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Watch your credit cards

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Richs100:
It's really a shame, too.  
My first car loan was with Chase Manhatten back when I was eighteen.  So, I have been a customer of theirs for over thirty years.  That apparently means nothing to these bozos running the company now.

96SC:
I sent my son, who is working on his MBA, a note on how Chase has been 'messing' with their clients.  He sent me a link on credit account closings etc.  It doesn't talk about the finance charge increase but some of you may like to read it.  I am NOT in the banking business, financial analyst, or credit card business, I'm just sending this along....don't shoot the messanger. :)
http://www.smartmoney.com/Spending/Deals/Credit-Card-Issuers-Buy-Something-Or-Else/

ndabunka:

--- Quote ---But Nada, they are going to charge me $120.00  year just to have that card sitting in my desk!
And I am betting that is why they started that because they know that people don't want to damage their credit ratings by closing accounts.

Seriously, if you can join a credit union, that is your best bet. I called for an equity line to pay off all my debt and the current variable rate is 2.5%...I am making more than that in CD's..right now, so that is really a bargain.
--- End quote ---

Ah, I didn't realize that they were also trying to charge you a yearly fee.  I too cancel all CC's that have yearly fees associated with them.  The plain FACT is that there are FAR too many that do NOT charge such yearly fees.

In regards to the article quoted above me, I personally think it's a GOOD idea for the CC companies to actually practice (some kind) of due diligence (i.e. cancelling cards that haven't been used in over a year qualifies as a legit effort on their part).  However, lowering credit on people with exceptional credit is UNJUSTIFIABLE!

Gary:
I have a Chase credit card (airline miles) I do not carry a balance but they did want to charge me a $60 annual fee for having the privilege of using their card. I asked them to drop it and they did.

I have two other credit cards and had that fee dropped also. No balance on them either.

I did give Chase a shot at my home refinance last year but they were too high, the best they could offer was 5.75% on a 15-year note and my credit score is over 800. I ended up going through a local bank and got 5.1% for a 15-year.

rcnitro:
I know this is kinda dredging up an old post but I thought I would share my experience with Chase. We have carried a CC with them for about 8 years now and never had an issue. We have never had a single late payment on ANY of our bills. Our rate has always been 8.99% fixed. Until today! Got our statement and now our rate has jumped to 15.5% variable. So I give them a call and see what is up. The girl tells me they sent a letter about it in June. Sorry but never got it chick! I asked if she could prove they sent it, of course she said it shows they did in their computer. I then asked what was their reasoning and she proceeded to tell me it was due to economic conditions. What crap!! I then told her that it was so great for our government to bail them out only to turn around and screw responsible people. Regardless my rate is not getting changed! It just really chaps my ass the way these companies can treat good, financially responsible, tax paying citizens. I know the rate isnt as horrible as it could be but my wife and I work hard to take care of our credit and always make sure our bills are paid on time. OK...done with my rant now. :)

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