember agreement. You should be aware that your charge priveleges have been revoked. I want to thank you for using BLP to get your finances back on track. If you have any questions, I encourage you to call us at 1-877-813-2008. Sincerely, Janet Gigeous.

Anyway, I did agree to these terms. I do find it ironic though that they state they are helping me get back on track with my finances when I never made a payment late, always paid on time-more than my min. payment. Had low interest rate fixed for the entire balance until paid in full. Funny they have now raised my rate and my payments are actually a little less and that is helping me?

July 14, 2009 at 9:48 pm
(119) marge11 says:


How is waving of over the limit fee’s a benefit if you are unable to charge?? I do hope that everything is on the up and up….Please keep us informed if you run into any problems….

July 14, 2009 at 10:00 pm
(120) char says:

I hate the language in that letter they wrote to you, tfab. It confirms that Chase still is imminently detestable, even if they approve a person for this BLP. (Butt-Licking Process?) thx for sharing.

July 15, 2009 at 10:14 am
(121) marge11 says:

I liked this quote from another site…

CHASE = Cheating Honest Americans Sounds Easy by Jamie Dimon

July 15, 2009 at 10:23 am
(122) George says:

I share the strong concerns of steve and margell. Charge priviledges revoked/account closed equals $0 credit limit which technically equals per credit scores an overlimit/maxed out designation when there is still a balance. A person on this BLP is always at the mercy of Chase’s gracious waiver of overlimit fees on a monthly basis and credit scores are affected.

More ominous is the received written confirmation that payments on the BLP “apply to your principal balance first” and that this original balance will be eliminated in 60 months. But what of the accrued interest due? Is the implication that while the original balance is being reduced, the interest is silently and rapidly compounding? I wonder what the true overall APR of this program really is. I fear that someone on this BLP may very well have their original balance paid down at 60 months, but then be left to pay a large interest bill still due after those 60 months. There is no way I can enroll in this BLP as long as all of the cause and effect dynamics are still dubious and undisclosed. We need a complete accounting here, without our having to keep digging for it.

July 15, 2009 at 12:52 pm
(123) steve says:

I never realized what waiving over limit fees
was! Thats true, you will always be over limit. So, this is another “life of the loan” promise by Chase. Also, if they are accruing interest seperatly,does it make a difference in the apr in total? I would think not, unless they are charging interest on the accrued interest at a different rate! So they apply 2% or 5% to the principal piece, and 30% to the accrued interest portion! Pretty smart.

July 15, 2009 at 2:33 pm
(124) Brenda says:

marge11 -

Yep that’s what they said. The statement may show $1200 but I only need to pay the amount we agreed to in our discussion. I told her that made me nervous, but she insisted that, as soon as I made my next scheduled payment (due this month and NOT part of the agreement) they would send me a letter outlining all the facts and this will clearly be stated on there.

If that letter does not come before my next payment is due at the new agreed to rate..I will certainly be making another phone call to them!

July 15, 2009 at 4:38 pm
(125) Brenda says:

OK now I’m really peeved. The 2nd CC account I had with Chase, with the really low balance–Just found it it was closed as well. We did not discuss this account, nore did I authorize them to close this account. We specifically only discussed my other account, addressed by account number and she asked for my permission to close only that account. Having both accounts closed does not bode well for my credit.

Has anyone else on here with more than one account been told they had to close all accounts? I’ll be giving them a call and will report back — but any warm fuzzies I had are long gone now.

July 15, 2009 at 4:59 pm
(126) Joe says:

Here’s what Chase should have done:

They should have instituted a graduated increase in their customers minimum payment from 2% to 5%, such that a customer’s current payment would never go up. In other words, if your payment is currently $300.00, then it will remain $300.00 from month-to-month until that amount totals 5% of your balance. After that, your minimum monthly payment would start to decrease but would still be 5% of your new balance each month.

If this policy had been instituted, Chase would not have lost millions of current and future customers. Actually to save face, they probably still could do this. Chase, are you listening?

July 15, 2009 at 7:17 pm
(127) marge11 says:


You are 100% correct!!!! That is why I got a low interest rate personal loan for the difference I will be paying each month over the next year..Since I was already paying $200.00 over the min every month, I will be back down to that payment and satisfy the 5% min in 1 year….

July 15, 2009 at 7:51 pm
(128) cbam says:

Ok, everybody who has been waiting for the other show to drop- I found it. I did not call those numbers as far as I know. I’m not sure what number I called but they agreed to lock in my entire balance at a low rate if I agreed to shut down the card. Of course I agreed. Then I got this letter in the mail:

We have carefully considered your request to participate in the BLP. I regret to inform you that at this time your credit card account does not qualify for our BLP program. I do have other payment options that may better fit your individual situation.

I encourage you to call us at 1-877-813-2008 if you have any questions about your credit card account.


Janet Gigeous
Customer Support Division

Well, I called that number and the rep was absolutely snotty with me. What’s more, she told me I was still at a 0% rate??? NOT TRUE.

Why are some people not chosen? Maybe because I live in San Francisco? The cost of living here is extremely high and we are drowning in debt just like everybody else.



Good luck to the rest of you.

By the way, the nasty rep I spoke with said there were no other options for me, so not sure if there is a captain steering the ship…

July 15, 2009 at 7:57 pm
(129) cbam says:

By the way, I filed a complaint with the FTC and I emailed all those people at Chase.

July 15, 2009 at 8:05 pm
(130) cbam says:

HI, I forgot, one more thing:

The lady I spoke with said that there was a LAW passsed saying that CC Companies have to all charge a 5% minimum payment. She said, “Haven’t you heard?” and “It’s been ALL OVER the NEWS.”

July 15, 2009 at 8:18 pm
(131) steve says:

Joe, you are missing the point…Chase does not want their credit card business. They dont need it. They received billions in bailout money. Credit card business is just a liability to them. They are trying to get rid of as many customers as they can.

July 16, 2009 at 10:35 am
(132) Matt says:

JPMorgan Chase just announced $2.7 BILLION 2nd quarter profit.

July 16, 2009 at 10:44 am
(133) george says:

Brenda, do you have any updates for us? For the rest of you, has any one received any written confirmation from Chase that clarifies the breakdown of each monthly payment in terms of principal and interest on this BLP? Any solid clarification that at the end of 60 months the total of all principal, interest, and fees will be at zero?

July 16, 2009 at 11:07 am
(134) george says:

In response to Matt’s wonderful news for us, I would like to suggest a nationwide picket of Chase facilities on Monday, August 3, 2009…..the first workday of the month that initiates these large minimum payment increases in a recessionary economy. Perhaps all picket signs would say the same thing…..CHASE: Cheating Honest Americans Seems Easy. Let the media have a heyday for one special day of unified protests. Is this a valid idea?

July 16, 2009 at 12:14 pm
(135) M says:

If anyone has the stomach to read this, I am attaching an article that appeared in today’s news. The tile is, “JPMorgan profit tops view though credit worsens” by Jonathan Stempel.

Here is the link:


Here’s a quote for you – “We are in an increasing world of haves and have-nots, and we know where JPMorgan and Goldman fall” – Michael Hecht, an analyst at JMP Securities

I think he was bragging. I was not impressed. This institution disgusts me.

July 16, 2009 at 12:39 pm
(136) STEVE says:

“The bank said in a presentation on its Web site that losses at Chase’s card services unit could reach 10 percent this year, while losses on Washington Mutual’s card portfolio would near 24 percent by the end of 2009.

Mr. Dimon said on a conference call with journalists that the credit card business was unlikely to be profitable in 2009 or 2010.”

He has got that one right! As a matter of fact, it will never be profitable, with a loss of customers they are going to experience both from Chase and Wamu.
With their leadership, they won’t be on top for long….

July 16, 2009 at 1:01 pm
(137) willa says:

Well after lots of thought and playing with numbers and while waiting for my emotions to calm down I called Chase and got the 2% arrangement and agreed to close my account.

The rep was professional and explained everything in detail. I had a $25,000 credit limit with Chase (but my balance was not near that amount)and have been a customer for years. If they can’t keep their end of a financial deal I don’t want to continue to do business with them.

I’m happy with a lower payment and will continue to pay more than required in order to be done with Chase.

As an aside, I make my payments on-line, one day I went to the local Chase office to make the payment. The teller tried to sell me a few products and about a week later I got a call from the branch manager inviting me in to discuss my financial needs. They’re great with promoting….they just don’t want the low rate credit cards floating around.

July 16, 2009 at 7:12 pm
(138) marge11 says:

I called today to verify what the language in the balance transfer checks changes meant. I had read some blogs on other sites and there was concerns that they could perhaps asses new rates on previous checks written and void our low rates…..The CSR was confused be said that many of the notices were wrong and that we were suppose to be able to opt-out of everything except the 5% min payment that was mailed by it’s self. I questioned her on being able to change the rate on the current balance, which is all BT checks….She said, no, that will only be for check written after October 1st….I then asked her to have a corrected change in terms emailed to me….If they sent out wrong notices, WHY ARE THEY NOT CORRECTING THIS???? I really don’t know if this CSR knew what she was talking about…I’m not opting out anyway unless they give me a chance to opt-out of the 5%…..

July 16, 2009 at 7:45 pm
(139) marge11 says:
July 16, 2009 at 8:57 pm
(140) steve says:

Marge…I left an appropriate comment!!
Thanks for the heads up.

July 16, 2009 at 10:15 pm
(141) marge11 says:


Great comment! There’s more now….


July 16, 2009 at 10:48 pm
(142) marge11 says:

A quote from the The Market Oracle:

“Talk about making a silk purse out of a sow’s ear. This is an obscene abuse of the accounting system – whether it’s legal or not. No wonder nobody ever went broke using accrual accounting. These guys need to be forced to recognize the money they have actually earned – not the amount they can account for using clever financial trickery.”

July 17, 2009 at 11:28 am
(143) george says:

Does there seem to be any movement by Chase to offer an opt-out as customer back-lash to this monthly payment increase continues to build? Does anyone have any specific news to report on the latest opt-out possibilities?

July 17, 2009 at 2:23 pm
(144) Jen says:

I maxed my card out because of finances and could not pay the over the limit fee and the minimum….they are offering to close the card and I guess it turns into a loan at 15% and I have to pay $140 a month. I don’t have any other choice than to do this…I hate CHASE I will be banking elsewhere.

July 17, 2009 at 3:53 pm
(145) Brenda says:

Update on my post #125 regarding my 2nd credit card with Chase that was suddenly closed. I have had this card quite a few years and for about the last 3 years I had zero balance on it. In June I was making some large on-line purchases that I had the cash for, but to protect myself in case something went wrong, I used this card. I have paid almost the full amount off aside from about $1K which I was waiting to pay off due to some resolution on one of the items I ordered. Anyway, this is an “Amazon” card which,when I spend a certain dollar amount, they send me a $25 Amazon gift certificate. I only had about $50 more to spend to get a certificate so I figured I’d buy something to make use of it. Embarrassingly I had to find out this account had been closed while trying to make this purchase!

The CSR at Chase was very cordial and it took her awhile to figure out why this account had been closed. Come to find out it was a “renewal decline”. My card expired 7/09. The month is not over, yet they “reviewed” my credit account and “opted not to renew” my card. I am so angry. I have gotten no notification of this “none renewal” in the mail even though the month is half over and my account online STILL shows it’s active and have a large available balance, and I am also out any of the reward points I had accrued.

I find this surprisingly suspicious that, two days after I talked to their “hardship department” and divulged my financial information, that his account suddently gets closed. Especially since this card was only recently used, and I have made 3 very large payments in the past month before my first statement showing my minimum charges were even received. Wow–I must be some risk huh?

This is going to look horrible on my credit record,

I WAS going to pay the rest of the balance on that card off–but now I’m not. I would prefer to pay off a large chunk of balance on one of my other credit cards from a bank that actually seems to value their good customers!

July 17, 2009 at 3:56 pm
(146) Joe says:


Respectfully, I think you’re on the wrong forum. Most people on this forum have excellent to flawless credit history. They’ve done everything right throughout their credit history and this is what allowed them to get these low-interest rate offers from Chase in the first place. Then Chase turns around on these people and “sticks it to them!” Great company huh?

July 17, 2009 at 10:08 pm
(147) M says:

I would like to suggest that people should check their credit reports to see who has made inquiries about them recently and also obtain their FICO score.

I have been checking all the blogs about this topic and it seems that a lot of Chase customers that are former WaMu customers have been having their accounts closed with little to no notice from Chase. I suspect Chase pulled their credit reports.

I also suspect this is happening all over. My CREDIT UNION (I thought Credit Unions were supposed to be the good guys!) just sent me a Change in Terms, increasing my APR, among other things. I called to inquire. They told me that they are running credit reports on everybody. My increase was due to a change in my FICO score. The only thing that could have affected my score is the increase in my minimum payments by Chase.

Great! Chase creates a problem for customers by increasing their minimum payment. Customers get their scores slammed, as a result. So the next round is – increase their APR, because of their poor FICO score. Then, force the customers into default for their inability to pay yet another increase. Then, raise their APR to the default maximum and force the customer into bankruptcy. What’s next – another taxpayer bailout for a problem they (the banks) created?

I know my point is obvious to everyone who posts at this blog. My question is – shouldn’t it be obvious to the banks and Congress? What is going on? Does Chase think their investors aren’t going to worry about FUTURE earnings/losses? I’m just plain baffled.

July 18, 2009 at 5:05 am
(148) Joe says:

I’ve got a very happy motto for everyone on this forum to use:

F’ Chase! I love it!!!!

Everytime I pass up a Chase Branch in this lovely state of California, my finger goes in the air. It’s great! Please pardon the swearing.

They can’t hurt me no matter what they try and pull… and I’ll never give them an opportunity to do so. How good is that?!

July 18, 2009 at 6:56 am
(149) pam says:

Got my confirmation letter Friday. Word for word same as tfab above except no mention of return check fee or that my charge privileges have been revoked. They did tell me the account would be closed when I spoke to them while making the original deal. Wonder why a difference in wording in letters?

July 18, 2009 at 8:14 am
(150) marge11 says:


Did you have to set-up auto payments for this?

I did read another blog that stated that the payment due would reflect a higher payment than they agreed to for 2-3 months…They were going to make the higher payment until it was corrected just to be safe.

Are you going to check your credit report after this is all set-up?

July 18, 2009 at 6:38 pm
(151) george says:

Is there any way that making those higher payments for 2-3 months which correspond to the 5% monthly minimum would be interpreted by Chase as accepting the increase instead of the BLP??

July 18, 2009 at 8:31 pm
(152) Cheryl says:

BAIT & SWITCH BS! This is one of Chase’s Dirtiest Tricks Ever. Some of these up-front fees were not limited, but were 3% with no cap, to process the low rate balance transfer. This accelerated payment sours the deal even more. Chase’s own credit card calculator uses the assumption of a 2% minimum payment, and we were told what our required payment would be! Now they want their money back sooner, well I want my dam fee back, Chase!

Bait & Switch, they’re a sunofabeech.

July 19, 2009 at 6:54 am
(153) pam says:


Did not have to do auto payments. I got a bill a week after I set up my plan which was a “regular” bill, and was told I would get the first bill with the new arrangement for the next one due in Aug. Was told nothing about higher payments for the first few bills. I figured I’d wait a few weeks to check my credit report to give any changes time to show up. I made the new arrangement with them on June 26. I’m curious about my FICO. Was 810 about a year ago, God knows what will happen to it before this is over. I’ve got a Visa with Chase that hasn’t been affected yet. Figure it’s coming though.

July 19, 2009 at 8:50 am
(154) marge11 says:


Thanks for sharing your info…Please keep us informed as to how this works out for you.

July 19, 2009 at 11:13 am
(155) Scott says:

STRIKE ONE! Called Chase yesterday about my minimum payment increase from 2% to 5% effective September 1st (unlike the majority of posters here who are affected August 1st). Explained my situation to the first rep – who said there was nothing that could be done . . . no opt out . . . no other arrangements. After pleading my case a little further, he actually offered to let me talk to his supervisor. I proceeded to plead my case again to the supervisor – who after several “that’s the way it is, the government is changing the rules, blah blah blah” said she would check to see if there were any other programs for me. I thought for sure she was going to come back and offer some sort of reprieve – maybe the conversion to the low interest 60 month “loan” that I have been reading about. To my surprise, she came back with NOTHING! NADA! ZILCH! She even had the gall to offer me the number to credit counseling of all things. Now I may be way off base here – but I was doing just fine under my original terms . . . but now you’re accusing me of mismanaging my account? My wife and I are both around 700 credit scores, never been late with any type of payment, and have a 20+ year credit history consisting of personal loans, car loans, mortgages, and revolving accounts. Gosh, we were such good customers of Chase that they increased the line on this account to over $20,000 just a month ago. Like many of you, we were also offered the opportunity to not make a minimum payment a few months back because of our expemplary payment history!

Well – I think I may have found out where this is all stemming from. We have 3 accounts with Chase. We were offered the $0 minimum payment on all 3 cards. I sent in the full 2% payment on 2 accounts anyway. On the 3rd account, I sent in enough to cover the interest that accrued on the previous bill plus a few bucks to go toward principal. Low and behold – which card do you think my payment is now increasing on? Right – the one that I only sent a partial payment. The other 2 accounts have not been affected by this change (as of yet). Anyone else out there take advantage of not having to pay the minimum that month?

I am now getting ready to call the Proactive Solutions number that has been posted in this thread multiple times (they were closed last night after I got off the phone with the rep/supervisor – who incidentally claimed they had no Proactive Solutions or hardship department). I will report back with results. Wish me luck . . .

July 19, 2009 at 12:48 pm
(156) marge11 says:


I was offered the “0″ minimum payment, but I paid more than the minimum on it and still got hit. Are you other accounts low fixed rate “life of the loan” accounts? These are all that are being targeted…

July 19, 2009 at 12:53 pm
(157) george says:

Scott, I had the same experience as margell….paid higher than minimum that month anyway and still got hit.

July 19, 2009 at 2:01 pm
(158) Scott says:

marge11/george – Yes, all 3 of our accounts have at least a portion of the balance on the 3.99/4.99 for the life of the loan. Of course, we used these checks to transfer car payments (which were at 6.99/7.99) and other bills to – which lowered our monthly payments by several hundred dollar at the time. This card alone would have gone from $220/mo. to $540/mo. under their “new terms”.

I just got off the phone with their proactive solutions department – and YES! I was offered the 2% for 60 months at $30 less than what I am currently paying. The rep was extremely understanding and helpful (almost to the point where I couldn’t believe she works for Chase =0). Anyway, I have to make one more payment (August) under the current terms (2% minimum) which they will pull automatically from my account. Beginning with the September payment, I will be on the new plan and can resume sending my payment by snail mails as we always have.

Since we have the 2 other accounts with Chase, I asked her to also review them to make sure we did not miss the change in terms on those accounts. As of right now, the other accounts have been reviewed and no action to change the terms are in the works. I am considering closing those accounts (yes – I know this will lower my FICO) in fear that it is only a matter of time before they try to raise those as well. They key word here is FEAR – I am now scared to death of what could be lurking in the mail in weeks/months to come. I just hope that I can finally rest in peace for the time being knowing that I will not default on this account due to increased payments.

For those of you who have not yet tried to work out your situation with Chase – my advice is to totally avoid calling customer service (the number on your card/bill). They will do absolutely nothing for you and try and put the blame squarely on your shoulders or give you the “government made us do it” line. Call the proactive solutions department directly (the “877″ number in the above posts) and stay calm. I know this is a particulaly upsetting situation for all of us – but as the rep stated to me, people who call up screaming and complaining will be less likely to get the resolution they are after. Plead your case sincerely, be prepared to give debt/income information, and hopefully you get the results that put you at ease.

I will check back/update on any new information I can pass along . . .

July 19, 2009 at 4:19 pm
(159) Scott says:

Just thought of something else. Since this does not seem to be geared toward just those who took advantage of the “0″ due a few months back (see margie11/george), maybe it is those accounts that used to be WAMU? Again, I have 3 accounts. All 3 accounts have the majority of the balance under the 3.99/4.99 life of the loan terms. Yet, the only one that gets dinged for the increase from 2% to 5% is the one that converted over from WAMU (card # starts with 4147 – so I know this is not an original Chase card)? Just trying to make sense as to why some accounts are chosen and some are not – when they have the same debtor??? Guess one thing is for certain – nothing makes sense in this whole ordeal . . .

July 19, 2009 at 5:29 pm
(160) george says:

Scott, I have never had WaMu. My card is a long-term original Chase. I have been tempted to call this ProActive Solutions, but I personally am bothered by too many and sundry irregularities such as closing out the account before one sees the fine print, the fact that Customer Service and its managers consistently deny any options or help available elsewhere within Chase, the possibility of receiving confusing statements for a while with a 5% minimum due but being told to only make the lower installment plan payment instead….these and more issues just cause me to want to be done with Chase forever. So I am going to try to meet their increased minimum with some jiggling and pay them off ASAP. I risk default if my plan doesn’t work, but I can’t see making another agreement with someone who has already dishonored the spirit of our original agreement.

July 19, 2009 at 7:10 pm
(161) marge11 says:

Okay, I am going to lay this out out in the line!!! I am so tired of the greater than thou, I would never use my card to run up things that are beyond my means spending that you deserve what you are getting idealistic assumptions…. My son, whom is bipolar, choose to try and commit suicide at the age of 18 by drinking acid. After 2 years in the hospitals with the total removal of his stomach and esophagus, and limited insurance, we were looking at over $400,000 in medical expenses…..YES, I could have just let my son die and not incurred these expenses!!!! He did NOT choose Bipolar, it chose him!!!!! After all was said an done, We still had over $30,000 dollars in expenses that we needed to deal with…..Those expenses were done with a BT to CHASE!!! I trusted them in my most troubled time of need!!!!! This is how they repay my trust……

July 19, 2009 at 10:00 pm
(162) steve says:

George, I feel the same way and will tough it out as long as I can.

Marge, no one is condemning you…we are all in the same boat.

July 19, 2009 at 11:07 pm
(163) Steve says:

So this ProActiv Solutions is a company under Chase which handles account holders facing inabilities to pay (or so says the job descriptions I saw for this division when I googled it). If we sign up for the program (set interest rate for 60months, closed account), it won’t report as a charge-off right? I suppose it wouldn’t as the balance is still with the bank but wanted to make sure…

July 19, 2009 at 11:28 pm
(164) Scott says:

Steve – As far as what I was told (and unfortunately, that is all I have to go by at this point), this appears as “account closed by customer” on your credit report. Therefore, I would assume we lose some FICO points due to losing the available credit cushion that helps the score. I hated to have to agree to these change in terms – since I was doing just fine under the terms I was under previously. But unfortunately for me (and gauging by the numerous posts here – many others affected by this), I currently don’t have the means to hold out and make the 5% minimum as you and george plan on doing. Wish I was in a different place with all of this, but I am kind of caught between a rock and a hard place on this one and have to accept whatever terms they propose that will allow me to keep my credit standing. Good luck to you!

July 20, 2009 at 2:17 am
(165) Foster says:

marge11-my heart goes out to you. Honorable people can be trusted to make a sincere effort to fulfill agreements. Chase broke the agreement and the trust by changing the terms. The banking lawyers that write credit card terms always include that the bank has the right to change the terms anytime for any reason. Credit card banks have been getting away with this kind of nonsense for far too long while our politicians make no effort to stop the abuse. We have done nothing wrong and yet we are treated as though we have broke the agreement and the trust.

July 20, 2009 at 5:37 am
(166) pam says:

I agree. I’m so sick of reading “Well, you shouldn’t have spent beyond your means”. Well, I DIDN’T!! My charges are mostly medical bills and expenses for helping a son get out of a really nasty marriage(for which he is paying us back). Some people just can not grasp that the people being hit with this have a very good credit history/score which is what got them the “life of balance” offers in the first place. Personally, I have been blessed to be able to always pay my bills on time, though it’s gotten tighter with salary cuts for me and my husband. This Chase thing would have pushed us over the edge if I hadn’t been able to work out something with them. And from what I’ve read a lot of people were put in the same boat. No one should be judging anyone. I haven’t seen much of that here, but other sites have been worse.

I’ll keep you posted on what this does to my credit report. BTW, I got a notice from BofA that the fixed 8.9 purchase rate that I’ve had for years has now been changed to a variable rate. Haven’t talked to them yet. Don’t owe but $170, so I may just pay it off and not use it. I’d say we’re going to see a lot more of this type of stuff while they can still get away with it. Take care.

July 20, 2009 at 11:08 am
(167) george says:

Foster, you are absolutely correct!! And Margell, my heart goes out to you as well….I am quite familiar with the bi-polar condition in those we care about.

To all, there have been comments here about BLP counselors stating that the language will show “account closed by customer” on the credit report. According to an interview that LaToya on this site did with a representative at FICO (How Closing Credit Cards Affect Your Credit Score), it doesn’t matter who closes the account…it’s closing out a card with a balance that is the detriment. Another article on this site that may be helpful is Five Credit Cards You Should Never Close.

So Steve, I am wondering if transferring balances to this ProActive Solutions may indeed result in a charge-off for Chase Bank. It depends on the legal and acounting connections between the two, and I don’t know those. But if this charge-off was so, would there be any tax consequences for those who worked the BLP? One thing that intrigues me is that BLP stands for Balance Liquidation Program as I understand it, and “liquidation” suggests to me something legal/technical involved.

July 20, 2009 at 11:15 am
(168) kathy says:


July 20, 2009 at 12:39 pm
(169) steve b says:

It seems there are two steves!
I will change to steve b, if I remember.
I have been trying to get into the “Changeinterms” website. It is either having tech difficulties, or being blocked!
As i said before, i wouldnt do any program with chase.

July 20, 2009 at 1:28 pm
(170) Almost_Chased_Away says:

OK, I have more written confirmation to share…it may or may not allay the fears expressed by some commenters.

First, I got the confirmation letter approximately one week ago. My letter was exactly like pam’s (#149), also not like tfab’s (#118) in that my letter (like pam’s) did not mention the returned check fee or the closing of the account (although the rep had informed me verbally of those terms when I called).

I pay online through the Chase site (not my bank’s online bill pay service) and I had to wait for my scheduled payment (old amount) to post. It did. Then, I had to wait for my next statement to be issued.

It came up on Chase Online today, and everything is confirmed in writing on the statement.

First, it is a totally normal-looking Chase credit card statement; no third party like ProActive Solutions is mentioned on the statement (addressing one of george’s concerns, #167 above).

Second, the “minimum payment due” is the verbally-agreed-upon amount that I discussed with the Hardship Dept (or Credit Solutions or whatever), not what 5% of the balance would have been.

Third, the APR section of the statement has changed to reflect the new 2% APR…gone are the references to Promotional Rates; all rates (Purchases, Cash Advances, Convenience Check) show as 2%.

Fourth, right below the “Account Summary”, it says “Your account is closed. Please continue to make monthly payments by the due date until your balance is paid in full”.

Fifth, in the “Account Summary” section, it lists the original credit limit, the current balance, and still shows an “available credit” amount. Since the account is closed, I wonder if keeping the old credit limit in place actually protects my FICO score, by not reflecting a numerical reduction in my open credit lines? I will only know the answer to this question by requesting a credit report, which I will do in a few months.

I’m saving this .pdf statement (I have paperless billing), just as I have saved every written notice I’ve received on this subject. I’ve also kept notes of all my conversations with CSR’s, includimg names and/or employee numbers. I feel more comfortable having this paper trail in case Chase suddenly decides to pull another friendly little “change in terms”.

However, at this time everything seems to be above-board, and I am confident that by making the new lower payment I will not incur any delinquency. I still think that one of Chase’s objectives was to force people into five-year loans in order to have a more predictable loan portfolio; as you know, if we continued to make the minimum payments due on our old revolving Chase accounts, with the minimum payment decreasing as it did by a few dollars each month, these loans might not be paid off for ten to fifteen years. Now, Chase knows that we will be paid off in five years…unless we default. They have a lot more control over their outstanding loans.

July 20, 2009 at 10:02 pm
(171) george says:

#170, thank you for such a helpful, detailed update. This is usuable information for all of us.Your reasoning in your last paragraph has merit, but then why would Chase take the heavy-handed approach that they have, when they could have offered us basic incentives to switch to these 5-year installment notes in a win-win situation?

Have you had time to compute your payment totals to see if your total Principal & total Interest amounts are covered in full by the end of the 60 months? I sure would like to know how these factor out.

July 21, 2009 at 5:58 am
(172) Chased_Away says:

‘Trust these guys, do ya Almost_Chased_Away?

In writing huh?

Wasn’t your original agreement in writing?

Didn’t that seem like a great deal at the time?

It’s OK that you were bullied into this new scheme [agreement] then, right?

SUCKER!!! (Just like me, but they’ll only get me once!)

July 21, 2009 at 6:25 am
(173) pam says:

I agree with Kathy(#168). Contact all the news networks and try to stir up a story. Chase’s standard respone that these are high risk accounts is not acceptable. They should at least come clean about why they did this. Spell it out in your comment to the news site so they’ll understand there’s more to it than what they can see on the surface. It may not do any good, but it certainly can’t hurt.

July 21, 2009 at 7:30 am
(174) george says:

I wonder what Walter Cronkite would have said to America about all this…..

July 21, 2009 at 8:00 am
(175) george says:

There are 296 pages of posted complaints to date (past 3 years) about Chase Bank card accounts on consumeraffairs.com/credit_cards/chase_credit_cards. I had read that only 5% of all the complaints this site receives about Chase are actually posted, so the total number of complaints directed to this one website must be quite large.

July 21, 2009 at 10:22 am
(176) Almost_Chased_Away says:

Chased_Away, I do not trust them. That’s why I try to keep every scrap of evidence I can. Yes, I realize that they can still screw me again no matter how much documantation I have, but at this point I have no choice but to make the new fixed payment at the 2% APR and hope for the best. I don’t have the resources to pay off the balance or transfer it to another lender, so Chase has still “got” me.

If they pull another little “switcheroo” later on, I’ll do what I can at that time.

George, when they proposed the monthly payment amount for the 5-year loan to me the first time, I put the numbers into my trusty ol’ HP-12C and calculated the monthly payment on a fully-amortizing loan for 60 months at 2% per year; the payment was within a dollar of Chase’s proposal, so it is definitely a fully-amortizing loan under the new “5-year” plan.

For people who don’t have a financial calculator, just enter your numbers into any online amortization calculator such as http://www.amortization-calc.com/ to verify the numbers on your new Chase program.

Also, I agree: why hit us (every news story still maintains that it has been Chase’s most creditworthy customers who are being screwed on this deal) over the head with a lead pipe, rather than propose the 5-year-loan option first?

I don’t know…but the big banks haven’t been known lately for making really sound business decisions; this heavy-handed but ultimately goodwill-killing tactic will probably end up being a long-term negative move for Chase, but banks (in fact, most large corporations) don’t seem too interested in long-term solutions anymore. :-( Notice that “creative accounting” has made Chase’s bottom line look good this quarter; the quarterly profit number is just about all these predators care about.

July 21, 2009 at 1:26 pm
(177) Brenda says:

It was just about a week ago I made my “deal” with the credit solutions deparment for the 6%, 5 year loan. Got a letter in the mail yesterday:

“We are pleased to let you know that we are making changes to your payment due date to give you more tim to pay. Beginning with your July or August statement, you will have an additional 5 days to submit your payment.”

Well aren’t they generous! 5 more days. Hmmmm…I’m wondering how this benefits them. I’m very doubtful it was done to benefit their card holders. There has to be a catch. Maybe they are trying to “throw me off” with my upcoming bill payment. Lull me into thinking it’s not due for another 5 days, then BAM they hit me with failure to meet their terms and up my interest to 29%. Then they’ll point out that the letter said “July OR August” statement, and tell me it was my responsibility to pay attention.

No way…I’m keeing my same payment schedule. No thanks Chase!

July 21, 2009 at 8:30 pm
(178) tfab says:

Hey all. Just so you know, Chase sent me a letter for each of my accounts with them. Two letters had the return check fee, the other did not. My online statement reflects the 6% rate, it does not have my limit as 0 though. My payments have been deducted from my checking account as an authorized payment and when I call to check to make sure that payment was applied and not still due, the automated and online systems confirm I have made my payment for the month. I like most of you agree this was geared at long time customers who have paid on time, more than the minimum with balance transfers, and not maxed out. I never charged anything after the balance transfer as we all know how those payments get applied. I firmly beleive that they needed to make more money off us so this was they way they did it. I still do not understand why some got the 2% and others like myself got the 6%. Although the 6% was higher than what I had. Additionally, I too got the 0 payment for June but still paid some on those bills.

July 22, 2009 at 7:40 am
(179) george says:

I received my “last” (maybe not, I pray!) 2% statement in the mail yesterday. The due date had been moved to 5 days later as noted on this site, but I have received no letter or official mention on the statement to that effect.

I am relieved that the amortization of this 5 year installment loan is looking normal for some so far. I myself still choose not to go that route, and NOT because I have many resources that others lack…..I am a senior on disability running a small business to supplement my income. I just cannot bring myself to make another deal with Chase, even if I shoot myself in the foot in the process. There are principles at stake here and my own honor. I am going to try what margell is doing, and that is to float the difference in monthly payments for a while with some short-term borrowing. Then as Chase payments come down, I can discontinue that subsidy and begin repaying it. It is my desire to end my relationship with Chase at the earliest possible moment!!!

July 22, 2009 at 10:05 pm
(180) TR says:

Been thinking about this for a while now, and I think what is going on here is related to the “stress tests” the banks were put through recently. As Chase paid their $25bn back, there must have been some stipulation to reduce risk and raise capital. Well, here we are..the capital “Cows.” Here’s what puzzles me…. I presently have an $11900 balance that has been paid down from $23000 on a 4.99% in the past 30 months. Obviously, I have been making more than the minimum payments, and I continue to do so. My last month’s minimum was $240, and I paid $270 within the 22 day billing cycle. As I pay weekly, this means they will be receiving $360 this month. While, as the minimum payment has been decreasing, I have been reduci ng my weekly payment as well, but I have arrived at a point where $90 a week is affordable and the balance will be paid off in 36 months. I did a rough amortization for the first 12 months of Chase’s new 5% minimum plan. They will be getting an additional $1200 from me over the next 12 months at my present payment amount BUT if I stick to the minimum payments over the life of the payoff, it would take 89 months to pay it off. Where is the logic in this story???

July 23, 2009 at 8:58 am
(181) Ann says:

to TR

I have also been trying to figure out the motives behind this unprecedented series of actions and brutal tactics against those people who have been very loyal customers for Chase. As a person in my sixties, I have never seen a business willing to create so much ill will among their own customer base. It just seems suicidal, and I believe that history will show this as the beginning of the end for Chase. All of us who have been caught in the middle of this Wall Street – government game will never again trust Chase for any business arrangements. My ivy league educated children have suggested that Chase was probably trying to get us to transfer these balances to other banks so that they could get a quick pay off. They had other theories as well, but the truth is we don’t know, and the government and the major news media have been suspiciously quiet about this whole situation. Their silence on the matter makes it even more suspicious. Lots of us have just gone underground with the determination to make sure Chase never again gets “too big to fail”. To quote Margaret Mead, “Never doubt that a small group of thoughtful committed citizens can change the world. Indeed, it is the only thing that ever has.” Everyone should keep a diary of their experiences, as there will probably be books written about this “business” move. So many honest people have been subjected to such horrible stress and brutal treatment. It will not be forgotten. Just look at the growing number of class action lawsuits. If I get a phone call to remind me of the upcoming payment, I will consider it another step in their harassment campaign. Just typical of the new Chase, a company I can’t wait to get out of my life.

July 23, 2009 at 9:59 am
(182) george says:


Your timely comment was so eloquent and so accurate!!! I’m sure you speak for most of us here. You certainly expressed my own sentiments and disappointments about this whole travesty. I think we as a group have acquired that determination of which you speak. “Too big to fail” has bred such arrogance and self-focus within Chase. I have always loved Margaret Mead; that quote was an excellent choice to encourage all of us! Thank you, Ann.

July 23, 2009 at 10:40 am
(183) eliduc says:

I called the proactive solutions department number and applying for the 60 month loan was extremely easy……but only after I read the paragraph of the above article that states that Chase is offering the loan. They aren’t volunteering anything so you have to ask for it (the hardship “program”) specifically. The terms I was given over the telephone were 2% fixed interest over 5 years with a minimum payment $20 less than I have now. This is supposed to be approved tomorrow. The other benefit is that there was a small previous high interest balance on this card. If it is not included in the loan I will be able to pay it off without having to pay the low interest balance first. That’s supposed to change anyway, when the new reforms go into effect.

July 23, 2009 at 12:32 pm
(184) AOL says:

Just a line to tell everybody that I just called the 800 number, explained that I could not make a 5% minimum payment and they offered me a solution: closed the account and paying the balance in the next 60 months with a 2% APR and a minimum monthly payment DEDUCTED directly from may checking account. This is the only catch, I assume. I can make more than the minimum payment they give me, if I want, and pay early without penalty. And they set up the auto payments from my checking already, so I don’t have to make the August payment. . According to the representative, my credit report will state that the account was closed by me. Lets see what happens. I don’t know if should trust or not. They will send confirmation by mail.

July 23, 2009 at 7:05 pm
(185) Dave says:

I too called the 800 number. My interest rate was dropped from 7.99% to 6.00% fixed. My monthly payment went down by $1.00. I will actually be able to pay this off sooner, so this is now a blessing in disguise.

July 23, 2009 at 7:14 pm
(186) Emily says:

Those of you with the 2% “proactive” five year payouts, please keep us posted. I could easily make my old 2% payment with Chase but I can’t possibly make the new 5% payment (I can dip into cash reserves and handle it for a couple of months, after that, I’m out of money). So I’m trying to figure out whether to default or take the “proactive” route. My thinking is, Chase being Chase, the “proactive” department is some new way of playing us for suckers. So I would like to know how this works for those who have tried it before I stick my neck into this new noose. Safer just to default, but I’ve always had a good credit rating and I hate to screw it up.

July 23, 2009 at 9:30 pm
(187) Ann says:

Are they changing these to personal loans so that they are no longer considered unsecured debt? And then they can change the terms again and if you can’t pay take your house???
Just wondering.

July 23, 2009 at 10:08 pm
(188) Emily says:

I’ve been trying to figure out what the catch is to the “proactive” thing because obviously there is one. If Chase wanted to help us out, Chase could simply leave the accounts alone or go for a smaller increase in minimum payment that we could actually afford to pay.

One thing, I notice that in each case where a person reports receiving a proactive agreement, the person’s monthly payment is always REDUCED to slightly below the amount their current payment would be if the existing terms remained in effect. Just a couple of dollars lower, but always lower. I think Chase wants the new agreements to have lower payments so that the new agreements will be viewed as a mere forebearance or “gift” and not a binding contract.
So Chase will still be able to change the terms at any time in the future (or, at least, Chase can claim that right).

I think they really just want to get us to talk to counselors who appear “nice” and trustworthy so that the counselors can get updated information like our current street addresses and phone numbers(for those who were banking online and not receiving paper statements), also info about assets, employers, bank accounts so it will be easier to sue us when, in six months, they back out of the “proactive” agreements due to “changed market conditions.”

July 24, 2009 at 5:58 am
(189) pam says:

OMG! When I read Anns comment(#181) I heard “Ding Ding Ding” in my head! Think about it. Chase has paid back the TARP money, and they have also posted a profit this quarter. Some of you know that Chase did this same thing to other customers starting in Jan. We are round 2. Part of the plan was knowing they would get a huge influx of cash because some people were/are able to pay them off flat out or by transferring to another card. Think about the old time gangster movies, then picture this….a dimly lit backroom, air heavy with cigar smoke, liquor flowing freely, well fed men in suits…….the conversation probably went like this…..”ya know those millions of people we gave the fixed for life of balance transfers to? It’s like this see….those accounts aren’t making us any money see….we gotta’ call in the loan see….those people have excellent credit see….they’ll do whatever they have to to keep that good credit see….a lot of them will just pay us off see….millions of dollars coming in see…..”. Between the “fixed for life” bunch, closing accounts of customers of banks they bought out (forcing some of them to pay off) raising interest rates in general and God knows what else, they raised a fortune. Sounds like a plan to me!

July 24, 2009 at 8:00 am
(190) Ann says:

Now there seem to be two Ann’s. I am Ann (181) and I haven’t made any entries since my original posting. Since there is now another Ann (187), I don’t want us to be confused. If I post again, I will identify myself as Ann M.

Thanks George for the comment.

July 24, 2009 at 10:10 am
(191) george says:

It’s very interesting what Ann #187 implied about the possibility of secured loans. Add that to Emily’s last paragraph. Chase does have enough updated info to file general(blanket) liens on what are now installent loans in order to secure them. Has anyone on this Balance Liquidation Program received an entire contract complete with all the fine print? Is there any mention whatsoever of a lien, collateral, security, etc??

July 24, 2009 at 10:38 am
(192) steve b says:

George, your comment makes sense. We really need to see a copy of the agreement to know what is going on. But I think you might be on to sometning.

July 24, 2009 at 2:14 pm
(193) bigdogmomma says:

Don’t panic! Call Chase’s Proactive Solutions department (1-800-404-6220). They were very helpful for setting up a fixed loan that I can afford. The interest rate was lowered to 2%. I was paying approx $800, which at 5% would be $2000 a month. Since I can’t afford that, I called. My payments are less than $700 for 5 years, with no prepayment penalty. What a relief. Good luck to you all.

July 24, 2009 at 6:16 pm
(194) Ann 187 says:

I just keep thinking long and hard about all of this…….Chase is getting alot of people to change the credit card to a 5 year loan, yes at lower rates but still I think this may be risky, what happened to all the people this already happened to in January and why didn’t we hear about it and why don’t we hear anything right now??? Nothing on my local news TV or Radio???? Why isn’t this a huge story??

July 24, 2009 at 6:53 pm
(195) raylearned says:

All well & good but~~~ none of the links to the FTC seem to work. Matter of fact~~ the last “report” they seem to show against Chase was in 2004!!

Guess Chase has paid enough people off at the top to stop all our trivial whining!

We had 1 chase card which we chose not to use because of their horrible practices but then~~~ chase bought out WAMU &&&& 4 more of our CC’s in the process. Imagine all their shyster games & interest hikes & “just pay it off if you don’t like our rates” scenarios if they owned 5 accounts with them!

Bloody nightmare!
They charged a $39 fee & raised a 5.9% card to 29.99 because we were 5 minutes late (12:05) on the payment due. OK~~ we paid & closed that account!
Next came the interest rate hikes on the rest!
Paid off two of the highest (20.24 & 24.24%)& then they decided to close one of the 2 remaining with balances & raise that interest rate along with minimum at the same time!

They are being given a license to steal without a gun &&& our 25 billion we gave them is going to their CEO’s & is the weaponry to fend off all the poor slobs they are screwing & driving into bankruptcy!!

Horrible company & I will pay off these last 2 accounts ASAP &&&& I will devote my every spare second to telling the world (since the FTC doesn’t seem to want to hear it) just what scoundrels they are.

Matter of fact~~ we live in Alabama and my wife is an attorney~~ anybody else feel like joining a class action suit against them?? Probably useless because they can buy off any judge, congressman or senator it seems. Hard to fight an entity that has an extra 25 billion to work with!

Almost like Chase decided the government said “the bail-out” is for you~~ not the public!

July 24, 2009 at 7:31 pm
(196) tfab says:

Ok guys get this. I just got a letter today from Chase regarding one of my accounts, I also got my statement for the same account. So the letter says that somehow I did not get enrolled in the blp or that I was removed and that I needed to call to get re -enrolled and make a payment of $xx in 25 days. I was so confused because the statement I just got states the 6% int and the payment they set me up on. I also made one payment on this plan. So of course I call. The gal tells me that I had called and requested not to be enrolled in that plan but in the new 2% int. plan with a lower payment. I said no I did not, and told her I wanted to have that investigated and to tell me who took the call. She then says ok let me check on that for you. She comes back says her supervisor informed her that because my int rate that I had b4 the blp was lower than the 6% hardship plan “another dept” had reviewed the account and found that they had to give me the 2% offer. Anyway I said that is funny because all my accounts had a lower rate. She then checked and said all the accounts that rec’d the 6% rate were being reviewed and eventually I may also have the 2% on the others. She said when I initially called they did not have the 2% available. I called the same day I got the notice which was June 26 She said she could send a request now to that dept and they would send me a letter about the 2% rate. I asked how long that would take and she did not know. I told her not to do that because I have payments due in a couple weeks and did not want to make “double payments.” As you know they require to make a payment within 10 days of the offer to get enrolled, even though the letter I rec’d today gave me 25. So of course I switch to the new plan. I will continue to pay the old amount at the lower rate which helps me. However, I like many of you are concerned how else will they try to switch and what if its not to my advantage? She did give me the option of staying in the 6% rate which I respectfully declined.

July 24, 2009 at 10:26 pm
(197) Emily says:

Thanks to all of you who are taking the role of pioneers with the proactive program. Keep us posted. I have enough cash on hand to carry me through a couple of months of higher payments so I think I’ll lay low for sixty days and see how the proactive thing works out. The more I think about it, the more bankruptcy looks like a good option. I no longer feel any moral obligation to pay Chase. So I’m just going to take whatever looks like the best deal for me after I study the situation.

July 25, 2009 at 12:23 am
(198) Amie, Elizabeth, PA says:

Yep….we too got the letter requesting money in 25 days to re-enroll in the BLP (Balance Liquidation Program). I asked her twenty questions to confirm and she gave me the story about the new 2% interest rate b/c we were paying about 4% before and she said that they couldn’t do a BLP and raise the interest! What!! Wonder who got to them…..FTC, Attorney General, Class Action Suits?

July 25, 2009 at 1:23 am
(199) SleeplessInGrandPrairie says:

I’ve been reading these comments, and I have to say that I’m scared & skeptical.

I was transferred by regular customer service today to some other department (since I told the CSR that I’m currently unemployed & was barely able to make the 2% min. payment as it is/was) but was on hold so long, had a bad feeling and hung up. I decided I needed to do some research on others’ experience with this issue.

I’m in a different position than most here. I’ve made my min payments on time always, but have a ton of debt, no more employment benefits coming in & no job. I’m living off what’s left of 401k & embarrassingly, Mom & Dad. I’m waaaaaaay too old to be doing this. I’ve been inching toward bankruptcy, with the path getting shorter & shorter with every rate increase on each & credit card. But this min. payment increase is the thing that will pull me over the edge.

I share not only the concerns of so many here about not being able to review the terms of the “program” before starting to participate in it, which implies acceptance of the terms, but also the concern of how the acceptance of the “program” might affect me should I find it necessary to declare bankruptcy.

July 25, 2009 at 2:05 am
(200) Peter says:

To those who keep wondering why the press is not making a big deal of these tactics — well, I work in the media, and can tell you that Chase (and the other banks) are huge advertisers, on network TV, local TV, newspapers, etc. Unfortunately, the power of the 4th estate is limited by the golden goose that keeps them alive. You will notice that most press coverage criticizes government for bailing out the banks (and exec bonuses, etc.), but they spend very little time singling out specific horrific tactics of specific banks — because this would cause those banks to withdraw their advertising dollars. Sorry, it’s our reality.

As far as why they’re offering the is 5 year replacement program — best I can guess is that maybe installment accounts are vacated in bankruptcy before revolving credit accounts. Don’t know if this is true, but it’s a theory.

Bottom line is this all sucks and they are going to get away with it.

July 25, 2009 at 9:17 am
(201) Emily says:

As far as I can see, the advantages to Chase in the proactive program are as follows:
1. If they approve a handful of people for proactive, they can make themselves look like nice guys while screwing the rest of us.
2. By entering into proactive, we negotiate a new agreement and waive any rights we might have under the old agreement.
3. It gives them a chance to update their info on us (current addresses, employers, etc.) so they’ll have an advantage in collection proceedings.
4. They may get some kind of priority or advantage if we do take bankruptcy.
5. Under a proactive agreement, they accept a lower interest rate BUT they get their money a lot sooner than they would have under our original agreements. Maybe they are trying to raise capital.
6. Maybe they really are serious about this. Maybe they figure they’ll squeeze everyone they can squeeze as hard as they can, but they’ll “show mercy” to those who genuinely can’t pay the new minimums in order to keep these people paying SOMETHING rather than going into default.

The problem is, who can tell what they are really up to? This may be an on the level attempt to work with people who genuinely can’t pay the new minimums or it may be their next sneaky trick to screw the customer.

July 25, 2009 at 9:21 am
(202) Emily says:

I thought this deserved a separate comment. Google Chase Credit Cards NAF National Arbitration Foundation and you’ll find out Chase (and some other credit card companies) have a problem. In their card agreements, they promised customers the right to resolve disputes through arbitration (implied: neutral arbitrator). Then the credit card companies set up NAF, which is basically a debt collection company pretending to be an arbitration company, and used NAF to “arbitrate” all disputes. The Minnesota Attorney General’s office investigated and uncovered the scam. So now NAF is out of business and reputable arbitration companies like the American Arbitration Association are refusing to handle credit card cases.

I’m not a lawyer but I THINK that what this means is that each and every credit card agreement they have with each and every one of us was procured by fraud – a false promise that disputes could be resolved through neutral arbitration. So I think there’s a pretty good argument that NONE of the credit card agreements they have with ANY of their customers is enforceable.

The class action people haven’t jumped on this yet, but I’m willing to bet that we see this cases advancing this argument within a matter of a week or two.

If Chase can negotiate new “proactive” agreements to replace the old agreements, this may give Chase some kind of advantage defending these suits.

July 25, 2009 at 2:06 pm
(203) Foster says:

I don’t have it in writing, but I was told that if I missed a couple of payments and defaulted on the BLP program, I would be removed from the program and returned to my original credit card terms and agreement. Late fees, higher interest, higher minimum, etc. As I understood what was explained to me, you basically keep all your original credit card terms if you do not successfully complete the BLP. I received my BLP letters which have very general information and no fine print. I suspect the fine print will come with the first statement.

July 25, 2009 at 2:53 pm
(204) Foster says:

There is a website that is not very easy to find that consists of a panel that reports directly to congress on matters concerning TARP. Elizabeth Warren who is a Harvard professor chairs this oversite panel. She is extremely knowledgeable and critical of what banks are doing. The website is http://cop.senate.gov/ and it deals with the behavior of banks that received TARP money. There is a page on the website where you can tell your story to the oversite panel. Of all the people I have written to, Elizabeth Warren was the only one who took the time to personally respond to my crisis. She understands what the banks are doing and she makes sure congress has the facts and the truth. She is especially concerned about people who have lost their jobs and are facing financial ruin while banks rake in huge profits. Elizabeth Warren has been a persistant advocate for people who are taken advantage of by predatory lenders and deserves much thanks.

July 27, 2009 at 4:45 am
(205) SleeplessinGrandPrairie says:

Excellent post, Emily. I just don’t know what to do at this point.

Foster, I love, love, love Ms. Warren! She’s the only person who seems to really understand what’s really going on with all of this.

July 27, 2009 at 7:37 am
(206) steve b says:

Foster, I wrote a letter to the oversite committee as you suggested. I am sure nothing will come of it, but maybe if enough complain…

July 27, 2009 at 10:07 am
(207) Leslie says:

My card closes on the 28th of each month, so tomorrow. Is my first hiked up payment going ot be due in August or in September?

July 27, 2009 at 10:24 am
(208) george says:

Has Ms. Warren suggested to anyone a definitive action which provides relief? Can we force an opt-out even though Chase says no?

July 27, 2009 at 1:23 pm
(209) Ann M says:

I have also been impressed with Elizabeth Warren and her fearless and frank approach to big bullies like Chase. The new Chase 2% BLP program mentioned by tfab(196) and Amie (198) seems fascinating because someone or something seems to have told Chase that there was something which adversely affects the customer which they can’t do. Ever since the start of this Chase Surprise Attack, the company has been so bold about what powers they had over reliable customers. This action is really opening the eyes of everyone to the need for better regulation. Has anyone been told who or what this person or entity is? I would love to send them a Thank You card for being a part of the human race. Keeping up with all of Chase’s tactics is getting laughable. It’s like some kind of horror movie, with each new sequel. We all owe a debt of gratitude to all of you who are negotiating the BLP process and keeping us informed. I have talked with my financial planner, and I am likely going to go the 5% monthly payment route. It will be interesting to see what surprises come up with that alternative. I wouldn’t be surprised if, when my statement came, it required that I hand deliver the payment personally to their Mother Ship for it to be considered timely. I will try to keep everyone informed about that process. This may be a long ride, but it will not be dull!

Emily – Thanks for the tip about the arbitration issue. Still lots to be investigated.

July 27, 2009 at 4:56 pm
(210) steve b says:

I doubt very much whether Chase has seen the light…so dont be thankful just yet.
I am sure there are surprises coming. Chase could have taken a much easier approach.
Dont forget, it just dumped 1 Million WAMU cardholders with no notice….
the loan payment deal has to have something in it for chase…

July 27, 2009 at 11:25 pm
(211) Steve says:

Went ahead and made the deal on the 2% fixed 5 yr. I was at 95% utilization on the card. CSR was very friendly.

July 28, 2009 at 12:07 am
(212) SleeplessInGrandPrairie says:

Leslie – my statement just closed on the 24th & I was preparing to see the huge new min. payment due amount, but it was still the old 2%, so I guess they must mean that it begins with your statement that closes after August 1. I consider it a 30-day reprieve. It buys more time before I have to decide whether to negotiate the BLP or ???

July 28, 2009 at 2:13 pm
(213) Emily says:

Okay, I figured out why they are offering the good 2% deals under the proactive rubric. To check my figures on this, you need an amortization calculator AND a credit card payout calculator, both available online.

Assume you borrowed $10,000 at a promotional rate of 4.99% per annum.

If you pay the $10,000 on time at 5% minimum monthly payment at the promotional rate, your current minimum monthly payment will jump to $ 500 but monthly payments will decrease rapidly thereafter. So Chase will get a big scoop of cash up front (to re-lend at higher interest rates) but it will take 85 months to fully pay off the $10,000. You will pay Chase a total of $887 interest and, out of this $887, Chase will have to pay 85 months worth of administrative expenses.

If you pay the $10,000 on time under a LBP 2% agreement of the type being offered by the proactive department, your payments will stay at $ 176/month and will not decrease. It will take 60 months to pay off the balance and you will pay Chase $516 interest and chase will pay 60 months worth of administrative expenses.

To sum up, what Chase is doing with the proactive agreements is, offer people a lower interest rate in return for paying the money back faster so Chase can relend it at higher rates, increasing Chase’s profit.

Since this is to the benefit of Chase AND the customer, I don’t know why they’re bothering to disguise it as some kind of special favor Chase is offering to desperate people who are suffering “hardships.”

Heck, if they wanted that deal, all they had to do was call me up and offer to reduce my interest rate to 2% in return for my agreeing to continue to make monthly payments at my current level so the loan would be paid back in five years. I would have thanked them for the opportunity instead of lying awake at night looking for ways to defeat them!

Chase being so devious makes me continue to wonder if there’s a string attached somewhere.

I guess we’ll see. But on reflection, the proactive agreements probably will turn out okay for those who make these agreements, since they actually are profitable for Chase.

July 28, 2009 at 5:08 pm
(214) Ann M says:

Emily – thanks for all the calculations. What is still unclear to me is whether Chase is forcing all of these accounts who do the 5 year loan arrangement to be closed. I’m thinking if I pay the 5% minimum, the account will still be open. I don’t really intend to use it, but I want it on my credit report. Has anyone done the 5 year agreement, and still had their account remain active? It doesn’t sound like they are allowing that to happen.

July 28, 2009 at 11:38 pm
(215) D J Madison says:

I think they will just back off the entire deal

July 28, 2009 at 11:45 pm
(216) DjMadison says:

None of this makes no sense.

1. Everyone is upset with chase now,and probably will never uses them again

2. If you paying $500.00 a month now, The second month will be $475.00
Third month will be $451.00 etc

3. Im thinking about just paying,If they want to raise my rate thu universal credit law which expires if feb 2010 fine.

We have rights and this is not the american way.

But how much do i pay in attorney fees etc
Im so upset with them Im calling it a day

July 28, 2009 at 11:50 pm
(217) SleeplessInGrandPrairie says:

Emily – thanks for the calculations. That helps explain the “what’s in it for them” question. Food for thought. I can’t figure out, though, why they created this pr nightmare of animosity for themselves when – like you said – they could have offered this to folks & seemed like heroes. It just makes me suspicious.

Ann M. – I haven’t read yet of anyone who took the 5 year deal that didn’t have to close their account.

July 29, 2009 at 12:23 am
(218) SleeplessInGrandPrairie says:

Emily – If I’m understanding your figures correctly, Chase only makes $371 more is profit on that account & it takes 25 more months to get it paid off. That averages to about $15/month in profit for the extra 25 months it takes to pay it off.

Heck, I’d almost be willing to pay the $371 as an upfront fee added to my balance if they’d let me keep the 2% min. payment! You’ve got to be onto something with the idea that they want to free up the funds so that they can re-lend it at higher rates. Otherwise, an extra $371 in interest over 25 months isn’t worth enough for them to have done all this.

July 29, 2009 at 1:10 am
(219) george says:

Ann M,

I believe several old posts stated that some of the confirmation letters recently received said that their accounts were closed. But there was some confusion still because on-line statements were still showing available credit, etc.

July 29, 2009 at 1:32 am
(220) SleeplessInGrandPrairie says:

George & Ann M:
I closed one of my Chase credit card accounts awhile back & the statements & online account information always shows that I have available credit. There’s just a one-line sentence on the statement that says that the account is closed & to continue to make payments. I assume that they are hoping that we may either get desperate or forget & use the account, thus re-opening the account and accepting the higher interest rate.

July 29, 2009 at 4:43 am
(221) Chased_Away says:

For those of us making payments to Chase by check in the future, I’d like to suggest writing something “tasty” in the momo portion of the check. What I will probably be writing is, “ONE LESS MONTH BEING A CHASE CUSTOMER.”

Any other ideas along these lines?


July 29, 2009 at 9:17 am
(222) Ann M says:

Thanks all for the input about Chase closing the accounts. CHASED-AWAY – I LOVE the idea of writing “One less month being a Chase customer” on the check. Since this is your idea, I think you should have stamps made up with that printed on them, and you could sell them. I don’t know anything with the issues around such a process, but I believe a lot of us would buy such an item.

July 29, 2009 at 1:41 pm
(223) Katie says:

It costs Chase about $ 5 to process a check (opening the envelope, entering the payment, etc.). One plan for getting our views across to Chase is, to wait until we have only 2-3 months’ payments to go on our loans(so Chase won’t have any opportunity to retaliate) and then, during the last couple of months, pay the last couple of payments by sending thirty separate checks made out for odd amounts ($ 5.57 or whatever). That would cost Chase an extra $150 in extra processing costs. Doesn’t sound like much, but it’s enough to offset a couple of years’ worth of interest on a small loan, eliminating Chase’s profit. Plus, small amounts add up. If 10,000 of us did this, it would be $1,500,000 in extra costs. If 100,000 of us did this – you get the drift.

Chase needs to learn that if Chase takes advantage of loopholes in its credit card agreements to make life difficult for customers, then customers will also take advantage of loopholes in credit card agreements to make life difficult for Chase. I would never advocate doing anything illegal or immoral, but I believe this type of retaliation would be legal and justified by the circumstances.

July 29, 2009 at 3:52 pm
(224) Heather says:

I hate this whole thing with Chase. They are gonna screw anyone and everyone with this. I do feel this is a big wake up call for me and my husband….No more credit cards…pay in cash or don’t get it. This way these loan sharks can’t tell me what THEY are going to do anymore. I want to get a tee-shirt made up that says “I HATE CHASE CREDIT”. This way I can spread the word. As it is I tell EVERYONE I know to not do business with them ( which includes former WASHINGTON MUTUAL customers). I will play their stupid little game if I have too, but what comes around goes around…ya know

July 29, 2009 at 4:01 pm
(225) Katie says:

Yes, the t-shirt idea is a great idea too. And we should be complaining to all politicians and state and federal regulators in the entire universe.

July 29, 2009 at 6:46 pm
(226) Smart saver says:

I find it hard to feel sorry for people affected by this. I have always lived within my means and not run up huge balances on credit cards. Sometimes that means we didn’t have much but we made do. Just in case you think I’m rich or something, I’m not. We have a quadriplegic 28 year old son, his medical bills have been huge so our percentage of the bills is still a lot of money over the years. I am a cancer survivor so I know about those medical bills as well. Some years while raising 3 kids I didn’t work. Once they were in school I worked part time, then finally I moved to full time until I got sick and am now unable to work. We paid for college for our daughters, no loans. We just spent for what we need, not always what we want but I don’t feel that we ever felt like we really went without. Some times it was an adventure to make it to the next paycheck, especially when we were newly married, husband in school and living on my income and trying to pay for books. The price of a new calculator for his accounting class meant that we ate cold pb and j sandwiches for almost a month of dinners. I think we are better for being careful even when handed struggles. I would have loved to have worked these last 5 years to better prepare for retirement but health issues make that impossible. As it is, we will have enough to retire and manage without using 401k funds as a source of income. Just would have had more if I could have continued working. People make their own choices and feel that they are entitled to a certain lifestyle that gets them into financial trouble. My best advice I gave to my kids…..LIVE WITHIN YOUR MEANS

July 29, 2009 at 7:13 pm
(227) george says:

Smart saver,

Please keep in mind that almost all of us here have excellent credit scores and have managed money well for a long time….that is why we received these Chase offers in the first place. I am a small businessman and financed equipment, supplies, and inventory with this offer. An extra $500/month hit in expenses to Chase was not part of my budget plan in recessionary times, and I doubt if it was part of the budget plan of most of the responsible folks here caught up in this gross change in terms from Chase Bank.

I commend you and your family for your frugality. And I commend the others here for enduring a grave injustice with determination and even humor!

July 29, 2009 at 7:18 pm
(228) clow says:

I complained to the occ and a rep from the executive offices at Chase called ME and offered the 2% APR and 60 month loan. I have to let them know in the morning. She however said I could no longer make payments online since my account would be closed. Is that true? I see others here who are stating that they are able to pay online the same as before before.

July 29, 2009 at 7:19 pm
(229) Smart saver says:

George (227)
I never meant to imply that you had bad credit, just that you may have overstepped your bounds. Adjust your life style to not need these credit companies to make your way and then it would not be a problem. I do understand that Chase changed your terms but if you didn’t borrow in the first place you would not have to worry about paying back. If your small business needed a loan you may have been better served to use an SBA loan with terms, not Chase with a retail agreement.

July 29, 2009 at 8:37 pm
(230) Anna says:

This is why credit cards should never be used as a loan or an emergency fund. I always have, always will pay off my credit cards in full every month. If I don’t have the money, I don’t spend it. Chase could have raised their minimum payments to 98% and it wouldn’t have effected me one bit!!

July 29, 2009 at 10:54 pm
(231) Laura says:

Wow! Aren’t Smart Saver & Miss Anna the superior ones. I am sure they sleep well at night knowing they are so much better than everyone else. Thanks for the condescending lecture! They obviously never had a business in need of emergency funds. I used the Chase 3.99% offer to make sure my employees got paid when I was hospitalized with MRSA and could not work for an extended period. FYI I alone bring in more than half of monthly the income to my business. Common sense says you need to have good credit to receive these offers. I don’t need Chase trying to create more hardship for me or the small business community in this depressing economy!

July 29, 2009 at 11:53 pm
(232) TheWizard says:

Buy now, pay later, the good old fashioned American way comes back to bite you. What were thinking everytime you pulled out that credit card and kept leaving a larger and larger and larger credit balance each month. Perhaps if consumers controlled their spending habits banks would be forced to act like a business rather than a pool of sharks. There are some countries where their citizens purchased their vehicles with CASH? Cash? Seems the only ones with CASH these days are the banks. Good luck everyone!

July 30, 2009 at 3:09 am
(233) Chased_Away says:

NO WAY perfect ones!

These lines of credit were offered at a very low interest rate to people with excellent credit histories, and were often very large lines of credit.

People smartly payed off automobile loans, student loans, business loans, personal loans, medical expenses, etc. and transferred these debts to what was a much more attractive offer. Others used these lines of credit for home improvements instead of home equity loans.

The garbage written by moronic imbeciles in several of the last posts is clearly written for a different breed of borrower. GTF off of this forum and go find another credit forum based on irresponsible borrowing. That’s not us, idiots [Smart saver, Anna & TheWizard!]

July 30, 2009 at 6:03 am
(234) Pam says:

2 things….You tell ‘em Chased_away! This forum is filled with people in the situations you described. I’ve been following this forum and others for over a month and I have probably seen 3 comments that made me think someone may have gone overboard using credit. You can try to explain until you’re blue in the face and the holier than thou will never get it. I wish someone would appoint me judge and jury too. Nice work if you can get it! I agree…go somewhere else.

Now the second thing. I got a change in terms on my Chase Visa today. Was expecting the same min. payment increase as Master Card, but this one was only a change in purchase/tansfer APR and increase in balance transfer fee. I called to make sure it wouldn’t affect the fixed transfers and was told it would not, only future transfers would be subject to a higher rate. I’m not too worried about that because I only used the card for the life of balance transfers and don’t plan to use it for anything else. But I do wonder why the difference. Both cards only have the low fixed rate transfers, no other balances. Puzzling.

July 30, 2009 at 9:09 am
(235) cailico says:


Did this new CIT notices have the default rates notice at the very end? This one concerns me as I took advantage of the balance liquidation program on my Chase mastercard but I too have a Visa Chase that has not been affected with the new minimum increase. Is taking the BLP on my mastercard considered a default? If so, this could allow Chase to increase my rate on the Visa card balance which is right now 2.9% for the life of the balance. I guess I have to place another agonizing call to Chase.

July 30, 2009 at 9:38 am
(236) Ann M says:

Hi everyone – we seem to be getting some static on our line from self-righteous, perfect folks. Normally, I would just ignore it because it is just an attempt to distract us from our discussion. But, just once, I will say something about it.

Clearly these people leaving judgemental comments don’t appreciate the fact that this is not just a financial issue, but a legal one also. I could pay this balance off, and if Chase had approached me differently, maybe I would have been more inclined to do so. However, since they have acted like bullies they have only made me more determined not to give them immediate access to additional money which they can then lend out at higher rates. I’ll pay them their 5% a month. They solicited these arrangements at the low interest rates, and their marketing departments decided to promote them, by approaching those of us who have long, excellent credit histories. Then, Chase turned around and criticized these loyal customers in the press as a smoke screen to cover their actions to try to get quicker capital. These people were fully complying by the agreement – sending timely payments every month and Chase was earning interest all the while. These people did not violate the agreement – Chase did, and then Chase added insult to injury by making negative comments about these individuals in the press. They made the backlash from customers much worse by spreading false and insulting comments. Chase’s particular approach to this situation is a total violation of trust. The slippery slope starts here and consumer rights need to be protected. This action needs to be challenged, and all the criticism in the world from folks who disagree will not stop that. Also, all the PR attempts to show Jamie Dimon as a regular guy who loves RV’s will not change the perception of anyone here who knows the real truth about how they have been treated. Chase needs to understand that insulting us again just strengthens our resolve and lengthens our memories. They need to, at the very least, admit to bad judgement in their actions, and apologize for the misleading statements which they have made.

In the future, I suggest we just ignore these critical comments – All forms of communication are subject to intermittent static and interference.

July 30, 2009 at 10:15 am
(237) TheWizard. says:

(233) Chased_Away says:
NO WAY perfect ones!

These lines of credit were offered at a very low interest rate to people with excellent credit histories, and were often very large lines of credit.

People smartly payed off automobile loans, student loans, business loans, personal loans, medical expenses, etc. and transferred these debts to what was a much more attractive offer. Others used these lines of credit for home improvements instead of home equity loans.

The garbage written by moronic imbeciles in several of the last posts is clearly written for a different breed of borrower. GTF off of this forum and go find another credit forum based on irresponsible borrowing. That’s not us, idiots [Smart saver, Anna & TheWizard!]

Poor Chased Away…makes poor decisions in life then wants to blame everyone else for it.
Did you really believe CHASE was going to protect you for life? Did you read the fine print? Did it say anything about a locked 2% of the credit balance?

There are choices in life and all of you chose to consolidate your problems into one big problem and then start over on recharging since you were locked into a ‘lifetime’ low interest rate. Ha!


If you were smart, instead of a Moron like me, you wouldn’t have this problem. But, oh no, you chose to live beyond your financial means and …. here you are, whining.

I’m a different breed alright. I don’t owe anyone, anything! It’s called smart planning, living withinmy means (oh, that’s right, I’m moronic). Now isn’t that special!

Now, go whine to your Senators and Congressional leaders about how bad the banks are treating you.

July 30, 2009 at 10:37 am
(238) Heather says:

Yeah, I agree with the “live within your means” groupies, but what WE ARE ALL peeved about here is the fact that they DO have us in between a rock and hard place ( even though we’ve played the game correctly) and have changed the stupid rules without a care in the world. Yes, I am one who didn’t have a really good reason to charge, so boohoo on me ( ah, but I will be paying it off AND not incurring more dept!!). But what’s next with idiot CHASE? Their mortgages!?! So are the “live within your means people” gonna say “you should of paid cash for your house”? We are all pretty much responsible people who are getting the shaft. Everyone just do what you can to spread the word that Chase Sucks ( tee-shirts, stickers, word of mouth). Then as our “live within our means”
people “suggest” try to pay cash in full for what we need in the future so we can stick it to these jerky financial institutions. We can come out as better, stronger, and smarter person that is much more powerful then this bank. That’s how to get back at Chase too.

July 30, 2009 at 11:00 am
(239) Heather says:

Just another thought about the “live within your means” people. I find it odd that you took the time to search out a thread that is made up of people who are really upset about what Chase is doing, and what it is going to do to them and kinda really give them the riot act. I am just wondering why someone would think that it is o.k. to say how great they are ( because they are perfect in their choices and actions) and how imperfect everyone else is…..you don’t….gasp…. WORK for CHASE DO YOU?

July 30, 2009 at 11:09 am
(240) TheWizard says:

no heather…I don’t work for CHASE, don’t believe in banks. Banks are sharks that have government approval.
Do keep in mind, all was good prior to 2001 until Congress (Republican controlled, if that really matters) DEREGULATED WALL STREET AND BANKING. They also deregulated energy (OIL) so do be prepared for another roller coaster ride.

July 30, 2009 at 11:28 am
(241) Heather says:

Wizard… just be helpful with us ( the wayward)not hurtful. We will see the light ( even if it hits us over the head from time to time). Gentle works best. We WIlL all get through this, maybe not all pretty, but we will get through. H. ( one of the reforming wayward)

July 30, 2009 at 11:50 am
(242) M says:

We seem to have attracted the attention of some Chase trolls. It was inevitable, I suppose, after two hundred posts.

They are either trying to demoralize us, or confuse us with specious arguments. Perhaps their motivation is simply to let us know how superior they are – how pathetic. They certainly are callous, under the circumstances. In any case, these sorts of comments are not helpful.

My advice is to simply ignore them.

July 30, 2009 at 12:29 pm
(243) TheWizard says:

(242) M says:
We seem to have attracted the attention of some Chase trolls. It was inevitable, I suppose, after two hundred posts.

They are either trying to demoralize us, or confuse us with specious arguments. Perhaps their motivation is simply to let us know how superior they are – how pathetic. They certainly are callous, under the circumstances. In any case, these sorts of comments are not helpful.

My advice is to simply ignore them.

What is pathetic is how the consumer has allowed the financial system to manipulate their short and long term needs and wants. Gotta have it NOW NOW NOW, BUY BUY BUY

July 30, 2009 at 12:54 pm
(244) M says:

To TheWizard-

Since I never mentioned any of the trolls by name, I seem to have found one – GOTCHA!

Why are you on this blog, if you haven’t been victimized by Chase? Do you get off on other peoples’ pain? Or is it to let the whole world know how brilliant you are? (Your moniker -TheWizard -says it all).

I stand by my comments. Pathetic is an understatement.

July 30, 2009 at 1:21 pm
(245) Steve B says:

“What is pathetic is how the consumer has allowed the financial system to manipulate their short term wants and needs…”

It is the other way around. Who wouldn’t jump at a 3.99 interest rate for the life of the loan? It is Chase that is being manipulated.
The difference is, they do not have to play by the rules..so they change them. They think they have the upper edge..but they have already lost the game. They have lost millions of cardholders and future business in all their products. They wont feel the pain now, but a year from now when their cardholders start defaulting, and their home loans go bad, they will be looking for customers. And there won’t be any bailout money.

July 30, 2009 at 2:43 pm
(246) Joe says:

The arrogance of this person who names himself “TheWizard.” A name says it all. TheWizard believes he is holier than thou and that he can make better choices in life than any of us can. He cannot.

TheWizard really ought to think about investment, risk taking and yes, borrowing that countless Americans have done that has made us leaders in the world for over 100 years. This country would never have been great if those individuals who had bright ideas or huge levels of talent or smarts did not take the risks necessary to act on them. He does not understand (he probably has never studied American History in his entire life,) that people willing to take risk in this great nation is the main reason we dominate the world in almost every facet of technology, science and medicine.

The individuals who had a bright ideas often risked financial doom, by seeking other parties whom themselves took risks by lending money to them. Often times those bright people with great ideas are young and have no saved financial resources, and they might be old and grey before they could act on them.

We would still be getting around by horse and buggy if we were all like TheWizard. TheWizard has probably never taken a risk in his entire lifetime. TheWizard always takes the easy way out of life. He takes no risk so he has no worries. He lives comfortably every day… a sort of hedonist. He is always satisfied with what IS [the status quo,] because he can think of no ways to make anything better. He lives without judgement because never puts himself in a position for others to meet expectations when they have helped [lended money to] him. He is obviously one of those people who THINKS he’s bright. TheWizard is not a wizard at all.

I’ll add another adjective to those already written above about “TheWizard.”

What a DIMWIT!!!!

July 30, 2009 at 3:29 pm
(247) Chased_Away says:

Yes Joe, You’re right about “The Wizard” but I would call him a half-wit.

He cannot see any use for borrowed money other than borrowing for some bigger TV or other gizmo that we “have to have” today. He is one-dimensional in his thinking. He has no vision. He has no great ideas of his own OR he does not believe in himself enough to ask others to help him along in pursueing what he could potentially contribute to society.

That’s why I stated earlier that he does not belong on this forum. His rant should be taken elswhere.

Bye bye “The Wizard”


July 30, 2009 at 4:22 pm
(248) Cailico says:

I saw TheWizard posting on another Chase complaint site, very soon his long-winded diatribe will become all about politics. Best to follow the old internet rule “Don’t feed the troll” Up till now everyone has posted useful comments lets keep it that way.

July 30, 2009 at 4:48 pm
(249) george says:

Hello everyone! We seem to have gotten off track in only 24 hours since I unfortunately responded to Smart Saver (#226). Look at the post number we’re at now…..over 20 posts since then that are not continuing our collective, positive spirit and commitment to continue to monitor the BLP and Chase and figure all this out for the mutual benefit of all of us.

I agree with Ann M (#236) that we move on. Let’s get back to collectively helping each other deal with Chase as individuals as best we can at this time.

July 30, 2009 at 5:36 pm
(250) M says:

Has anybody complained to the Comptroller of the Currency or their representatives in Congress about this situation and received a response?

I know that some people have mentioned contacting the above, but I do not recall whether they got any response. If so, what was it?

I complained to the OCC back in January, and never got anything except an acknowledgement of my complaint.

July 30, 2009 at 5:37 pm
(251) Emily says:

I totally agree that we should ignore the trolls for a number of reasons, one of which is, it is highly probable that they are Chase employees who are paid to monitor these websites and put up impolite posts to try to distract or intimidate us.

(Incidentally, for anyone who didn’t already know, a lot of foreign governments pay bloggers to post on political sites in an effort to influence public opinion in the U.S. – so watch out for “ordinary American citizens” who show up on political websites defending Iran or Russia or China.)

As for me, I’m trying to decide whether to file suit (fortunately I have a lawyer in the family!), pay the 5%, or seek a BLP plan.

I’m going to lay low for a month or two and see how it goes. Those of you who took the BLP plans – keep us posted.

July 30, 2009 at 6:01 pm
(252) Emily says:

In fact, now that I think about it, it is likely that the three trolls who are arguing pro Chase positions are actually a single person posting under three different names (that’s why all these posts showed up one right after another).

This technique of a company hiring bloggers to attempt to influence public opinion by posting fake posts that pretend to be from ordinary customers praising or defending the company is actually a form of paid advertizing and it’s very common, so don’t be taken in by it.

Politicians and foreign companies also use paid bloggers to put up fake posts praising them.

When you think about it, it’s kind of flattering that Chase would pay someone to argue with us. I think it would be cheaper for them to treat us fairly, but whatever …

July 30, 2009 at 7:22 pm
(253) Pam says:


The default rates are at the end of the CIT, but I think that’s a standard thing. The reasons given for the change were “response to market conditions,new federal laws and regulations, and our incresing costs” at the beginning of the notice followed by “The principal factor we considered in ammending your account is maintaining profitability on your account” at the end under “Other
Notices”. My impression is that this is a more standard type of change. I called again today to make sure this would not effect the low rate fixed transfers and was told again it would not. Let’s hope I don’t get a big surprise when I open my bill! I don’t know if my change on the MC had anything to do with the change on the Visa. If anyone gets a similar notice please share.

July 30, 2009 at 7:53 pm
(254) Jeannie says:

Chase is offering the 5 year loans to keep all of you from transfering your balances to other banks. Someone commented on trolls. If you review many of these posts they talk about how wonderful their CSR was and how easy it was to convert your outstanding balance. Do you think you were all played?

July 30, 2009 at 8:05 pm
(255) Emily says:

“Do you think we were all played?”

I don’t know whether the LBP agreements are being offered in good faith or not.

As far as I can see, the only way to find out for sure is to wait 60 days. If the LBP agreements are NOT being offered in good faith, we’ll hear pretty soon from people who have complaints.

Even if the LBP agreements are legit, I’m not sure I want to enter one. If I enter such an agreement, I think it could be viewed as waiving any rights I currently have against Chase, for example, the right to insist on paying only 2% not 5% or the right to declare the existing agreement void for fraud.

I’m not a lawyer but I suspect that they they could have big trouble enforcing the provisions of the existing agreement such as the arbitration clause (google National Arbitration Forum) and one of the class action judges may rule that the 2% 5% minimum switch is a breach of the existing agreement, giving all affected by this breach the right to claim damages for breach of contract.

If I have the right to declare the existing agreement void and/or reject the arbitration clause as procured by fraud and/or pursue a valid damage claim against Chase (and I think I may have these rights), I hesitate to give up my rights in return for a LBP agreement that I don’t fully understand.

July 30, 2009 at 10:22 pm
(256) steve b says:

I wrote the Controller of currency back in January.
I basically said they were a powerless department, who could and would do nothing. I then got a call from Chase saying that i could go back to the 2% payment if I went to 7.9% for a year and half. I said no way. Also complained to senators..they responded with a form letter. I believe they are all paid off. I dont believe chase is offering the loans because they dont want to lose customers. There is some sinister reason, but dont know what. The only thing I can think of is you lose any rights you had under the credit card agreement, which allows them to do whatever they want without any repurcussions.

July 31, 2009 at 2:05 am
(257) Theresa says:

I too was a victim of Chase, I read Chased Away’s post and tried what he did on July 7th, sure enough they said I would have a 5 yr. 2% interest loan for my 24,500 balance. Wahoooeyy!! Very skeptical, like everyone else, but I did receive confirmation in the mail of the changes to my account and it also reflects the changes when I check my account online. The letter I got was dated July 10, 2009. They also sent me another letter the same day stating they dropped my credit limit to 25,500. Which is a 5K drop. Anyways, I just wanted to say thank you to the people who posted about it, because I had called so many times over the 2 weeks since getting the letters, I’d pretty much given up hope that there was a way out of this. So I made 1 more call and ….tada!!! Proactive Solutions saved my behind! But I tell ya, I will NEVER use credit cards the way I used to again! Like all of you, this was not shopping sprees at Macy’s or $5.00 latte’s..I was using my hard earned excellent credit wisely…or so I thought! :) I paid off my mortgage with it, and now I can pay off the last 24K at 2% interest! Also, I had filed complaints with the FTC, OCC, State AG (Michigan), my senators, and anyone else who would listen. I’ve gotten no response from the FTC and OCC other than an email letting me know they received my complaints, my senators sent a stupid form letter via email that did not address anything in my letter, and my state AG sent me a postcard via USPS stating they were investigating. Gotta love our government! Good luck all!

July 31, 2009 at 2:14 am
(258) george says:

I think the issue of possibly waiving prior rights when enrolling in the BLP plan is a valid concern (#255), as is wondering if acceptance of the BLP plan could be construed as a default, to be followed by punitive rate increases for other cards held (#235). Has anyone yet received a printed BLP contract, complete with fine print and all the terms and conditions imposed?

There was an urgent post (#228) stating that they had been told that they could not continue to pay online under the BLP plan, and that this information was conflicting with what some other enrollees had heard. Will someone please quote a more definitive answer from written material they have received?

July 31, 2009 at 5:10 am
(259) anna22 says:

Look what I’ve found:
Wall Street’s $1 Million-Plus Bonus Club

“Mr. Cuomo’s report, released on Thursday, looked at the nine big financial firms that got the first round of aid under last fall’s federal bailout, and detailed how much each firm paid in 2008 bonuses. It also described how many employees at each firm got annual bonuses of $1 million or more.”

Bank of America: 172
Bank of New York Mellon: 74
Citigroup: 738
Goldman Sachs: 953

JPMorgan Chase: 1,626

Merrill Lynch: 696
Morgan Stanley: 428
State Street: 44
Wells Fargo: 62


July 31, 2009 at 5:56 am
(260) Pam says:


When I made my new agreement with Chase on 6/26 the rep asked me if I would be interested in setting up an online account to pay. I don’t pay any bills online so I told her no. She said that was fine, to just continue to mail as usual. It could be a case by case thing depending on what you owe or maybe those payments are processed through a different dept. Who knows? The only thing I’ve gotten in writing is a letter thanking me for using BLP and my letter was a little different from the one someone else here received. See comments 149 and 118 for detail on that. I got a change in terms for my Chase Visa that’s completely different from the MC one. See comments 234 and 253 for info on that. We’ll all know in a couple of months if we got screwed again.

July 31, 2009 at 10:47 am
(261) Liha says:

Be CAREFUL calling some number posted in a comments section and providing your personal financial info!!

July 31, 2009 at 11:14 am
(262) cailico says:

I just got my first bill under the new BLP I entered into with Chase. The payment I was quoted is correct, it stills shows available credit but reads midway “Your account is closed. Please continue to make monthly payments by the due date until your balance is paid in full.” However the section Finance Charges has changed. Prior to the BLP my Finance Charge section had various Promotional Summary balances with the corresponding APR and balances, the purchases and cash advance categories had zero balances as I never used this card for either. This new bill now has a Purchases Balance of 11,860.00 with APR of 2.00%, a Convenience Check balance of 10,064.00 APR 2.00%, and a Balnce transfer balance of 6282.00 APR 2.00%. My total balance is correct however I do not like they way they changed thr category of my balances. So what do you all think? I feel even more vulnerable now that they changed the category.

July 31, 2009 at 1:50 pm
(263) bren245 says:

Liha (#261) makes a good point. Does anyone have a link to an official Chase web page that lists a phone number for the BLP?

July 31, 2009 at 3:15 pm
(264) Steve B says:

Cailico..are you saying your original balance was $11,860.00, and now Chase is showing additional balances of $10,064.00 and $6292.00?
If that is the case..get on the phone now to see what is going on. Please let us know. It may give us a clue to what is really going on.

July 31, 2009 at 3:48 pm
(265) jvjp says:

Here are a couple of interesting links about the proactive solutions department. Pretty sure it is real, I think some people are being a little to paranoid.

July 31, 2009 at 4:16 pm
(266) Theresa says:

I posted earlier about my deal w/ chase for the 5yr. 2% interest loan. I too was told that day on the phone that my card would be “closed at consumers request”, which I was fine with. However, when I look at my account online, it says it’s still open, they lowered my credit line as I said before, but shows the new payment terms with an available balance???!!! Who knows! And the letter I received regarding the agreement states nothing about my card being closed or that they’ve suspended/terminated purchasing priveleges. I also pulled my credit report last night to see what changes are there, (last time I pulled it was 3/09)and it shows that my credit limit was lowered, still shows as a “revolving account” and is open. I guess I’ll check my credit again in another month or so. Again, good luck to all! Also, another note, I have never personally been involved in an “issue” that has affected myself and so many others so drastically, we are all ranting and raving to the appropriate authorities and there has been absolutely NO MEDIA COVERAGE ON THIS!!! I just don’t get it! Especially during these tough economic times, seems like it oughta be the hottest topic around!

July 31, 2009 at 4:57 pm
(267) Pam says:

Got my first statement under the BLP today. Comparing the statement to my agreemant, payment due-correct, account closed-correct, APR 13.24%- WHAT?????? Fingers dialing at the speed of sound…..It turns out that I ,like others here, have been taken off the 6% plan and put on the 2% plan (letter has been mailed explaining that, but not received yet). According to the rep, since this happened too late for my statement to reflect it, the “computer” put in a standard rate. The finance charges added under the 13.24 have already been adjusted to reflect 2% in their system, and my balance adjusted accordingly. The next statement should list everything correctly.
As expected, the promotional rates have been removed from the finance charges section of my bill, and now part of the balance is under convenience checks and part of it is under purchases(which is odd since the entire balance is the low rate balance transfers). Didn’t think to ask the rep about that. Anyway, just wanted to share in case someone else gets a bill with the wrong APR. Just call the # on your BLP confirmation letter.
I hope this all goes as smoothly as Chase implies it will. In the back of my mind I’m still waiting for the bad news though. Hope not.

July 31, 2009 at 5:13 pm
(268) dairygodmother says:

Wow. I owe this website a lot – I just got off the phone with Chase’s special Proactive Solutions department and got the same deal – I now pay a 60 month loan at a 2% APR (my old one was 4.8) and 2% of the balance. They asked a lot of income questions to determine our level of ‘hardship’. I would say we would have had a rough, but not impossible time with the 5% change and I didnt want to do it, but we were not in the position of some people who were facing bankruptcy (we have paycuts and childcare for a newborn). I’m stunned and thrilled.

I have no idea why they lowered the APR – all I wanted was a lower percentage. He affirmed that there was no impact on my credit other than having to close the account, which shows up as being at my request.

July 31, 2009 at 5:41 pm
(269) cailico says:

Steve B,

No dont worry Chase didn’t add an additional 10,064 and 6292.00 to my balanced owed. The total balance owed is the same as before I entered into the BLP. What they did change is the category under which these balances are assigned finance charges. I always carried a 0 balance in the purchases, cash advances categories. With this new statement I now have balances under these categories. Although the APR states 2.00%, I am concerned they can assign my balances a purchase interest rate (something like 19.24%) in the future. I never once used this card for purchases, I only did the low fixed rate balance transfer for a car purchase and home improvements. I could be making a mountain out of a mole hill, but after what Chase just did can you blame me? Heck if I had that amount added to my balance screw the phone you would have seen me on the evening news in handcuffs…..LOL

August 1, 2009 at 8:57 am
(270) bek harper says:

I was just offered the 2%APR 5-year plan by Chase after complaining to the OCC but haven’t received anything in writing yet. Am concerned that Chase bills (per previous comments) have changed the categories for balances under this new plan–does it leave room for them to change the 2% APR in the next 5 years? Do those of you who have this offer have something in writing that guarantees the 2%?

August 1, 2009 at 10:44 am
(271) Feeling Better says:

After reading all of the above comments this morning, I decided to go for it. It was quick and painless. 4 accounts, $26,000 at 2%APR for 5 years with no rate increase. I should receive written confirmation after my next payment.
Accounts closed at my request. I only used them to pay down my mortgage anyway. No matter what this does to my credit score, it would have been worst to be in default.
Still sounds to good to be true, but we will see what happens. Thanks to all for your help and good luck.

August 1, 2009 at 11:30 am
(272) clow says:

Bek Harper,

I to received a call from the executive offices of Chase, after complaining to the OCC, with the offer of 2% APR over 5 years. I unlike others here did not have to give up any income or debt information. After many questions I did accept the offer. Since my statement drops on August 8th and they said it will take 2 to 3 months for it to reflect the new payment arrangement I asked for confirmation in writing, to be included with the first letter, that even thou my minimum payment will reflect 5% of the balance and that by only making the smaller agreed payment it will not trigger a default. This was a major concern of mine. This was arranged on 7-30-09 so I have not received anything in writing yet. I always make my payments online and there was some confusing on being able to continue with that. I was informed that I will be able to continue the same as before. I am holding my breath that this is not another set-up.

August 1, 2009 at 3:49 pm
(273) George says:

Tired of being bullied by Chase? This is how they thank the American people?

Everyone should default on their Chase account. Let’s cause them to collapse!

August 1, 2009 at 5:44 pm
(274) george says:

Hi everyone. I am not the new George #273. From now on I will post as george s.

August 2, 2009 at 11:30 am
(275) Ann M says:

To everyone who received the new BLP statements where your total balance has been divided between several categories: purchases, convenience checks and balance transfers; did you perhaps do several balance transfers at different times with different rates? If not, and all transfers were at the same interest rate, did they ever mention anything about this new division when they discussed the plan with you over the phone? Is the bill in a new format when you compare it to the way your previous bill listed your balances? Can you find any rationale for the way the total is divided by percentages? These changes are something that would be best to make them explain. If I were you, I would call the number on the letter, and ask for a full explanation for the changes, and if the change to other categories could cause different interest rate treatments if default were to happen. Unfortunately, I don’t have access to a lawyer, but I sure wish one would volunteer to help us with these issues. This week, my bill should come in the mail, and although I have not made any arrangements with them for any payment plan, I will be looking also for differences in the way the total balance is described. The worst part of all this is the mystery. I can’t figure out now if they are intending to be mysterious and devious, or just playing catch-up with a large public backlash they hadn’t expected, and therefore are making lots of mistakes. Either way, I think it is still best to procede with caution until we all get this organization out of our lives forever.

anna22 (259)
thanks for the link. I got some comments in also before they seem to have shut it down. Interesting to see that Chase ran in Friday with a correction to their total figures – read the correction on the link. Wonder why they didn’t have those figures ready at the inital publication date like all the other firms did? I am beginning to picture total chaos at Chase. Maybe we are at least causing them a small portion of the headache they have caused us.

August 2, 2009 at 5:03 pm
(276) New George says:

George/George S.:

Sorry, I did not intend to implicate you. Although I read every post, prior to posting, I did not notice/remember your handle.

I wrongly assumed, by the ridiculous nature of my statement, that readers would realize that I was speaking in jest(my way of “blowing off steam”). I do not recommend that anyone should actually default on purpose.

August 3, 2009 at 3:28 am
(277) Greyboi says:


I have the odd suspicion that what they’re doing is re-categorizing your debt so that if you miss a payment and they revert to the original terms that your debt will be reverted back in those new categories.

I mean, the default APRs on cash advances is much, MUCH higher than on purchases.

August 3, 2009 at 3:49 am
(278) SleeplessInGrandPrairie says:

Greyboi, I bet you’re right.

August 3, 2009 at 7:59 am
(279) Steve B says:

Greyboi..I think it is more sinister than that.
I think after reclassifying, they will use the excuse to raise rates…which they will do since the original balance and terms are non existent.

August 3, 2009 at 12:22 pm
(280) John says:

@Steve B

If that is their plan why are the phone numbers for the proactive solutions department a secret. As soon as you call regular customer service and request to renegotiate your loan, wouldn’t they put you through immediately in order to screw you over? Listen, I certainly think that what Chase is doing is wrong and I don’t trust them, but I think some of the paranoia is a little overboard.

August 3, 2009 at 2:49 pm
(281) Heather says:

I am kinda on the fence. I can afford the new ” Chase sticking it to me” payment, but it will be tight. I will however pay it off faster. But now I am reading all these post about ” the offer of 2%”. I am paying off $17,000. I don’t know if I should go for that or just pay it off my original way at 3.9 % ( and my account still open). Any thoughts?…….

August 3, 2009 at 4:37 pm
(282) george s. says:


I have about the same balance and interest rate as you. I am going to try to meet the monthly 5% for 4 reasons: 1) I am concerned that all of those on the BLP plan seem to have to wait 2-3 months for their agreed lower payments to show up and to get more details in writing on BLP terms and conditions. 2) I do not want to inadvertently waive any rights or resolutions I have or may have under my standing balance transfer agreement with Chase. 3) It appears pretty certain via the BLP plan that our accounts will be closed and show as closed on our credit reports, thus downgrading our scores. 4) I do not want to make a new agreement with Chase; they have destroyed my trust in them by not honoring the spirit of our old agreement and thus putting so many of us in a financial bind. There are other concerns and reasons, but these are the basic ones.

August 3, 2009 at 4:39 pm
(283) Heather says:

George, I think your right.

August 3, 2009 at 8:28 pm
(284) bek harper says:

George and others who mentioned lowered credit scores if they close your account–what’s to prevent us from getting another credit card to up our outstanding credit and thus presumably raise our score right back up again? I, like many or most of the people in this forum, am not worried about overusing my credit–I use credit cards when they are to my benefit to use them. I did not expect to get shafted by a company that used a loophole to default on its contract with me. If I find a credit card deal that is to my benefit, I may well go for it (and hope they don’t screw me!)

August 3, 2009 at 9:16 pm
(285) clow says:

I found the following Q and A at bad-credit-advisor.

Q: I have been under hardship program arrangement with Chase MasterCard for 15 months and have another 9 months to go. Couple days ago someone called me from Aargon Collection, asking me to settle $3,500 left with Chase for $2,700. First I didn’t understand why collection agency called to begin with, then after realizing that Chase reneged on that arrangement, got emotional and told her to get lost, but not before she threatened me with lawsuit. I have the whole hardship thing documented, and have been on time.

A: So you are positive Chase sold your debt to Aargon Collection and violated the arrangement. You should be fine even if they haul you to court, as long as you keep the hardship agreement paperwork safe, as this is your lifeline in any potential lawsuit.

This does worry me. I have not made that first payment or received a letter yet…Has anyone else heard of this happening?

August 3, 2009 at 10:54 pm
(286) Steve B says:

this brings up the possibility that Chase is selling the accounts…to a collection agency.
You are out of their agreement into heaven knows what..with heaven knows whom…Maybe I am paranoid..but I think not. We need to see.

August 4, 2009 at 7:08 am
(287) george s. says:

This is scary. Does anyone out there know if converting revolving credit to installments makes those notes more saleable to collection agencies?? This would certainly explain why Chase was willing to offer an even lower interest rate for 60 months if they weren’t going to have to honor it (again). I wonder if changing the loan breakdown categories (as has been noted) gives Chase an advantage on their books when they sell such notes at a write-off.

August 4, 2009 at 10:18 am
(288) steve b says:

wonder how much info they wanted from people to get them into hardship program. Assets?

August 4, 2009 at 11:36 am
(289) bek harper says:

Wizard, you blame us for “not reading the fine print” when in fact virtually no one (unless we had lawyers review our “contract” with the credit card company) would even think to ask whether the monthly minimum payment could be increase arbitrarily by 150% or even raised to the full balance at the will of the Korporation. Who, for example, when getting a mortgage and signing the papers, would think to ask whether the stated monthly principal/interest payment can be changed arbitrarily by the lender? What we on this forum are upset about, perhaps even more than any financial burden the 5% payment may impose, is the unfettered power exercised by the banks. And even worse, at a time when these banks are rewarding their own with unconscionable bonuses. Are we now living in The United Korporations of America?

August 4, 2009 at 12:03 pm
(290) John says:

That link about the BLP being sold to Aargon was from February of 2008. Chase has been doing BLP for a long time, this is not something new that they invented for people who can’t afford the new 5% minimum payment. If you read the link they state they only have 9 months left of a 2 year plan. That means they entered into the agreement sometime in 2006. This has nothing to do with what is happening now. I just Googled Chase BLP collection agency, the only relevant results are the link above and this page. Please calm down, you’re all going to have strokes.

August 4, 2009 at 12:06 pm
(291) John says:

Also, the article from the links above doesn’t say whether the person was late or missed any payments, they probably did.

August 4, 2009 at 12:19 pm
(292) george s says:


Thanks for the research and health concerns (valid). The person of interest in that Q&A did say “and have been on time.”

August 4, 2009 at 12:33 pm
(293) George says:


Sorry, missed the last sentence. I’m still not going to worry about it though. If Chase made a habit of doing this I think there would be more complaints around.

August 4, 2009 at 2:41 pm
(294) SleeplessInGrandPrairie says:

This is by far the best site I’ve found concerning this issue.

THANK YOU to everyone here for all your input. If nothing else, it helps to not feel so alone on this.

August 5, 2009 at 11:26 am
(295) Heather says:

Hey Guys is there anyone else out there that is going to just stick to the original agreement and make the bigger payments besides myself. I don’t think it’s a good idea about this other deal, it doesn’t make sense.

August 5, 2009 at 11:50 am
(296) Emily says:

I’m going to take money out of my retirement account to make the bigger payments for two or three months so I can see how the BLP agreements work out for those who have already entered into them.

After that, I’ll either (1) continue to take money out of my retirement account (2) negotiate a BLP agreement, or (3) deliberately default and attempt to negotiate an individual agreement on my own terms.

I’ve been doing some research online to try to find out what happens to people who default on credit cards. (I’ve never paid late before so I don’t have any information about what happens to people who default).

According to what I read online, it depends very much on the company AND on the particular collections employee you deal with. I haven’t been able to find info specific to Chase.

So it isn’t particularly systematic but apparently people who go 1-2 months into default and then make a courteous and determined attempt to negotiate an in house agreement have been able to negotiate some reasonable deals for themselves, including reductions in principle (which must be reported as “income” on tax returns because forgiveness of a debt is “income”).

There’s some pressure on a credit card company to negotiate with people who are 30-90 days in default since when an account is 180 days in default, government regulations require the company to report the account as having “zero” value, which affects the company’s reserve requirements.

I’m very hesitant to enter into a BLP agreement until I know more about how these work. So please keep us advised, all those of you who have chosen this route!

August 5, 2009 at 1:50 pm
(297) Steve B says:

Emily, I am taking the same approach as you. Have to wait and see what these agreements are.

August 5, 2009 at 3:20 pm
(298) george s. says:


Add myself to the list of those who have recently posted a wait and see approach/pay the 5%. I think Ann M and margell earlier stated these intentions also.

August 5, 2009 at 3:55 pm
(299) Ann M says:


Yes, I am not going to make any arrangement with Chase, and I am going to make the 5% minimum monthly payments. I had also complained to the OCC, etc, but no one has ever called me. If they do, I will still stay with the 5% choice, for all of the reasons which george s stated in post (282). I have a smaller balance than a lot of the folks here, but I will not transfer this or pay it off, because they have made me so furious!! I am still waiting for my statement, because I am going to Xerox it and frame it.

August 5, 2009 at 4:23 pm
(300) Joe says:

I will have no trouble whatsoever making the 5% minimum payment, and I will. But that does not take away from the fact that Chase has broken their credit card agreement with all of us. They are simply GARBAGE individuals!

I will definately protect my rights to sue under any breach of contract and or hardship/restitution suits against them that come up in the future.

Go Class Action Attorneys!


August 5, 2009 at 7:17 pm
(301) SleeplessInGrandPrairie says:

I’m not sure what I’m going to do. I can’t afford to pay the 5% payments.
Thanks to ALL for your input on this.

August 5, 2009 at 10:10 pm
(302) george s. says:


You were researching a lot about this 5% situation. Do you have more updates/comments for all of us?

August 6, 2009 at 5:23 am
(303) Pam says:

George s.

Don’t know what has happened to marge11. I haven’t seen any posts from her in a while. The last one I see is #161 on July 19th. She was aggravated about some comments from someone about spending beyond your means. She was very active on some other boards but haven’t seen her there either. I hope she pops back in.

August 6, 2009 at 4:09 pm
(304) Eric says:

Been watching all this since end of June, finally decided last week to take the BLP offer. I did some checking around, about as much as the average joe could do, and unless there’s a trap door somewhere, this program is pretty legit. I would like to have paid off under the new terms, but it would put my at net zero on my disposable each month, for about 1.5 years. Consider the extreme routes: you don’t pay at all, or you go to CCCS, or declare bankruptcy – you’ll get hammered and blacklisted forever, or what seems like it. If you plan to refi your mortgage (laughter, thanks I’ll be here all week yall), or if you need to get a new car in a couple years – don’t default. I’d love to walk away from it on principle, but I’ve never had bad credit. Having good credit is what has allowed me to make some good purchasing over the years. If you go the CCCS route, it will be very very hard for you to get a credit card anywhere in the future. So I made the 2% deal and it took about 10 minutes. The interview was pretty short, to the point. I asked if they’d let me set up my payment date each month and they let me do that. But for the first three months, I have to be on automatic debit. Then I can call and have the auto debit removed, and they’ll let me billpay from my bank online, at my initiative. You still have to set up the once a month payment on a consistent date though. They sent me a confirm in the mail and it was on Chase letterhead. For those of you riding the fence for a month like I did – I wouldn’t take your chances. If other cards follow suit, you may be too late to make a deal with Chase at some point. Like I said, as long as there is no trap door, “the first offer is usually the best”, in this case “opportunity”, and once you let the decision go, it will take some stress off your shoulders. Good luck to all and remain vigilant in case the trap door opens. I can’t believe it would, and right now there’s not a better option.

August 6, 2009 at 5:37 pm
(305) Heather says:

Very Interesting…..Just got off the phone with my Discover Card people. I only owe under $ 2000 with them, but I have a 0% for the life of the loan. Well I thought that I would ask them if they were going to do the same thing as “good ole Chase”. The first rep said “no”, but when I spoke with a supervisor ( because the rep couldn’t answer something ) she put me on hold and came back and said “yes” they are raising their minimum payment to 4%. I am not concerned because I owe so little compared to Chase, but thought I would pass this along. Hold on everyone… I think this is gonna be a across the board thing. Keep your chins up.

August 6, 2009 at 7:38 pm
(306) Katie says:

If credit card companies raise their minimums across the board, my decision will be very easy -I’ll default across the board.

I got swamped with a bunch of medical bills in 2007 when my daughter required expensive medical treatment that wasn’t covered by insurance. I would have been better off taking bankruptcy, but I pinched pennies and budgeted like crazy. I had this old fashioned idea about honoring agreements.

I went heavily into debt but managed to stay on top of everything, never late on a payment, and over the last two years I’ve paid down a big chunk of the principal. I felt like I was out of the woods. Then this Chase thing came along. And now you tell me the other card companies are going to increase the minimums too?

No way. Can’t possibly do it. I’m just sorry I tried this hard and this long. My big regret is not filing for bankruptcy in 2008.

August 6, 2009 at 9:19 pm
(307) steve b says:

if they raise payments..they will not only lose customers, they will lose future business. Like Chase, it WILL come back to haunt them. With banks getting billions, and bonuses, there is no excuse to raise repayment rates with the economy so bad and people out of work. If it gets widespread, I will default on lmy mortgage and cards..

August 6, 2009 at 9:26 pm
(308) tfab says:

I have not commented for a long time so if I duplicate something sorry. I wrote way back in July about three cc I had w/Chase with low apr balance transfer for the life. I rec’d the 5% increase letter for one of my accounts and immediately called. I was one of the ones who rec’d the initial “we close your account, raise the rate to 6% and you can make the 2% payments for 5 years” on all my cards. A few weeks later I get a letter telling me I was never signed up or somehowe was. I called Chase and they stated they are giving me the 2% for 5 years on one of my accounts because at the time I made the initial request the 2% was not available and now the accounts are being reviewed. The gal told me the other two accounts were not yet being reviewed so I could not yet get the 2% on those but if I wanted she could refer it. I told her no not yet and that I would wait for them to contact me, because I could not afford to make double payments if the offer came through shortly. Anyway a couple weeks ago I called Chase again to see if I could get the 2% on the other two transfers as my initial rate was 2.99 and 4.99 and now I am sitting at 6%. I relayed to her I only did the BLP on all the accounts because the rep I spoke with told me eventually all my cards would change to 5% and we were being proactive-she said she did not see that. She proceeded to tell me the only way I could possibly get the 2% was if I broke my BLP on the two other transfers and I would then go back to my original terms. I told her that was fine my apr was lower she said no back to the original term rate which I assume is much higher. I am ticked that I switched all my accounts to this plan because they led me to believe I would eventually have to pay 5% payments on all my cards but now they are not offering the 2% on two of the three cards I have (had) and also that they closed my accounts. I think maybe there was some misrepresentation here.

August 7, 2009 at 7:57 am
(309) Emily says:

Thanks for the info on the BLP. I would very much appreciate hearing from anyone else who takes a BLP. The only way I can make the 5% payment is to take money out of my retirement account and I hate to do that – but the whole BLP thing makes me nervous so I’m very interested to hear others report back.

August 7, 2009 at 9:52 am
(310) Matt (#109) says:

I called Proactive Solutions on 7/13 and thought I was all set up with the 2% for 60 months plan. For nearly four weeks I’ve waited patiently for some sort of confirmation. Nothing. I got my August statement—fortunately, it didn’t show any change in terms–just the regular 2% minimum payment due. I called the automated line at Proactive daily for the last week and it kept saying my plan was “pending.” I finally clicked through to a rep today and she said it stays pending until the first payment is made, which activates the plan. My 2% minimum payment is scheduled online for 8/10, so she says the new payment and statement reflecting it should show up in a couple of weeks. We’ll see…

August 7, 2009 at 2:48 pm
(311) becca says:

Have you people ever thought maybe you have too much credit card debt if you payment is going up from 250 to 800 a month? Number one thing every one who can’t afford the new payment is to stop using credit cards – not just Chase but all credit cards. Maybe you need to read some of Suze Orman’s or David Bach’s books. Credit Cards should not be used for everyday purchases unless you can payoff the balance every month. Learn to live within your means and if you can’t afford that get another job, learn a new skill that pays better. You have options.

August 7, 2009 at 3:55 pm
(312) whatta lil heifer says:

becca’s insensitive comment & others like it, have been addressed many times in above posts. I get tired of these people who condemn others for the wise use of credit and the wise use of balance transfers to pay for absolutely necessary expenses (I won’t enumerate them, as previous posts have done it ad infinitum, but suffice it to say, some essential needs must be met, and credit is one way to meet them, when you are told the payment & the interest rate is so very low. For Chase to make this move is simply bait & switch. It should be illegal, and the government should stop it. If the pockets of regulators & congressmen weren’t lined with money & favors from the big banks, perhaps ordinary working people would get protection from sharks like Chase. They pass a watered-down bill that doesn’t take effect for months, deliberately letting things like this happen. I believe it was & will be, deliberately ineffective on the shady operating practices of credit card companies.

August 7, 2009 at 7:23 pm
(313) Pam says:

If you had read enough of these posts you would know that these are not people who simply lived beyond their means. They got caught up in a change in terms after accepting offers from Chase for low rate (2.99 to 6.99) life of balance transfers, which they would not have been offered if they didn’t have excellent credit to start with. Chase could not legally raise the APR on these transfers, and when they got in trouble they had to find a way to make more money off the loans, which was to more than double the monthly payments. When there is a change in terms it’s common to concern interest rates, but no one would have expected more than doubling the minimum payment, and there was no opt out which you have when it concerns most other changes. All but 2 or 3 people on this forum have been helpful to each other. No one needs your “I’m smarter than you are” demeaning comments. This was a highly unusual situation, and apparently other companies are beginning to follow Chases lead, as I read a comment from someone who got a similar notice from Discover. Your comments were basically preaching to the choir and not necessary.

August 7, 2009 at 10:59 pm
(314) Getting To Old For This [Deleted]! says:


August 8, 2009 at 10:28 am
(315) Julie says:

I just found out about this increase today, asked if there was a way around because I cannot afford the new minimum payment. I was told there is no way around it. I said I will have to transfer my balances to another company and the CSP said, “I understand”. That was it. I also told her I read my statements and did not see anything about this increase. Get this, she asked me if there was any way I could confirm the increase information. Does that make any sense? She works for the company and she’s asking me if I can confirm the changes???? I asked her if it was on the Chase website anywhere and she said no. I’m fired up. I, too, have always paid on time and paid more than the minimum balance. THis is just sick. I called Citi to see how they calculate the minimum payment and was told it was based on 1.5%. I was also told they don’t have plans to change that, but I hardly feel like I can rely on that.

August 8, 2009 at 12:46 pm
(316) TommyD says:

I to received the 2% to 5% minimum payment increase on one of my Chase cards, this was a card that I transferred used the promo interest rates to payoff higher rate cards and a auto loan. My rates on this card were 2.99%, 3.99% and 5.99%. I had a balance of $28/k on this card, so increasing my monthly payment by an extra $900 a month wasn’t an option for me. So, I contacted the Proactive Solutions number and talked to a CSR that nice, the entire call was about 15 minutes, they asked questions about income and expenses and she stated that I did qualify for the 60 month plan and they would lower my interest rate to 2% and my monthly payment even lower, but I will still send the same amount so it will be payoff sooner.

Overall, it was pretty easy and now I have some releif about this situation. Hopefully, it all works out the way they say.

Thanks to everyone that posted up their experiences, it helped me going into the call knowing what would happen.

August 8, 2009 at 4:09 pm
(317) bek harper says:

Julie, your conversation with Chase would be funny if it weren’t pathetic. Their confusion makes me worry even more that this BLP business is more than a little shakey. I’m still waiting on “confirmation” on my plan, whatever confirmation means. But I will never trust them again. JPMorgan Chase is now BSMorgan Chase (BS for bait-and-switch or whatever else you want to make it mean).

August 8, 2009 at 6:44 pm
(318) Julie says:

I transferred my balances to another card, hoping that is a smarter move than taking Chase’s option. It is funny/odd/annoying that I was not offered an option even when I specifically asked for one when I spoke to Chase this morning. I will NEVER do business with Chase again and I’m doing my best to make sure everyone I know feels the same. I’m sorry to all of you who are experiencing the same thing. I don’t understand why Chase is targeting those who have good credit, who could otherwise be very reliable customers that could keep their business running for years. Not a good business move and one that I hope ends up costing them.

August 9, 2009 at 12:42 am
(319) Mel says:

I could not begin to explain myself a while ago why I am so furious with CHASE. My husband has a credit card account with them. We have not used the card for any purchases, cash advances or balance transfers. It has a 4.99% APR. And we have never been late in paying every month. And we constantly pay a little more than our minimum dues. Just today I checked my husbands credit card account. I felt like my chest was pounding so fast with anger I could not speak. They are charging us 5% of the entire balance as the minimum balance due for the month!!!. So, instead of paying the expected $160 (or more) this month, they are demanding that I pay $416.00. We called their office today and spoke to people who does not know how to read their own statements and does not have an idea what the word ANNUAL percentage rate mean. Their monthly statement issued to us specifically states that we have a 4.99% APR. And yet their customer service agents insist that, CHASE has changed their policies regarding monthly payments and now the agreed monthly APR is now going to be computed as a Monthly minimum balance due. So, for those expecting their normal minimum balance rates, expect your monthly rates to double by the next month!. If you lost your job, or you are having a hard time in this depressed economy and you have a credit card from them, well, you are officially out of luck. BECAUSE CHASE IS HERE TO SUCK THE LIFE OUT OF HONEST PAYING AMERICANS WHO ARE TRYING THEIR BEST TO SURVIVE WITHOUT MISSING OUT ON PAYING THEM. CHASE IS HERE TO KICK US WHILE WE ARE DOWN.
I will be making calls to government agencies and writing to them as well. To complain and hope to see some help coming. But to the leaders of CHASE, you are very well aware that the US economy is in bad shape and Americans are struggling to survive. Then, CHASE still decides to raise this pandemic to a nation already in crisis. Does it make you so happy to see Americans like us to struggle, and to struggle some more?!. May the US Government see the TRAITORS in the company called CHASE.

August 9, 2009 at 10:05 am
(320) Scott C says:

Has anybody had their payment bumped up to 5% and NOT received thee notice? I received notice on my June statement outlining the increase in balance transfer charges and the fact that further balance transfers may not be available. However, it does not state anywhere in the notice that my payment is going from 2% of the balance to 5% of the balance. I get my statements online but also did not receive and hard copy correspondence in the mail.



August 9, 2009 at 12:02 pm
(321) Julie says:

Scott – I did not receive notice of the change. I found out yesterday when I got my new bill, called to see why the minimum payment skyrocketed, and the lady from Chase seemed surprised, “Oh, you didn’t know this was happening”. I said no, asked if it was online or included in my statements. All that she said was that she could send me a letter. I don’t need a freakin letter now because I just found out what is going on! Very troubling. I am contacting people about this because I think it’s important to show what they are doing. I sent Chase a letter telling them that they have targeted their loyal customers who pay on time. I told them they made a bad business decision, one that I believe will harm them in the long run.

August 9, 2009 at 1:04 pm
(322) steve b says:

I never received a notice. I did receive a recorded telephone message saying to make sure the amount in my account for automatic payments was sufficient for the new increased payment amount. When I called Chase, they said they sent one. Ya, right! I never got one.

August 9, 2009 at 5:25 pm
(323) Julie says:

I might be more obsessed about this problem than the rest of you. If so, I apologize for the multiple postings. Just wanted to share. I sent a complaint to Chase. Here is what I said “I cannot believe you have targeted the people who consistently pay their bills on time, who have been good, loyal customers. Your business decision to rase the minimum payment is disgusting. You should be ashamed of yourselves for forcing this county into a bigger hole by taking money from your customers when they need it most. I have been a customer for many years and I have paid on time and more than the minimum. I could understand if you had to slightly raise the minimum payment, but more than doubling it is insane, insensitive to the current economical problems of your customers, and just wrong. This was a very bad business move and I believe it will end up costing you in the long run. You have upset the customer base that has good credit, who pays on time, and who will make sure everyone knows about how you treat your customers.” Here is the reply I received “Dear Julie,

We appreciate your patience and apologize for the delay in
responding to your inquiry.

Thank you for the opportunity to assist you regarding your

As a credit card issuer, it may at times be necessary for
us to make changes that a Customer may find unfavorable;
however, these changes allow us to remain competitive in
the industry while offering the best value to our

We understand that you are dissatisfied with the recent
Change in Terms notification you received. We certainly
appreciate your position and the feedback you have
provided regarding this change.

If you have any further questions, please reply using the
Secure Message Center.

Thank you,

Christina Maldonado
Email Customer Service Representative


I don’t feel as though they are getting the real problem that they have caused. Is their move really making them more competitive when their current customers hate them?

August 9, 2009 at 8:03 pm
(324) steve b says:

Chase’s goal is to get rid of their credit card liabilities. They look much stronger without them.
Right now, they dont need the revenue, since the bailout money gave them billions to invest and buy.
They also save administration, collection and losses from credit cards. Thats why they have cancelled (from what I understand), 1 to 2 million WAMU credit card customers (most without notice) and cut Heloc lines. Their balance sheet will look stronger since they are reducing their liablilities. What they dont realize, is after they collect the revenue from these outstanding debts, their customer base will be gone. As well, the economy isnt exactly booming, and their Wamu mortgage side is going to kill them with foreclosures. They will look great for a few years, but after that I believe they have done themselves in as far as potential credit card, mortgage, and consumer loan business. It will be the banks that stick by their customers that will be the winners.

August 10, 2009 at 2:06 pm
(325) Chase is ok, I guess says:

I just got the 5 year, 2% fixed thing from Proactive Solutions. I was very easy and the rep was very polite. If you go through a regular Chase rep they will deny the program but if you mention “hardship” program then they will eventually give you the number. I asked about the Proactive Solutions program first and she stated there was no help for me, but then I mentioned a hardship program and she transfered me to Proactive Solutions. Weird?

August 10, 2009 at 4:15 pm
(326) thinkbig says:

I don’t think people are thinking big enough here. Nature has a way of dealing with things like this. It’s called extinction. Let this bank die. Pull all your money out of your Chase accounts, sell off your Chase stock, if they raise your minimum payment to the point your going to default, then obviously, they are the one you shouldn’t be sending money to. Tell all your friends and family do the same. Let this bank die. If everyone did this (1M customers got this notice, times 10k average balance), that’s 10B. Heck, that’s 5-10% of their market cap. Send chase the message that this won’t be tolerated. They are doing this to people who took the deal on the good rate, aren’t using the cards, are paying down the balances, they are betting enough of you will just pay it anyway that they can get away with this. They are counting on you having enough pride to try to do it. What for. Why be afraid of the derogatory remark? Is pride really worth the financial and physiological strain? What, you want the good score so you can get a credit product from some other banking institution that will just screw you first chance they get. If this bank dies, there won’t be anyone to answer the phone to confirm you missed the payment.

Many of you have made statements like “I’ll never do business with Chase again”. Well then do it full force. Don’t give them your business. Don’t give them anything. Tell everyone you know to do the same. Let this bank die. Dump their stock, close your accounts, and if they make your payments unaffordable, well, who’s table are you going to put bread on?

August 10, 2009 at 4:37 pm
(327) bek harper says:

Well I just agreed over the phone to change my terms to the 2%apr and 5-year payback at minimum payments that are $15 LESS than my last payments! Chase is shooting itself in the foot with me. I had two accounts with 3.99% loans so they wanted their money quicker (about 10 Thou on the two cards). OK, but they gave me the same terms for my Chase account that I have been using for purchases. This account has about $500 balance and now I need only pay $10 a month at 2%. All 3 accounts will be “closed by customer”. I have a 4th Chase card that I rarely use–it remains like it was. So Chase has lost me as a customer; I will cut up that fourth card. And they are getting less money from me in the long run than had they just kept everything the same. If this is the face of American business to come, I am worried. I feel as if I got a good deal, but my heart goes out to all of you who were dealt a lousy hand and I am sending good thoughts that something will come your way to fix things.

August 10, 2009 at 7:10 pm
(328) Julie says:

First, let me say that I have been telling EVERYONE I can about how Chase is treating their customers. I will not shut up about this. I even e-mailed the president and will e-mail my local representatives. I will not do business with them and hope that their decision comes back to bite them, as it sounds like it will. I also want to mention that I received a letter from American Express today. Although I do not carry a balance with them, I do appreciate that they sent me written notice of changes and gave me 2 months notice. It says they are raising APR and fees for late payments. There was no mention of increasing minimum payments. I appreciate them letting me know, even though I do not owe them any money. However, months ago they did reduce my credit line from $20,000 to $500 without giving me notice. Since I didn’t owe them any money I didn’t really care.

August 11, 2009 at 11:24 am
(329) MessedUpByChaseBigTime says:

There is a new commercial spoof on YouTube about the credit card debacle. Here is the link:


August 11, 2009 at 3:23 pm
(330) bek harper says:

Great youtube! Only thing missing is the guillotine at the end.

August 12, 2009 at 10:16 am
(331) Emily says:

So, has anyone had a problem with the “proactive solutions” thing?

August 12, 2009 at 12:13 pm
(332) JD says:

I called Chase at the # listed (800)404-6220. They converted both of my balances – $14K @ 3.99% and $3K @ 11.24% (Effec APR was 5.4%) to a 2% fixed rate for 60 months. My minimum monthly payments dropped by 10%. The account will be listed as Closed by Consumer on my credit report and paid in full at the end of 60 months, assuming I only make the minimum payments. CRAZY. What is Chase thinking? They lose money all the way around. My interest is considerably lower on both accounts and I will no longer be making purchases with their credit card. What started as a headache for me (5% minimum monthly payments instead of 2%) has turned into a pretty good deal.

August 13, 2009 at 9:28 am
(333) Disgusted says:

I called Chase, they didn’t say anything about converting the loan. I closed my account and transfered my money to another credit card. Closing this account may hurt my credit score, but who cares? I already own a house and I’m not going to buy a car anytime soon.
This is another example of short sighted greed by the american banking system. I transfered my balances to Chase because no other card was offering a low rate for the life of the loan. It would have taken me @ least 5 yrs to pay it off. Now they won’t get a sigle dime from me, ever.

August 13, 2009 at 1:57 pm
(334) grateful says:

First of all, THANK YOU for blogging on this site. Because of your help, I called the 1-800-404-6220 Chase number and converted our credit card balances to a 2% fixed rate 60 month payment program by phone. My GUESS is that Chase is trying to make their bookkeeping look different in this process – perhaps trying to show that they are using the STIMULUS money to HELP customers? But this is only a wild guess. I do not know why the CSR I talked to yesterday flatly refused to help me or refer me to such an option. She told me I had no option at all with Chase. But the 1-800-404-6220 number is helpful. We intend to pay off sooner if we can anyway. But for people who are in a tight crunch, this option will get us ride over the hump at least for a while. Although it’s August already, you can still call them!

August 13, 2009 at 4:53 pm
(335) Taking a Stand says:

Fight Chase on this!!! Whether or not you can make the payment, go to the ftc website and file a complaint-I did. I think it’s outrageous that Chase can arbitrarily change the terms simply because they weren’t making much money on the low rate “for life” balance transfer options they offered. Could it be that they are hoping that we will default so they can put us in the 22% and up category? My payment has risen from $270 to $600 a month! Thankfully this is the onl credit card I use with Chase. I can’t wait until it’s paid off, and then I will never use them again. These tactics in a downturned economy are deplorable. I feel so sorry for the many who have more than one balance that this affects. I also filed a complaint with consumer affairs as well.

August 13, 2009 at 6:43 pm
(336) Julie says:

If you are serious about not letting Chase get any more money from you than they already have, then you have to be careful and ask questions. Prior to finding out about the minimum payment increase, my husband and I were considering refinancing our home. One loan officer I had been talking to mentioned that they use several different banks to finance the loans. I didn’t think much of it at the time, but later called him back to see which banks they use. Of the two primary banks, one was Chase. I told him I didn’t want to do any financial dealings with Chase and he said he could not guarantee that. I’m serious about them not earning another penny from me so I will not go with a company that uses them. Of course I have no control if a company sells to Chase, but I will not knowingly allow their company to profit from me.

August 13, 2009 at 7:06 pm
(337) beth says:

I’m joining this class action suit!

August 13, 2009 at 7:44 pm
(338) clow says:

I received my confirmation letter in the mail for the 2% 5 year plan. I am still on the fence about making the payment that will enroll me in this program. If it is for real it would be a great deal, since I think they will close or lower credit limits on all of us anyway. It appears that MANY cardholders were unaware of the change until they received they’re August statements,consumeraffairs complaints have been very the last few days. I think I will probably go with the program and hold my breath. At this point I really don’t have another choice other than defaulting.

August 14, 2009 at 11:58 am
(339) Alberto says:

This was better for me. I had a fixed APR of 3.99%, on hald of the balance and then 4.99% on the other half, then the monlty payment went up like everybody else, I called and now I have a fixed loan an 2%. les interest to pay. for me it was a good deal.

August 14, 2009 at 12:19 pm
(340) JK says:

Call chase on 877-890-2941, Portray your financial situation as currently making ends meet (monthly mortgage, rent, car payment, other credit cards against take home pay) before they raised your minimum payment increase to 5%. Request a fixed monthly payment for 5 years while agreeing to close the account (this will only slightly reduce your credit score as it closes one of your lines of open credit, but will be listed as “customer closed account” on your credit report.) I read this on another site and did today. Took me 5 minutes. This basically took my monthly payment back down to where it was, while reducing my interest rate by 1%. THIS ROCKS.

August 14, 2009 at 9:55 pm
(341) CountryBoy says:

First of all, thank you to everyone for this wonderful resource. I haven’t chimed in but have followed this thread for quite sometime. I am in the same boat as many – good credit, used it for good, not evil, etc. A year ago, I was offered 4.99% for the life of the balance. I specifically called and asked about repayment terms and was promised 2% of the balance each month.

When I get my notice, I made all sorts of noise, and contacted everyone – OCC, FTC, BBB, my Senator (at the time MN only had 1!), Representative, Attorney General, etc. After watching the discussion about the BLP program, I made the call. Was offered 2% fixed for 5 years. I accepted, pending written confirmation of the details. (You can’t say I haven’t learned from my mistakes!)

While this was going on, the MN Attorney General’s office also got involved, basically drafting a letter asking Chase to address the situation. after two letters from the AG’s office, Chase responded. A Curt Seng sent me a letter restating the terms that I was offered in the BLP. I thought ‘Great! Written confirmation! cc:d to the AG no less!’ But then, one of the last sentences of the letter stated “You remain obligated to repay any balance that is owed on your account pursuant to the terms of the Cardmember Agreement.’

Ugghhh!!! As one of the customer service managers at Chase put it, the Cardmember Agreement says that Chase ‘can change any term at any time for any reason’ in their sole discretion. So basically, the letter says ‘here are the terms, unless we decide to change them again.’

I have drafted a letter back to Mr Seng, cc:ing the AG’s office telling Chase that they are doing the same thing they did the first time, and that the only acceptable solution to me is to provide written confirmation of the terms of the new offer, taking out the right to change the terms for no good reason.

I’m still optimistic about the outcome, especially given the AG’s interest, but they really continue to torque me off.

I’ll keep you all posted. Thanks again for all the great info.

August 14, 2009 at 10:50 pm
(342) Rhonda says:

I would be very careful entering into a “easy payment plan” with these crooks. Sounds to me like it’s a “gathering information” concept to acquire current personal information to use against you at a future date. Think about it, what has Chase done to you so far? Do you really think that they are offering you an “OUT”? Think twice before making a deal with the devil again.

August 15, 2009 at 1:08 am
(343) Ronnie Rocky Hill says:

I believe all the complaining in the world will do no good. The only way to to hurt someone or some business with money and power is to take it away from them. The way I see it is most if not all of the people in the United States have credit cards and these credit card companies are all going to do the same thing. Their threat is if we can’t or don’t pay, it will ruin our credit scores. Well, if we all default, we will all have bad credit scores, every single one of us, we will still be just as equal as everyone having great credit scores since high scores will no longer exist and the people worth billions with good scores won’t need the credit card companies anyways. All credit issuers would have to lower their standards or they all go out of business. If everyone gets a 550 credit score which is low, then that would have to be the new standard. So basically what i’m saying if I confused you is if we all have bad credit because we don’t pay our bills, they go out of business. And if they want to stay in business after that, they would have to treat a low low credit score like its the best credit score they have ever seen. There is way to much hype when it comes to good credit. It affects everything, but if we all end up having bad scores and reports, they will have no leverage against us. Yes, I do know that if everyone stops paying their bills, the economy will crash fast but then maybe someone will rewrite the credit card and loan laws with absolutly no loop holes or certain dates when things go into effect. It should be a fixed interest rate for everthing. 6% for mortgages and autos and 10% for personal loans and credit cards. No further increases for any reasons. Credit card and personal loan monthly minimums should be 2.5% of the balance, mortgage minimums baised on 30 years and auto loans baised on 5 years. Thats what I would push if I was President. Maybe I should run. Will anyone vote for me??

August 15, 2009 at 8:02 am
(344) clow says:

I received my letter of confirmation for the BLP 2% 5 year loan. I have made the required payment and I am now waiting for the complete confirmation documents. They set my payments for the 20th of the month, it was the 28th before. I am also going to pay attention to when the next statement is sent. Under new regulations starting August 20th of this year, any open ended loan, which includes credit cards, must have a statement sent 21 days before the due date. My statement has always been sent on the 8th or 9th and would not be in compliance with the new law. This does not include closed ended loans. If I am not receiving a statement 21 days before due date I will be assuming that the BLP is a closed ended, fixed rate loan and that my friends can not include a change in terms under the old card holders language, which was for open ended lending.

August 15, 2009 at 9:47 am
(345) Emily says:

I made my deal with the devil (BLP agreement). My daughter went into the ER last week, and we have a high deductible policy so there went the emergency savings fund that I was planning to use to pay Chase at 5% for a couple of months while I tried to figure out what to do.

Here are details on the process for those trying to make up their minds (the phone number to call is 877-890-2941 and I got this phone number in a written communication from Chase which was sent in response to one of my numerous complaint letters).

1. The man I spoke with was polite and courteous.

2. The questions weren’t intrusive. All the guy wanted to know was my income net of taxes and a list of my monthly payments: home mortgage, car payment, other credit cards. All this stuff would be readily available to Chase anyway by checking my credit report, it’s not classified information. The only info that couldn’t be gained by looking at my current credit report is: my current income after taxes, plus he asked if I expected an increase in income at any time in the near future which would make it possible for me to pay the 5% and I said no, to the contrary, I was about to get hit with a bunch of medical bills from my daughter’s er admit.

3. The conversation was brief. He took the information and then put me on hold to speak with his supervisor.

4. I have two accounts and, with his supervisor’s approval, he offered the following deals:

On one account (the one with the higher balance), interest rate drops from promotional rate of 3.99% to 2%. Pay a flat monthly payment for sixty months, and this will pay off loan.

On the other account (the one with the lower balance), the interest rate RISES from promotional rate of 5.99% to 6%. (Why the .01 rise in interest? I have no idea, but the net effect of the two agreements is to leave me better off on interest so I’m not going to argue about it).

I can prepay the loans without any penalty.

Accounts will be closed and reported to credit bureaus as “closed at customer request.” So my credit will take a hit in terms of utilization rate but not otherwise.

He will deduct the first payment for each account from my checking account in ten days, then I won’t owe anything else till October and I will receive a “confirmation packet” explaining all this.

This sounds like a reasonable deal IF Chase honors it. I get a lower interest rate in return for paying the money back sooner.

What if Chase doesn’t honor the new agreement? I’ll default and they can sue me. I’ll take a shot at beating them in court. I was trying to figure out if I would waive my rights under the original agreement by taking the new agreement and I’m not sure. I think what I am going to do is make the same payments that would have been due under the original agreements with the promotional rates and 2% minimums. This is about $50/month more than due under the new agreements, but it leaves me the option of arguing that I didn’t default under the old agreements IF they try to back out of the new agreements. That sounds complicated but you know what I mean!

I’ll report back as soon as I receive the packet of materials explaining the BLP agreement.

August 15, 2009 at 10:06 am
(346) Emily says:

OK, here’s the first problem with the BLP agreements. I went and pulled up an amortization calculator and if I pay the amounts agreed upon over a 60 month schedule, I won’t be paying 2% and 6% interest, I’ll be paying 2.24% and 6.14%.

So the deal is not QUITE as it was presented over the phone.

It’s still not a bad deal. On the account with the larger balance, they’ve given me a 1.75 percent reduction in interest and on the account with the smaller balance they’ve RAISED my interest by 0.15 percent. However, the net effect of both deals is that I get a lower interest rate in return for repaying the loan faster.

This is IF they honor the new deal. We’ll see.

August 15, 2009 at 1:44 pm
(347) Alessandro Machi says:

The Chase Bank five year deal is acceptable IF, AND THIS IS A VERY BIG IF, you don’t have OTHER DEBT AT HIGHER INTEREST RATES that you will be forced to pay down at a slower amount each month BECAUSE YOU HAD TO ALLOCATE MONEY TO THE CHASE BANK CREDIT CARD BILL INSTEAD.

Chase Bank claims that is irrelevant, they only care about their own accounts, but that is an erroneous statement because Chase can and has used in the past credit reports based on how you pay your other accounts, to raise your rates.

So Chase Bank is being wildly inconsistent and hypocritical when they say they are still helping you pay down your Chase Bank debt faster. Chase Bank is helping you pay down your debt faster WITH CHASE BANK, but possibly at the expense of other debts you have with higher interest rates.

IF you have higher interest rate debt with other banks, do you realize this new five year plan may cost you MORE PER MONTH THAN THAT STUPID 10 DOLLAR MONTHLY FEE CHASE BANK REVERSED THEMSELVES ON EARLIER THIS YEAR!


August 15, 2009 at 1:45 pm
(348) Mary S says:

The information on this site has been very helpful for me. Thanks to everyone here!

Like most others here, I received a notice that my minimum payment was being raised to 5%. I’ve been debating whether to call Proactive Solutions. While looking for more information about Proactive Solutions, I found this news article from NY1 News, which is Time Warner Cable’s 24-hour newschannel in New York City. A few other sites have run the same article. I am glad to see that some news channels are picking up on this story about Chase.



August 15, 2009 at 1:52 pm
(349) Alessandro Machi says:

I left a comment 6 minutes ago but it did not appear, is there a delay?

August 15, 2009 at 2:25 pm
(350) ChaseBankVictim says:

To Mr. Machi (348):

Let’s see: Chase has denied you an opt out on the minimum payment increase. Chase has denied that you have the right to sue them in court and claims that you only have the right to use their arbitrator. Now, Chase has denied your arbitration request. Have you received any written responses from Chase yet?

August 15, 2009 at 4:14 pm
(351) ChaseBankVictim says:

To Mr. Machi (348):

My comment at 349 was not delayed at all. Perhaps you experienced an Internet connection problem when you tried to post your comment. By the way, I have read many of your comments on various Web sites, including your own. I admire your perseverance and courage in taking on a tyrannical opponent so powerful as to make Goliath seem like a runt.

August 16, 2009 at 1:06 pm
(352) Bill says:

Chase = Greed. Immediately after Congress passed the credit card reform legislation, Chase notified me of a big increase in my interest rate. (For the record, I’ve never been late and pay more than the minimum). Because the card represents the bulk of the limits on my credit cards (15K of 20K), I accepted the change instead of canceling and keeping the old rate until it was paid off. New rate took effect and a week later Chase cancelled the card. Now have to pay it off at new rate and my balance/limit ratio increased dramatically. Chase gets a little more money but I get the last laugh — social security just kicked in (26K/yr plus). Will pay what I owe them and never do business with Chase again.

August 16, 2009 at 1:15 pm
(353) Michael henry says:

got my chase statement of thurs. last week. Could hardly sleep since. Minimum payment went from 320 to 781. I don’t have that much money laying around each month. Been Chase customer for over 6 years. Never asked for money only took advantage of low fixed rates they offered. Never missed or was late on a payment, or i would not have the low rate. Thanks to all for the info, i thought it was hopeless but you all have given me hope. Will soon be able to be rid or Chase and will never ever do business with them again.

August 16, 2009 at 2:03 pm
(354) Joe says:



JK says:
Call chase on 877-890-2941, Portray your financial situation as currently making ends meet (monthly mortgage, rent, car payment, other credit cards against take home pay) before they raised your minimum payment increase to 5%. Request a fixed monthly payment for 5 years while agreeing to close the account (this will only slightly reduce your credit score as it closes one of your lines of open credit, but will be listed as “customer closed account” on your credit report.) I read this on another site and did today. Took me 5 minutes. This basically took my monthly payment back down to where it was, while reducing my interest rate by 1%. THIS ROCKS.

August 16, 2009 at 3:28 pm
(355) Raped says:

I knew Chase for a long time, and we conducted much business over the years. I believed Chase was honorable. Then, out of the blue, Chase attacked me.

August 16, 2009 at 3:49 pm
(356) Ann M says:

Got my new bill last week with the 5% minimum payment, Xeroxed it, blanked out critical info, framed it, and hung it above my desk. It is a constant reminder to me and all the generations of my family never to do business with Chase again.
I sent my payment last week with the comment (5% Chase extortion fee) written on the check. The bill did not include any statement about alternatives – like a 60 month loan conversion – so that was never Chase’s intention. I think they only did that as a result of public pressure. I had filed complaint with OCC, but I called them again, and they said they had such a high volume of cases right now they didn’t have time to respond yet.
My daughter, who lives in Silicon Valley, and works for a huge, highly influential company told me that last week she heard a co-worker make the statement “Chase is evil” at lunch. She immediately went over to talk with her, and the woman told her a story about a friend affected by the Wamu take-over and cancellation of cards. My daughter told her my story – the 2-5% increase, and this young lady went that day to Chase and removed all money from her savings and checking accounts, closed the accounts and moved them to a local bank. We will not forget, and we here in the East feel as strongly as our West coast friends.

As a history fan, these actions by Chase remind me of the words of Winston Churchill. So – let me warn Chase – “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning”. You have attacked your best customers, created horrible stress in the lives of millions of people, and rocked our belief in the basic justice of our system. Your arrogance shows you clearly feel you have the freedom to treat customers any way you want. I wonder how much your lobbyists had to pay for that confidence. But, you have forgotten the basic element of your business itself – TRUST – You will never have that again in the eyes of public. No one wants to do business with an organization that has no regard for the well-being of its customers. I am happy that Chase bent and gave the 60 month loans, but they shouldn’t get any credit for good intentions. To use an analogy, they were the ones who hit everyone over the head in the first place, because they needed more cash since their investment bets had gone so badly. So, the fact that they offer to take someone to the hospital for a head injury doesn’t excuse the fact that they inflicted the blow in the first place.

I commend the Attorney General of Minnesota (341) for a willingness to confront Chase.

August 16, 2009 at 4:23 pm
(357) ChaseBankVictim says:

Ann M wrote: “Your arrogance shows you clearly feel you have the freedom to treat customers any way you want.”

This very short (91 seconds) YouTube video brilliantly satirizes Chase’s remarkable arrogance:


(Send this video to your friends!)

Ann M: I love your posts. I read them, and then I RE-read them!

August 16, 2009 at 11:28 pm
(358) Emily says:

My feelings about Chase are also very negative and I will not do business with them again.

I’ve accepted a BLP deal because I don’t have enough gumption to go to war if Chase offers me an acceptable alternative. However, when I compare the original agreement and the BLP deal, I know that the BLP deal is not an improvement on the original agreement. Under the BLP program – IF it works as promised – I get a very small interest reduction and, in return, I have to pay Chase back considerably faster than under the original deal AND I take a big hit to my credit rating because my cards are closed and I go overnight from 50% utilization to over 100% utilization. Plus I have to keep worrying about whether Chase will stick to its side of the bargain. So the BLP deal – EVEN IF Chase honors it – is no big favor from Chase to me.

I’ve given it some hard thought and if Chase backs out of the BLP deal, I’m going to default and let them try to collect.

I’ve been reading up on collection proceedings. Apparently Chase can’t force us to arbitrate (google NAF and Minnesota and arbitration and Chase and you’ll find out that the Chase arbitration system was a big fraudulent scheme and is no longer functional which is why Mr. Machi – PRAISE HIM FOR BEING A FIGHTER – can’t get arbitration even though arbitration by a neutral arbitrator was promised in our card agreements).

So all Chase can do is threaten and hassle us (and there’s a limit to how much of that they can do because there are federal laws against harassment) and then tney can sue us if we still don’t pay after being barassed. If they sue us, we can countersue for all the wrongful stuff they’ve been doing – bait and switch promotional rates, the fraudulent arbitration scheme, etc.

So except for the hassle, deliberately defaulting and telling them, “Sue me and wait for my counterclaim!” is probably a pretty good option.

As I say, I haven’t taken it because they offered me a BLP agreement which is close enough to my original agreement that it’s not worth fighting them over it, and I don’t have the gumption to fight them as a matter of principal.

But if they don’t honor the BLP agreement, I’m not going to try to make the 5% payments.

August 17, 2009 at 7:30 am
(359) PA Chase Customer says:

When I received the notice, I just called Chase and told them to close all of my Money Market, CDs, Checking and Savings, my HELOC, and all 7 of my business and personal credit cards, and send me a cashier’s check for my money.

They changed their mind really quickly and decided suddenly that I could keep my 2% minimum payments.

August 17, 2009 at 7:48 am
(360) Are you people nuts? says:

The arrogance of some of you people is astounding. Chase didn’t hold a gun to your head and force you to run up balances you couldn’t pay off. You CHOSE to charge things you couldn’t afford on your credit cards. These are personal decisions that you and you alone make for yourselves. When you demonstrate irresponsible behavior by running up a $5K balance, and just continue to grow your debt by making the minimum payments while still charging away, Chase must take steps to reduce their risk, and yours.

Debt is what got is into this recession. People like YOU running up big loans you could never hope to repay.

August 17, 2009 at 7:53 am
(361) Katie says:

Excellent! I’m glad at least ONE person was able to make them do the right thing.

Your reaction is a perfect illustration of a HUGE problem with what Chase is doing, which is they’ve permanently alienated a large group of people who were good customers up to now and potentially good customers in future. Since you have other accounts with them today, you can make your anger felt today. The rest of us will be expressing our anger for the next forty years, but it adds up to the same result – irreversible long term damage to Chase’s business. (The branch manager at my local Chase bank just invited me to switch my checking account to Chase – offered me free checking, a free safety deposit box and other goodies – and I said, of course not! and told him why).

Chase ought to fire the people running the credit card division for coming up with this stupid scheme.

August 17, 2009 at 7:55 am
(362) Katie says:

My Excellent comment was a response to the PA customer who was able to force Chase to live up to the deal.

As for the Are You People Nuts poster, it’s either a psycho or a paid Chase troll. For this one, I’m betting pscyho.

August 17, 2009 at 11:31 am
(363) John says:

#359 is an idiot, or works for Chase, or both. Chase fooled people into using their low balance transfer deal in order to get customers and then, when they decided these deals weren’t profitable for them, screwed everyone over. Good plan. Don’t worry if you do work for Chase, I’m sure you will be one of the first people they lay off as their business circles the drain.

August 17, 2009 at 1:32 pm
(364) Rayna says:

I luckily opened the letter about this increase. I reached the “special solutions” dept. We kept our 2% payment just by closing down the credit card. We still pay on our balance, but it’s treated like an installment loan instead of a credit card with fixed interest over the 60 months. I guess they are basically shutting down people’s ability to get more money with their cards, and trying to recoup the outstanding balances. It sucks that we dont have that option anymore, but our 2 credit cards (40k balance ) will be paid off in 5 years at 6% interest. It really does work, call the special solutions dept.

August 17, 2009 at 3:17 pm
(365) Revstevil says:

I just had success with the loan conversion option!!!
CALL (1-800-404-6220)!!!!! They were very nice and actually lowered the interest rate. I will now pay the loan off earlier than before and by spending less money.

August 17, 2009 at 3:30 pm
(366) kathy says:

i am going to pay the 5% and get rid of the card. but did anyone who is also doing this notice that they changed the due date from when it previously was due? are the up to something else? it was extended 1 additional week, was always due on the 23rd now on the 28th.

August 17, 2009 at 4:02 pm
(367) PA Chase Customer says:

I am glad to see Chase is at least giving you guys a break. It’s pretty clear they don’t want your business – if they’re giving you an incentive to close your account. It is clear they just don’t want you taking on more debt with them.

It _is_ good to have leverage – like having significant investments with the same bank you’re borrowing from. If you have $10K sitting in a liquid asset, they know you have some wealth, and they also know they’ll lose a ton of money if you pull out.

What they really don’t want are people with seemingly no assets (at least from their perspective) running up debt. #359 may be an insensitive prick, or an astroturfer, but they have a point. If you transfer a huge balance and have only been making minimum payments, that makes you look like a high risk that needs to be shed.

They’re also right that this recession is due to the collapse of the debt bubble. We’re now left with the task of getting out debt under control. Cash is king right now, and learning to live on cash without using credit is VERY HARD, but VERY NECESSARY.

It’s also hard to get out of bad spending habits. Just ask yourself before every purchase, “do I really NEED this?” If you really think about it, 99% of the time, the answer is, “no.”

August 17, 2009 at 4:07 pm
(368) PA Chase Customer says:

BTW: The government really SCREWED everyone by delaying the onset of the new CC Bill of Rights until 2010. They effectively gave the industry 8 months to get everyone’s interest rates up before the rules take effect. The CC companies won’t profit any less under the new rules – but it’ll sure cost CC users a lot more.

August 17, 2009 at 4:12 pm
(369) Ann M says:


My due date was also extended by 5 days. However, they had actually done that on last month’s statement also. But, on this month’s statement they included a statement saying the date had been extended. There was an “Important News” section on this month’s bill about the new due date that also said if I would prefer a due date that better meets my needs, to call Customer Service. I don’t think it really means anything, but I am still making sure my payment gets there well before the original due date.

August 17, 2009 at 4:39 pm
(370) Ann M says:

Kathy- My bill also showed a due date which is 5 days later than usual, but this also happened with my bill last month. I don’t think it really means anything, because it appeared on last month’s bill for me also. The new bill also had a section which said you should call them if you wanted a different due date which would be more convenient. I’m always going to send my payment by my original due date just to be safe.

August 17, 2009 at 4:47 pm
(371) Ann M says:

Sorry everyone to repeat like that. Got interrupted by the phone, and didn’t think the original went through.

August 17, 2009 at 5:05 pm
(372) OneMadCPA says:

Well, let me tell you what I did… First of all, I have OUTSTANDING credit, and I am really angry about this. So, I TRANSFERRED my balance to another company at a LOWER rate and am CANCELLING this account immediately (I’ve had this account for over 20 years!!!) I recommend everyone do the same if you can – to teach them a lesson. Their revenues are going to plummet if customers do this.

August 17, 2009 at 5:45 pm
(373) clow says:

As I stated in (344) starting aug 20th 2009 new reg’s require your statement to be mailed 21 days before your due date or they can not consider you late, even if you are, they can not send late notices, they can not attempt any collections at all, they can not charge a late fee and they can not report you to the bureaus as being late. I am sure they are moving due dates just to make sure they’re butts are covered.

August 17, 2009 at 6:55 pm
(374) Please Warn ALL Customers! says:

EVERY Chase customer and every POTENTIAL Chase customer needs a copy of this PDF that you can print out and distribute:


Don’t you wish that someone had warned YOU about Chase Bank?

August 17, 2009 at 7:38 pm
(375) Linda says:

Can anyone tell me the email address for Chase Bank? I tried filling out the complaint form for the FTC and it won’t go through without Chase’s email address and I couldn’t find it anywhere on their website. Thanks

August 17, 2009 at 8:09 pm
(376) Emily says:

PA Customer – Your points are reasonable, but at the same time, Chase invited this situation. Most of us are longstanding customers of OTHER banks and we have cash and assets on deposit in OTHER banks. Chase never followed up with us.

In my case, for example, have an IRA which includes federally insured certificates of deposit having a total face value greater than my loan at Chase. Chase is aware of this because I listed the IRA as an asset when I applied for the first promotional loan, but no one from Chase ever called to 0ffer me any incentive to switch my IRA. So I didn’t.

When Chase issued me a credit card in connection wiht the promotional loan, I noticed the nonpromotional rate was considerably higher than the rate I enjoyed with my current card company. I called and asked Chase if they would be willing to offer me a lower rate than my current card company(I’m always shopping for deals) and Chase said no.
So I stayed with my current card company.

As a result, the only business Chase ever got from me was the promotional rate loans. If Chase is losing money on these loans because this is the only relationship – that was Chase’s choice.

August 17, 2009 at 8:19 pm
(377) Emily says:

PA Customer – Your point is valid that we would be more valuable in Chase’s eyes and have more leverage at Chase if we had assets at Chase. But at the same time, Chase set up this situation.

For example, I have cds in my IRA with a current cash value which is greater than my loans at Chase (I could pay the loans by cashing in the cd’s but I’ve accepted a BLP instead because I don’t want to pay the tax penalty).

Chase is aware of this because I listed the IRA as an asset when I applied for my promotional rate loan. But no one from Chase ever contacted me to suggest moving the IRA or offer me any incentive to move it. So I left it where it was.

If Chase is now unhappy because my only relation with Chase is as a promotional rate loan customer, this was Chase’s choice – they never tried to get my other business.

August 17, 2009 at 9:45 pm
(378) Sam I Am says:

Linda (374) asked: “Can anyone tell me the email address for Chase Bank? I tried filling out the complaint form for the FTC and it won’t go through without Chase’s email address and I couldn’t find it anywhere on their website. Thanks”

Try one of these, Linda:


August 18, 2009 at 3:15 am
(379) One customer a time says:

I echo the comments of the many angered customers whose minimum payments doubled in the August statement.

Customers should not only boycott Chase but everything associated with Chase. We should inform shareholders of chase at their next annual meeting of the insensitve practices implemented by management.

Ive filed a complaint with the FTC, signed up for a class action suit with the law firm in San Francisco (sorry forgot the name). Can anybody else share with me where else I can complain.

I want to spread the word out to everybody to discontinue doing business with this phucked up bank.


August 18, 2009 at 4:19 am
(380) Chased_Away says:

Maybe it’s time that all of us Chase uh… customers, move on.

We should support our local bank branches just like we always did back in the old days. These national and international banking conglomerates are bad news folks. Chase has proven itself to be at the top of the “never bank here again” list, but there are also others that could give a rat’s _ss about you.

Let’s get the heck out of here (Chase) and never come back! BOUNCE

August 18, 2009 at 9:23 am
(381) Matt says:

Well, I finally received the BLP enrollment letter yesterday. It clearly states that one of the “many benefits” of participating in BLP, which brings me “one step closer to taking control of your finances” is “An APR of 2% for all NON PROMOTIONAL balances”!!!!! “Any promotional rates may remain in effect during the promotional rate period.” WHAT!!!!???? My entire balance is a promotional balance. Unbelievable! They’re still screwing me and using deception to enroll me in this program. If I make 60 monthly payments at the amount in the letter, it will be at 2.9% (my calculation).

August 18, 2009 at 2:13 pm
(382) bek harper says:

I too got my letter today. It mentions my complaint to the OCC and confirms the terms of my phone conversation. It says that my 3 accounts (2 promos and 1 for purchases) “…will receive a reduced APR of 2.00% fixed….for the life of the loan.” I am supposed to finalize my enrollment in the BLP by making my new payments by Sept. 9th, and thereafter on the due date on the statement. I will be keeping my finges crossed for five years!

August 18, 2009 at 3:49 pm
(383) Julie says:

I am so sick. I’m a daycare provider with three kids, no child support as my ex has been laid off since May 2008. The daycare business is so slow right now. Making $800/month not including expenses. Payment went from $230 to $566. I looked online and found a phone number for Chase Proactive Solutions Dept. 1-800-404-6220. The lady was very nice and respectful to the situation. The card has been cancelled and a fixed rate loan for $200/month is now in effect. The payment due date is changed to about a week earlier and is automatic deduction for 3 months. I need to call afterwards to put a permanent auto deduct in place, if I forget to deposit the money they will take me off the program. I only had one other option that I saw was to borrow money from my parent’s retirement but that would have been 15% tax penalty. I feel so bad for everybody who was paying on time and now this……….

August 18, 2009 at 11:28 pm
(384) clow says:

Has anyone noticed that now Chase is back to offering cardholders the option to increase they’re apr to 7.99% in exchange for keeping the 2% min payment. They did this back in Jan when they sent out the first change in terms notice. Perhaps they have reached they’re limit of 5 year loans. This is what several posts are stating on consumeraffairs.com

August 19, 2009 at 12:05 am
(385) Bob says:

We will end our business with the Greedy people that run Chase Credit Card Services and I am having
two great big bumper stickers made saying that
CHASE CREDIT CARD SERVICE SUCKS ! Two cars will be circling around LAX airport in the near future.

August 19, 2009 at 12:20 am
(386) good sam says:

Make sure to review the mailing address for all your credit cards. I pay my Discover card online. Last month I just happened to notice that Discover has changed the mailing address for my payment. I went into my online account and updated the mailing address. If I had just sent the payment on my normal date and it had to be rerouted by the post office to a new mailing address it would probably have been late, resulting in late fees and a possible change in my interest rate since I would have had a change in my on time payment history. I don’t know if one late payment gets reported to your credit report but if it does it could affect the rest of my credit cards as well. It was just luck that I noticed the mailing address change but please pay attention to my warnning. It would seem that any credit card company could set you up with something as simple as a mailing address change.

August 19, 2009 at 1:43 am
(387) jmc says:

I know of a mandate in 2003 to set minimum payments such that balance is paid off in 5 years if that same payment amount is made form the month of calculation forward. So, if this month’s payment is $200, and I pay $200 every month from now, my balance will be $0 in 5 years. All of my Chase cards had this, but they are raising the payments anyway. They want those of us with fixed rates for life to fail. It’s harsh!

August 19, 2009 at 2:32 pm
(388) M says:

Check out the latest bit of Chase propaganda by Carla Fried at CNNMoney.com. It is clear that Chase is attempting to gauge the feelings of the American public in general and attempting to justify its actions as “tough love”. I do not doubt for a minute that CNNMoney was put up to this, since the credit card industry pays a huge amount for advertising.

I could be wrong, but I wouldn’t put it past Chase. They have the resources, after all.

The majority of posts are against Chase, but there are a few “holier than thous”. You know the type of post – If you incurred this degree of debt, you are stupid and reckless – yeah, yeah, blah, blah, blah.

Please visit this link and post your objections – not only about Chase, but to address the transparent attempt by the media to spin Chase’s despicable acts as simply good business sense.

I have witnessed many attempts by Chase trolls on various blogs to demoralize the victims, by berating them. They usually are spotted and pounced upon, to my great joy. Since Chase could not suppress the growing expression of discontent by its victims, Chase is now resorting to planting news articles in an attempt to change public sentiment.

Incidentally, the about.com site is specifically mentioned in the article. Our posts ARE getting attention. So, please continue the fight and don’t let Chase have the last word.

Here is the link:


August 19, 2009 at 6:21 pm
(389) Kathy says:

I am also in the same situation as the rest of you who have a low fixed rate with Chase. I do not get my statement in the mail so when I went online to see my Aug statement I was shocked. My payment due was more than doubled. I called and spoken to someone at Chase customer service and told them there was no way that I could make that payment. She gave me the number for the Proactive Solutions. I’ve not called yet because I wanted to do some research on this program. That is how I found this link. It sounds like a good alternative for me but I wonder what Chase is getting out of it. They would be lowering my interest from 4.9% to 2% and closing my account. How is this benefiting them? I am not sure that this is not something that can backfire on me. Any suggestions or opinions on the Proactive Solutions program?

August 19, 2009 at 10:14 pm
(390) Emily says:

No, the BLP thing did NOT work out for me. Here’s the update.

I have two accounts. On Saturday, the BLP people offered me hardship deals on both accounts – strangely enough one was at 6% interest (higher than the original promotional rate) and one was at 2% (lower than the original promotional rate) but the net effect was to slightly lower my over-all interest rate in return for faster repayment. I figured that was a decent enough compromise, so I accepted. The employee who offered the deal put me on hold and then came back and told me his supervisor had approved both deals.

Today, I got a letter on ONE of the two accounts
(the one with the 6% BLP deal) which says they regret but they can’t honor the deal they made on Saturday because “my account does not qualify for BLP at this time” and please phone them to “discuss other solutions that may be a better fit for my situation.”

I have not received a letter on the SECOND of the two accounts (the one with the 2% BLP deal). So one of two things is happening.

(1) They are going to go to 5% on one account while giving me a BLP deal on the other account. A sort of split the difference approach.

If this is what they’re doing, I can afford to make the monthly payments without going into my retirement account and I’ll go along with it.

(2) They are going to try to stick me with the 5% deal on both accounts because they’ve correctly recognized that I’m not a financially reckless person and I could come up with the money if I really had to, so they’re going to try to beat more money out of me in the form of faster repayment (5%) or higher interest rates (the “better fit” for my situation).

I’m thought about it and it is NOT in my best interest to drain my retirement account in order to pay Chase. And it is NOT in my best interest to agree to a higher interest rate because Chase has decided to welch on the original deal.

So if they withdraw from the BLP agreement on both accounts – which is what I anticipate them doing – I’m going to write them a nice letter teliing them that, under the circumstances, the “solution that is a better fit for my situation” is sticking with the original deal. If they’ll forget the 5% nonsense, I’ll continue to send the 2% monthly minimum.

If not, they can lawyer up and sue me and prepare to defend my counterclaim.

August 20, 2009 at 4:53 pm
(391) Julie says:

I called Chase today after seeing my new statement. My minimun payment went from $310 to $763. I’m currently laid of from my job and can’t afford it. I told this to the Chase rep and he said he could keep my balance at the 2% if they increased my interest rate from 4.99 to 7.99. Did anyone else receive this kind of offer?

August 20, 2009 at 7:40 pm
(392) caveman55 says:

did anyone see the segment on the news today about chase bank being a funder for acorn? i just caught part of the segment. would like to know more. thanx

August 20, 2009 at 8:20 pm
(393) Emily says:

Some of the 2% to 5% people seem to be having some success in negotiating a lower payment without a rise in interest rate by calling the Chase “Proactive Solutions” department. Read down the list of posts and you’ll find much info on this process.

August 20, 2009 at 8:25 pm
(394) steve b says:

Julie..did they mention the 7.99 is only till Jan 2011, then the rate reverts to the current rate….which will be exhorbitant. Call Chase solutions.

August 20, 2009 at 8:35 pm
(395) M says:

Caveman55 and everybody else,

Check out this link:


The article is titled, “ACORN Funder JPMorgan Chase Doesn’t Look Good in New Madoff Book”. Need I say more?

August 20, 2009 at 8:40 pm
(396) Emily says:

OK, it’s getting WEIRD out here. I went online and on ONE of my two accounts, the amount due is now showing as 2% not 5%.

Here’s the history.

1. I wrote opt out letter, Chase responded no opt out.
2. Chase hit me with 5% bill, I asked for BLP.
3. Chase agreed to BLP.
4. Chase wrote back and “this account is not eligible for a BLP.”
5. I went online and lo and behold, the amount due had dropped back to 2%.

After all this heartburn, it looks like we’re back to the original agreement on Account 1, which is where we should have been all along.

In the meantime, it looks like I’m still enrolled in the BLP on Account 2.

Go figure. But hey, I’ll take it.

Except it will probably change again tomorrow????

August 21, 2009 at 3:52 pm
(397) bek harper says:

Matt (381)–I got two letters. The first, from the Exec. Office, says my 3 accounts (2 with promo rates of 3.99% and one with a higher rate that I pd in full monthly) will now have a 2% APR under the BLP. The second, received today from “cardmember services” is the letter you got–”2% for all nonpromotional balances” But I just looked online and it shows 2% APR for purchases and cash advances, and no category anymore for promos. I think we are OK with the 2% as promised–I did an online calculation and it comes right with the new monthly payments they quoted me in letter #1. But what a sad way to do business.

August 21, 2009 at 7:37 pm
(398) LAS says:

I just want to thank you all for taking the time to share your stories and your advice. This blog has kept me sane for the last week.

I too have just received my increase in min payment to 5%, going from a min of $231 per month to $579. That alone is not the end of the world but I have 3 other Chase accounts. One of them says that the increase should have happened in Aug but my bill does not reflect it, still at 2%. My other 2 accounts show in the small print that the min increase to 5% will take effect in Oct 09.

If all my accounts go up to 5%, my total min payments will go from $533 to $1332 per month, not even possible.

I am doing as much research as I can before I make the dreaded call. I at least wish that I could count on the BLP working smoothly but after seeing all the trouble and confusion everyone else has, I am doubtful.

I know I have no choice, the end is nigh. Just trying to decide whether I should bring up my othere Chase accounts when I call or not. Did the representative ask anyone of you with multiple accounts if you wanted to work on all of them or did you have to bring it up?

August 21, 2009 at 8:06 pm
(399) clow says:

I am not sure that Chase can legally increase anyone from 2% to 5% of the min payment anymore. Effect Aug 20th 2009, the new Reg’s state that the min payment can NOT be increased by more than double. So how can they change it in October per LAS comment??

August 21, 2009 at 9:05 pm
(400) bek harper says:

LAS, Chase called me after I filed an online complaint with the Office of the Controller of the Currency http://www.occ.treas.gov/customer.htm The agent referred to my complaint and said they could offer me the 2% APR with fixed minimum payments on all 3 of my accounts. The agent had all the info in front of her–I did not have to bring up my extra accounts, not did I have to answer any income or spending questions. It just might give you an advantage to file a complaint with the OCC before you contact Chase. Good luck.

August 22, 2009 at 8:23 am
(401) caveman55 says:

another reason to never have any more dealings with chase when this ordeal is over with

August 22, 2009 at 9:04 am
(402) clow says:

Look what poor CHASE is doing with the money from the nonprofitable low APR accounts……


August 22, 2009 at 11:34 am
(403) Barb R says:

My husband & I just found out that our minimum payment was increasing from $460 to $1331, due in Sept. We NEVER received a notice that this increase was forthcoming, just saw it on our bill. I called the 800 number on our statement and was told that there is an alternate offer if we want it — keep our minimum payment at 2% but the interest would go from 3.99% to 7.99% until Aug. 2011. Any balance left after that would be charged at the same interest rate as regular purchases — who knows how high it could go at that point!

Just over a year ago, we used the promotional rate to purchase a used car and make some needed home improvements. (Thought it was a good deal at the time.) Like most of you, we pay our bills on time, never missed a payment, have excellent credit ratings, good job, etc.

Found this blog last night and read all 400+ comments. The information here has been extremely helpful! We filed a complaint with the OCC and will file with FTC also.

In the end, we’ll probably go with the 5 year loan payment at 2% interest (we hope) that many of you have opted for. It ssems to be the best option for us right now. (We have twin daughters in college and our youngest needs braces.)

After this loan is paid, we’ll have nothing to do with Chase! Am disappointed that there is little if anything about this on the news. Must be political….

August 22, 2009 at 12:31 pm
(404) ChaseBankVictim says:

Barb R (Post #403) wrote: “Am disappointed that there is little if anything about this on the news.”

Chase Bank advertises extensively in the various media, as Chase must, because the most effective and free form of advertising, word of mouth, works against Chase due to Chase’s mistreatment of its current customers.

All recipients of Chase’s advertising money understand that publishing information on Chase’s egregious conduct would be viewed by Chase as “biting the hand that feeds.” Not many are willing to risk the loss of Chase’s advertising dollars.

August 22, 2009 at 1:37 pm
(405) LAS says:

Thank you to Bek Harper (400)! I just filed my complaint with the OCC. I will let you all know if this approach works for me. The least painful route is best for me, I am not up to any more mental anguish over this.

August 22, 2009 at 2:05 pm
(406) confused says:

I guess I just don’t understand. First, we all seem to have good credit ratings. Why not just roll these balances to another credit card with great terms at another bank and take your business elsewhere since you don’t like the way Chase does business? This solves the problem. Chase gets no more interest or business from you and you retain a good credit history as well as good terms with another bank. I never thought about crying foul to Chase, only about taking my options elsewhere. Is is possible you are at your limits in outstanding credit and are unable to open a further line of credit with another bank. If so, no matter how good your credit rating is or was you are courting disaster. And overspending. Our economy has been in a downward turn for quite a while now and it would be well advised for any of us to reduce overall spending, overall outstanding credit and pay down everything we can to live with a smaller footprint for a while to get through this mess. Stimulating the economy is possible through direct cash purchases. If you limit the amount of credit you carry it would free up your current resources to stay in a cash realm. If you have the potential, like most of us to have your employment affected by this economic slow down (or your business etc.) take proactive steps as much as possible. Chase knows they have us over a barrel so to speak. I did resolve any issues with them by taking my business elsewhere. In general I have changed what I deem to be necessary and what I want so my overall spending is declined to give me more dollars to heap on this outstanding debt so I can be free of it and certainly in less that the 5 year plan offered by Chase.

August 22, 2009 at 2:19 pm
(407) TommyB says:

I too have been at the short end of the Chase stick. I have a large balance of 36000 @ 5% interest, and my payment went from 735 to close to 1800 a month. Impossible to pay.I have excellent credit and have never missed a payment in 12 years. They made several offers.None of them were the 2% interest.One was an increase to 8% for 2 years then up to the 14%. Next was 12% for 5 years and an 800 a month payment. Of course I could stay the same if I could pay the 1800.( can’t do it). Lastly they offered 6% for 12 months and a low payment of 350. This is what i will take. In 12 months I can renegotiate or default but the breathing room helps. Also they closed my account an my request.I will see how it goes.

August 22, 2009 at 3:29 pm
(408) ChaseBankVictim says:

Confused (Post #406) wrote: “I guess I just don’t understand. First, we all seem to have good credit ratings. Why not just roll these balances to another credit card with great terms at another bank and take your business elsewhere since you don’t like the way Chase does business?”

My TransUnion FICO credit score is 733. That’s several points above the median and considerably above the average FICO score. I had the opportunity to transfer my balance to Bank of America at the same rate as I paid Chase. But, unfortunately, the low rate was only for a few months AND I needed to pay 4% to make the transfer, and I had already paid Chase 3% for the original transfer to Chase. The other opportunity was to transfer to U.S. Bank. The U.S. Bank offer was 6.9% for the life of the balance, plus I would have to pay another 3% transfer fee to U.S. Bank, when I had already paid 3% to Chase. Neither of these offers was as good as the offer Chase made originally and then reneged on. So I forced Chase to fix the problem that Chase caused. Chase crapped on my floor and made a big mess, and Chase needed to clean up its own mess, not me. So I accepted the 5-year Balance Liquidation Program at 2% interest that I was finally offered after an approximate 5 hours on the telephone and after the receipt of numerous letters, some apologizing for Chase’s errors in previous letters and phone conversations. IF the Balance Liquidation Program works out, I’ll be OK, but even IF it does work out, I’m not pleased with Chase’s misconduct, and when this debt is finally paid off in 5 years, I will not do business with Chase EVER. And you can be sure that I will advise my friends NEVER to do business with Chase.

August 22, 2009 at 4:11 pm
(409) Rajesh Amara says:

I called Chase Proactive solutions dept (1-800-404-6220). They changed our 3.99% fixed for life to 2.00% fixed for 60 months. The only catch was the card will be closed after 60 months. Atlease one problem is solved for now.

August 22, 2009 at 10:23 pm
(410) OutLaw Blondie says:

Well I am one of those that just got nailed by Chase and I had no idea that Chase planned on or could have even done this so abruptly. My $173.00 monthly min. payment that I have always PAID ON TIME and always MORE than the min. payment required, went up to $430.00 because it was a balance transfer offer for a fixed rate of 3.99 on a 8,600.00 balance that they would like to get rid of so they can lend that money out at a higher interest to others. I will struggle to make it but I really feel for others who might have to suffer a default interest rate of 30% because they ended up missing a payment due to the fact that they can’t afford the difference in payment so abruptly. Wamu was always good it seemed, but since Chase took over, it turned into as much of a Loan Shark as any Banking Institution can get. But I am not taking this lightly. Next week I will take out all the money in my 2 Chase checking accounts leaving only $12 in each and open new accounts at another bank. I will then write myself a monthly check (since I have all these leftover checks) to my new Banks for $1.00 out of the Chase accounts as a constant reminder to Chase that I am using a different bank for my business now and still keep Chase’s administrative staff busy with my FREE checking accounts. My Sons will do the same with their accounts at Chase. Then I will balance transfer my other 2 Chase credit card accounts that are lower balances with higher interests to another bank. I read where banks said they are doing this so people can get out from under their debt. BS…. My other 2 Chase card accounts with a higher interest, their minimum payments didn’t change. If anyone has suggestions on ways to protest these disgusting tactics of Chase to fatten their bonuses when people are desperately struggling to just survive in this economy, Please share!!!

August 22, 2009 at 10:53 pm
(411) Susan G says:
August 22, 2009 at 11:30 pm
(412) Fun_With_Chase says:

This made me giggle the other day. While in the breakroom, as we (myself and four other employees) were watching the latest Chase in California ad. with their “happy go lucky jingle,” I promptly raised both middle fingers in the air directed at the TV. Everyone wanted to know why my reaction? I gleefully told them!

Any other good stories to tell or good ideas on how to spread the word?

Cheers! BB

August 23, 2009 at 9:56 am
(413) Katie says:

I’ve already talked one friend out of doing business with Chase.

August 24, 2009 at 5:55 am
(414) Pam says:

For Rajesh Amara (#409)…..

You may want to double check the card being closed after the 60 months. All other people on this board have had to close the account at the time they make their agreement to go to the new plan. Just check to make sure.

August 24, 2009 at 1:39 pm
(415) Cheryl says:

I just called the 877 890-2941 number. They gave me the 5 year plan, but not a reduction from 4.99 to 2%. Should I have called the other number? Is it too late?

August 24, 2009 at 5:06 pm
(416) Emily says:

Is it too late? Who knows?

Chase’s treatment of different customers and accounts doesn’t seem to have any logical basis. It seems to be a question of who you talk to.

If you call back, you MIGHT get a better deal or you MIGHT trigger some new kind of review which will result in the current proactive deal being cancelled.

I think the question is, is the new deal as good for you as your original promotional rate deal? If so, quit while you’re ahead (or breaking even). If not, continue to squawk until they make it right.

August 24, 2009 at 5:08 pm
(417) Emily says:

I meant to say “as good as your original deal.”

August 24, 2009 at 5:15 pm
(418) beachcats says:

I just called and immediately asked for a supervisor. When she got on the phone I asked for her manager and she said there was no one above her I could talk to but I could write a letter. The bottom line was and she said no less than 5 times….”this is NOT NEGOTIABLE!” The arrogance and unmitigated gall. I have 4 cards with them and asked if they were going to do the same thing to them all and she, a supervisor, said, “they don’t tell us in advance!” yikes! So the 3.99% for the life of the loan is a load of crap and their only offer was that I can keep the same monthly payment of 2% but the interest rate goes to 7.99% until Aug 2011 and then to the purchase APR after that. She had no remorse and was amazed that I was upset. She must make some big dollars to be able to sleep at night. Guess I’ll pay this one off fast! disgusted beyond belief…..

August 24, 2009 at 10:52 pm
(419) icewired says:

After seeing my new statement today that jumped from $132/month to $332/month I called the customer service number on the back of the card and they gave me the following option:

Account will stay open and the APR will go to 7.99% until August 2011 and then go to the default credit card rate which was raised from 12.00% to 20.99%. I told them I would consider my options and let them know.

I then researched online and found this posting which proved to be lifesaving. I then called Chase back and told the rep that I heard that they have a hardship department that is offering a 5-year payoff with a frozen interest rate and asked her for the number. She gave me 800-404-6220. She did not argue with me or play dumb.

I then called the number and waited on hold for 30 minutes (with a annoying message that repeated over and over again). I told the gentleman that I talked to that I had heard about this program online and told him I was interested in the 5-year plan that closes my account. Before I mentioned the specifics of the 5-year plan he was talking to me about the 7.99% originally offered. He then asked me what my monthly income was and the specific reason for my financial hardship. He then asked about my rent/mortgage payment, any second mortgage, other credit card payment amounts, and if any car payments. He then asked if I was working full-time or not. I then told him I thought he was helpful and that I thought I would have to argue with him and he replied “I don’t get paid enough to argue with people”, I laughed then and he gave me confirmation numbers and asked me if I had any questions. He said the first payment is due September 1st and I will pay the bills as normal on chase.com.

Thank you everyone that has posted this definitely helped me out tons!

August 25, 2009 at 7:56 am
(420) Chase = Robbery says:

Any Class Action Law Suits developing for the misleading advertising that Chase offered “Life of the Loan” contracts. The original disclosures that we agreed to didn’t speak to chase reserving the right to screw us like this. I understand if the new cals were for new balances but how do you restructure a contract like this with no notice (I never got a notice)??

August 25, 2009 at 7:57 am
(421) Cant Trust Chase says:

These Special Solutions Deals are subject to the same theft that your first deal had. Do you think that Chase isn’t trying to protect themselves from a class action lawsuit? Watch what you sign!!!! They may bait and switch you again.

August 25, 2009 at 7:58 am
(422) CLASS ACTION says:

We need to find an attorney for a class action. I know Prudential had a Class Action once for misleading advertising also. Chase ripped us off. How can you trust doing business with them?

August 25, 2009 at 8:07 am
(423) steve b says:

Look at Changeinterms.com. There are currently 12 class action lawsuits against Chase. The unfortunate thing is that it will take years before they are completed, individuals will get very little if anytning, and Chase is so flush with cash now it wont make a difference. The three things that will kill Chase are:
-the worsening economy; housing and loan defaults.
-the millions of customers spreading the word on Chase and not doing anymore business with them.
-the stupidity of Chase leadership.
Unfortunately these things will take some time to filter through, but they will eventually be Chases downfall.

August 25, 2009 at 8:49 am
(424) bek harper says:

Another twist. I’m one of the lucky I hope) ones who got the 2%, 5 year offer on my 3 accounts. Well I just received a notice in the mail for one account that they are “upgrading” my account with a “new card” that gives more reward points. The card number will remain the same. Wonder if I should worry that a “new card” might mean new terms; could this be a way for them to wiggle out of the 2% apr deal? Anyone else get this type of notice?

August 25, 2009 at 10:46 am
(425) M says:

PLEASE go to the following link and post your stories.


The article is titled, “Rising credit card minimums: Fair or foul?” It is a completely skewed story, regarding the Chase minimum payment increase. It leaves out most of the important points regarding the situation. It is clearly an attempt to spin public opinion in favor of Chase.

Unfortunately, a lot of people who are upset about the credit crisis are directing their anger towards the consumers and giving the banks a pass. This article only fans this resentment by making it appear that the people in our situation are irresponsible people who have self-control issues when it comes to spending and are now whining about Chase’s “tough love”. It really is a nauseating article.

As a result, there is an increasing amount of patronizing posts by people who are berating the victims – us. They could just be insensitive boors, but they really should have been presented with all of the facts of the situation before they were invited to give their poorly thought out positions on this matter.

The “live within your means” Chase trolls are out in force. Don’t let Chase have the last word. Fight back!

August 25, 2009 at 3:58 pm
(426) Joe says:

A suggestion for all Chase customers affected by this change in terms: Keep a detailed history of all of the damages you are suffering now and those damages you suffer in the future due to your immediate loss in cash liquidity caused by Chase. This will be very important when it comes time to bring any class-action suits against Chase. These damages could range all the way from financial ruin on the one side, to investment loss on the other. Keep your head and good luck to all!

August 25, 2009 at 7:44 pm
(427) I can't believe this. says:

This is fraud. I have never heard of anything like this.

August 26, 2009 at 4:59 am
(428) Joe says:

Remember too that Chase is counting on us to be be a “little on the dumb side.” They have categorized each and every one of us into a generalized stereotypical group that they think they can push around easily. ‘Little do they know.

Chase leadership is the only group of blooming idiots around here and they are the ones who don’t appear to me to be very smart.

Think of it this way. If Chase were to back out of a loan it agreed to with a large national or multinational corporation, by demanding that a loan given to them be paid back at a two and a half times the rate that was agreed to, then that corporation would surely suffer damages caused by the immediate loss of liquid (cash) assets. The corporation would then have a legitimate case against Chase and would be able to sue for damages.

1,400,000 people affected by this fraudulent change of the rate of payment on the loans is probably equivalent to a good sized corpotation. Most if not all of these people will suffer damages due to their loss in cash liquidity. Keep track.

Be smart. Chase hopes you are not.

August 26, 2009 at 10:31 am
(429) Susan says:

Called Chase yesterday. Got a 5 yr fixed loan with 6% interest rate and same payments as before. Interest rate increased from what it was before. But I can live with that. When I called the number on back of card they made me the 7.99% for 2 years then 19.24% thereafter. I declined & called the number in above article 800-404-6220. Glad I found this site.

August 26, 2009 at 12:19 pm
(430) Michael says:

I received a notice yesterday that my 5.99% fixed Chase credit card was being changed to a variable rate currently at 11.99% effective with my November billing statement. They are doubling my interest rate! Needless to say I will be declining the changes and closing the account.

August 26, 2009 at 2:28 pm
(431) LAS says:

To Bek Harper….After you filed your complaint with the OCC, how long was it before Chase called you?

I am still avoiding making the dreaded call :)

August 26, 2009 at 3:22 pm
(432) Sleepless says:

I still haven’t made the dreaded call, too. I just got my new statement due in Sept. with the lovely 5% minimum payment. What makes the phone call extra scary is that I currently am unemployed, so I don’t know if I’ll even qualify for the BLP since I don’t have a set income to give them. Ugh.

August 26, 2009 at 3:55 pm
(433) bek harper says:

LAS, I got my confirmation email from the OCC acknowledging receipt of my online complaint form on June 29th. I got the first call from Chase on July 30th telling me that they were reviewing my accounts because of the OCC complaint and they would get back to me. The next call was on August 10th with the 2% APR, 5-year payback offer.

August 26, 2009 at 4:05 pm
(434) bek harper says:

2% APR balance transfer offer–thought this might be of interest to some of you. The Pentagon Federal Credit Union has a Visa Platinum Credit Card offer at 2%APR for the life of the loan with a 2.5% fee, maximum of $100, online only. You have to join the credit union ($5 minimum account). Those who don’t qualify to join as military or related can qualify by joining the National Military Family Org. for a one-time $20 fee. Don’t know how long this will last or just how hard it will be to get this card given the fact that most of us have had our Chase cards cancelled, but I think I’m gonna try. I just checked Equifax and it does not yet show my cards as “closed” even tho my latest statement do show them closed. Link: https://www.penfed.org/productsAndRates/creditCards/balanceTransfer.asp

August 26, 2009 at 5:51 pm
(435) Scott says:

I have not posted in quite some time (high 150′s to low 160′s), but have been following this thread almost daily. After I made my deal (2%/5 years) just over a month ago, the only thing I got from Chase was a letter confirming that I authorized Chase to auto debit my regular August payment (I have always mailed my payment – but this was part of the agreement). Then nothing for almost a month – until the August payment was debited. Several days later, I received my BLP confirmation letter – detailing everything that was discussed with the Chase rep in mid July. So far, so good – now waiting for my first BLP statement. Hopefully everyone else who has been forced into this deal is feeling a little better about it’s legitimacy (although who knows if/when they will try and change these terms at some future date).

August 26, 2009 at 6:14 pm
(436) ChaseBankVictim says:

To bek harper (434):

Thanks for your advice about joining the Pentagon Federal Credit Union (PenFed). I just joined. It was fast & easy. And, no, I did not fund my new account by using a CHASE credit card! Before joining, I did not know that there was a location VERY near me, much closer than any CHASE bank, even though I live about a thousand miles from the Pentagon! It won’t take much for PenFed to make me happier than CHASE, because CHASE has set the bar so low!

Thanks again for your advice!

August 26, 2009 at 8:12 pm
(437) confused says:

are you talking about 2% interest on your loan agreement or about 2% min. payment on your 5 year loan agreement. Huge difference.

August 26, 2009 at 9:19 pm
(438) Scott says:

“confused” – I would assume that question was directed at my post? If so, my deal was 2% interest rate with the balance paid in full in 5 years. Prior to enrolling in that program, my 2% minimum payment was $217/mo. and would have risen to $543/mo. under the new 5% minimum payment they were trying to force on me. My new BLP payment will be fixed at $191 for the next 60 payments.

August 26, 2009 at 9:37 pm
(439) Emily says:

Well, they switched the deal on me AGAIN.

I have two accounts:
Account 1 promotional rate 5.99%
Account 2 promotional rate 3.99%

(1) When they went to 5% minimum on both accounts, I wrote them and demanded to opt out and they said no opt out.

(2) I called Proactive and they gave me a BLP on Account 1 at 6% (they RAISED the rate 1/100 of a percent) and a BLP on Account 2 at 2% (they LOWERED the rate by 1.99%). Makes no sense, but works out to a lower interest rate in return for a faster repayment (but with manageable monthly payments), which I thought was a reasonable outcome.

(3) Then they wrote me a letter saying Account 1 was NOT eligible for a Proactive agreement. Instead, they changed my online statement to reflect that my ORIGINAL agreement was still in effect on Account 1 (promotional rate of 5.99%, 2% minimum monthly payment). They didn’t explain this, they just did it.

(4) Then they went online and changed both of my online statements and now the statements show that I have Proactive agreements on both accounts with 6% on Account 1 and 2% on Account 2.

I don’t know what they are doing or what they will do next, but I’ve monitored my accounts online daily and printed out every change they’ve made.

Just to make it more confusing, they told me my accounts would be “closed by customer” when I accepted the Proactive agreements, but both accounts are showing as open with available credit.

I’m wondering if they keep changing things around because they are disorganized and confused or because they are trying to trick me into defaulting.

I have my printouts and I’m keeping them in a VERY safe place!

Good luck to the rest of you.

August 26, 2009 at 11:01 pm
(440) ChaseBankVictim says:

Emily (439) wrote: “I’m wondering if they keep changing things around because they are disorganized and confused or because they are trying to trick me into defaulting.”

I have no idea, Emily. I wish I knew. All I know is, banking should NOT be exciting. When banking is exciting, something is wrong. Something is very wrong with Chase. Banks are supposed to bring us a measure of stability. A customer should not have to wonder whether his next required payment should be $800 or worry that it might instead be $2000, depending upon mysterious happenings beyond his control at the bank. Chase has brought us CHAOS, not stability. I wish I knew what was going on behind the scenes at the highest levels at Chase. (I wish a high-level Chase insider could enlighten us.) Whatever it is, it’s not good for us customers, and it may not even be good for Chase’s long-term prospects.

August 26, 2009 at 11:54 pm
(441) Dinorah says:

I wonder what would happen if we all decided to stop paying? Oh, I know. The bank would be loosing so much money and our gov’t would give them another bail out! Either way, they win and our children will pay for it. Sickening.WAKE UP AMERICA!!!

August 27, 2009 at 5:45 am
(442) Emily says:

I havent yet received any written documents explaining or confirming the Proactive agreements. The thing that sticks out is that, under the Proactive agreements, the payment due on each account is SLIGHTLY less than the amount that would be due under the original agreements with promotional rates at promotional rate, 2% per month.

So if I make the Proactive payments and nothing extra, I have defaulted on both of the original agreements.

It strikes me as risky to make ONLY the Proactive payments, thus defaulting on the original agreement, when I don’t have anything in writing on the Proactive agreements and I don’t really know WHAT I’ve “agreed” to.

So I’ve gone ahead and paid the few extra dollars that I owe under the original agreements. It’s an extra $50, but I’m going to continue to pay the extra few bucks to make absolutely sure that Chase will never be able to claim that I defaulted under the original agreement.

If I end up in a lawsuit with them this time next year, I don’t want them saying, “Hey, you don’t have the right to enforce the original agreement because you defaulted!”

August 27, 2009 at 8:25 am
(443) Chase Fraud says:

Has anyone received the paperwork for the Proactive Solution Deal that they received from Chase?

Does it speak to changes that Chase can make in the future or how it is reported on your credit report?

Was the chase.com website adjusted to show that the account has been closed and you have a new rate?

I just agreed to a deal today, as I had no other choice, but it was a very mysterious transaction. 1.2.3 here is your deal, we will draft your first payment wednesday, and you will get paperwork in a few weeks – thanks – bye…. For something of this magnitude I wouldn’t think it was so easy…..

August 27, 2009 at 9:42 am
(444) bek harper says:

Phooey, I just took my own advice and joined the Pentagon Federal Credit Union (that went fine) and then applied for their Visa Platinum and was REJECTED! I had hoped to somehow take advantage of their 2.99% lifetime APR for balance transfers. Reason for rejects: Amount owed on accounts;
Lack of recently established accounts;
Proportion of balance to limit on accounts is too high. So people who end up with high interest rates and want to transfer them to a new card with a nice offer like 2.99% are screwed: you can’t get the new card as long as you have the high-interest balances! And PS: my credit is about as perfect as it can get. I hadn’t applied for a card in some years so I was really surprised to be rejected.

August 27, 2009 at 10:54 am
(445) Emily says:

Chase Bank Victim – “Banking should not be exciting.” You are SO right. This whole process is full of sudden ups and downs with no explanation. This isn’t like “banking” this is like an action movie. I just hope Arnold Schwarzenegger shows up soon and blows up Chase.

Bek Harper –

“Lack of recently established accounts”

I don’t get it. How is NOT applying for lots of credit cards a sign of bad credit?

This is all very strange.

August 27, 2009 at 11:42 am
(446) bek harper says:

Emily, thanks for the laugh I got from the Schwarzenegger comment! Yes, “lack of recently established accounts” is nonsense–first of all, I opened a buy.com visa account in Feb 2009! My credit card ratio of balance to limit is 40%, which from what I read is not astronomical (esp. since it’s all at 2% or 3% APR). I think I’m gonna call Penfed and inquire further, I’m angry about this, wonder if Chase somehow messed me up.

August 27, 2009 at 2:38 pm
(447) JT says:

Contact the office of the executive in charge of the credit relating to your situation at the following office contact numbers.
I am most relieved at the resolution without having to close both of 2 accounts I could not afford to pay. They are clearly being bombarded & frantic to help.
I posted at length exactly what I did & what they’ve done for me in the office of Credit card services but here’s just the contact info.
Here’s the contact info for the CEOs of major Chase divisions:

Chase Executive Management Hierarchy
Jamie Dimon Chairman & Ceo
Phone: 212-270-1111
Fax : 212-270-1121
E-Mail Address: jamie.dimon@jpmchase.com

Charlie Scharf CEO Retail Financial Services
Phone: 212-270-5447
Fax: 212-270-5448
E-Mail Address: charlie.scharf@chase.com

Gerald A. Smith CEO Credit Card Services *GREAT ASST. “Toni” Problem SOLVED!
Phone: 302-282-3100
Fax: 302-282-3939
E-Mail Address: gordon.smith@chase.com

Marc Sheinbaum CEO-Retail Auto and Education Finance
Phone: 516-745-3838
Fax: 516-745-4040
E-Mail Address: marc.x.sheinbaum@jpmchase.com

David B. Lowman CEO Home Lending
Phone: 636-735-2121
Fax: 314-256-2800
E-Mail Address: david.b.lowman@jpmchase.com

August 27, 2009 at 11:42 pm
(448) daytona1 says:

I have been a chase customer for 14yrs. Never late, no balances. Last yr my income dropped substantialy and I utilized one of their 2.99% offers for 6 months for a large draw. ~22k. The payments after the promotional period were reasonable until they raised the interst rate to ~25% and the min payment to 5%. I am 19 days late and spoke with Chase today after they have been blowing up my phone trying to get in touch. I received a BLP letter as well. After speaking with the Chase rep about my situation they literally told me that I would not qualify for their program…which would reduce my payment to something I could sustain and afford. I am floored that they would rather me potentially default than to work with me on an affordable payment plan…I guess my feeling is I am not “late enough” to get their attention. Supposidy I did not make enough money to qualify for their reduced payment program…but they somehow expect me to meet the higher payments they brought on. ???

August 28, 2009 at 7:58 am
(449) MM says:

JT – thanks for that contact info. You said you posted at length what you did – can you give us a post number so we can find the details?


August 28, 2009 at 1:16 pm
(450) M says:

In response to their article that was completely skewed towards Chase, with no attempt to give the consumer point of view AND which ignored very important facts, I tried TWICE to post a comment on the CNNMoney site at the following link:


CNNMoney chose not to publish my comment. Here it is:

“This article is an obvious attempt by CNN to spin public opinion in favor of a big advertiser – Chase Bank. Most of the important facts about this situation are suspiciously absent. Chase targeted customers who had taken a low APR for the life of the loan CONTRACT (YES, IT WAS A CONTRACT). These customers were only offered the deal in the first place, because of their high credit ratings. Such ratings could hardly be the result of a tendency to succumb to impulse spending, as many of the posts here suggest. Rather, these people had displayed a shrewd use of credit to address unavoidable situations, such as high medical expenses, unemployment, etc.

In January, their minimum payments leaped from 2% to 5%. Chase offered to lower the minimum payment back to 2%, only if they agreed to a higher APR. Therefore, the arguments that the Chase PR machine has put out that Chase only wants certain “risky” customers to get out of debt sooner are completely disingenuous. Chase’s clear objective was to renege on its contract, because it was no longer profitable.

The change in terms letter contained NO OPT-OUT CONDITION. As a result, many consumers were given the “choice” of defaulting or accepting the higher APR. How does ruining the formerly stellar credit ratings of consumers help the economy? Most of these people had never even contemplated the possibility of defaulting on these loans. They thought if they played by the rules that Chase would do the same. As for you cynics, there are still some people in this world who believe that honor and business can co-exist. In addition, these people are completely incredulous that a company, such as Chase, could do anything so self-destructive as to alienate its customers. If one looks at recent news articles, it is apparent that Chase is doing so at an insane pace – hence foreclosed homes, customers forced into default, cut credit lines, etc.

As for the author’s reference to Chase bank’s ability to manage risk – the American public would be better served if the mainstream media would cover how Chase bank’s huge derivative exposure is endangering the economy, rather than smear the victims of one of Chase bank’s scams. It is possible that Chase’s actions are the result of a desperate attempt to remain solvent.

Perhaps, the author simply did not research this topic thoroughly. But given the lack of important facts in this article, I think it is more likely that she is exploiting the fact that people are understandably upset about the credit crisis and its negative effect on the economy, in an attempt to sic the public onto the victims. Both scenarios are, like Chase bank, insidious and indefensible.”

Obviously CNNMoney doesn’t tolerate criticism of itself. More objectionable is that, given a choice between the revealing the truth vs. jeopardizing advertising revenue, the advertisers will prevail. Should we believe anything we read or hear in the mainstream media these days? We will soon be hardened cynics, I fear.

Incidentally, I think the poll results at that site are also skewed. They certainly vary dramatically from the results of similar polls at other web sites.

I have noticed that the anti-consumer posts at the CNNMoney site have increased and become nastier. This makes me wonder whether anyone else has had their comments suppressed. Please comment, if you have.

Please visit changeinterms.com for other tips on how to fight Chase.

August 28, 2009 at 4:57 pm
(451) Ann M says:

I am also outraged by Carla Fried’s article.- link mentioned in post 450. She didn’t even get the facts straight. Chase did not impose the 2-5% minimum payment change on all customers, or even those riskier customers who had higher interest rate accounts, they just hit those with low interest rates. Also, just 2 months before this change, Chase sent most of us a letter saying that due to our excellent credit and payment history, we could choose to skip a monthly payment entirely for one month. They called it – take a break! We abided by the original terms of the agreement, and made our payments timely. This was an attempt by Chase to push our accounts to higher interest rates, which would have been the consequence for anyone who took their offer. So, isn’t it strange that Chase felt suddenly in July (when the change in terms notice was sent out) that we needed them to impose discipline on us to make us pay faster? Can you spell inconsistent? Ms. Freid is not ever going to be a legitimate journalist if this is the kind of research done to frame the question for her poll. The poll is invalid totally, because the question was posed without giving all the relevant facts. I am shocked that she thinks I need “tough love”. What a foolish thing to say about people she actually knows nothing about except what Chase has obviously told her. In my lifetime, I have owned homes in several states, bought 8 vehicles, sent my children through very expensive academic institutions, and built up other assets in areas like 401k’s, etc. I can honestly say that I have never had a bad experience with a financial institution, UNTIL NOW. I am talking to all friends, business associates, neighbors, etc. to warn these people about what Chase has done. I do not want anyone I care about to experience what everyone here has been subjected to at the hands of this unethical, incompetent organization. I have found these efforts to be very successful. Those who know us are our best audience – we have great credibility with them because they know what we really stand for and who we really are. Chase and Ms. Freid base their professional statements on assumptions, and then they spread those assumptions to others. They obviously also don’t know the meaning of the word professional.
To answer (M-450), I didn’t try to post on the CNN site. I wouldn’t waste my time there, and never will again. Here I know there are many, honest hard-working people who know the real truth of this situation.

August 28, 2009 at 5:45 pm
(452) bek harper says:

M (post 450), It may be that your comment on the Fried article was too long–try again. I did just manage to post a comment (in which I referenced our useful blog). I meant to say “…over 400 posts” but somehow forgot, or they left out, the “400″ number. That article gives a very skewed view of the situation.

August 28, 2009 at 6:17 pm
(453) M says:

bek harper,

I considered the fact that my post might be too long, but there are other posts that are just as long. Also, the comment rules say nothing about a length limitation.

Well, at least one person at CNN read my comments. Hopefully, it was Ms. Fried herself. Even more hopefully, but less likely, she got my point and learned something.

Thank you and Ann M for your support.

August 28, 2009 at 7:48 pm
(454) bek harper says:

Ha! I spoke too soon: CNN has removed my post. (It had been on there for a few hours at least) I guess someone read it and didn’t like it–I had referred to some of the uniformed commenters and the poorly informed author (Fried) and said how Chase targeted the low interest rate borrowers and that what they did was in my view robbery. So clearly, CNN picks and chooses what comments they leave up on that site.

August 28, 2009 at 9:57 pm
(455) Chase Sucks says:

New regulation coming out in 2010 – where lenders can’t change rates on existing balances huh? Can you say discrimination. Having us close our cards? Trying to force us into higher rates for not paying the new 3X min? Having us default on the agreement that they falsely advertised? Very interesting. This is a lawsuit developing.

August 28, 2009 at 10:04 pm
(456) Chase Leaders Smart and Stupid says:

Chase leadership is trying to develop an exit strategy that beats the new regs. This segment of their book of business has to come off if they are to remain strong in the future. Chase will probably win because in reality, American values have changed.

A bank gets involved in fraud – bail them out.

They write bad mortgages- bail them out.

They create crap securities out of the crap mortgages- bail them out.

They lose us off of their book – bail them out.

And in the end – YOU pay for their bail out…. so they can screw you again.

Why open a new business now a days….?? You can’t get bailed out – only Corporations can – Just face it. You can’t shut them down so they own you.

Chase make the payments 20 percent minimum. Why not? You have nothing to lose – Just call Obama.

August 28, 2009 at 10:20 pm
(457) Credit Card Mafia says:

Can someone tell me why Chase would offer a 2% 60 month plan (which sounds better than what we had).

August 28, 2009 at 10:54 pm
(458) steve b says:

cnn cut out my comment as well. I told that btch gayle that I hoped she didnt have a mortgage or car loan…because when her payments doubled I didnt want to hear her crying. Hollyer than though!

August 29, 2009 at 3:40 am
(459) Sleepless says:

bek harper: Part of why you were probably declined for that card is because all of the cc issuers have lowered our credit limits so much that it looks like we’ve all maxed out our cards, which leads to a lower credit score. That in turn also allows the cc issuers to “re-evaluate” our credit scores & then raise our rates because suddenly we appear risker. That’s one of the Catch 22s of this situation. People keep saying to transfer the debt to some other card at a lower rate. Ha! Those days are long over.

M: You said it beautifully!

Everyone: Hang in there. I feel for all of you (us) in this situation.

I’m still not sure what I’m going to do, but I have to figure it out fast. My first min. payment (approx. $535) is due in just a few weeks.

August 29, 2009 at 4:54 pm
(460) michael henry says:

just a note about other cc crooks. Citi card offered me low fixed rate 3.9% for life of loan a few months ago. Just got in mail an offer of 0% til feb. after that apr goes to 19.99% and also any unpaid low rate balances also go to 19.99%. when i don’t accept this scam i assume they will follow chase and raise min payment to 5%. these people desperately want out of these life of loan low interest at all costs. i will be so glad when i no longer have to deal with these loan sharks.

August 29, 2009 at 10:26 pm
(461) Jason says:

I have been making timely payments to Chase of the interest plus $500 every month on a rather large balance transfer with a 3.99% fixed APR until the balance was paid in full, with a 2% monthly minimum payment, planning have it fully paid off over 3-4 years.

Now I’m joining you all as one more of the many victims of Chase’s sneaky little scam to weasel out of its low interest rate commitment by increasing minimum payments from 2% to 5%, which more than doubles the monthly bill, making it difficult to keep up the payments.

This increased minimum payment appeared without notice on my August monthly bill. When I called to complain I was told that notification was sent previously but returned by the post office. Then Chase kindly offered to reduce the minimum back to 2% if I agreed to give up my 3.99% guaranteed rate and accept a 7.99% rate instead. It’s obvious that persuading customers to give up their low rates is the real goal, rather than the cover story of helping them to pay off their debts earlier.

Very clever. Good customers who have been playing by the rules are apparently being sacrificed to cover Chase for its own failure to adhere to prudent lending practices, at least according to CSRs who explain that this is necessary because they’re losing money.

I understand that somewhere in the midst of the fine print Chase has given itself the right to unilaterally change the rules in the middle of the game. That may make it legal, but it doesn’t make it right. At the very least Chase is guilty of unethical business practices, and in many cases may be forcing its customers into bankruptcy.

I will do my best to make the increased minimum payments and think I can manage although it will be a burden. Thanks to the suggestions I found here, I’ve filed a complaint with the FTC, the White House, my congressman and senators, and still plan to contact my state Attorney General and Banking Dept as well as the Federal Reserve (Chase’s regulator), and a few more consumer reporters.

Good luck to you all!

August 30, 2009 at 2:21 am
(462) gracie says:

Well, my family has become another victim of Chase. And now, I have a few weeks to decide what our next move will be. To tell you the truth, I feel like just filing for bankruptcy. My husband and I have always been so proud of ourselves for making all of our payments on time and having great credit. It just makes us feel good about ourselves, especially since we are a one incomed family. And then comes our Chase statement, and instead of seeing the usual minimum payment of $280, we saw $678. I refuse to make any deals with Chase. I’m afraid of switching to other credit cards. So I wonder. Should I just file for bankruptcy? Why not? Even the rich and famous people do it. Big corporations do it. Why should I feel so bad about doing it, also. But I do. Thank you Chase!
Oh, and I have another Chase under my name. I’m waiting to get that statement. Please don’t think I’m such the money spender. I bought a house and fixed it. I thought I was playing it safe by getting Chase credit card with a low interest rate without the risk of losing my house. Ha! Didn’t see this coming!

August 30, 2009 at 2:07 pm
(463) Boris says:

How do you force all people with 3.99 for life to higher APR ? Well, Chase just did it! Their scheme is definetly working.
They are basically forcing cardholders with promo APRs to accept increase to 7.99% till 2011 and then default APR by increasing their Mininum payment. And doing that they even manage to sound like saviours by allowing to keep original 2% minimum.
With this scheme I don’t see how people will default on their account, at the end they’ll end up paying the same monthly payment.
It’s a win win for Chase…

August 30, 2009 at 5:16 pm
(464) LAS says:

Here is my update since my last post (431)…I finally made the “dreaded” call last Wed. My first increased min payment was coming up and I couldn’t put it off any longer. I knew I could make this one increased payment but I could not do it again next month. And I also have 3 other Chase accounts that I was worried would go up too.

I called the 877-890-2941, played sad and ill-informed. The lady that answered was nice. She started with the 7.99% interest increase offer. I said I had heard that others had gotten 2% interest for 60 months. She said yes, that she could talk to me about that but I would have to close my account. I said that was fine. She asked the few simple financial questions, I agreed to my first 3 payments to be “scheduled” and deducted from my bank account. After that I pay the remaining flat payments by check (payments that are less than my original min payments) for 57 more months.

She then looked at all three of my other accounts and said that she did not see where any of the others were set up to get the 5% min increase ( I have gotten all of my statements and none of the others went up, yet). She seemed to explain that only certain accounts were selected for the increase based on balances due and what type of balance transfers you used to set up the accounts. It was vague, not clear. I asked if I could call them back and discuss my other accounts if they go up in the future and she said yes.

I don’t trust that my other accts will not go up. I also don’t trust that they will stick to the 2%/60 month deal we made on the phone. I won’t get anything in the mail until after my first payment is debited on 9/4. All I have is a confirmation number.

I will let you all know if they stick to their deal with me or if I hit any snags.

If you are avoiding making the call, I can tell you that it made me feel sick but I have been able to relax for now and wait to see what the future holds. Good luck all!

August 30, 2009 at 5:38 pm
(465) LAS says:

To Gracie (462)…I have very similar circumstances and you sound just like I did 2 weeks ago. I don’t know a lot about bankruptcy but I think the laws have changed in the last few years to where you will not be able to walk away from the debt. You will screw your credit and probably still have the debt to repay later.

I made my 2% deal with the devil and I don’t trust them but I think I have bought some time to figure things out. I have to think smart for myself. I will work with Chase if they make me the best offer I can get. Chase is a machine, a monster, a system with no feelings, not a person. Chase will always have customers, they do not care if I take my business elsewhere or default. I am just a very small cog in the machine to them and I don’t think we will ever get enough people organized to make the Chase machine breakdown. At least not with our own personal bankruptcy or default. Maybe with bad PR or political pressure…

August 31, 2009 at 7:44 am
(466) Emily says:

You can still walk away from debt in bankruptcy (traditional chapter 7) IF you earn below the median amount in your state. Gracie with a one income family may well be below the median.
She should consult an attorney on this to learn her rights. Most bankruptcy attorneys offer free initial consultations.

Also read up about bankruptcy online to find out what’s involved.

Also consider just refusing to pay Chase – they may back off and settle for fifty cents on the dollar, and this is less of a credit hit than bankruptcy.

August 31, 2009 at 4:16 pm
(467) Sleepless says:

Emily – Good points! Althought, I never did understand how anyone could settle their debt for pennies on the dollar. Don’t the CC companies want all the payment in one lump sum? I know I wouldn’t be able to pay anyone any sizeable amount in a lump sum. It would be nice to be able to settle, but I’m just not sure how it’s done.
Gracie – I’m in a similar situation. I may very well be looking at The Big B. My problem is that I’m currently unemployed, so I probably don’t even quality for the BLP 5 year loan. And if I do qualify, I wonder if that will be considered new debt if I still have to file bankruptcy in the future. Still trying to figure out what to do . . . .

September 1, 2009 at 7:18 am
(468) bonnie says:

I am in the same boat as all of you! It feels like we are on the Titanic Ship!!!!

I did some research and found some good news! There IS a CLASS ACTION LAW SUIT AGAINST CHASE for this very problem, and for those who are being charged monthly fees on top of this too. It’s handled by an excellent law firm… GIRARD GIBBS. You can request more info and be a part of it! Here is the link:


I’m getting in the Girard Gibbs life boat! Hopefully their law firm will save us!

September 1, 2009 at 1:15 pm
(469) JB says:

Hardship Dept direct phone number is 1-877-890-2941 for those of you they won’t give it out too.

September 1, 2009 at 7:25 pm
(470) Pamela says:

Thanks for the info. My husband and I are in WI and got the dreaded 2% to 5% min. payment increase. I am filing a paper complaint with the FCC so that copies can also be sent to our senators and congress person as well as WI AG. I have signed up for the class action through girardgibbs at posting 468. Will let you know what I hear back. Keep the info coming…knowledge is power.

September 1, 2009 at 10:13 pm
(471) Tom says:

whoever wrote this chase article is a moron, the sole reason chase did this was to get people to succumb to higher interest rates in lew of a lower payment. There hope is:
1.you call them and ask how to make it a lower payment.
2.they’ll tell you that they can switch you to double whatever your interest rate is but you can keep your 2% payment.

September 2, 2009 at 11:05 am
(472) Emily says:

Whoever wrote the article for Latoya’s blog is on top of it and helpful. I assume Tom’s “moron” comment is intended for the CNN writer. I don’t think the CNN writer is a moron, I think her editors have been paid off by Chase (major advertizer) to spread misrepresentations on behalf of Chase.

I agreed to a BLP package on August 15, my online records have been changed to reflect the package, but I STILL have not received any written communication explaining the terms of the package.

What I see is: if I make ONLY the payments due under the BLP package, I will waive the right to my promotional rate under the original 2% per month agreement because the payments under the BLP package are slightly lower than the payments that would have been due under the original agreement. Then I won’t be able to reject the BLP package because I will have lost the right to enforce the original agreement.

Under the circumstances, I’m going to continue to make the payments that would have been due under the original agreement, even though these are slightly higher than the payments due under the BLP package.

I want to be sure I don’t forfeit the right to enforce the original agreement if, for example, a class action judge decides a year from now that Chase acted wrongly in raising the minimum payment to 5%.

September 2, 2009 at 12:48 pm
(473) DUi says:

I follow the instruction of #109 and #112, I call the number 877-890-2941. My prior APR is 5.9% on 24k (@5% min = $1100/mo), after being nice to them, and answer a bunch of questions about your financial status (the more money your household make the better – don’t cry of being poor or out of job here!). The lady gave me 2% for 60 mo. Which is come out about 1.5k in total interest paid in 5 yrs ($25/mo of finance charge), (very good). Be nice to them, and they will make your life easier.

September 2, 2009 at 3:01 pm
(474) Rick says:

I called 1-800-404-6220 today and asked about programed being offered for people getting their minimum raised. I have three different interest rates averaging 5.42%. They immediately offered me 6% for 60 months + closing my account. I figured with the $60 annual fee that they charged me, this option will cost me less than $60 per year to keep my payments down now, and will probably break even after a while. I think its a bad move for Chase. I won’t be doing business with them ever again, and they aren’t going to be making very much more money from me than they would have under the old terms.

September 2, 2009 at 5:19 pm
(475) Robert says:

I too took the plunge today and called Proactive Solutions at 800-404-6220. Since I had not talked to customer service yet, they connected me with a standard CSR. He was very polite and explained the only program he could offer (keep 2% payment but 7.99% on promotional balance until 8/1/2011, then standard purchase APR on promotional balance, account stays open and you can use it). I politely declined because I’m worried what interest rates may do long term if it is not paid off by then.

He then transferred me back to Proactive Solutions. This representative was likewise polite and very helpful. I asked about the plans available to pay off with a fixed interest rate over a fixed term. He asked about income and debt and offered a 2% fixed interest rate, fixed payment over 60 months, and close the account. He said he had to submit it for approval, which could take up to a week. But, he further said all of the numbers on my application looked good (income and debt I had told him, plus a credit report he was looking at) and he had a 100% approval on the applications he has submitted. My account is also now assigned to him and he will personally call me when the approval comes through.

The downside is that my 5% minimum payment is due in less than a week and, once I’m officially approved next week, I’ll have to make the first payment under the payoff plan within about 10 days. So, that is two payments in short order but will not owe another payment until November. My only regret is not calling sooner so that I might have been able to avoid the one, two punch of the two payments so close together.

I think the key is to be polite and respectful, and they will respond in kind.

If you think you have been wronged, sue them. It doesn’t do much good to yell at a CSR. If you want to participate in the class action, you shouldn’t have to opt-in. Class actions are, generally speaking, opt-out. If you are ultimately a member of the class that the court defines, you will be given an opportunity at some point to opt-out if you want to. You do not waive anything in the class action by taking a payoff program now. At least of few of the proposed class representatives for the class action lawsuit have taken the BLP because they cannot afford the 5% minimum payments.

Good luck.

September 2, 2009 at 8:47 pm
(476) Emily says:

Sleepless – I don’t know anything about settling credit card debt other than common sense and what I read on the internet. (When this whole thing blew up, I read up on my options). But common sense says, given a choice of taking a tat less money than they think they’re entitled to or fighting, most creditors will settle.

Here’s what I had decided to do before the Proactive thing came along.

In the current situation, my plan – if I hadn’t gotten a compromise agreement with Proactive – was to proceed as follows.

1. My minimum monthly payments BEFORE they went from 2% to 5% were (approximate amounts to conceal my identity) $200 and $ 450. Chase wanted me to go to $ 500/$1125.

2. I was going to continue to send them $200 and $450 right on time, every month, for approximately three months while I tried to persuade them to stick to the original agreement, then default if they continued to refuse. Specifically:

3. Month 1: Send $200/450 plus a polite letter saying I did not believe they had the legal right to go to 5% and therefore I would not pay 5%. However, I was happy to continue to pay them according to the original agreement: promotional rates, 2% monthly minimum payment, no negative action on my credit rating.

In this letter, I was also going to explain, politely, that if they continued to try to force me to pay a 5% minimum, I would stop making payments. They could lawyer up and sue me and I would counterclaim for breach of the agreement and related wrongful acts and we could go from there.

2. Step 2: If they are still trying to collect 5% a month later, send them a second round of $200/450 payments and a second polite letter just like the first one. Give the same polite explanation to anyone who telephones me about the account.

3. Step 3: Same again for month three.

4. Step 4: If they still haven’t backed off by month four, stop paying them and, instead, send another polite letter explaining that due to their continued breach of contract, I am going to stop paying them altogether until they have the situation straightened out to my satisfaction at which point I will resume payments.

I don’t know if this would have worked or not, but I think there’s a better than 50-50 chance that, after a lot of heated phone calls (heated on their part, I would stay polite) they would finally get the message and back down.

As it is, if they stick to the Proactive agreement I’ve made with them, I won’t have to try this because it would be nervewracking. (Whew!).

However, if I were like some of the people above who, for one reason or another, can’t make the 5% payment and can’t talk Proactive into a compromise, I think this might be a viable strategy.

I’m not a lawyer, this isn’t legal advice, I’m just using common sense.

September 2, 2009 at 8:51 pm
(477) Emily says:

P.S. to Sleepless – I would have also called and written other creditors (e.g., my auto loan company and my “regular” credit card company – I never used Chase for anything except promotional rate advances) to explain that I had a major dispute with Chase and therefore was refusing to make payments to Chase but this has nothing to do with creditors I’m on good terms with such as my auto company and my regular credit card company. And I would have notified all the credit bureaus that my debt with Chase is “disputed” and I would have made sure it was marked as a disputed amount.

September 2, 2009 at 8:54 pm
(478) Emily says:

And, of course, you would use the how to dispute a bill instructions on the back of your credit card each month that they bill for 5%, identifying the bill as disputed due to improperly raising minimum amount.

September 3, 2009 at 8:05 am
(479) If Chase ruins your credit score says:

Hi everyone – I just wanted to report my situation so far. I received a Special Solutions Deal (2% – 60mo). I was asked to submit an online payment to initiate the program. I was told there is no negative reporting to the credit agencies. My account will be closed.

My payment was drafted, and the Chase website has been updated to show that I don’t owe anymore of the original 5% min payment. So it looks like the deal has been started. My credit score has gone from 781 – 676 over the past 3 months because of Chase first cutting the outstanding open credit balance I had and now this deal. I was told by Chase CSR that after 5 months I should check my report because Chase will in fact report to the agencies that you are on a Hardship Support Program and are receiving assistance to meet the outstanding loan. (Just an fyi).

My opinion is to keep your information in a safe place because Chase is def. putting you in a worse situation that you were in no matter what deal you accept.

September 3, 2009 at 9:31 am
(480) TennBelle says:

Regarding #479 “If Chase ruins your credit score.” Not that I trust Chase either way – but “there is no negative reporting to the credit agencies” and “Chase will in face report to the agencies that you are on a Hardship Support Program” seem conflicting to me.

I just found this site last week – but have been reading at ConsumerAffairs.com and MyFico since I got the minimum payment increase notice in late June. I’ve gone back and forth so much and finally called ProActive Solutions and set up the 60 month plan because I was in the final stages of a mortgage and thought my credit would be repulled and the 5% payment would have killed my DTI. I’ve since found out that credit report is valid for several months (was pulled 6/24) so this wouldn’t have been an issue. But I’m more comfortable paying Chase a 2% payment then pulling everything out of savings & Roth IRA to make the 5% payments when I’m starting with my 1st house and part of me just doesn’t want to give Chase any $$ faster/earlier other than just to be done with them.

I made my last 2% August payment on 8/6. I called ProActive Solutions on 8/14 fully expecting that I would have to make a payment right then based on everyone else’s stories, but the CSR commented that I’d just paid the prior week and set up the 1st payment for $275 on 9/4. I’ve since received a single piece of paper from Chase outlining just this payment and expect that I will get the full details after this payment posts in the next week.

All that said, if it does report as a Hardship program, my concern is that my other credit cards will take some sort of action – decrease the CL, close the card, increase the interest rate. I would hope that other card issuers know this game Chase is playing but not sure that it’ll make a difference. I’ve also seen on another site that if it’s reported as installment debt, that’s better than a revolving balance anyway. So who knows??

I think what’s been so frustrating about this whole process is that everyone is hearing different information from Chase. And there’s no way to know if any of it is true. But the reality is that whatever happens to my Fico score, I will just have to weather the changes. I really have no need of new credit and can let everything HOPEFULLY settle down and come back up over the next year. And if nothing else, I will be thrilled & delighted to pay off Chase in 60 months and never do business with them again.

September 3, 2009 at 5:36 pm
(481) Ted says:

I am one of many who was duped by chase. I just wanted to let anybody on here know and I think this information should be reported so Chase reps can read this. I let about 50 of my friends and relatives on facebook, twitter etc know about Chase’s ways and to close their account. So far, 40 returned back with I closed my account with Chase. Hopefully, this can spread and the million that got duped will grow to a large enough number for Chase to take notice.

September 4, 2009 at 10:04 am
(482) Steve says:

Got an invitation from Chase for my daughter to open a new account at Chase.
I went to Changeinterms.com and printed off the sheet about Chase’s practices, and enclosed it in the return envelope. Another new customer lost…forever. So far, 4 lost in my family, including me.

September 4, 2009 at 4:59 pm
(483) Sleepless says:

Steve: That was a very creative idea! :)

September 4, 2009 at 6:51 pm
(484) db says:

My wife and I had our minimum payment on our 3.9% BT account go from under $200 to almost $500. When she called the 877 number she was offered a 2% minimum payment with 12% interest! When she declined that, she was offered 7.99% which she also declined. They said that was all they could do. We filed a complaint with the OCC. A week later, someone from an executive office called regarding the complaint and said she would submit an app for the 2% interest 5 year loan, would call next week to confirm and she was voiding the 5% minimum payment change, do not make a payment until she calls. What they are doing may be legal, but it is still wrong and unethical. One should not have to go to such lengths to undo this. We manage our budget responsibly and a 150% increase in a major bill is not acceptable. One of the people taking our first phonecall agreed, said if it happened to him he couldn’t handle it.

September 4, 2009 at 8:54 pm
(485) steve says:

they will give you the 2%, but you will have to close the account. One post said that it will say customer closed due to hardship. I would think this would lead to a decrease in credit score.

September 5, 2009 at 9:23 am
(486) Hopping Mad says:

LaToya, you are AWESOME. Thank you very much for the advice, links and helpful posts of the other “victims”. I just sent an email to that crook, the president of Chase, Jamie Dimon with a cc to his VP co-horts. I also filed a complaint with the FTC. Everyone affected should do the same and now. Hopefully, this government endorsed highway robbery will cease and soon. I’ll let you know what happens.

And to think that Chase had the unmitigated gaul to impose a 5% minimum payment increase to their already outrageous minimum payment/interest rates after receiving the big bucks courtesy of the Obama Bailout aka their own customers, the US Taxpayers!! Somebody please help me understand that rationale. It puts me in mind of the old saying that, “No good deed goes unpunished”. And when the economy does get better, will Chase have any customers left? Hmmm, I wonder.

September 5, 2009 at 9:54 am
(487) Complaints and Lost Business says:

Steve’s idea of returning the changeinterms.com info. for a credit offer is a great idea. I just did the same, on an offer that I got!!! Can you believe they sent me a credit card offer after doing this to me?

Everyone file as many complaints as you can and pass the word to not do business with Chase!

September 6, 2009 at 12:34 am
(488) Chased_Away says:

… and using Steve”s idea, maybe we can include the letter “F” and the letter “U” somewhere on the changeinterms.com info sheet in BIG BOLD letters. I think I’ll gladly pay for a stamp/s to send the letter to the right person or persons at Chase.

I think I am going to send the first one to Jamie Damien (the Omen 5%.)

This is going to be fun!

Thanks Steve

September 6, 2009 at 1:40 am
(489) Chased_Away says:

Jamie Damien, Chairman and CEO
JPMorgan Chase & Co.
270 Park Avenue
New York, NY 10017-2070

September 6, 2009 at 6:45 am
(490) Ann M says:

Yesterday I turned on my TV to see the US Open Tennis tournament. Immediately, I saw two Chase logos on the wall behind the players. Then, when there would be a questionable call as to whether the ball was in or out, they would do a replay with a computer animation called the Chase replay or something like that. I don’t remember the exact name. I immediately turned off the TV. I couldn’t believe what a horrible gut reaction I had on seeing that – it literally made me sick. I watch TV for entertainment and enjoyment, and being forced to watch Chase advertisements like that was like waving a red flag in front of a bull to me. I couldn’t flick the switch fast enough – I refuse to let CHASE invade my home which is a ‘Just Say No Chase’ zone. Too bad we are not a Neilson family, but I do know that that our Tivo service keeps aggregate statistics on viewer’s patterns. Maybe Chase’s advertising dollars won’t look so good to the networks when they start to see viewers drop off when Chase ads appear. Now I have to write a letter to the network to tell them why I was not able to enjoy programming which I really wanted to see. I’m sure they won’t care, but I do, so I am going to let them know.

September 6, 2009 at 9:30 am
(491) Katie says:

I love the idea of writing letters to people who carry Chase advertizements. I’m definitely looking for legal ways to get revenge and this is the best one yet.

September 6, 2009 at 6:10 pm
(492) M says:

This article headline should send a shiver down your spine – JPMORGAN NOW NATION’S NO.1 PUBLISHER.

Here is the link:


The big banks continue to devastate our country’s economy, funded by the American taxpayer, with next to no coverage by the mainstream media. Now, Chase is on its way to being able to control the information we receive. I personally have had my posts, regarding the minimum payment increase, removed from mainstream media sites, such as CNN and ABC News.

This is seriously scary.

September 6, 2009 at 9:47 pm
(493) steve says:

Hey everyone, it wasnt my idea to send the changeinterms notice back in the application envelope, so I cant take credit for that,\.
But I do like the idea of sending one to mr dimon in an envelope, however I am sure he doesnt open his own mail…spread the word!
Chase is advertising alot to gain customers…

September 6, 2009 at 11:38 pm
(494) Dawnn says:

Has anyone taken the first offer from Customer Service for the 7.99 offer until 8/2001 to get the payment back to 2% ?
If so, did they send you something in writing to confirm that offer and did you have to go ahead and make the first 5 percent payment? I too was not informed about the increase — nothing — until receiving the bill.

Here’s a worry I have — while I may have to consider taking that 7.99 deal and work like heck to pay it off in two years, I wonder if Chase could raise the payment in the near future to 4 percent (as allowed in new credit card laws)

Any thoughts?????

September 7, 2009 at 12:40 am
(495) Dawnn says:

Correction — meant to say 8/2011 in previous post

September 7, 2009 at 3:16 am
(496) Sleepless says:

Dawnn, I’m wondering that, too. I have a feeling that since I’m currently unemployed, I won’t even qualify for the BLP, so I may have no choice but to take the 7.99% rate hike. And, yes, that makes me really mad since I held up my end of the terms all this time. My interest rate is at 2.99%.

September 7, 2009 at 3:42 am
(497) Sleepless says:

When is Michael Moore going to do a documentary on the credit card companies? That sounds right up his alley! I’m sure we could all come up with some snappy names for it.

September 7, 2009 at 8:46 am
(498) bek harper says:

Michael Moore’s new film “Capitalism, A Love Story” just opened at the Venice Film Festival. I hope he deals with the credit card swindle. I know that in the film he interviews Elizabeth Warren. The film is dedicated to “good people who struggle, who work hard and who’ve had their lives ruined by
decisions that are made by people who do not have their best interest at heart.” Wow does that sound like many of the people on this forum.

September 7, 2009 at 1:11 pm
(499) Dawnn says:

Sleepless, Keep us posted on what happens with you and I’ll do the same. For many reasons, I hope I will get the 7.99 offer as everyone else mentions here, but one of my promotional rates is already slightly higher than that.

September 8, 2009 at 5:44 am
(500) Sleepless says:

Bek ~ I love, love, LOVE Elizabeth Warren! She’s one of the only people I’ve seen in any position of influence that truly cares about us, the consumers.

Dawnn ~ I have another Chase account that’s at 4.99% that the min. payment wasn’t raised on . . . yet. If they then decide to increase the min payment to 4% – which I think they are allowed to do – that will be the end for me.

Someone asked me how/why anyone would have 4 accounts with one bank (Chase) – only one started as Chase. All the others were with different banks that were subsequently bought up by Chase. You know, while we were allowing the banks to get too big to fail.

September 8, 2009 at 1:55 pm
(501) Emily says:

They changed my deal AGAIN. This time on Account #1. They came out with a new statement which shows my account as closed, my interest rate on nonpromotional amounts as 6%, and my interest rate on promotional amounts as 5.99%. This is the same deal I had BEFORE going into BLP, except that I now have a fixed monthly payment instead of a gradually declining monthly payment.

I wonder what they’re going to do with account #2? I accepted a shorter repayment schedule because they offered me a 2% interest rate on account # 2, which was substantially lower than the promotional rate of 3.99%. So am I going to get the 2% interest rate or not?

September 8, 2009 at 3:59 pm
(502) Amanda says:

Make sure when you call Chase and ask for the Internal Hardship Department that you tell them that you CANNOT make the minimum payments @ 2%… otherwise thay will only offer you the 2% minimum payment with an interest increase to 7.99% until August 2011. If you say that you cannot afford the minimum (even at 2%) then they will trasfer you to the Internal Hardship Department where they may offer you a 5 year fixed.

September 8, 2009 at 5:31 pm
(503) Dawnn says:

Does the 7.99 offer for two years that many of you have received come straight from a CSR through the number on the back of your card, or did you all get that offer from the Hardship dept.? It might be an OK deal, provided the account stays open and it doesn’t hurt the credit score. If it does close it, however, then there’s no real reason not to take the 6 percent offer in the BLP program and take the credit rating hit.

Sleepless, that is weird they would raise your payment on one LOB account and not the next — maybe it is being done in phases? If so, I’d wonder about the 4 percent too. What did you decide on the 7.99 deal for your first account and how did it work?

September 8, 2009 at 6:49 pm
(504) Robert says:

Update on #475. When the Proactive Solutions representative called me back a couple of days later, he said I was denied the 2% interest, 60 month fixed payment plan because our household income was too high. On the original call, he had only taken information primarily related to debt payments. So, they were obviously using some general estimates about other monthly expenses which turned out to be way too low for me. The representative was not happy at the denial. So, he then submitted a more complete estimate of monthly expenses (utilities, insurance, gasoline, etc., everything) that were specific to my situation.

Much better news when he called back again. I was approved and don’t have to make an immediate payment (after having just made a 5% payment!). The new 2% interest does not kick in until you make the first, fixed payment next month. Until then, the interest rates remain the same on the account. The day after the first payment is made, the paper work on the BLP is mailed out and the 2% interest kicks-in for the 60 month period.

So, if you have unusually high monthly expenses for things that don’t show up on a credit report, it would probably be best to let them know about such expenses. It may mean the difference between getting approved or not. Also, they will likely be looking at a credit report while they are talking to you taking down information, so fess up and don’t forget to mention all your debt when they start asking.

As before, this representative was extremely polite and helpful. He wanted to get me approved and was going to keep going back until it was done. He also gave me his direct line if any problems should arise. As I previously mentioned, my account is now assigned to him from now on.

September 8, 2009 at 10:10 pm
(505) Peter says:


You smell like chase personnel. How much are you getting paid to comment on sites like this? Chase rep gave you their direct line……BS

September 8, 2009 at 11:31 pm
(506) LAS says:

Update to 464…I got the denial form letter for my BLP in the mail today that says they regret to inform me that my acct does not qualify for the 2%/60 month plan that we agreed to on the phone. How NOT surprising is that!!!

I have already made my 5% extortion payment (almost $600) for this month so I have a couple of weeks to figure something out.

I know others have mentioned getting to this point in the Chase Game. Does anyone have any advice on what to do after you receive this denial letter? What will they offer me next?

September 9, 2009 at 5:55 am
(507) help says:

Has anyone received confirmation that they are in the 2% 60 mo. program, received disclosures, and paying it under those terms now or is this all a hoax?

September 9, 2009 at 7:06 am
(508) just one more says:

I also am one of the thousands of others whose Chase payment was increased from 2% to 5%. Thank goodness I monitor my account on line and saw that the min payment had gone from $300 to $760. I came across this site by luck; finally made the call to Proactive- gave all the info about income and bills. I have to say the young man I spoke with was very nice. I was given a 60 month note at 2% versus the 4.99% I was paying. The first payment was debited from my checking yesterday and now I will wait on the paperwork in the mail. I find it incredible that this could happen to so many who have also made on time payments and good credit. This problem has pushed me harder to become debt free and to limit the use of credit cards. I still will not do business with Chase. I think they could have handled this differently considering how many people were affected and the stress and heartache brought on. Good Luck to all.

September 9, 2009 at 10:05 am
(509) LAS says:

To Just One More (508)…see my post (506) and don’t count your chickens yet! You may get the same denial letter I got.

September 9, 2009 at 12:29 pm
(510) Robert says:

Peter (re: Post 505)

With no basis in fact to address the substance my posts, one must then resort to ad hominem attacks. While the Internet is an invaluable resource for sharing information, unfortunately many times people must resort to spouting unsupported nonsense.

As you might recall from my posts, I was initially turned down for the 2% interest, 60 month plan. This was very troubling to me because the increase in my payment from 2% to 5% resulted in my payment increasing over $1,000 per month. It was only after extra effort on my part and the representative’s part that I was ultimately approved for the 2% interest, 60 month plan.

I shared my experience with Chase on this site because someone else might find it helpful in their quest to deal with this situation. I found other posts on this site helpful, especially ones that stuck to the facts and left out the emotion, and I felt an obligation to return the favor. Obviously, depending on the representative you get and your individual financial situation, your mileage may vary in obtaining relief from Chase.

Information is power: emotion, not so much. I first learned of the Proactive Solutions department, its phone numbers, and available plans from this site, and used such information to my financial advantage.

I’m far from the Chase fanboy you allege but I’m stuck with them for some time to come because when they bought Washington Mutual, they bought my mortgage. Oh well. When life gives you lemons, make lemonade.

September 9, 2009 at 2:49 pm
(511) bek harper says:

Peter, Let’s be fair. Others have had experiences similar to that of Robert (505). I was given the toll-free number of the Chase rep both when she first called and in her follow letter. So it’s not “BS”.

September 9, 2009 at 2:59 pm
(512) bek harper says:

Carla Fried has struck again! http://moneyfeatures.blogs.money.cnn.com/2009/09/09/credit-card-satisfaction-hits-new-low/ She reports that a JD Power survey shows low satisfaction with credit cards, duh. At least she references the many blog comments to her earlier article that we all got so mad at; maybe we managed to enlighten her a little. BUT, as usual, the early comments on this latest article are full of words like “irresponsibility” and “just cut up your credit cards”. I’m sure that many of these comments are industry plants.

September 9, 2009 at 5:08 pm
(513) Scott says:

To “help” (507): I received my first statement in the BLP program the other day, and everything was exactly as discussed with the Chase Rep (see post 435). It has my new minimum due of $191 (vs. $213 @ the 2% minimum payment or $533 @ the 5% minimum payment) and shows the entire balance @ the 2% interest rate under “Promotional Summary”. I still have not received any type of written agreement from Chase – just the initial letter outlining the details of my deal. If/when the agreement comes, I will definitely share it here.

September 9, 2009 at 5:26 pm
(514) Dawnn says:

Saw this article online —
Consumer Groups Call on Chase Bank to End Minimum Payment Hikes on Fixed Rate Credit Cards


September 9, 2009 at 8:21 pm
(515) Lovey says:

Does anyone know the debt to income ratio that they’re looking for in order to be approved for this BLP? I know they’re asking for NET monthly income. I spend $1000 per month on ALL credit debt including my $400 to Chase Visa. How much do I have to make (or how little) in order to be approved for “hardship”?

September 9, 2009 at 9:56 pm
(516) steve says:

Thank heaven for consumers union! At last, SOMEONE has written chase on the consumers behalf.

September 10, 2009 at 12:11 am
(517) Emily says:

Lovey – I don’t know what criteria we have to meet in order to qualify for a BLP (the criteria seem to change every day, since they initially gave me a BLP on one of two accounts and then switched and gave me a BLP on both accounts, even though I didn’t follow up or provide any new info). However, my strategy was to provide as little info as possible (only answering the specific questions they asked, not volunteering) and I was completely accurate. My feeling was, the conversation was probably being recorded AND if I made any inaccurate statement and then got into a dispute with them or filed bankruptcy later, they might try to come after me crying fraud. I didn’t want to give them any leverage.

Here’s a WaPo article on credit card companies restructuring debt in response to the recession. I thought it was interesting.


September 10, 2009 at 3:43 am
(518) Mark123 says:

I have the same question as Lovey #515. Would somebody please give us some insight as to what debt to income ratio they are looking for to qualify for the 5 year program. After reading all the posts, it appears that some have been turned down because they make too much money and others because they didn’t make enough. Please help!

September 10, 2009 at 10:37 am
(519) Robert says:

For Mark123 (#518) and Lovey (#515). Obviously, I don’t know what debt to income ratio they are looking for. I can only relate my experience. They ask about net household monthly income, and monthly payments for mortgages, home equity lines, other credit cards, all other loans (cars, personal, etc.), and significant recurring medical expenses. It is pretty clear they are also looking at your credit report while they are doing this, so don’t leave anything off. Being dishonest might be one reason they are turning people down, but that is only speculation.

They do not ask for a complete detail that shows your current net income minus all current expenses which would demonstrate you have no money to pay the increased amount that resulted from boosting the payment from 2% to 5%. I suspect they have some program that estimates all of those other monthly expenses (utilities, insurance, groceries, etc.) probably based on your net income and where you live or perhaps they just assume, based on your debt to income ratio, that you should have enough money left over for those other living expenses and can still afford the higher payment.

As I said before, I was initially turned down, after a several day wait, because my income was relatively high and (I’m guessing) their estimate of my other expenses left me, according to their calculation, with plenty of money to pay the increased payment.

However, that wasn’t the case in my situation, and after I gave them a detailed breakdown of all my monthly expenses that showed I did not have the money to pay the increase in payment, I was approved (again, after a several day wait). So, if you don’t have the money to pay the increase in payment, have a complete list of your monthly expenses handy because you may need it to get approved.

Lastly, I know everyone likes to vent over the injustice of Chase’s change in terms, both here and when they get a CSR on the phone. But, the legal actions against Chase will take years to work through the system. Don’t be surprised if the class action settles (years down the road) for nominal results (coupons for free Chase banking services anyone?). Usually, it is the lawyers who hit the jackpot with class actions, not the members of the class.

I don’t expect anything of substance to come from the class action. So, I’m rearranging my financial affairs to survive not only Chase’s change in terms, but also this recession. Where else can I get a loan for 60 months at 2%? My promotional balances are 4.99% and 6.99%, purchase balance is 14.24% and cash advance balance is 19.24%. All of this is rolled into the 2%, 60 month plan. I’m not worried about any adverse impact on my credit score because I don’t plan on borrowing money for a long time. Defaulting on your Chase account would have a far greater impact on your credit score than having this account listed as closed.

As I’ve said before, with the CSR, you will get far more mileage by leaving the emotion behind and handling it in a professional, businesslike manner, all the while being polite and courteous. The CSRs do not set Chase policy, they are just working stiffs like you and me. They have something you want, getting approved on the 2%/60 month plan, so make their job easier.

September 10, 2009 at 6:26 pm
(520) bek harper says:

I’ll chime in on the income-debt ratio because my experience was quite different. The Chase rep did not ask any questions at all about income or expenses. She simply called and said this is in regard to your OCC complaint and I have your accounts in front of me and we can offer you a 2% APR with a lower fixed minimum payment than your current payment; this would pay off the loans in 5 years. (2 of the 3 cards were promo 3.99% rates). She had to run it by their supervisor or someone, and called back in a week. This sounded like a great deal to me after trying to digest the 150% min pmt increase, so I just said Yes I’ll do it. She sent a letter with the details spelled out about 2 weeks later. It is definitely a mystery whether they have any guidelines at all. I tend to think in my case, their response was geared to my OCC complaint, so they didn’t care what my income or debts were. It’s all so dumb anyway–if someone can’t qualify for the BLP because of not enuf income, how can they pay the 5% minimum??

September 10, 2009 at 7:01 pm
(521) FINRA Registered Reps says:

Not sure if this affects anyone in this forum. However, I just found out that this Chase deal doesn’t need to be disclosed under 14K1 on your form U4 if you are a Registered Representative of FINRA. This is not considered to be a compromise with creditors. If you are registered with FINRA I would suggest going to their site to determine if this is accurate, but this is what I have been told from Chase and FINRA.

September 10, 2009 at 7:04 pm
(522) Mike Says Chase Sucks says:

I spoke to the Executive Office of Chase. Apparently this is a division that responds for their CEO. They advised that the BLP will have a negative impact on your credit score, when you close your account. However because they are not the credit reporting agencies they are not obligated to tell you that because they can’t be certain if it does. See how they swing things these thieves.

September 10, 2009 at 7:09 pm
(523) FINRA Registered Reps says:

By the way if this is really a debt restructure from Chase – and it lowers your credit score a little bit- you still come out okay if you pay on time and pay it all off. Chase is giving us the opportunity to pay off our debt faster. It will get us out of debt and we can move on from all of this. This is assuming the BLP is not subject to change in the future as you thought your life of the loan rate wouldn’t change. From that point you can choose to do business with another bank. To be honest, I have heard terrific things about Sovereign Bank lately. If you have them in your neighborhood I would really give them a good look. It is obvious that we will all be tentative when we see anything from Chase.

September 10, 2009 at 7:12 pm
(524) Mark123 says:

Thanks to the two people who so far have taken the time to respond to my question. It would be very helpful to those of us who have not yet made the dreaded call to hear from those who have on this issue. If you could just take your total debt figure and divide it by what you stated as your net income and give us that percentage figure and let us know what program you were offered, a pattern may emerge that would help all of us who were thrown into this nightmare.

Secondly, does anyone know what, if any, effect taking the “hardship” offer has had on their other, non Chase, credit cards as well as their other Chase cards that were not affected by the 5% increase?

Again, thanks to all who take the time to help.

September 10, 2009 at 8:35 pm
(525) J - Toledo says:

Well I got my confirmation letter for the BLP program after they took out the auto payment the first of the month. I had to call and cancel the automatic minimum payment draft that I had set on the website. They set the payment amount for the program to auto draft but it only lasts for one year and you have to keep renewing it every year. So that might be something other people want to look at so that you don’t accidentally miss a payment and get kicked out of the program.

September 11, 2009 at 12:44 am
(526) JustBreathe says:

I contacted CHASE and had a very helpful CSR who by the way was in tears at different points of our conversation b/c I used the advice above and turned on the kindness and didn’t cry like I would normally have done. She advised she could offer the 7.99% till 8/11 and my account would remain open but after that it would go up to 24.99%. I mentioned that I had a baby recently and we just could not afford this. I said I had a “friend” who got the 2% for 5 year deal. She advised since I had a “hardship” (med bills from having a baby) I could qualify for that program through Proactive Solutions aka a dept consolidation company that works directly with CHASE. They are closed now but I will call them in the am. She also advised if I did this on the one account that I would be required to do it on all three even though this is the only account affected (at this time). She did not know why or how the accounts were selected since my other two cards also have a fixed rate for the life time of the account. She advised it would take 7 business days to go into effect (immediate if I chose the 7.99% through CHASE) so she advised I do it ASAP so I am not hit with the 5% minimum due 9/20. She also advised that it will adversely affect my credit and Proactive Solutions should be able to tell me by how much. Now that I know that Proactive Solutions is just a debt consolidation co why would I not go through a dept consolidation co who claim to get what you owe down to .20 on the dollar? I know you have to pay them an additional .20 on the dollar. By the way did I mention that I have two cards with Bank of America (one w/ a great interest rate w/ 5.9K and the other not so great w/ 0 balance both w/ a limit of 9K)?… Well I asked them to raise my limit on the card w/ the great rate (so I could move the CHASE dept) and instead they lowered my limit to 6K and cancelled my other BOA per co request!!! I have banked with these people for over 15 years!!! All b/c I had a CHASE credit card minimum due payment jump up by 150% causing things on my credit income to debt ratio go out of whack. THIS IS TOO MUCH!!! I worked so hard to get my credit perfect and in a matter of 2 weeks it has been RUINED! I just need to breathe : )

September 11, 2009 at 1:59 am
(527) Sleepless says:

Okay. So I finally made the call to 1-800-404-6220 today.

The woman I spoke with was very polite. The problem came as I feared it would, when I had to answer questions about my income. I am unemployed, and my benefits have run out. I’m living off of what’s left of my 401k. (I know all the financial advice people say not to do that, but I’m trying to avoid bankruptcy if possible.)

She put me on hold to see what she could do since that is my current source of income. When she came back, she let me know that I do not qualify for the BLP as that is not considered sustainable income. (I understand where they’re coming from, but how is that going to help me avoid default?)

She transferred me to regular customer service saying that they would be able to go through what options I would have since I don’t quality for the BLP.

The person I spoke with was again, pleasant, and asked me if I was still able to make the 2% minimum payment. I told him that I was barely making it every month, but that I hadn’t ever been late or missed a payment, at which he explained that the payment increase wasn’t due to any mishandling of the account on my part. (I know!) He explained to me my two options:

1. Keep my 2% min payment but allow them to raise the interest rate from 2.99% to 7.99% until August of 2011 and then it will rise to the purchase rate – currently 18%

2. If I can’t pay the new 5% min payment, the account will go into default rates, raising my interest rate from 2.99% to 29.99%

Some options, huh?! I am supposed to be sure to call them back in the next few days so that if I decide to take Option 1, they can change my account in time that my payment due will be for the 2% min.

I forgot to ask him what would happen if they decided next month to just raise the min. payment again to 4% (since the law now says that is the new max.)

I did ask what happened if I become employed, and he said I can call back at that time and they can see what offers they may have.

I’m basically going to be forced into letting them take away my low interest rate.

So, if you’re in a situation like me, you basically don’t qualify for the BLP.

God knows this goes without saying, but I will never do business with Chase again, and I will encourge others to do the same.

September 11, 2009 at 2:08 am
(528) Sleepless says:

THANK YOU to ALL of you here! You help so much just by sharing your experiences and empathy. I’m so sorry this has happened to us all.

By the way, I found this one, lonely news story about the Chase Cardholder Crapola. I wish ABC would make this known nationally.

September 11, 2009 at 2:05 pm
(529) BrokeJoke says:

Finally called today, they transfered me and only offered 6% for 60months.

what number are you guys calling to get the 2% for 60months?

I’m thinking they didn’t transfer me to the hardship dept.

My payments due today and i think i have to pay it, a whopping $1100 minimum.

September 11, 2009 at 2:30 pm
(530) Emily says:

Someone asked what debt/income ratio we gave to the Chase BLP department in order to qualify for ProActive solutions.

All my monthly payments combined (house note, auto, medical bills, other credit card), excluding Chase, total 40% of my after tax income.

I have two accounts. Based on the info I gave, Chase gave me a 2% proactive agreement on the account with a 3.99% promotional rate. So far Chase hasn’t made up its mind about the account with the 5.99% promotional rate.

Here’s what Chase has done about the account with the 5.99% promotional rate:

(1) First they offered me a proactive account with a 6% fixed rate. I accepted and sent the first payment.

(2) Then they wrote me back and said sorry, the account isn’t eligible for BLP. At this point, my online info showed the 5% minimum payment due and the promotional rate in effect.

(3) Then they changed the online info back to where it was at the beginning of June (2% minimum payment due and promotional rate in effect).

(4) Then they wrote me back and said they were confirming that I had been approved for the 6% BL agreement.

(5) Then they changed the online info to reflect that I owed the fixed BLP payment but they did NOT give me the 6% BLP rate. Instead, they left the (slightly) lower promotional rate of 5.99% in effect.

All this dancing around in a period of three weeks. And I only communicated with them one time, when I first requested the BLP.

September 11, 2009 at 3:20 pm
(531) LAS says:

As for JustBreathe’s comment (526)- If the CSR told you that Proactive Solutions is a debt consolidation company that works with Chase, I think that is just more Chase crap. I got my blp DENIAL letter on Chase letterhead and it states “You recently applied to participate in Chase’s Balance Liquidation Program (BLP).”

I don’t think we can believe anything they say. I am waiting until my next statement closes tomorrow to see what it says online. It sounds like Emily got a rejection letter and still saw changes to her account. This is really unbelievable!!!

September 11, 2009 at 8:23 pm
(532) CHASE Employee Knows the ins says:

If you are not getting the action that you desire you need to do a few things:

1) File a formal complaint with the OCC, and any other Regulatory Authority that you can think of.

This is what will get your action taken seriously. You need to explain in detail how you agreed to a “Life of the Loan” contract and now you feel that you were “Misled with Misleading Advertising practices”. Further go on to say this will cause you long term financial hardship as a result of Chase’s misleading advertising. Send one after another after another, and I am telling you you will get their best offer.

September 12, 2009 at 11:58 pm
(533) Billy says:

I just checked this months Chase bill and like the others min. pmt. went up. 780 a month. I just bought my son a new car for college. I have excellent credit and have taken advantage of low interest credit card offers many times. It works for me because I’m self- employed and sometimes I have extra money to pay the card down or pay it off. The card companies benefit when you purchase on top of your balance, are late or are in default.When the democrats passed new laws that ended protection for the card companies from dead beats, I knew we were in trouble.Card companies will have to stop these offers and weed out the ones that are in force.
Thank you Obama and friends.You see these people only think things half way through.They help some and screw everyone else. That is whats going to happen win they rush through their health care.Just check out what the Tennessee (tenncare) program has done to that state. I can’t hold someone to their deal when someone else changes the rules. Now my good thing is gone when I needed it most.

September 13, 2009 at 4:40 am
(534) Troubled says:

Wow! I couldn’t believe my Chase CC statement amount. I just knew it was a mistake. Called Chase and got a nice Rep… but he said in order to keep the 2% minimum, I had to change from my 4.99% life of loan to 7.99% and it was only good for 2 years. After that my unpaid balance would the the sky high rate. I have sent a complaint to FTC and also followed the link to the CEO shown on comment #15. Thanks for putting the blog out here. I need help!!!

September 13, 2009 at 9:15 am
(535) bek harper says:

Troubled, don’t forget to file a complaint with the OCC: http://www.occ.treas.gov/customer.htm Stress that “life of loan” promise that Chase reneged on, mention “illegal” (even if it’s barely legal), “unethical”, “causing you untold hardship” etc. Good luck, and keep trying different avenues

September 13, 2009 at 9:17 am
(536) Atlanta-Mike says:

After reading everyone’s comments, I finally decided to call. Also, I made my first 5% payment and realized there is no way I could do this every month. I called the regular customer service person first. Told them I wanted to go back to our original agreement of 3.99% interest and 2% minimum payment. The CSR said the card holder agreement gives them the right to change the minimum, however she realizes no one ever reads this. She then went on to say that this would eventually become a policy for ALL of their credit card accounts. I asked why didn’t Chase gradually raise the minimum to 5% since this one time big increase is really going to hurt a lot of people. Her comment was, yes it may hurt some but there will also be some that will not be hurt and can make the new payments. She admitted this new policy was to eliminate the people with low interest balances.

When I asked about my options, the only thing she offered was the 7.99% for two years and then their normal rate after that. I mentioned I had heard about another program called BLP, she gave me the number and then transferred me to them. The guy on the phone was nice and the whole process took about 5 minutes. I asked about my other two accounts with Chase and he said I would not qualify for hardship on these accounts since I am employed and make enough money. The only reason I qualify for hardship on this account is because of the 5% minimum payment. After asking a few income and expense questions, he told me I should qualify for the 2% interest for 5 years plan. He said it should take 3 business days to get approved and he would give me a call. He also said I could continue to pay online through the Chase autopayment system.

I guess it is only a matter of time before my other two accounts go to 5% minimum payments, unless enough pressure can be put on Chase to stop this. I am the Controller for a large nation wide company and I can’t wait until the next time Chase calls up wanting some of our banking business! I think I will have them fly into my office and tell them face-to-face what a low life company they work for and how until they become more customer friendly, we will never trust them with our business!

September 13, 2009 at 7:41 pm
(537) Michael has something to say says:

I just want to say that Chase is the most unethical institution on Earth. Please make sure you file as many complaints as possible on the online system to the OCC: http://www.occ.treas.gov/customer.htm and to ALL REGULATORY AUTHORITIES (STATE DEPARTMENT OF BANKING) etc. Please tell your friends and family also. Do your part!!

September 13, 2009 at 10:41 pm
(538) Dawnn says:

To Troubled:

So how did it all go with CS rep and you taking the 7.99 percent offer for two years? Quick process or did they ask you a bunch of questions, etc…. Just curious. Not sure if I will take that or not, but it is looking like an option.
By the way, did they say you were guaranteed the 7.99 percent for two years AND that your payment would stay at 2 percent for two years? That’s been my concern, but who knows what they might do in a year. I assume by sky-high rate, that any unpaid balance after two years goes to the purchase rate or was it the default rate? Thanks.

September 13, 2009 at 11:13 pm
(539) Mark 123 says:

Thanks to Emily (530) for giving a debt to income % and to those who give their experiences in general. I have not seen anyone address the issue of what has happened to their other cards (non- Chase)as a result of taking the BLP.

And again, any other people who can give a debt to income % and state what plan Chase offered would be heros in my book.

September 14, 2009 at 12:53 pm
(540) Sleepless says:

Dawnn ~ see my comment at (527) the rate will go to whatever the purchase rate is in 2011. The current rate is just over 18%, but it’s tied to the prime rate or something, so who knows what it will be in 2 years. It sounded like Troubled is waiting on the BLP offer, but maybe I misinterpreted.

I did file an OCC report, but it’s probably too late to help since my due date is quickly approaching. (I’d thought I’d filed one already, but I think it was an FTC complaint I’d filed awhile back.)

I don’t see that I have any choice but to accept the 7.99% rate increase. If I don’t, then I think they’d say I wasn’t trying to “honor my committment to pay my debt to them” in any way possible. (Notice how WE’RE the only ones who have to bend over backwards to honor OUR committments to THEM.)

From what the CSR said, it didn’t sound like it was any kind of long process or anything that I’d have to be “approved” for. (After all, I figure anything that would RAISE our rates while they get the same payment they were getting all along, we’re all “pre-approved” for.)

I’ll check in & let y’all know what happens, and I’ll remember this time to ask if they will guarantee that the min payments will stay at 2% for the two years, but I won’t be holding my breath.

Rock|Us|Hard Place

September 14, 2009 at 1:01 pm
(541) Sleepless says:

Interesting article:
Woman refuses to pay Bank of America

They think BofA is bad! They need an article about Chase!

September 14, 2009 at 1:29 pm
(542) Dawnn says:

Sleepless, Thanks. Yes, please let us know how it goes when you do that so the rest of us will know what to expect. I’ve got to make the dreaded call too to see what offer I might get. None of this should be happening, but I figured the 7.99 percent rate vs. interest now and it is about the same additional interest per YEAR that my payment is increasing per month! Either way it’s not good and you’re right, who knows what interest will be for the purchase rate in 2011. I guess that’s the incentive to pay it down as much as possible by then.

September 14, 2009 at 5:16 pm
(543) bek harper says:

Sleepless, Yes it is VERY ironic that we the victims have to be put in the position of honoring a commitment, when Chase has broken theirs. You mentioned that you did file an OCC complaint–maybe one last tactic you might try with Chase is to call them again and say that you filed an OCC complaint against them on such-and-such a date and that you told them about Chase’s misleading and unfair change in terms from what you were told was a life-of-the-loan APR. You might add that you told the OCC by reneging on their commitment, Chase is ruining your credit and ability to pay (even if you didn’t include this in your complaint). Tell Chase you expect action from your OCC complaint and want to put on hold any increased payment on your part. This tactic would be just be a last-ditch attempt to get Chase to either hold off on your increase till they hear from the OCC or to maybe offer you the 2% 5-year deal some of us got. The only thing we have to hold over Chase’s head is a federal regulator coming after them or widespread bad publicity and embarrassment (to which I’m sure they’re immune)

September 14, 2009 at 6:06 pm
(544) Where's My Bailout, Mr. President? says:

I lost my job in November, but have continued to pay all of my bills to protect my credit score which is 740. Like many of you, I received notification from Chase that my minimum payment was going to be increased from $290 per month to a whopping $705 per month. There was no way I could make that payment and I have one other credit account with Chase. So I did the following; 1. Filed a complaint with the FTC (not holding my breath on that one) 2. Sent an email to the President of Chase Jamie Dimon and cc’ed 3 other Chase VP’s (greedy theiving bastards) listed on this link (http://consumerist.com/5010379/contact-information-for-chase-ceos.) The next day I received a call from Christine Blanchard (888)622-7547 x 6730 from Chase’s Executive Office. I explained my situation. She said she could offer me a 6.99% rate good until next year and that the minimum payment would be reduced by to the original 2%. Having read this link, I asked her for the 2% APR, 2% minimum payment and 5 year pay off. She said that this would not affect my credit and would be reported as “account closed by card holder”. Now keep in mind that you have to close your account to get this deal, however, I used the Chase cards strictly to pay off higher credit cards so this was not an issue for me. You also have to specifically ask for this program and state that you are unable to make your new minimum payment as this is a “hardship” renegotiation. You could say you are unemployed as I don’t believe they can confirm that. Christine said she would review my account and get back to me. True to her word she called me the next day and offered the 2% APR/2% minimum monthly payment/5 year payoff deal. Now I don’t agree with Chase’s tactics, however, this is a better deal than I had previously. Good luck to all.

September 14, 2009 at 6:16 pm
(545) Peeved says:

After reading everyone’s comments, I bit the bullet and called the 877 number. She asked me if I can pay the 2% payment and when I answered yes, she transferred me to another department. They then offered me the 7.99 option for 2 years, then the normal interest rate after that. I told them that the normal rate was too high and asked if there were any other options. He said they may be another way, but only if I was willing to close the account. I was then transferred again, put on hold, then spoke to someone else. They said they would have to evaluate my situation, asked for income and loan payments. After ‘evaluating’, she offered me 5 years at 12% interest. I asked if there was any other option, she said this was it unless I wanted to take the 7.99% option from customer service. I told her I’d have to discuss it with my husband. I guess they decided their program was too popular and had to up the ante. Not sure which option we’re going to take. They both stink!

September 14, 2009 at 9:36 pm
(546) Dawnn says:

Peeved: Just curious — what was your original APR on the promotional balance? I’m wondering if that might be impacting your 12 percent offer in the BLP vs. the 6 percent or even 2 percent some are getting? Or maybe you’re right and the program is becoming too popular.

Sounds like the new 7.99 offer for two years keeps the account open while the other does not?

September 15, 2009 at 1:13 pm
(547) Maryfl says:

Have been following this blog with great interest. We had a promo rate of 4.99% and our payments went from 350 to 851. I applied for BLP and was denied. In a way, it is a good thing – I should be able to end my relationship with Chase 3 years sooner now (if I don’t BT before then). This month’s budget is very tight but I start a part time teaching job next month and my husband just got a raise so we should be able to keep up on payments. Will send Chase a farewell letter stating they not only lost our future business, we will roll over our JP Morgan controlled retirement accounts to different banks and have told everyone we know of Chase’s unethical business practices.
Smart business practice – NOT!

September 15, 2009 at 8:57 pm
(548) john hates chase says:

Maryfl – TERRIFIC POST. Everyone follow Maryfl’s lead. Destroy Chase’s reputation as much as you can! Move all investment and banking relationships from them. THEY WILL SCREW YOU AGAIN!

September 16, 2009 at 12:01 am
(549) Case Bank Victim #1,000,001 says:

I have a friend who used to be a Washington Mutual checking account & savings account customer, but had become a Chase Bank checking/savings account customer because of Chase Bank’s takeover. She had heard some rumors that Chase Bank was a bad bank, charging ridiculous fees for things that her former bank did for free. She asked me what I thought. Naturally, being Chase Bank Victim #1,000,001, she got a piece of my mind about Chase Bank. A few days later, I mailed her the following:


About a week later, I talked to her on the phone, and she told me that what I sent her motivated her to immediately close her Chase Bank checking/savings accounts and open accounts at MY bank (which, thank God, is not Chase Bank!). The really good news is this: My friend is the most influential member of her extended family, partly because she has been in the United States the longest. SHE’s the one who recommended Washington Mutual to all of her numerous relatives, and SHE’s going to be the one to recommend, once again, that they close their Chase accounts and join her at her new bank.

I have another friend who has a business account at Chase. It’s just a matter of time before I convince him to switch banks.

Also, I carry copies of the above “Chase Customers Beware” notice in my car, and I post them from time to time at various public places.

September 16, 2009 at 9:59 am
(550) steve says:

Besides not using my Chase card anymore, my wife also is not using hers; My kids will not be getting Chase cards; they will not be getting Chase student loans; we will not be getting Chase mortgages.
My coworker was going to refinance with Chase…I warned her and she is going somewhere else. Only 5 lost accounts..but they are forever..Spread the word.

September 16, 2009 at 11:53 am
(551) M says:

To those of you, who are closing your accounts with Chase – good work! Chase does not deserve to have access to your cash, only to loan it out again at high interest rates, several times over, due to fractional reserve banking. This is how these banks get rich.

Please make sure you take your money to a LOCAL bank or credit union, not another national bank, such as Bank of America, Citibank, or Wells Fargo. They can, and probably will, screw you, just like Chase. They are in a bad financial way, due to poorly judged speculation on their part, NOT YOURS. The laws regulating the behavior of these banks have never been consumer friendly and have been relaxed to allow the banks to run rampant. The current economic crisis is NOT due to the average citizen resorting to credit card use. The current financial system is designed to give you no other choice. Rather it is the BANKS who have been leveraging wildly, and continue to do so, that has gotten everyone into this mess. Don’t believe the propaganda about TARP funds being repaid. Some of the funds have been repaid. Then, the government simply created other methods of loaning this money out again, to the same institutions, without the same degree of oversight and media attention.

As for complaining to your representatives and the OCC, please bear in mind that the banks own Washington. This does not mean you should not complain. Harass the heck out of them! We need to let them know that we are on to their games. Just don’t expect them to help you much.

An interesting discussion of this situation can be found at:


As for the people in this forum, who are renegotiating their loans to a fixed 5 year plan, I would like to know the following:

1)Is this a debt conversion from unsecured to secured debt?

2)This appears to be an amortized loan. Are you paying more interest, up front, and the principal further into the payment schedule?

Since it appears that Chase is getting more information from you that it is giving out, I would be very concerned. You may want to ask these questions, if you decide to try for their “deal”.

September 16, 2009 at 7:52 pm
(552) Peeved says:

Half of my promotional balance was at 3.99%, the other half at 5.99%(I used their promotional offers a different times). And, it did sound like my account would stay open with the 7.99 offer. Don’t know why we were offered 12%. We’re retired and on a fixed income. Not sure if that had anything to do with it.

September 17, 2009 at 12:03 am
(553) Dawnn says:

Thanks, Peeved.
I wonder if having two or three different promotions makes a difference in any of this or not.

I know they’re not great options for you, but at least you have two choices to avoid the higher minimum payment —-

I called customer service and wasn’t offered any alternatives. None.
Not sure what my next move will be.

September 17, 2009 at 6:50 pm
(554) Emily says:

Reporting back on BLP.

(1) Account # 1 (promo rates 2.99% and 4.99%): Just got new statement, shows account closed, “promotional rate” of 2 percent. Interest charge is approximately half last month’s charge, payment amount is the amount agreed upon.

(2) Account # 2 (promo rate 5.99%): Got new statement two weeks ago, shows account closed, promotional rate of 5.99% (not the 6% we’d talked about for the BLP), payment amount is the amount agreed upon.

So the BLP appears to be a reasonably good deal if you look at these accounts in isolation – I’ll have to pay the money back faster, but I’ve got a lower interest rate than I would have had.

I assume this has tanked my credit rating since I now owe over 100% of my credit limit, but I don’t know what they are telling the credit rating companies about WHY the account was closed. Is it “account closed at customer’s request” as they promised, or will it be something more negative?

So far, my lender on my “real” credit card (the one I use for day to day transactions, I used Chase only for promotional) has NOT raised my interest rate or made any other change to the terms of the account.
I’ll report back in 30 days or so, when this has all had time to filter through to my credit reports.

September 17, 2009 at 8:36 pm
(555) steve says:

Good luck everyone, hope things work out.
I am still struggling to make the payments, even though my salary has been cut. If I can hold out another 8 or so months, my payment will be where it was before the increase.

September 17, 2009 at 8:56 pm
(556) JB says:

The Hardship Dept seems like the only people who will work with you. I told them I could not make the new larger payment so they set me up on a 60-month installment plan at 1.9%. However my account was closed. The representative told me that it wouldn’t look like a closed credit card account on my credit report so it wouldn’t hurt my credit. I made my first new payment yesterday, and it was $80 cheaper that my old payments were before all this mess happened. And $864 less than the new payment would have been. They also took me from a 4.9 % to 1.9% interest rate.

However I had to fight with the lady at customer service to even talk to the Hardship Department, but once she let me talk to them, I was able to work it out. The hardship Departments direct phone number is 1-877-890-2941 for all that want to try this route. It takes 3 days for them to approve you. You will have to tell them how much you make and what other debt you have. Also, you have to set up electric debits for the first 3 payments. Good luck, and lets hope they don’t back out of this deal later.

September 18, 2009 at 3:38 am
(557) Dawnn says:

JB, Did the customer service lady transfer you or give you a phone number to the hardship department? Seems like there has been several different numbers to the hardship department in these blogs. Wonder if they all go to the same place?

Has anyone else had customer service tell you nothing could be done to decrease the higher payment …. not even the offer to raise the interest to 7.99 for two years? I wonder how they’re “deciding” which ones to offer that?

September 18, 2009 at 8:00 am
(558) Ozz says:

I called the day I got the notice…they offered me nothing except a number for a credit counseling service. I was almost in tears, told them there was no way possible I could afford the increase…nothing. They wouldn’t let me talk to a supervisor because they were all “busy”…took my number and said one would call me back within 24 hours…never did. I am sruggling but have been able to make the payment…in a few months the minimum will be back where it was anyway. In little more than a year it will be paid off. Chase has my mortgage (used to be WaMu), home equity, and three credit cards. My plan is to eventually get rid of them altogether…this bank is the devil.

September 18, 2009 at 8:13 am

Please be aware that I have a contact at the NY State Dept. of Banking and Insurance. He advised that they have received a spike in these types of complaints, and while they don’t handle them personally, (they forward them to the OCC) – this is how they determine how to test Chase’s operations each year for their regulatory inspection of the bank. Your complaints are making a difference, and you can file more than 1 to inflate the number of complaints they are trending. You will make a difference in 2010 if you write an online complaint over the next 3 months.

Here is the link—> http://www.occ.treas.gov/customer.htm

September 18, 2009 at 10:27 am
(560) Ann M says:

Hi everyone

Just sent my second 5% payment, but no response from the OCC yet even though I filed many months ago. Will file again per (559). I really want to pay if off, but resist the urge so I can keep an eye on what they are doing. My daughter (story in 356) sent me a link about what Chase is doing out in Silicon Valley to people with Home equity lines. These young people who work for these huge companies in the Valley make significant salaries and have huge investments in their homes because of the high cost of property out there. They don’t want to be victims of bad actors in the financial industry, and their word-of-mouth network is very efficient, supported by very advanced technology much of which they helped create.

She and her friends don’t have any lines of credit because they don’t need them, but these stories about Chase and our stories about how they have treated us have created quite a backlash among this highly intelligent group of young people against Chase. Please don’t think our stories are not having any impact – it is so important to talk directly to the people we know. Chase is going to see huge mortgage loses out there.

They are circulating this link about Chase -


Also, Chase has new ads out advertising a new Chase credit card which lets you decide how to pay for your purchases – full pay or partial pay. Then the slogan goes something like this – If having a plan matters, Chase what matters. WHAT AN OUTRAGE to all of us who were following our solid plans until Chase’s poor investment risks made it necessary for them to take advantage of people who had low interest rates, and unilaterally changed our plans without our consent. They have made it very obvious to us that they have ALL the control, and, unlike other banking organizations, are willing to use it.

Chase’s new campaign is another example of their false advertising where they will say anything initially to get new customers, and then switch leaving the customer at a terrible disadvantage. Yes, we have seen how big and powerful they are, and how they have huge government and media influence. However, one fact remains on our side – there are more of us than them, and every day our numbers grow.

September 18, 2009 at 10:43 am
(561) Ann M says:

Sorry everyone the link in 560 does not seem to work – my fault not the SanFran folks who sent it. I am not the techinical expert and didn’t know how to deal with the underscores in the link address.

The underline is covering two underscores – after ci and before the word check.
the article is from the SanJose Mercury News updated 9-14-09 titled “homeowners outraged by cancellation of their home equity lines”.

I hope that helps for anyone who wants to read it.

September 18, 2009 at 11:53 am
(562) Tony says:
September 18, 2009 at 3:06 pm
(563) Kekoa says:

Duped liked the rest of you by JP Morgan Chase. Ive been wronged by them on so many levels. Yesterday, during lunch (I work at a Waikiki hotel) I printed out 500 of the changeinterms.com fliers describing the evilness of chase and passed them out to tourists walking along the sidewalks of Waikiki. This weekend I plan to print out an additional 1,000 and pass them out along the same sidewalks of Waikiki. Like others have said on this board spreading the word will be the best medicine to revolt against this piece of junk financial institution. Thank you, 559, I had previously submitted a complaint to OCC and did not hear back from them but I will file more.

September 18, 2009 at 7:02 pm
(564) Ann M says:

Tony – (562) thanks for the rescue on the link. You got the right article.

September 18, 2009 at 10:40 pm
(565) steve says:

Girard Gibbs lawsuit going before the courts.
If Chase’s does not get it dismissed, a trial date will be set in January.
All civil suits have been combined into one…

September 18, 2009 at 11:59 pm
(566) Got This in my Email says:

Thank you for contacting our law firm about the increase in your monthly minimum payment and/or the $10 service fee imposed on your account by Chase. This email is to update you on the status of the class action litigation against Chase.

National Class Action Lawsuit Filed

As you may know, more than two dozen federal class action lawsuits were filed against Chase in courts throughout the country, and recently, they were all consolidated and transferred to Judge Chesney of the Northern District of California.

The master class action complaint alleges that hundreds of thousands of consumers accepted Chase’s offer for a fixed, low interest rate loan with a 2% minimum payment that would apply until the balance was paid off. The lawsuit alleges that Chase violated its agreement with consumers when it raised the monthly minimum payment from 2% to 5% and, for some cardholders, charged a $10 service fee in addition to the increased monthly payment. The proposed class is currently defined as:

All persons or entities in the United States who entered into a loan agreement with Chase, whereby Chase promised a fixed APR until the loan balance was paid in full, but who have been charged, or notified by Chase that they will be required to make monthly minimum payments of 5% of their outstanding loan balance.

A copy of the master consolidated complaint can be found on our website at http://www.girardgibbs.com/chase.asp.

If you fall within the class definition above, you do not need to take any further action at this time. Please note, however, that the class definition is subject to change. We will keep you informed via email of any substantive changes that may affect your claims.

Litigation Schedule

Judge Chesney has set a litigation schedule for the case. Per standard litigation procedure, Chase will file a motion to dismiss the case with the Court in late September and plaintiffs’ opposition to that motion will be submitted by mid-October. The Court will then hold a hearing on the matter in mid-November. If plaintiffs defeat Chase’s motion to dismiss, the motion for class certification will be submitted in early January, and a trial date will be set at that time.

What You Can Do to Help

It is important that you save any documentation you have that may be related to this litigation, including, but not limited to: your Notice of Change in Terms, relevant billing statements, convenience checks, promotional offers, copies of correspondence with Chase, and other similar documents.

As with all litigation, there is no guarantee that this case will be successful, and complex class action lawsuits can take a long time to litigate. Accordingly, if your financial situation is such that you require immediate assistance, we suggest that you consult with an individual attorney, financial consultant, or other professional to evaluate your options to help you manage the increased payment.


Please feel free to contact us with questions or concerns, and we encourage you to let us know if you have information that you think would be helpful in prosecuting the case. Additional updates regarding the status of the ongoing case will be available at http://www.girardgibbs.com/chase.asp. If you have questions, you can reach us by email at chaseclassaction@girardgibbs.com or contact us at 866-981-4800.

Girard Gibbs LLP
601 California Street, Suite 1400
San Francisco , CA 94108
Phone; (415) 981-4800
Fax: (415) 981-4846

September 20, 2009 at 12:25 am
(567) Sleepless says:

Okay, All. Here’s what I finally did.

Several posts above, someone listed a specific person to contact along with her phone number and extension. As a last resort, I called in the hopes that, like the other poster, she might be able to help me.

She was curious as to how I’d gotten her number, and I simply told her that I’d gotten it from the Internet. After explaining my situation and what I’d been told by representatives, I did also let her know that I’d filed a complaint with the OCC, but hadn’t heard anything yet. I pled my case and said all the things that we’ve all been saying about making payments on time, etc. etc.

I promise you that I was very polite and civil in speaking with her, and managed to remain calm through all her talk of how this really wasn’t that big a deal (!!), and having to lose my low interest rate due to no fault of mine (See my other posts – don’t qualify for BLP or hardship, only option is 7.99% for 2 years or default) wasn’t so terrible. I even made sure to tell her that I knew this wasn’t her fault as she wasn’t the one making the policy. She just couldn’t seem to understand why I’d be upset at having to give up a 2.99% interest rate just to be allowed to pay monthly what I had always been paying monthly. I told her that I felt that I was being forced to give up my low interest rate. She just acted like it was no big deal.

When she kept telling me that I had no other option, and that they could not guarantee that they wouldn’t raise the min. payment again even after raising my interest rate, I told her that, frankly, there’s a lot of animosity out there for Chase because of this. I then – in a very matter-of-fact way, without any anger, and with a tone of regret – told her that because of this, basically, if my financial situation deteriorates and I find that I don’t have the funds to pay all of my bills, Chase will be at the top of the list of those that don’t get paid.

Well, she launched into a big lecture about how disappointed she was that I would choose to not honor the terms of my agreement (!!), and neglect my responsibility to pay my payments. She assured me that after going into default, my responsibility would not end and that they would have to take further actions against me. Well, I’d kept it together until then, but getting that lecture just did me in. I couldn’t help it; I started crying. I told her that $350 difference in monthly payment might not be a lot to some people, but for me it was a lot – especially being unemployed with no benefits left & living off my 401k.

Anyway, she did some figuring to show me the expected increase in my finance charges due to the 5% raise in rate to 7.99%, and then, unexpectedly, she said she’d refund a couple months worth of finance charges for me. She probably just wanted me off the phone, but I told her that I appreciated it (And I truly do). She then changed my account interest rate to 7.99% and told me that the payment due would be back at the 2% rate. We ended our conversation, and I sat there feeling exhausted and defeated.

September 20, 2009 at 12:48 pm
(568) Dawnn says:

Sleepless — Wow. Sounds like that was an ordeal. Thanks for the update.

You had better luck than I did. I called CS and was told there were NO options for me to keep the old minimum payment. The 7.99 interest rate for two years wasn’t even offered.

Just out of curiosity, which number did you call?

September 20, 2009 at 8:15 pm
(569) Sleepless says:

Dawnn ~ I think I’ve just about called all the numbers listed on this blog. This last time I called the number in (544). If I were you, I’d call any or all of the numbers again & see if talking to a different person will get them to at least offer you the 7.99% deal. Don’t give up! My goodness, the very least they should do is offer you that deal. Keep calling!

September 21, 2009 at 7:54 am
(570) You Need to Support This effort says:

National Class Action Lawsuit Filed

As you may know, more than two dozen federal class action lawsuits were filed against Chase in courts throughout the country, and recently, they were all consolidated and transferred to Judge Chesney of the Northern District of California.

The master class action complaint alleges that hundreds of thousands of consumers accepted Chase’s offer for a fixed, low interest rate loan with a 2% minimum payment that would apply until the balance was paid off. The lawsuit alleges that Chase violated its agreement with consumers when it raised the monthly minimum payment from 2% to 5% and, for some cardholders, charged a $10 service fee in addition to the increased monthly payment. The proposed class is currently defined as:

All persons or entities in the United States who entered into a loan agreement with Chase, whereby Chase promised a fixed APR until the loan balance was paid in full, but who have been charged, or notified by Chase that they will be required to make monthly minimum payments of 5% of their outstanding loan balance.

A copy of the master consolidated complaint can be found on our website at http://www.girardgibbs.com/chase.asp.

September 21, 2009 at 7:55 am
(571) Leave a Complaint with the OCC says:

If you complain to the OCC Online you will be supporting the Class Action. Just an FYI 10-20-30 Complaints each.

September 21, 2009 at 4:21 pm
(572) Missy says:

It has been quite a while since I have last left a message. Originally when I called the company they told me that I had no options. Then after finding this site I called again and they set my up on the five year plan at 6% interest. Well I was happy with this. Recently I received another letter saying that they did not enroll me and was currently re-enrolling me. This time I received 2% interest. I do not understand why but I will take it. Hopefully in a year they don’t turn around and up the interest rate or something.

September 21, 2009 at 10:17 pm
(573) I will not be CHASED !! says:

Thanks everyone for the info. I am in the same boat. Chase raised my minimum monthly payment to 5%. I called and got the 2% fixed when I asked them to clse the card. My card with Chase was through United Airlines, get this, they continued to charge me an annual fee of $60 for membership. Membership in a card I no longer have access to!! Thats just worng, why should I pay them $60/year for a card I cannot use or reap any membership benefits from. Keep fighting, keep filing complaints. I also advised the Class Action Attorney of the $60 charge, hopefully giving them more ammunition.

September 22, 2009 at 9:15 pm
(574) M says:

Join the fight! Go to the ChangeInTerms-dot-com web site to keep up on what the big banks and our congressional reps are (NOT!) doing to help the real victims (US!) of the crisis they created.

September 22, 2009 at 9:56 pm
(575) Gracie says:

It’s been a while since I’ve been on this site and it seems like there is no end to this hell. I don’t know if I did right or how long it will work for me, but I’ve decided to transfer my balance to another credit card. It’s no “until balance is paid off” but I do pray to GOD that it buys me time. It also gives me the satisfaction of not having to cry to someone who really doesn’t care. Good luck to everyone!!!!

September 23, 2009 at 10:48 pm
(576) Katie says:

Sleepless – post #567 — the people who do this kind of work for Chase are hardened types who’d smother a kitten if it brought them a commission. They have no pity in smothering us. They are the ones who should be sleepless, but … that would mean they have a conscience, and they do not seem to have any such human thing goin for ‘em. I too, am living off my retirement funds, (lucky to have any, I realize this), am often sleepless and on the edge. Cry easily, have to put up a huge front just to job hunt. Hang in there, you are NOT alone! And all of us living on early retirement withdrawals need to petition our gov’t not to take 10% off the top as penalty for still needing a roof over our heads! The campaign promise needs to be kept, and more. Things are much, much worse now.

September 24, 2009 at 3:43 am
(577) Chase What Matters! says:

Thanks for all the info here. I did file complaint with FTC (link in #5 comment). I also wrote email to CEO office as shown in #15 comment. Got a call from that office, and have 2% minimum, plus 2% fixed for 5 years. Like the slogan… I ‘chased what matters’, which happens to be ‘my money’. Good Luck all.

September 24, 2009 at 8:32 am
(578) steve says:

Chase’s plan is to lower their credit card liability.
By converting the cards to loans, they are lowering their liability, which makes their balance sheet look alot better. So instead of showing liability of your 10,000 credit line, they are only showing a liability of the 3 or 4 thousand that you have actually used as a loan. Their income takes a little of a hit, but they really dont care since they look financially stronger. The only thing they are missing is that once their customers pay them of or go bankrupt, they have killed their future revenue stream.

September 26, 2009 at 4:38 pm
(579) Sleepless says:

Katie ~ Thanks for the reply. I totally agree about the 10% penalty waiver idea. They allowed the older folks to waive having to take their mandatory withdrawal from their 401ks (which really mainly helped Wall Street), but I think they should have waived the penalty fees for folks like us.

Anybody else out there as disappointed as I am that the new Chase ads use the Sting song “Brand New Day” in their ad? Sting is usually a performer with integrity and would be one of the last I’d expect to allow his work to be used by a company with policies like Chase. So far I haven’t come up with a good way to contact him/his management or whoever. THIS could actually be a roung about way that we might get the MSM to cover what’s going on with Chase.

September 26, 2009 at 4:42 pm
(580) Sleepless says:

“round” not “roung” Sorry.

P.S. Steve ~ I wholeheartedly agree with your comment (578)!

September 26, 2009 at 5:38 pm
(581) M says:
September 28, 2009 at 11:15 am
(582) steve says:

I just read this on another site; I dont know if its true:

“I am now actually relieved that they did not offer me that debt liquidation deal. I just read on another blog that someones credit score went from 780 to 657 just for closing her account with Chase and enrolling in that program. And her rep told her to check her credit report in 5 months because it would be reported as “in debt liquidation program, unable to make minimum payments”or words to that effect. I will try to find it again for the exact wording but I do clearly remember the “unable to make minimum payments” because it made me so mad. Chase is once again getting the last laugh. Their real mission seems to be destroying people’s credit.”

September 28, 2009 at 12:39 pm
(583) M says:

Steve – Which site was that?

September 28, 2009 at 12:54 pm
(584) bek harper says:

In case anyone is interested in trying to get a new credit card with a 0% APR for 12 months and no balance transfer fee, check out this link: http://forums.slickdeals.net/showthread.php?sduid=283356&t=1579919&page=4
The various posts are also worth reading to get an idea of other people’s experiences with this. I’m gonna try the US Bank Humane Society Visa card, even though my last credit card application was turned down. I figure to save $65 a month in interest for a year if I can get a balance transfer. Every little bit helps.

September 28, 2009 at 2:07 pm
(585) Chapter_7 says:

Hi Steve. At first I didn’t know what to think because I saw your name and my own words. I am the one who made that post. (The one you quoted). I’ll have to try to find where I read it because there are about 6 different blogs that I follow. I read that on one of them.(I am “Linda” on the post that you quoted above.)But there was another post where the chase rep admitted to the person that it would adversely affect her credit. Actually according to bankrate.com just closing one account will cost you 50 points on your credit score. I am suppose to be filing chapter 7 right now but cant find the documents they are requesting and I am holding it up after begging them to hurry up. I wanted to have it done by Chase’s due date of the 30th. I guess now I will be posting to let people know about how they harass you when your payment is late, which is what I was hoping to avoid. I wanted to be able to give them my case number and tell them the same thing they told me, that it is “not negotiable”.

September 28, 2009 at 2:12 pm
(586) bek harper says:

To clarify above post, I meant 0% balance transfer APR for a year and no balance transfer fee. Also, some of the cards offer 0% APR on purchases for a year (with the usual caveat that they may change the terms on you at any time blah blah)

September 28, 2009 at 5:22 pm
(587) Chapter_7 says:

Steve – I just found the post and guess what, it is on this site – #479. This is the most informative post I have ever read. I was slightly off as her score went from 781-676, which is still rotten,especially since on top of this the CRS informed her that in 5 months Chase will indeed report to the credit agencies that she is “on a hardship program and is receiving assistance to meet the outstanding loan.”

Sleepless: I read your earlier posts where you were concerned that enrolling in the BLP would be considered new debt. It is very possible. I was considering using a balance transfer from another company to make the Chase bill this month to buy me some time. I was informed by my BK attorney that if I do any transfers or take any cash advances within (either) 60 or 90 days it will mess up the bankruptcy! I don’t know that the BLP would fall into the same category but it is a gamble I’m not willing to take. Also, if you can’t trust what they put in writing how can you trust what they tell you verbally? Why can’t they mail or fax the terms of the BLP so you can review them before you agree? This is an installment loan yet you have to make a decision on the spot and aren’t allowed to read the fine print until later? Well maybe its because Chase doesn’t honor their written terms anyway. They know people can’t afford the 5% so will panic and take whatever way out they can. I wonder how many heart attacks, strokes, suicides and bankruptcies they will cause. One bankruptcy for sure – mine.

As for the CNN not posting or erasing derogatory comments about Chase the 3 of you are right on. Same thing happened to me. But even worse was the ABC site and they were the ones I thought for sure were against Chase because of the news videos showing their sympathetic coverage of our situation. I tried several times to post something and they erased it. Then I did a watered-down version which got worse later but they cut it off. At the end of their story they said “Chase says it is willing to work with people who can’t afford it..just call the number on the back of your card”. Well of course this sent me into spasms and I wanted to let them know that they tell you it is not negotiable, etc. But not much was printed of it and you can see by the numbers that comments are missing. On the CNN site I was finally “allowed” to post something under “Credit card satisfaction hits new low” but that is probably because I didn’t focus completely on Chase.

September 28, 2009 at 6:36 pm
(588) M says:

Chapter 7 – I had exactly the same experience at the ABC site, (as well as the CNN site). They kept removing my comments. You can tell that the posts are not all there, because the numbers are not in sequence – some are missing (ours!).

Keep posting where you can. Keep up the fight!

September 28, 2009 at 9:11 pm
(589) Chase will not win this battle says:

Try to avoid bankruptcy. Pay what you owe Chase on the BLP as long as you can. The class action lawsuit will ensure that Chase will have to keep the BLP in effect. They clearly violated industry practice. The remediation of the suit will restore your credit score (as long as you don’t ruin it completely). This is a bold face misrepresentation of so many industry regulations that Chase can’t win this. They will take a beating over time.

September 28, 2009 at 10:36 pm
(590) steve says:

Glad to see we found the source of the post!
My wife “opted” out of two chase accounts, which they closed. Her credit score took a nose dive. We went to finance a car and we were shocked. Anyway, i am muddling through, and have taken out a small loan to pay some of chase off, but due to the economy and having some layoff time, it is still tough. Keep trying and writing!

September 29, 2009 at 8:01 am
(591) Post 559 is the most accurate says:

Please be aware that I have a contact at the NY State Dept. of Banking and Insurance. He advised that they have received a spike in these types of complaints, and while they don’t handle them personally, (they forward them to the OCC) – this is how they determine how to test Chase’s operations each year for their regulatory inspection of the bank. Your complaints are making a difference, and you can file more than 1 to inflate the number of complaints they are trending. You will make a difference in 2010 if you write an online complaint over the next 3 months.

Here is the link—> http://www.occ.treas.gov/customer.htm

September 29, 2009 at 8:07 am
(592) bek harper says:

Speaking of credit scores, I just checked my Equifax report (after being rejected for a credit card) and thought this might be of interest: I went on the BLP plan about a month ago. Two Chase accounts now show up as “closed at consumer’s request”, and they are still listed under “Revolving” (not “Installment”) accounts. So the “Revolving” category includes both open and closed accounts. My debt-to-credit ratio increased from 40% to 50% as a result of this closing, because the ratio no longer includes the closed accounts, neither the debt nor the credit available (and one of the closed accounts had a 20thou credit limit–so removing this really hurt). I’m sure my credit score took a hit also, but I didn’t check it.

September 29, 2009 at 12:51 pm
(593) Chapter_7 says:

Looks like the “option” that will have the least impact on your credit score would be letting the crooks up your interest rate to 7.99 and then probably 30%. But even that is a “modification” of terms which will lower your score. The way they determine these credit scores is asinine. Why are you penalized for closing an account? Makes no sense at all. Or if someone merely “inquires”. Or if a company closes your account because you aren’t using your credit. Isn’t that a PLUS that you aren’t using all your available credit? None of these things has anything to do with your performance, just like insurance companies using your credit score as an excuse to raise your rates when it has nothing to do with your driving. Chase is determined to ruin your credit score one way or another. Why are they being so punishing to their GOOD customers? The people making these “decisions” belong in an insane asylum.

September 29, 2009 at 11:18 pm
(594) Sue Them says:

If you haven’t already done so please opt in to the class action: http://www.girardgibbs.com/chase.asp

The damage that Chase has caused is larger than you may see (future earnings, investment losses, inability to pay for critical expenses, medical, tuition, etc., inability to purchase a home in the future, inability to get a car (all due to their false advertising)

September 29, 2009 at 11:22 pm
(595) Sleepless says:

Chapter 7 ~ As per my posts above, I had no choice but to give up my 2.99% interest rate for the 7.99% hike. In the end, I didn’t even have the option of choosing the BLP. I’m doing what I can to keep from filing bankruptcy, but my situation isn’t good.

I hope that the people who did go with the BLP aren’t going to be penalized by anything more than the “normal” drop in credit score when an account is closed – not that even that is fair. I’ll tell you what, if all the credit cards did what Chase did, the whole economy would crash.

September 30, 2009 at 2:16 am
(596) Chapter_7 says:

I don’t mean to get off the subject here but I just read something (on my3centsworth.com) that literally gagged me. There was a post that said “Chase bank has apparently followed in the footsteps of Bank of America” and then something about lowering or stopping overdraft fees. It said Chase “is doing it to help it’s over 35 million debit card customers admidst the recession and unemployment.”

“HELP”? They just don’t want people closing their bank accounts and taking their money elsewhere. They have made enough enemies over their credit card practices. The ONLY way to get them in the pocketbook is for people to pull their bank accounts out of there. Then they have no money to “loan out at higher rates”. Maybe they figured out that their high fees were losing bank customers. But pretending that they are doing this because they are concerned about the recession and unemployment? Yeah right, that must be why they increased our payments from 2% to 5%. I hope their credit card victims see and comment on that article to “set the record straight”. (They also probably didn’t want people going to Bank of America so they “followed in their footsteps”. lol)

September 30, 2009 at 2:31 am
(597) Chapter_7 says:

Sleepless – I think you made the wisest choice of all. Even now it is tempting for me to call at the last minute and ask about the 7.99 rate. Had they offered it to me I probably would have taken it. I don’t trust the BLP and the credit counseling place is even worse. I do NOT want to file bankruptcy. I have 3 toothaches going right now and need oral surgery to dig one out which is badly infected. I have no money after paying the BK attorney and will now have no access to credit for emergencies of any kind for ten years. I also have promotional rates with Discover card which will expire in January and on top of that they are raising their minimum payment. Sears has tripled my interest rate for no reason. My payment is much higher and it is all interest. The feds are encouraging the credit card companies to make our payments higher too so I’m wondering what complaining to them will really accomplish. Looks like the days of credit cards are over. Nobody will be able to afford the new higher payments. I hope you will not have to file. I’m still hoping for some kind of eleventh hour miracle. Once the 30th is over, I’m ruined.

September 30, 2009 at 2:19 pm
(598) M says:

I just made a phone call to my member on the House committee in our Congressional district (toll free, thanks to Consumers Union) regarding common-sense reforms that will prevent dangerous financial schemes. Congress must hear from the millions of us who are at the mercy of these financial giants. Our wallets can’t afford to let them run amok again – and neither can our nation’s economy. And they need to finish their work and pass reform this year. If you have just two minutes to make a call who live in your Congressional district so they can add their voice, too:

To call your Representative, go to http://cu.convio.net/DYD-patchthrough0928.

It’s easy and there are some simple talking points on the page. Be sure and tell Consumers Union what your lawmaker’s office said!

Thank you!

September 30, 2009 at 3:38 pm
(599) Chapter_7 says:

Sleepless: For some reason it did not register that your rate was 2.9%. They forced you to go to 7.9, that is MORE than double. (Just like the minimum payment). If ANYONE has a case for a lawsuit against Chase it is you. So be sure to join the class action because they might have to pay all that interest back. The ones on the BLP might not have any legal recourse now since they made their payments “slightly” lower than they were to protect themselves. But they do have an argument that it lowered their credit score because they were forced to close the account and from what I hear it is going to be reported later that they are in a hardship program. But as far as actual money goes your case is what the class action attorneys are looking for because you can show actual monetary damages.

Well no miracle happened today so starting tomorrow I will probably start getting phone calls from Chase. (…”yeah I know, I had to file bankruptcy because of you guys..hardship dept?..well you told me it was not negotiable..) I”ll let you know how it goes. There is an absolutely hilarious video on utube about some woman yelling at Chase when they call her. I’m kind of dumb with computers so I don’t know how to post the link. Too bad we can’t post the actual video on here. Also the story about what they are doing to us.

October 3, 2009 at 11:42 pm
(600) Doris Hankins says:

ALL chase card holders should pick a date and just stop paying. If all their card holders do this ,( so much for us the tax payers for helping them), lets watch them beg for another bailout from us. Would serve them right for lying.

October 5, 2009 at 8:47 pm
(601) Emily says:

If the economy gets any worse, that may be exactly what happens!

October 6, 2009 at 12:11 pm
(602) Alex Kirk says:

I had this happen to me last month – my payment was going to go up by about $500/month, which I simply don’t have. When I called to see if there was a mistake, I was given the spiel about Congress having minimum payment rates go up so that balances were paid down faster, which sounded like truth to me since I’d not researched the issue first. When I explained that I simply couldn’t make the new payment, and asked if there was anything I could do to keep the old payment, I was told that I could convert my existing 3.99% life-of-the-loan rate to a 7.99% rate. I was furious, so I hung up on the customer service rep and decided to mull my options.

I’m one of the lucky ones, in that I have company stock that has recently appreciated significantly, and I was able to sell off a chunk of it and make a payment large enough that my minimum payment will remain the same, even at the new 5% rate. Now, instead of making steady payments of just over the minimum until the balance was gone, I’ll be paying off my remaining balance as rapidly as possible, and closing my account afterwards.

The proof that this is a scam, though, is the fact that I have a second credit card with Chase (the one I paid down was originally from a different issuer), and there has been no increase in payments there. That card, however, has no fixed, low-rate balances on it. Clearly, they just want to clear the low-rate balances off of their books as quickly as they can.

I’ve filed my complaint with the FTC, and will be making a point to pay off everything I owe Chase so that I can close all of my accounts with them. Speak with your wallets where you can, people, and don’t give Chase your business!

October 6, 2009 at 5:20 pm
(603) Sleepless says:

Welcome, Alex! Welcome to the Chased Out Club!

October 6, 2009 at 6:24 pm
(604) M says:


There is a planned demonstration against the American Bankers Association in Chicago on October 27th. This should be interesting.


October 6, 2009 at 9:38 pm
(605) steve says:

CNN video filmed a couple today who had their minimums upped and could not afford payment. They called Chase and of course, Chase said they could only revert back to the lower payment if they upped their rate! Good piece that portrays Chase accurately! On Cnn.com videos.

October 7, 2009 at 6:59 am
(606) Tony says:

I’m warning you people. Do not use your Chase card. I was $4,074 below my limit and without notifying me they cut my limit by $4,000. Thus if I used my card (which I don’t do) for $75 or more I would have been over the limit. I was notified by mail 10 days after I saw the change online – nice tactic! So check your account online frequently.

October 7, 2009 at 7:53 am
(607) Tony says:
October 7, 2009 at 9:35 am
(608) Ann M says:

Yeah for Jessica Yellin CNN- Washington – the video link (607) above actually should be viewed by everyone on this forum.

Chase’s statement that the majority of these loans have been paid back in 24 months is totally infuriating. The terms we were issued never gave any time limitation on the repayment – our terms were for the life of the loan. Chase marketed another product about the same time which did have a 24 month repayment time period, but the interest rate on that promotion was even lower. None of us chose the promotion with the time limitation for repayment. This argument is something Chase just invented again to play their PR insult game against very reliable customers. They keep insulting the intelligence of people whom they have scammed, thereby increasing the anger expotentially. All of the original documents which they sent us when they made this offer to us will clearly show that! Remember – hold on to all your original paperwork. Many of the other low-interest promotion accounts had to be paid back in 24 months, but this particular offer NEVER had that stipulation as a part of the terms. Their marketing department must be confusing the offers which they sent out originally. (Chase seems to have enormous difficulty these days being consistent with anything they do).

Thanks to Joe Ridout from Consumer Action for his assessment of the Chase action – he called it the single most abusive credit card change in terms that he has ever seen!

I again say that is the most abusive bank action I have ever personally experienced or known of through all my friends and contacts in my entire life.

October 7, 2009 at 5:07 pm
(609) Heather says:

Hi guys- Just a short note. Today while I was reading the new Consumer Reports magazine, I ran across the article about credit, and credit cards. In the article they highlighted Chase’s unfair practice of raising from 2 % to 5% and what it’s doing to everyone who’s getting the shaft.
They interviewed one person’s plight and her not so good outcome because of it. It’s not much, but hey… it’ in Consumer Reports and it doesn’t paint Chase as a good company to do business with. Yeah!!!!!

October 7, 2009 at 7:24 pm
(610) Chapter_7 says:

What was her not so good outcome? Could you fill us in? Mine isn’t going to be good either. I’ll be messed up for ten years if I file BK. It will affect a lot of things, not just credit. I hope millions of people file separate lawsuits against Chase (in addition to the class action). Since they openly admit that they targeted a “small percentage” of their customers it seems to me that discrimination suits should be filed along with individual lawsuits for whatever damages people suffered because of the unreasonable payment demand.

October 7, 2009 at 10:23 pm
(611) steve says:

Wolf Blitzer on cnn had a follow up tonight. Apparently a congresswoman watched the video and was so disturbed, that there is a congressional meeting tomorrow to move up the credit card bill to December. She said the banks needed months to change their systems! It really doesnt matter: the raising of rates only applies to fixed rates; the banks have all changed to variable.

October 10, 2009 at 8:32 am
(612) Angry but Hopeful in Wyoming says:

I had the same experience as most of you, two fixed rate for life of loan accounts that I had been steadily paying down, never late, paid more than the minimum. The day after we bought a new car (financed by Chase), I checked my accounts online and saw the new payment. I thought I would be sick. I thought there must be some mistake, but after some searching I realized what had happened.

Called Chase and got the same spiel as you guys did, happy to put minimums back to 2% if we agree to interest rate increase. Told them no thanks and to close accounts.

I filed two complaints, one with the FTC and one with the OCC, as was recommended on this board, in late August.

Received a phone call last Friday from Chase wanting to talk to us about our complaint with the OCC. They again offered us the 7.9% rate, we said no thanks. They wanted to know if it was a hardship for us to make the payments. We told them yes, they said they would call back. (the phone call was less than 5 minutes in duration)

They called back 2 days later and offered us the 2% for 5 year deal. We did not have to “qualify”, they did not ask us any financial questions. (again phone call was 5 minutes or less in duration)

I will not believe this until we actually get it in writing, but this is the same thing I had seen posted on this board when a complaint was filed with the OCC; so I am hopeful.

Yes, we were told it would affect our credit score, but to be able to not stress about how we are going to pay our bills is more important to me than an arbitary number. We have no major purchases planned for the next 5 years, so hopefully we will not feel the affects of this. Even though it is a 5 year loan, there is no prepayment penalty and we should have it paid off in 30 months. I plan to still pay what I was paying before the increase. Like others on here, I want to be very careful that Chase doesn’t find some way to say that I defaulted on the terms of the agreement.

So everyone, don’t just complain on message boards about this; complain to the place it does the most good. File a complaint with the FTC and OCC and hopefully you will get the same response as I did.

October 11, 2009 at 9:06 pm
(613) Chased_Away says:

‘Hope to see a lot of Chase protest signs at the American Bankers Association protest in Chicago on the 27th. Maybe those of us who live close to Chicago could make it there.

Make your signs tasty and maybe you’ll get them covered by the media. Good luck!

October 12, 2009 at 12:45 pm
(614) clow says:

RE: Angry from wyo

Did Chase tell you that you credit score would be affected? If so what exactly did they say? I did the same thing by complaining to the OCC. They told me that it would show as account closed by consumer. I have other cards with large credit lines that I am not using since I used the BT to Chase.
I have read conflicting reports on how it is reported including a hardship note on the report.
Has anyone checked their report since entering this agreement?

October 12, 2009 at 2:09 pm
(615) Emily says:

I just checked my Experian credit report. My two Chase accounts, which are subject to BLP agreements, are reported as:

Closed/Never late. Account closed at consumer’s request.

So that’s good news as far as it goes. Of course, because I closed the two Chase accounts, my credit score is hurt because I am showing “maxed out” with over 100% of available credit borrowed. But I wasn’t planning on purchasing any big ticket items soon anyway. So I’m not happy about Chase’s moves, but so far they are fulfilling their part of the BLP agreement.

October 12, 2009 at 7:33 pm
(616) bek harper says:

My experience was the same as Emily’s–closed at consumer’s request, etc. But because 3 accounts were closed, I too am about maxed out and have been turned down in my attempt to get other credit cards even tho I have a high credit score and good record. I was trying to get zero percent balance transfer cards with no fee so I could transfer everything out of Chase and be done with them forever.

October 13, 2009 at 4:13 pm
(617) Coryn says:

Thanks to everyone who has posted suggestions on how we can fight this. My husband and I are managing to pay the increased minimum payment, but this time last year when my company went bankrupt and I lost my job, we wouldn’t have been able to. I strongly urge all those affected by this violation to do as much as you can to fight it – even if you are able to make the increased payments – because it’s the principle of the matter and it’ll keep happening if we don’t do something about it! And maybe I can make the payments this time but next time I won’t be so lucky. I have joined the class action lawsuit, submitted my complaints to the FCC and OCC, and am preparing my letters to my congressmen, senators, state AG, consumer affairs, and local news and radio stations. Is there anything else I can do? I don’t live anywhere near Chicago but if I did I would be all about that protest.

October 13, 2009 at 9:57 pm
(618) Angry but Hopeful in Wyoming says:

(614) clow: We were told it would show up as “account closed due to financial hardship” or words to that effect. We had already closed one of our two accounts, so I think only one of our accounts can have that cool “line” on it; but then again, I won’t know til I see it on our credit report. Also, have not received the paperwork from Chase yet, so not going to believe we got the deal until that happens.

October 14, 2009 at 12:56 am
(619) JOD says:

I have not read the entire thread so please excuse me if some of my info is duplication. Here is my story. I have 4 cc accounts with Chase and had taken advantage of their low % offers just like the rest of you, in this case for cash to keep a slow business afloat. Amount approx 30K. I was just squeeking by with the 2% min payments but was happy with the 3.99 and 4.99 rates I was paying.

I never received any notice of a minimum payment increase like some of you say you did. My notice was when I about had a heart attack with my September statements. They raised 3 of my 4 accounts to the 5% min payment resulting in many hundreds of dollars more per month that I simply have no way to pay as my business is very slow. So after reading through much of this thread in Sept, I called Chase. I was offered the 7.99% deal most other’s were, explained by dire straits situation (which they are) to no avail. I was very polite and the agent said that is the only thing she could offer me. I asked about a hardship loan and she said I could apply but it would be 12% interest if accepted. I said no thanks and hung up.

So after reading another post earlier in this thread of a person filing an OCC complaint and successfully getting converted to the 5 year loan at 2% I figured what the hell. My other option was file bk which I want to avoid if I can. So I filed the complaint online explaining I thought Chase’s were at best unethical and at worst illegal, going back on their word on the lifetime low interest cc deals they offered and then trying to lure me into a 7.99% rate back as 2% principal payment. I explained that I would have no option but to quit paying the accounts at all and file bk (which is what I’d likely be forced to do). I made the first month’s high payments and explained I could not do it again (which I can’t). So I waited. October bills coming due.

Last week I get a call out of the blue from the Chase executive dept on my voicemail asking me to call back with my concerns about my accounts and my OCC filing. I reached the agent today and was immediately offered the 5 year payoff at 2% interest on my 3 accounts they had jacked up. I asked why my 4th account was not included (10K bal) and she did not know but offered to include it. My accounts would be closed for further use and the new loan BLP (balance liquidation program) will take effect in 30 days. I jumped all over that offer because it will reduce my payments. The cc accounts were worthless to me now anyway because they’d chopped my credit lines down to close to balances.

I am unhappy with what Chase did by raising my payments and won’t do business again with them. But I thought I would share my, what I consider positive outcome, with the group here because the tip to my success came from an earlier post here.

Good luck everyone and give the OCC reporting of Chase a try. The executive agent that called me seemed very anxious to accommodate solving my problem with this BLP loan. There were zero questions asked about my income or debt, expenses etc. The phone call was probably over in 5 minutes and that was mainly due to me asking 20 questions.


October 14, 2009 at 1:36 am
(620) JOD says:

As a quick follow up I just wanted to mention that in my opinion it is quite clear here that Chase has broken some laws and this is the reason I was so easily accommodated by the rep after claiming a bait and switch scam in my OCC filing. I feel they think the more pissed off people they can make happy the less problems they are going to have with the OCC. As others have stated, the fact that 3 of my cards were jacked up and the 4th was not, proves that they aren’t “required” by any law to do this. Along with the fact of the 7.99% offer and back down to 2% min payment further reinforcing that position.

Good luck to everyone, this situation really sux for lots of people. I am going after b of a next on a high interest card I have with them that has significant balance.

October 14, 2009 at 5:03 am
(621) Sleepless says:

Glad to hear that others have had luck by filing OCC complaints. I filed one, but that didn’t work for me. Chase never called me. I had to call them & give up my rate just to keep my head above water.

October 14, 2009 at 5:24 am
(622) JOD says:

I believe the key is to state in the OCC filing that you feel Chase has violated their agreement with you by offering a bait and switch scam. That and trying to jack up your interest rate just to get the payment back to what you already enjoyed from the original agreement they offered you. In addition to telling them you are faced with not paying them any more and filing bk.

The above is my guess at why my filing was successful and why they were anxious to make this deal and have me go away. We played phone tag for a week and the lady must have called me back 4-5 times. I had a direct number with her extension, there were no intermediaries to get through. It was obviously a concern for them with regard to the particular complaints I included in my OCC filing.


October 14, 2009 at 11:27 pm
(623) Emily says:

Laugh of the day:

Chase just sent me a letter inviting me to apply for a Chase credit card!!!!!

October 15, 2009 at 2:57 am
(624) JOD says:

Another one:

Discover just sent me 0% balance transfer offer checks.

Last week they cut my credit line to a couple hundred above my outstanding balance, about a month after Chase did the same and jacked my payments.

Things that make you go hmmm.


October 15, 2009 at 10:45 am
(625) Over the top says:


October 15, 2009 at 12:50 pm
(626) Rick says:

My original post was #474. After getting my updated statement, I see that they applied the 6% rate to only my previous balance at 6.99%. The other two rates that I had on my account (3.99 and 4.99 for life) are still at that same rate. The net result is that my average interest rate has dropped from 5.45% to 4.97%! So Chase is now making less from me then before!?! In exchange for me agreeing to “close” my account (which I wasn’t charging on anyway), they lowered my rate! This actually worked out better for me in the end.

How is this possibly better for Chase?!

October 15, 2009 at 8:02 pm
(627) Emily says:

It’s better for Chase in two ways:

(1) They’re using a divide and conquer strategy – offering an attractive 2% deal to people whom they perceive as the most aggressive and most likely to cause trouble, so that we’ll be satisfied and quit contacting legislators and regulators. This weakens Chase customers as a group and makes it easier for Chase to get away with oppressing other customers. I feel a little guilty about taking the 2% deal for that reason.

(2) The 2% deal actually isn’t that bad for Chase or that great for us. We get a lower interest rate but we’re paying the principal back a LOT faster because our monthly payments won’t drop with time. Chase can then relend the money at a MUCH higher interest rate to someone else. So what they give us with one hand, they take from their new victims with the other hand.

The solution to this is, warn our friends and acquaintances not to become the new victims. There are one million of us, so if each of us convinces ten people to NEVER voluntarily do business with Chase, we can put a substantial dent in their credit card department and save a lot of people a lot of future grief.

I’ve already convinced three of my ten, I’m alert for the other seven.

October 16, 2009 at 12:39 am
(628) c low portland or says:

Since this whole Credit Card Act started I have watched the web casts of the House and Senate meetings. The most recent being a hearing in the House committee of Financial Services on the proposed interchange fee’s on credit cards AND moving the date of the entire Credit Card Act to take affect on December 1st. The Chairman of this committee, Congressman Barney Frank, had allot to say! He starts out saying that the BIG BANKS were WARNED not to continue with the practices that the Card ACT was put in place to stop and the extended time was to be spent working on the new Disclosures and statements. If they did not abide by this warning, there would consequences.
The SAME day that Obama signed this into Law, Barney Frank received a NOTICE in the mail from his Credit Card Comp, name not disclosed, that they had slashed his creditline and increased his APR because he was a risk!! He is just pissed about this and goes on to say that he has the most stable job in the US with a 800 plus credit score and that his card company must know about someone coming out of the woodwork and running against and beating him in the next election to make him a risk. He is pushing for the December 1st date and is VERY sorry about what Congress allow to happen to all of us during this extended time that was allowed for the BIG BANKS to become compliant. If you have nothing else to do, watch these hearings and markups…They are both educational and entertaining.

October 16, 2009 at 9:36 am
(629) clow says:

CORRECTION: It was Congressman Luis V. Gutierrez that received notice on the same day that the Card Act was signed, not Barney Frank…..

October 16, 2009 at 12:42 pm
(630) Robert says:

My issues with Chase started around April of 2009. I have two cards with Chase. One of my cards was not paid by the due date because of my own oversight. They charged me a 39 late fee, which was the first time since I have had my cards with Chase, formerly WaMu. I called to ask for a one-time fee reversal and they declined. They said that Chase does not reverse any fees. I told them then that I wanted the account closed and it has been closed ever since. Recently while out of town, I missed the payment due date by one day and again they charged me the 39 late fee, which again was my fault. I didn’t try to fight it, since I knew they would do nothing. Next is the part of the story that totally pissed me off about Chase and when possible I will take my business elsewhere. They started calling me less than 2 weeks after I missed the payment. I told them that since they don’t remove fees and will get my late fees plus finance charges that I would pay them when my next bill was due. I figured, why rush to pay something where I am already late and charged a late fee. Why pay them the money before my next payment is due????

Well, when they started calling I told them this and they wanted to set up a payment schedule. Mind you that my payment that was late was less than 70 and it was less than 2 weeks overdue. They became aggressive and I said they would get their money by my next payment due date. Well, about a week went by and I received my next bill. My payment was for the past due amount PLUS an additional 110!!!! I was livid!!! Now it only gets better. I knew I would just pay it when it was due and just be done with it. Mind you again that this account was not over the limit and it was a closed account. So here we are about 3 weeks before my next due date and the phone calls begin again from Chase. They want to know when I am sending the past due balance and want my routing information and want to set up a payment schedule again!!!! I once again said that they would get all of their money when my next payment was due. I became more aggressive with them as the calls continued, not once, not twice, not three times, but 4 or 5 times a day for 2 plus weeks!!!! They started at 8am and continued all day!!! Thank God for caller id. Every once in a while I would answer and chew them out again and tell them to stop calling. They stopped for the remainder of the day, but them started again the next day.

Now I just paid the full amount of my next payment of almost 200 and am waiting to see what happens next. So, I was late with my payment and they got all excited for something that was paid with 30 days after missing the payment. I find it hard to believe that a bank that just posted a 3.59 billion dollar profit, per msnbc.com, had to harass me for almost 3 weeks. Chase is not a very consumer oriented bank and do not work with their customers very well. I would think that in this rough economic time that they would be more willing to work with their customers, than be a thorn in the side of their customers. As soon as possible, I am taking my business elsewhere and will not deal with them again. I wouldn’t be with them now except for the fact that my credit cards and mortgage were sold to them during some merger. My advice is to stay away from CHASE at all costs. The grief that they give is not worth even a better interest rate.

October 16, 2009 at 7:09 pm
(631) JOD says:

One more comment on the Chase – Wamu buyout, merger, whatever… I received notice several weeks ago from Chase that if you are late on “any” Chase affiliated payment they can jack all your Chase “affiliated” payment to max interest rate.

In other words if you have a mortgage with Chase (formerly Wamu) and are late on a payment they can jack all your credit card rates to max interest just as if you had been late on them.

Since I fall into this category I took note of it. Since my accounts have now been converted to the BLP I’m less concerned (once I see those terms) but still so since I may have to be late on mortgage payments coming up due to lack of income. They refused to modify my mortgage too btw because I am not late on payments (yet). All I was asking for was a % drop or a longer term to reduce my payment through these hard times. The home is 100K upside down but that wasn’t even the point of my request.

Nope! Sorry. You are current on you payments and aren’t considered for a loan mod.

Chase will never get another loan from me and I will refinance away from them as soon as I am able if I don’t lose the home first.

October 17, 2009 at 4:47 am
(632) Katie says:

I’m happy to report that Chase is profitable because its commercial and investment divisions are making money.

Chase’s consumer credit card division is losing money big time!!! Great!!! I hope that we can convince our credit worthy friends to stay away from Chase which will make it harder for the Chase credit card division to dig out of its hole.


Then maybe the people running the credit card division, the people who thought up the 5% stunt and all the other nonsense reported here, will be fired. I hope they all have balances on their Chase credit cards when they get fired. Then they can call Chase “customer service” representatives and see how much fun it is trying to deal with those people. Bad luck to them.

Couldn’t happen to a nicer bunch.

October 17, 2009 at 8:45 pm
(633) steve says:

I wrote to the author and referred him to this site and consumeraffairs.com (“search chase”.) to find out the real story why Chase’s credit card division is losing money. I told him that is the ‘Real story’ he should be writing about. Any company that borrows money at 1 percent, and cant survive charging 10% and loses money, shouldnt be in business.

October 20, 2009 at 4:30 pm
(634) rashid h khan says:

Letter I wrote to Chase:

Since 2002 Chase Home Mortgage (Claiming Smart Policy Making Decision) start offering 100% financing which was the worse decision Chase could ever make. I knew that day is not far when all Bank will suffer and due to Bank mistake other will get punished for nothing.

Everyone is aware that economy is bad, businessmen are crying, everyday a lots of people are being laid off, now Chase have made another mistake to increase minimum balance payment from 2% to 5%. It was difficult to pay the minimum balance as is, now it is more difficult to pay the increased amount. I lost my job in March 2009 but I was paying my credit card payment more than minimum on time. When I called and asked that why my minimum payment has gone up? the answer was” Chase wants to receive/collect money fast”. Now you are pushing your customers not to pay you at all.

Almost every Cardmember Service Credit Card holder is receiving the letter (please see attached). My question to you: Where were you eight months ago? before Clearing the Balance Transfer Check or Cash Advance Check. Why you did not check the Credit History then? I was Over my credit Limit too, you realized it now? Too few accounts with time on file greater than 36 months? Before it considered as a good Credit History, now what happened? Bankcard balance grew too fast, you should realized it earlier not now.

Cardmember Services think it is good to send this kind of letter but do not forget it shows how incompetent Cardmember staff is in the credit check. SINCE YOU HAVE CHANGED YOUR POLICY I AM UNABLE TO MAKE ANY FURTHER PAYMENT.

October 22, 2009 at 1:18 pm
(635) mttt says:

Another way to make your voices heard is to call KOHLS and close your credit card with the Dept store because they have chosen Chase to service Kohls credit cards. It hurts if you like to shop at Kohls but… hit ‘em back (Chase) in their pocket books.

October 22, 2009 at 10:08 pm
(636) Jason says:

Also, whereever you shop or use credit cards inquire of store personnel which bank settles the credit card transactions. If its Chase dont use your card at the store because they’ll receive 1.5% to process the transaction from the merchant.

October 24, 2009 at 2:46 pm
(637) Pamela says:

Greetings fellow credit card victims! I have been trying to deal with this situation by robbing Peter to pay Paul so the jacked up monthly payment at Chase can be paid. I am not willing to take a hit to the credit scores my husband and I have worked so hard to establish. I have signed on to the pending litigation and hope it gets certified as a class action. My husband and I have also followed the link and each filed a complaint with the FTC. Below is the language used in the complaint section if that helps anyone else who wants to file. Just make sure to include your personal facts. I will let you know what response, if any, is received. Good luck to all of us.

In May, 2006, I accepted an offer for fixed rate of 4.99% until the balance was paid in full. A second such offer with the same terms was accepted at a later date. The minimum payment required was 2% of the current balance. An amount in excess of the minimum payment had been made each month and the account was (and is) in good standing.

Statement dated 08/23/09 showed a minimum payment due equal to 5% of the balance due. There was no prior notice and I did not agree to this change in my account terms. Beginning with the payment due 09/17/09, I have had to pay the 5% minimum ($875) instead of the 2% minimum ($352). Attempts to discuss this with representatives at Chase have been unsuccessful. I have been basically told “take it or leave it” and I feel victimized by Chase. They were willing to use a 2% minimum payment again if I agreed to increase the interest rate. That is pretty direct blackmail. The only other option was to agree to close the account and complete a repayment over 60 months. This, of course, would have a negative impact on my credit score.

This account has been open since 1999. It was originally opened with First USA. It was then changed to Bank One in June, 2002. On 11/24/2004, I received written notice that Bank One was merging with JP Morgan Chase. On 02/07/2005, I received written notice that the account would now be known as Chase. Please note that the convenience checks offered and used with the “fixed for life rate of 4.99%” were used after conversion to the Chase account.

While Chase could do nothing about modifying the fixed interest rate that they had offered, they tried to force payment by more than doubling the required monthly minimum payment. This is a breach of an implied condition of the offer that the “terms” were fixed until the balance was paid in full. Frankly, this is a slimy, back door method to force card holders with special rates to payoff those accounts. This has caused our household a financial hardship and simply is not a fair way to conduct business. It appears these are actions taken to prevent the impact of the pending federal legislation on this company.

October 25, 2009 at 3:29 pm
(638) clow says:

I happened to catch the Suze Orman show last night. She had Ann Minch from the “debtors revolt” movement and video’s on and is backing her!! Here is a link to an article today and a video clip from the show. Suze even mentions 2% to 5% minimum payment increases. It was a great show and I guess not being able to sleep last night paid off.


October 27, 2009 at 3:28 am
(639) JOD says:

As a follow up to my post above with regard to my OCC filing against Chase and the subsequent phone communication with the Chase Executive Office…

Today I received written confirmation that all of my accounts are accepted into the BLP program at 2% for 5 years. My payments begin in November.

It is clear that Chase did not like the pressure of the OCC filing and that is the only reason I was successful without any resistance on the part of Chase. In my opinion, while I still strongly feel Chase is wrong in doing this, this is a way for you to get your payments back down to a manageable level if that is your goal, to avoid bankruptcy.

October 27, 2009 at 11:49 am
(640) Thanagar says:

Congratulations JOD. How many days after you filed the OCC complaint passed before Chase contacted you?

October 28, 2009 at 12:38 am
(641) JOD says:

As I recall it was around 2 weeks, possibly a few days more. Then we played phone tag for a few days, I must say the Chase agent was persistent in calling me back. We had our conversation by phone on Oct 13 and I received written confirmation a few days ago dated Oct 19. The change is not yet reflected on my online statements but she said that could take the better part of a month to occur. I did not pay my October payments per agents instructions and she indicated any late fees will be reversed (late fees are appearing and I will call shortly to make sure this actually happens). So far the procedure has been to the letter of what she indicated would occur. I will report back with any problems that arise in the coming days/weeks.

Again thanks to the original poster who suggested this method. The payment reduction will be a large step in me avoiding bk.

October 28, 2009 at 1:40 pm
(642) M says:

Look out everybody – the main stream media is preparing the public for Jamie Dimon to take some sort of public office, such as treasury secretary!!!!!

This article is called “The Man Who Could Salvage Wall Street”. It is a big build up on Jamie Dimon and is easily the most nauseating article I have ever read in the so-called press. According to the article, Jamie is savvy, yet really a sweetie at heart. The article begins with “Are all bankers evil? Maybe not….”


I am really steamed now. I am going to write to whoever I can think of to protest the possibility of such a thing occurring. This bank has ruined the lives of thousands of hard working people…Argh!!!!!

November 6, 2009 at 4:11 pm
(643) Almost_Chased_Away says:

re: Comment 541

You think Chase is worse than Bank of America? Guess again.

I didn’t think it possible, but BofA has just proven themselves to be the worst, most unethical, most parasitic corporation on the face of the earth. Chase looks like the good guy compared to BofA.

My story goes way back to Comment #20, in late June, when I also got the 5% letter from Chase. I ended up with the 2% APR/5-year fixed loan conversion under the BLP, and I have been making those new payments for four months. So, as bad as Chase is to have started this whole scam in the first place, they were at least willing to work with me, give me a favorable new agreement, and honor this new agreement (even though the bloodsucking crooks broke the original one).

Well, I’ve been a Bof A customer for 22 years, since it was NCNB. I have checking, savings, brokerage, overdraft line of credit, and credit card accounts with them. I have had three vehicle loans with BofA. In all that time, with all those accounts, I have never been late, overdrawn, over limit, or in any way in default. NOT ONCE!!!!!

I have two sources of income: a part-time job and a small business. My business is undergoing a cash flow problem due to a contract job being approximately 6 months behind schedule, and I expect to need approximately $10,000 to make material purchases to complete the project (which will probably occur in about 6 months).

Well, on BofA’s online banking site, they were pushing a business credit card with 0% for the next 9 months…perfect for my business needs! So, I applied online and they called me today. After giving them business and personal financial information, they came back and told me that my revolving debt was too high to qualify for any additional credit. I did explain that ~$20,000 of that revolving debt (my Chase balance) was now installment debt, at 2% APR as a 5-year loan. Never mind any of that…I had too much debt, I didn’t qualify for the new business credit card.

Fine. I can live with that. I probably look a bit “high risk” in this economy, and I was ready to say “well, thanks anyway” and hang up.


There’s more!

The BofA vulture went on to inform me that my personal BofA credit line would be reduced from ~$20,000 to $7,000; I have just about a $7,000 balance on that account. I exploded!

I challenged them to find a late payment on any account with any lender at any time…EVER (I have never been late on a credit card or loan payment in 30 years). I challenged them to find a late payment on any BofA account EVER, in the past 22 years. Hint: there are none.

Didn’t matter; they were cutting my personal credit line and that was final. Never mind that a credit line reduction will definitely hurt my FICO score; never mind that there is no evidence that I pose any sort of credit risk to BofA; never mind that WE THE TAXPAYERS shelled out $45 billion to BofA just so that they would make credit available to small businesses and this is their response???

As I said, I didn’t think a “banking” institution could sink any lower into the sewer that is the US banking industry than Chase, but BofA has managed to establish a new bottom.

The CSR had connected me with a manager who was smug, condescending, and sarcastic; I told her that I hoped her parasitic bank collapsed and her job with it; she hung up on me. In spite of Chase’s disgusting and unethical practices, the CSR’s were polite, helpful, and actually worked out a resonable deal with me.

It appears that the online BofA credit offers are scams to draw people in; if you fall for one and apply for credit, you are automatically “bad risk” and they will endeavor to do as much damage to you as they can by cutting credit lines or cancelling other BofA accounts. NEVER reply to a BofA promotional offer.

Better yet…NEVER do business with BofA.

I’m thinking of switching all my financial business to Chase. ;-)

November 7, 2009 at 9:57 am
(644) Linda says:

I know you’re mad at BOA but don’t reward Chase by moving your business over there. They have destroyed many lives and ruined the credit of many people. They didn’t give you that hardship loan to be nice. The government mandated that if people couldn’t afford the higher minimum payment that they had to offer a 5 year plan.(Same with all of the credit card companies.) For most people they told them it was not negotiable, others they tried to raise their interest rate to 7.99.Usually the reason people were offered that hardship plan was because they had complained to the OCC. The sad truth is that you can’t trust any of the credit card companies right now. Best to find a bank that doesn’t have credit csrds of else a credit union. It’s going to get even worse before it gets better. IF it gets better. For most people the damage is already done and there is no way to opt out of the higher minimum payments – in fact the law encourages higher payments when it goes into effect.

November 7, 2009 at 3:25 pm
(645) Lily says:

See the video, “Bank of Evil” on YouTube.


November 11, 2009 at 4:42 pm
(646) PaulyP says:

My story:

1. $530 payments, up from $212 on an $11k balance.
2. Contacted Chase on regular Customer Service line and the Proactive Services line, both only offered me the 7.99% deal. Ick.
3. Filed with the OCC October 5th.
4. Chase Corporate contacted me November 6th.
5. I just closed a BLP deal, 2% fixed payments, 60 month loan term, agreed to close my one and only Chase credit account.
6. Waiting for confirmation, but new payments of $182 begin THIS MONTH.
7. Dreaming of a decent Christmas…

The agent was very friendly, and I thanked her honestly for her help. She still reiterated that the payment increase is to help consumers pay off debt sooner, but we here all know differently!

Remember, if you get someone at Chase ready to set you up with the Balance Liquidation Program, be courteous and very careful what you say on the phone–they ARE recording you.

Also know that an agent contacting you will have the text of your OCC complaint, as well as every prior conversation at their disposal, so mind what you say from the get-go!

November 11, 2009 at 5:15 pm
(647) steve says:

that “settlement” will ding your credit report.
Now to the matter whether Chase will raise the rate, you can bet on it.

November 12, 2009 at 11:15 am
(648) M says:

Does it surprise anyone to find out that Chase is in deep, regarding the Madoff scheme? Chase is accused of knowing about the scheme TWENTY YEARS AGO and making money out of it. According to this story, Chase pulled its money out, when things were getting hot, but didn’t let anyone else know about it. Evil.


November 13, 2009 at 5:17 pm
(649) bek harper says:

Re: 643 Almost, I just about gagged reading your story. It just infuriates me because you are a perfect example of the kind of client these bloodsucker banks SHOULD be lending money to–to preserve small businesses and the buying power of the American public during this rough patch (which they caused, of course). I hope you tell your story to your congressman/woman and both your senators. I would also complain to the OCC about BofA’s practice of enticing clients to apply for credit cards/loans and then shafting them by cutting their available credit. The more we tell our stories to anyone who has any clout, the better off we may all be. Good luck.

November 16, 2009 at 7:50 pm
(650) clow says:

I entered the BLP program back in August and I received a letter today from BLP customer service thanking me for taking the steps to handle my debt during my hardship and how they appreciated my continued payments during this hardship. BLAH BLAH BLAH….This really infuriates me since I was not having a hardship until they created 1 for me and the fact that they called me, I did not call them, to offer the BLP plan. It’s like they still want to make it look like we did something wrong and they rode in on the white horse to save the day. It also makes me feel like they just want to keep rubbing it in. I just want them to leave me alone!!!

November 18, 2009 at 6:37 pm
(651) caveman56 says:

I got the same letter that Clow 650 got. Really made me mad. I’m just finishing putting 3rd child thru college, daughter graduates nursing school next month so things have been tight but managable til chase upt monthly payment from $280 to $711 a month. That created the hardship that the bast!!!s so gallantly hoped I would make it thru. I’ll make it thru and when they are paid off will never ever get any money from me again.

November 19, 2009 at 11:55 am
(652) Thanagar says:

I’d like to add my thanks to whoever originally suggested the OCC route. I just got my debt reduced to the 2% monthly payment/2% interest/60-month term plan. For those who haven’t tried it, I urge you to give it a shot.

November 22, 2009 at 4:09 am
(653) Emily says:

I too got the infuriating patronizing letter thanking me for taking the steps blah blah.

What makes it particularly annoying is that, because I don’t trust the “hardship” deal, I’ve continued to make the SAME monthly payments I was making before the BLP agreement was put in place, even though this means I’m paying MORE than the amount supposedly due under the BLP.

I don’t have any “hardship” other than the fact that I’m dealing with a crooked company that breached its contract with me.

November 22, 2009 at 2:02 pm
(654) steve says:

just remember, never do business with Chase again. Tell your friends, business associates, and children.
No credit cards, student loans, loans, or mortgages.
If your employer uses corporate credit cards and they are Chase, tell them your story.
If the word gets out, it will hurt Chase in the long run.

November 29, 2009 at 5:07 pm
(655) Emily says:

I was cleaning out some old files and found some promotional checks that Chase sent me in fall 2008 (checks must post by November 30, 2008 to take advantage of the 3.99% promotional rate for life of loan).

The promotional material does not say ANYTHING about Chase reserving the right to raise the minimum monthly payment.

What the offer DOES say is (and I quote verbatim):

“Use check numbers … to get a low promotional 3.99% fixed APR until the balance is paid off. It’s like giving yourself a fixed rate loan with no application and no waiting around for approvals.”

There’s a footnote which says NOTHING about minimum monthly payments. I would think this implies that the minimum monthly payment will not increase during the life of the loan. At the very least, it’s an ambiguous contract and should be construed against the party (Chase) that sets out the terms of the contract.

I hope this helps anyone suing them! Go, class action!!!

November 30, 2009 at 1:45 pm
(656) ChaseLiedAgain says:

I was with WAMU and Chase bought them out. I was on a hardship program with WAMU and had automatic payments being taken out each month. They didn’t bother to tell me that they discontinued my program with WAMU and then in June 09 called me up asking for $600 and an interest rate over 25%. I told them I have the hardship program and they said at first oh you had a 4 month thing with them and now they say oh you had a year long thing with them and you fulfilled it. I had a 60 month plan. No one seems to be able to conveniently find that information anymore. Chase lies! I have tried since then to “qualify” for their promised hardship programs several times and they keep telling me no you don’t qualify. One person lied to me about even transferring me to them and said they told her no that I don’t qualify and then when I asked several times she finally played the office is closed sound and I said oh how could they tell me no if the office isn’t even opened yet? I said you lied and she hung up on me. I called back and reported it but they don’t care. They just keep pushng consumer credit counseling at me instead. When I tried with them it would be $100 less a month for all of my bills, and CHASE would lower maybe $50 of that. It is ridiculous. I am on a fixed income with disability, and my stbx thankfully pays the cs and alimony on time. I am seriously considering completely ruining my credit with bankruptcy as I can’t take another phone call from Chase at 8 am. $130-330 a month may not be a huge amount for others but for me on my income it is the difference between feeding my son or paying Chase. I have trimmed my budget down so much already there isn’t anywhere else to trim from. At least I am losing weight with the Chase diet.

NOT EVERYONE will qualify for the hardship programs that Chase offers. So be aware of that. Trust me I have tried about 4 times now. I even was able to have my income levels changed to show I had more income and less bills as my rent was lowered and they still say no. They just want their money and don’t care one bit about anyone. I hate to ruin my credit over one credit card company. They are leaving me no choice. Between being almost divorced and Chase I am getting shafted. If my other credit cards go that route then I am history.

November 30, 2009 at 7:39 pm
(657) steve says:

write your congressman and senator…
write the office of the comptroller of currency…
You should get some type of results from them.
Dont waste your time talking to Chase, they want to get rid of you. They do not care about the money.
If they call, just tell them it is in the hands of the comptroller of currency, and wait for his reply.
Chase will do nothing for you, but they are obliged to respond to a complaint if directed by the OCC.
good luck!

December 1, 2009 at 7:27 pm
(658) JJ says:

Emily Post 655 –

Can you scan those checks and send them to me as a pdf? They would help my growing legal file.

I just received word that under the BLP opening any unsecured debt is prohibited. So other than auto loans, home loans, and or equipment loans – if you get a private loan over the next 5 years they will shaft you again.

December 2, 2009 at 9:29 am
(659) JOD says:

I would also urge everyone to go through the OCC after being rebuffed by Chase CSR’s with the 7.99% offer. Chase has violated their low interest contracts with all of us and once the OCC contacts them they are very anxious (Chase) to enroll you in the BLP program. Again the BLP rep asked me zero questions about my income or debt to income ratio, debts, etc.

In follow up to my earlier posts, I have been set up in BLP with 4 accounts exactly as promised by the rep in the Chase Executive Office that originally contacted me following their receipt of my OCC complaint. I am now making the low payments at 2%. It’s actually saving me money. The rules are that if you are late on 2 consecutive payments or 5 payments during the course of the program, they can convert you back to max interest that originally applied to your account.

Go the OCC route folks. It doesn’t make what Chase is doing right. But it does get your payments back to where they should be (actually lower).

December 5, 2009 at 9:42 pm
(660) Linda Stewart says:

RE Post #658

Whooa! Are you SERIOUS? You can’t get any other loans or use any credit cards for the entire 5 year period you are on Chase’s BLP? That is none of their business! How are you suppose to handle any unforseen medical or dental expense, auto or home repairs,etc. That is going way too far in controlling your life,especially since you really were not in a “hardship” until they created one for you.They are the ones who defaulted on the agreement that they themselves made with you.By making this demand they are making themselves equal to the judge/trustee in a bankruptcy case! And you are not filing Chapter l3! What legal authority do they have to demand that you not borrow money from anyone else just because you had to go through their BLP solely because they nearly tripled your payment. This would also mean you couldn’t use your store credit cards to get the special deals (ex: Meijer 15% off general merchandise when you use your Meijer credit card,etc.) Five years is a long time. The strange thing is that you don’t get anything in writing until AFTER you are already in the program, which is also suspicious. If this is really the truth, that they can control your life just as the court would in a Chapter l3 case, then people need to know this! I know the credit counseling agencies somehow get away with it but that is because they are handling ALL of your accounts, not just one. (I still think the BLP is going through a credit counseling agency secretly owned by Chase. If “no other secured credit” is part of the deal then it has to be a CCA. One bank would not have that kind of authority over anyone’s life – unless they unwittingly give it to them! Don’t forget that they are not doing you a “favor”. You only had to go that route because of THEIR actions (increasing the monthly payment to an amount they knew would be unaffordable to get you to let them raise your interest rate. If that didn’t work they would cause you to default so they could raise it.)

December 9, 2009 at 11:32 pm
(661) JerryDTX says:

No one makes anyone take out a loan. However, people are given credit lines and interest rates as part of their loan agreement. Those who always make their payments on time and in full should not be abused or mistreated. For those on here who write their self-righteous, holier-than-thou entries….they probably don’t have extensive credit lines or high amounts of debt. But this doesn’t excuse large multi-state banks from being greedy and abusive to loyal customers who play by the rules. These self-righteous people are defending corrupt, greedy, soul-less money machines that have lost any concern or consideration for the average individual. Why defend someone who will step on you when you are down and take your last dime???? Very uncool. My FICO is 770 and I am being treated poorly by CHASE. CHASE is trying to clear their balance sheets of potential bad debt on a very large scale and systematically. There is no “human” part to their equation. It is all numbers and formulas to erase potentially bad debt. Since Chase has no concern for me… I have no loyalty to Chase. If my finances go bust or I am forced to declare bankruptcy… I would gladly not pay Chase and instead pay back creditors that truly care about me as a customer. The current Board of Directors of Chase should be fired. They are soul-less and do not care about customer service. I would be happy if Chase Bank failed and credit unions moved in to take their business. Chase has made it clear that they don’t care about loyal customers. Please boycott Chase, Chase products and pay them off last unless you calculate that they will benefit from a high amount of interest. Whatever is least beneficial to Chase bank…the usurious bank.

December 9, 2009 at 11:33 pm
(662) rue says:

I got the same letter but mine added that if I close I have to pay off the entire amount IMMEDIATELY!! WTF! Since I cant do that I’m trying to pay it down as fast as possible and will then close. They did this on my WAMU-Chase card (I guess Chase bought WAMU).
Today I got a notice that they are evaluating my other Chase card (my original Chase card) for possible hikes in interest. How can this be legal!!!!!!!!!!!!!!!!!!
I called them and they said a ‘verbal shrug’ – if I didnt like it I could leave.
I informed them that I would not only leave but I would never bank with them again or any of their side companies and I’d inform everyone possible to stay clear of them.
I hope Chase goes under for this!!!

December 9, 2009 at 11:50 pm
(663) JerryDTX says:

We all need to get together and publicly demostrate against these banks. This is the United States of America! These banks need to be embarrassed publicly and in the media. If everyone on this website protested their local bank….can you imagine the negative attention? It might spur positive change in favor of the consumer.

December 10, 2009 at 1:42 pm
(664) Linda Stewart says:

Chase is on Facebook right now, gathering all these “fans” because of their “Chase gives 5 million to charity” publicity stunt, where they have people “vote” for what charity the money goes to,etc. “Chase gives.” This literally gags me. Seems to me that we need to start our own “site” on there, similar to this one where people can tell others what Chase has done to them personally – increasing their minimum payment to an amount they already know is unaffordable(in order to force them to give up their low interst rate to keep their payment the same – or else cause them to default so they can raise it even higher and add late fees) lowering their credit limits to just above their balance and/or closing their accounts to damage their credit, jacking up their interest to usurious rates, moving the due dates around hoping they’ll be late and if that doesn’t work then not posting the payment in a timely manner in order to make it late, etc. – all with no wrongdoing on the customers part.

Their “hardship” program is a joke. If you are able to make the same payments you were already making before they raised the minimum payment to a ridiculous amount, then why are they classifying you as a “hardship” case and damaging your credit? It was solely because of THEIR actions that you are now considered a “hardship”,not yours.
If you were truly in a “hardship” they would do nothing for you except raise your interest, charge you late fees and call you constantly. There is no help for someone who temporarily has little to no income. (And this applies to other credit card companies too, not just Chase. And beware of Discover card – they will turn you over to a collection agency after you are only 30 days late!)

So if you just had sugery and need a couple months to recover, have cancer and are going through chemo, are laid up in the hospital because of a car accident and are unable to work (or do anything else) then you do not “qualify” as a hardship! They will not freeze or reduce your payments. In fact they insist that you “catch up” which means that your new “minimum payment” now includes the first tripled payment(thanks to them)that you couldn’t pay in the first place, the others you have missed, plus all the late fees and the astronomical “new” interest rate, which makes your payments even higher and now none of it will ever go toward the principal. They will not “work” with you in any way if you are truly having a hardship. They will force you to file for bankruptcy. And if you can’t come up with the $1300 to do that, then what? (Which is my current situation).

In 2 months they have destroyed 40 years of perfect credit. I have 2 accounts with KeyBank that I’ve had for decades that have now been closed even though they had a zero balance. This means that over 30 years of “good” history has been erased. I’m pretty sure Chase is now the one now handling their credit card accounts. No doubt all my other charge accounts will be next.

Who were the idiots that voted against the new laws taking effect on December lst instead of February? They need to be voted out of office. They are obviously working for the credit card companies, not us. This has defintely affected me personally since the “universal default” thing is obviously still in effect thanks to whoever these crooked idiots are.

I “reminded” Chase that they have offered skip a payment options in the past that I didn’t use and also that if someone pays a ridiculous amount of $ for their ‘payment protection plan” (which doesn’t actually even cover your payments it just puts them on hold (which makes the cost of it completely unwarranted)then they can skip payments for the most frivolous of reasons. So why would they then rather force me to file bankruptcy vs. giving me a little bit of time to recover. Then they whine about the “soaring default rates”. They are the CAUSE of the soaring default rates because they won’t accept any amount of money less than what they were getting or else the whole amount to “catch up” your account to current which is now ridiculous with all the higher interest and fees added to the already nearly tripled payments).They get bailout money and are hoarding it and are now trying to pass themselves off as “charitable givers to the community”.

This entire credit scoring system needs to be done away with too. If YOU cancel an account (because they added an annual fee, raised the interest rate sky high,you don’t use it, or whatever) then why should your score drop 50 points??? And why are you penalized for opening a store account for the sole purpose of not missing out on the promotional offers and discounts available only to card members? (Not because you “need credit”). And if your credit limit is decreased or your account is closed even thogh you have never been late or missed a payment then why is your credit allowed to be damaged. This whole scenario completely lacks common sense, yet they “allow” it to be used by insurance companies to determine your car, life and health insurance rates and also allow it to affect your chances of even getting a job. This is just plain wrong! Why is 30 or 40 years of “good history” erased because an account is closed when one late payment over a complete lifetime stays on your record for seven years. The “criteria” they use for determining your credit score and what effects it is totally asinine.

What is going to happen when the government adds a forced insurance premium payment to the double minimum payments they are encouraging the credit cards companies to impose in 2010. There will be no “health care” at all because the insurance companies don’t pay anything until your deductible is met (and even then they don’t pay much toward the bill). “Having insurance” means nothing. Now we wona’t be able to afford to go to the doctor or dentist at all because all our money will be going for insurance premiums and high monthly minimum payments on our credit card accounts.

December 11, 2009 at 4:57 pm
(665) Linda Stewart says:

I don’t suppose there is any way to edit out my typos, right

December 15, 2009 at 6:44 am
(666) Pam says:

I’m one of those who signed up for the Chase BLP in July when the min payment increase letters first hit us. I took the 2% for 5 years deal. Just want to update. I checked my credit report and score this month. The Chase account was reported as closed by consumer and credit score is still 775 (same as before). There has been no “hinky” wording on my statements, so everything looks good at this point. I applied for a card from US Bank to see if I would have any problems getting credit and was approved with a good limit (too bad I won’t be using it) and a decent rate. The card does have a 0% for 12 months, so maybe I should transfer something to take advantage of that. I’ll think about that later.
Also, I have another card with Chase that was never affected by the min. payment increase. I think that is because it has a regular balance on it along with the low interest “fixed for life” balance. What was really funny is that after a couple of months on the BLP I got a letter thanking me for taking advantage of the program and being proactive in my hardship (which I didn’t have until they screwed me), and the very next day I got a letter telling me that I’m such a great customer and handle my credit so well that they raised my limit by $5000 on the other Chase card! How f***ed up is that??? It makes me wonder if anyone at Chase knows what they’re doing.

December 18, 2009 at 7:07 pm
(667) clow says:

RE: 658
How were notified about not being able to open any new unsecured debt??

January 1, 2010 at 9:17 pm
(668) Burned by Chase says:

We had two credit cards with Chase. One directly through Chase and one through Wa Mu (who chase bought out).
They raised the interest on one of the cards from 13 percent to 23.24 percent. There was no notice sent to us in relationship to the interest hike. We always over pay on both of them and have only paid the minimum amount probably 3 times all told. NEVER ever a late payment.
What a crappy way to reward their faithful customers. My credit score is sterling and I won’t let these guys kick me in the teeth. We went to the bank that we have been with for over a decade and arranged a credit card through them at slightly over 8 percent. I will NEVER do business with CHASE again. Dirty Dogs that they are. We have paid them off completely and have moved on. I do wonder what they will do for a customer base in the future though. Probably turn to the young people who don’t know better yet.

January 17, 2010 at 1:10 pm
(669) Debtors Revolt says:

Dear Sirs or Madams:

In reviewing my account # **** **** **** **** (member since 2003) , I notice that my APR has been increased to 18.24% from 12.24%, a full 6%. I am unsure when or why it was raised from the agreed on 11.99%. This was done without any prior notification or explanation for the increase, despite my having never been late on a payment, and usually paying those above the minimum. In the seven years I have been with Chase, I have acted in good faith and abided by the terms and conditions as outlined in our original contract.

By this action I view Chase Credit Card Services to be either in error or in breach.
I consider this increase, if intentional, as tantamount to theft, breach of faith, tortuous interference with a contract and should this affect my credit rating, an egregious libeling of my name.

I have worked very hard to maintain near perfect credit status my entire adult life and will seek ALL legal remedies at my disposal (including prosecution for material damages) to see the that it is maintained and my good name protected and respected.

It is regrettable if JP Morgan deems it nonobligatory to abide the same lawful standards and ethics as those of its customers and competitors.

The actions of JP Morgan Chase in particular, your subsidiaries, and counterparts in the financial industry, seem determined to destroy the economy of the nation that birthed it.

I intend to avoid being taken victim in the wholesale larcenies being perpetrated in the banking industry. I have prepared for this occasion.

By acting in a criminal fashion, arbitrarily attempting to raise my cost of living by more than $100 a month at the height of an economic crisis without any service to show for it, value added for it, or cause to do so, you have reset the playing field and forced me to participate with you the same level of ruthlessness, underhandedness, and back dealing that you have yourselves employed. You have also provided me an opportunity to participate in the constitutionally mandated revolt that has been provoked by the over-reaching greed of U.S. banking cartels. Thank you for the singular opportunity to serve my country in that way.

I have written to give Chase this single opportunity to restore my account to its previous status and original APR of 11.9%. Should you decide otherwise, or until such time as that is accomplished, you can expect further remittance and communication from me to cease.

I am confident that my character and reputation will be sufficient to see me through the coming years without the services your company has provided to date and am prepared to sever my relationship with JP Morgan Chase effective immediately.

Your next step as an Executive at JP Morgan is to take a look at my seven year history with Chase, in light of 25+ years of perfect payment history, and make the decision. Do you want seven more, or do you want to write down $17,950.00 of good money reliably at work in the marketplace today? Ask Mr. Dimon what is better in his opinion?: Same size piece of pie? Or no pie at all?

I have lived up to my obligations with you, my other creditors, and all my relations private and professional. I will continue to do so according to the rule of law and basic civic decency. I have always believed in fair and honest dealing and lived so that my word is as good as my contract. My credit history reflects this ethic and it is with the full weight of that 25+ year history that I promise you: if the exact terms I have stated are not met, you will have forfeited the principal amount of my outstanding balance and all future interest thereof. I say this without rancor, compunction or equivocation, as a statement of simple fact to assist in your decision and calculations.

It is my sincere admonishment that as a company, and individuals employed with JP Morgan Chase, you will return to those same principles which once allowed you to fuel prosperity and innovation in the past, and turn away from the self destructive futility evinced in these dishonorable tactics.

As potentially one of thousands of small cut’s assigned for your new year, I eagerly await your reply and thank you for the opportunity to address this pressing social issue in a direct and personal manner.


January 19, 2010 at 5:36 am
(670) Katie says:

Happy to report that, according to Forbes, Chase Bank isn’t doing all that well.


January 20, 2010 at 10:55 pm
(671) steve says:

Chase is doing fine…for now. Its loan losses will continue to increase as the recession continues. So will its credit card losses due to the way it is treating its cardholders.
The bailout funds will dry up…the same morons that ran the ship into the ground are still running it. This time, there will be no credit card revenue to save it.
This is only the beginning, the recession is just beginning.

January 22, 2010 at 7:25 pm
(672) LAS says:

I too was screwed by Chase last July and after 3 months of work and worry, complaints to OCC and emails to Chase executives, I finally managed to “qualify” for the BLP. It has worked as planned and I look forward to the day I can tell Chase to “kiss my a**.” I swore I would never do any business with them again!

Today I needed to get a document on an old car loan I had from Ford Motor Credit. There was a $17 charge for them to send me the document and damned if they did not transfer my call to JP Morgan Chase Bank to process my payment!!! I wanted to shout “NO” but I really needed the document. I wonder if I will ever truely be able to get Chase out of my life!!!

February 17, 2010 at 10:43 pm
(673) Chased_Away says:

You know, I never forget when someone has wronged me, and I will surely never forget Chase’s antics.

About 21 years ago, I bought a new car and I wanted to get AAA insurance to protect it. They rejected me because of the type of car I bought, even though I was a AAA member for a long time. To this day they send me applications for auto insurance promising me this and promising me that, and at a lower rate. Each time I get the letter from AAA, it gets torn in half… and I don’t care how much money they say they will save me.

Disrespect me once, and it’s over.

They’ll never get me back!

February 19, 2010 at 12:33 pm
(674) Debbie says:


We have been on the BLP progaram since August last year. They have us on a 5 yr program at $429 a month. We have been making our payments on time. Yesterday, we received a letter that because we have either missed two consecutive payments or will not be able to pay it off in 5 years, they are removing us from the program and going back to whatever interest rate we had before. I don’t understand why they are doing this since they are the ones who put us on the program and said it would take 5 yrs. The only thing I can think of is that maybe they wanted us to pay more than the $429. If that is the case, they should have made the payment to be what they wanted in the first place to keep us on the program. Has anyone else received this letter??? If not, look for it in the mail after you have been on the program for six months. They will pull the rug out from under you. Don’t know what we are going to do. We have never been in this situation and always pride ourselves on paying our bills and being on time with a decent credit score of 757. We WANT to pay our bills and be good customers but the credit card companies are forcing us into default.

February 22, 2010 at 7:37 pm
(675) clow says:


Were you part of the Change in Terms scam by Chase that included your minimum payment going to 5% of your balance? Is that how you ended up on the BLP program? Was you payment enough to payoff your balance in 5 years?


February 25, 2010 at 10:59 pm
(676) Debbie says:

WOW, I HAVE NOTHING GOOD TO SAY ABOUT CHASE OR ANY BANK OR INSURANCE COMPANY. I THINK THEY SHOULD ALL BE PUT OUT OF BUSINESS..NOW! I lost my job and cannot pay any of my bills and I will not worry about it. let them ruin my credit…i do not care anymore. i have lost it all and we live on my husbands social security. the saving/401-K/insurance-health/ is all gone all because of banks and insurance hikes and this crappy ecomony and a drunk driver and a attorney that all ripped me off. to hell with all of them. i would move to another country if I could. I was born here yet,i am so upset with how this country is. the banks fffu over and over and nothing is done. upset ….depressed more like it! and I am not alone–sadly!

March 9, 2010 at 9:15 am
(677) Emily says:

And in another bizarre twist –

I have just received a letter from Chase telling me that, due to my EXCELLENT credit record, I have been PRE-APPROVED for a new credit card.

They are inviting me to apply immediately.

March 10, 2010 at 9:51 pm
(678) JOD says:

Debbie I have (4) accounts on the BLP as I have posted above in the archives. I notice on the newer statements that it gives you your estimated payoff time by only paying min vs. paying some increased amount to pay off in 3 years (vs agreed upon 5 year BLP). What is funny is the numbers are wrong on one of my statements stating that it will take 27 years to payoff paying min payments. Doing the calculations at the 2% interest it will take exactly 5 years. Chase is really screwed up. I will never do business with them again once all this is paid off. Unfortunately they service my home loan too. If my house is ever not upsidedown again I intend to refinance with someone else as soon as I’m able to do so. I deal with BofA and Wells Fargo also and can tell you they are not much if any better than Chase. Banks in general just suck.

I have all my correspondence with the Chase Executive Office filed away that followed my complaint to the OCC. If Chase tries any funny stuff with my BLP accounts (such as backing out of the agreement) I’m prepared to go right back at them, through the OCC if necessary. So far it is going smooth. It was not until I filed with the OCC that I got any cooperation at all from Chase. After that complaint they were calling me daily to get the accounts switched to BLP. They were obviously in the wrong and wanted no part of the OCC digging in on my behalf. I wish you good luck.


March 10, 2010 at 9:54 pm
(679) JOD says:

Chased away, I had similar experience with AAA insurance about 20 years ago. I had several autos covered, clean record, no claims, etc. and one day out of the blue they just canceled me. Well they can stick it up their you know what. I’ve been with Allstate ever since with my cars, home, etc. Allstate has been good.

July 30, 2010 at 2:42 pm
(680) One happy gal says:

Whooppeee I just paid off Stupid Chase. I don’t owe them a red cent,but I continue to bash them as much as possible ( and that’s a lot since I have a big mouth ).

February 19, 2012 at 9:32 pm
(681) neil says:

Chase has been acting this way for yrs. I had a problem applying for a gov. backed loan for college for my son in 2004 TRW showed a balance that was unpayed when in fact it was a duplic of an acct. that Chase was supposed to have closed. When I contacted them it took 6 weeks to finally solve the problem. Chase acted as if I was asking for the world. They had more excuses for why they coudn”t send a fax or speak to a third party on my behalf to prove that the reported amount was in error. By the way it was there mistake. You would think they’d leap at the chance for positive PR. Nope arrogance from top to bottom. They spend tons on advertising we’ll this is my way of thanking them for outstading coustomer service.

March 10, 2012 at 12:18 pm
(682) Ivette Tadman says:

In modern business it’s not at all the crook who is to be feared most, oahu is the honest man who doesn’t know what he could be doing.
It will take more than capital to swing business. You’ve got to hold the A. I. D. degree to get by – Advertising, Initiative, and Dynamics.

July 31, 2012 at 7:26 am
(683) KibLineePep says:

If you have the minimum coverage, you can protect yourself from an accident that may occur!!! However, it is human nature to search for cheap dui car insurance?? Shortly thereafter you’ll begin to receive quotes from multiple a-rated insurance companies. cheapest car insurance for teenagers This training helps you in becoming a good driver by making responsive towards accidents or any kind of mistake whether done from your side or not. To simplify the search a us resident can enter his state name and select the companies available in that state! Finding cheap auto insurance quotes is a great way to save money on your car insurance? Without having knowledge of legal rules and regulations, insurance claims can’t be done successfully?

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