Chase credit card raised Lee’s effective APR to 148.14%

Lee was charged a late fee on a Chase card payment, even though he mailed the check ten days before it was due.

When he called to complain, Chase refused to remove the fee and told Lee they, “had no control of the U.S. Postal Service.”

Shortly thereafter, his APR magically rose to over 148%. Read his letter inside.

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Lee writes:

“I was charged a late fee on my Chase credit card. I checked my checkbook and I made the check out and mailed it ten days before the due date.

I called them on the phone and they were very rude, and said they had no control over the U.S. Postal Service. They kept the late fee on there, then charged me $ 1.00 interest on the late fee, and raised the interest rate to 148%. That is not a typo. I said 148 %.

I canceled the credit card, then I found out it had an effect on my credit rating, which was lowered. I mailed their main office a letter requesting they fix my credit rating. Waited a couple of months, no response. So I mailed them three more letters, and waited for their response. No responses to any of them.

I had that credit card ten years, no late fees. I would like to ask your advice on how to handle this, since they refuse to reply to my letters. Any help or advice would be appreciated. I do believe I have (had) the highest interest rate on that credit card of any one in the world. Thank you.”

Lee, have you disputed the report ding through the credit bureaus? That would seem the first place to start. — BEN POPKEN

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