EXCLUSIVE: CHASE Screws Struggling Card Members Harder

Chase yesterday decided to put the screws harder to its most struggling credit card customers, an insider tells us.

Previously, accounts 180 days past due were not billed overlimit fees, making it easier for the average holder to catch up.

Beginning this month, Chase will continue to bill customers overlimit fees past the 180 days.

Worst case scenario, customers are paying $39 overlimit fee, a $39 late fee, and a 32.4% interest rate.

The fee continuation comes on the heels of CHASE’s raising of the default credit card APR from 29.99% to 32.4%.

Our inside tipster writes:

    “It comes across as arrogant and without the “values” that chase seems to insist on having. Yes, customers have gone over the limit. But why continue to bill them a 39.00 late fee AND a 39.00 overlimit fee along with a 29.99 interest rate?

    I feel that it’s only fair to let the consumer know what credit card companies are doing to make even more money and pulling it from the pocket books and purses of those who are already struggling to make ends meet.”

Remember, try to only use a credit card if you can pay it off in full every month. Otherwise you’re a worthless piece of chattel and the banks will rape you hard, and in the butt. — BEN POPKEN


Edit Your Comment

  1. homerjay says:

    I was going to say it but then I figured I’ve said it too many times and people are sick of hearing me say it so I won’t say it.

  2. homerjay says:

    Oh what the hell….

    You won’t get fee’d to death!

  3. thrillhouse says:

    “Remember, try to only use a credit card if you can pay it off in full every month. Otherwise you’re a worthless piece of chattel and the banks will rape you hard, and in the butt.”

    The overall business model has never changed, just the tactics by which they do so.

    I think a more appropriate conclusion is for anyone carrying one of these around to know the real magnatude of the risk they have taken on by doing so. Negating that risk is what gets people into trouble, no matter what the reason for doing so.

  4. CockeyedOptimist says:

    Definitely agree with the last sentence. I personally have zero sympathy for those with credit card debt (save hostage situations). Plan for the future, don’t be a thirty thousand dollar millionaire, and these policies won’t matter.

  5. Solo says:

    I’ll display my ignorance by asking a question: what’s a thirty thousand dollar millionaire?

    Also, I favor the empowerment of customers when they know what they are doing. I think all credit card applications should come with a mandatory class about money management.

    Then again, credit card companies would be making a lot less money…

  6. CockeyedOptimist says:

    A thirty-thousand dollar millionaire is one, often under 30 but they come in all ages, who spends/acts/wants you to think/ they have money/a prestigious job/both…but who in actuality is completely average or worse.

    This animal is especially common in Dallas.

  7. ‘But I don’t want to be known as the ‘up-the-butt’ girl’

    – Charlotte

  8. incidentist says:

    Remember when the credit card companies got Congress to pass that bankruptcy bill last year, with the promise that APRs would be lower if declaring bankruptcy was harder? What a clever, clever ruse.

  9. econobiker says:

    Also you must now pay off your balance each month or any new charges will be charged interest from the DATE of charge, not the statement date if you have a current balance.