Credit card help?

Hey all,

I've got a washington mutual (now chase) credit card that i've had for a couple years now. I've paid the bill on time every time since i've had the card. Well i tried to use it today and it came up declined. At that point i did think to myself it's been a while since i received a bill from them (if i dont have a paper bill staring me in the face ill never remember to pay something).

I know they probably hear it a lot, but i NEVER got a bill in the mail. I called to see what was up to find that aside from the late fee, they'd jacked my APR from 15% to 30%. I told my side but to no avail, he said my account was in default and they could not change the rate back.

I'll probably give them another call tomorrow but in the meantime has anyone been in a similar situation? I've got no problem sucking it up and paying the late fee but i'm pretty bummed about the interest hike, any tips?

thanks!

Jacques

Pay it, cancel the card. They don't want your business.

Already paid and canceled, was just hoping i could do something about that rate, but probably not.....

I dont have a credit card (and dont plan on getting one, i have a check/debit card), but i just wanted to state that I personally will never trust Chase after seeing first hand how hard they come after college students. Living at OSU we got hit with ads left right and center from them, they would have people there handing out info for their cards, everyone in the dorms got spam (both snail and E versions).

marketing THAT aggressively to college students spells trouble to me.

You are not alone. I have heard multiple stories of credit card companies using any excuse to drastically increase rates on clients with decent payment records.

Bank One was fairly nice to deal with. Now that Chase has their hands on it, they suck. If it wasn't for the staff at my local branch, I'd tell them to berkley off. Chase is the Devil.

It's called a Universal Default Agreement. You signed it when you applied for the card. I basically says they can jack you rate for any reason. Even if you paid on time. I haven't had a credit card in 10 years, and I don't miss them. Cash never sends me a bill at the end of the month, and it won't jack my rate for no reason.

PubBurgers wrote: Already paid and canceled, was just hoping i could do something about that rate, but probably not.....

Now that its paid off and closed, i would still call and give them hell. They should have records of everthing, including when and where bills were mailed. You are going to have to talk to somebody higher up, and I wouldn't hold my breath.

Toyman01 wrote: It's called a Universal Default Agreement. You signed it when you applied for the card. I basically says they can jack you rate for any reason. Even if you paid on time. I haven't had a credit card in 10 years, and I don't miss them. Cash never sends me a bill at the end of the month, and it won't jack my rate for no reason.

How do you make room reservations at hotels and buy airline tickets?

Debit cards with visa/master card on it work as both a debit and a credit card. If you use it as a debit (ie. use your pin) then the money comes out right away, and if you use it as a credit card (ie. sign on the line) it just comes out later. You end up living within your means more often than not. I've never owned a credit card and I'll be turning 28 this year. (I have borrowed from some very understanding parents a couple times, though. I should get a card that I can sit on and not pay a monthly fees just for emergencies. Of course thats what most people say at first, too!)

Yeah, "for emergencies." See, this is where marital strife comes from. Men and women have different definitions of "emergency." To a man, an emergency is: You're 1500 miles from home, your Chrysler product transmission just grenaded, you need to get one at a junkyard and buy some jackstands at wally world. To a woman an emergency is: They're having a white sale at Foley's.

Credit cards are evil. Get a debit card and be happy. Start putting a little away each paycheck into an emergency fund and you will have it available for a real emergency. Dave Ramsey sez 1K emergency fund first. That's a good start. You set that aside, and it's only $20 a week, and you'll never need a credit card.