Nice Letter Gets 29.99% APR Down To 12.24%

David paid his credit card one day late, one time, and Chase immediately jacked his interest rate from 12.24% to the default rate of 29.99%. He called customer service and was told he need to pay on-time for 6 months before he could get it reduced. 6 months later he calls back and now they tell him it’s 12 to 24 months. A supervisor confirmed this. Say what? That’s what he said, and so he wrote Chase a letter, and it got some serious results:

Dear Chase,

I am a student currently pursing my BS in Mathematics and received my first credit card through a promotional offer on Amazon when purchasing text books. Since then the card has come in handy though of late I have gathered some debt that I am paying off so that the card my be available to me for larger purchases or travel. I’ve always paid on time though six months ago I was late on one payment and as such my interest rate was raised. I expected this and as a dutiful customer I have since paid on time.

I have called in on a few occasions asking what could be done to reduce the interest rate, but I was told I had to wait six months before my account could be eligible for review. Well six months have come by and I called customer care and asked about my account. Then to my shock and disappointment I was told I had to wait 12 to 24 months. All this time I was told one thing only to find out it was untrue. I feel cheated out of my time and money. I simply want to pay down my
balance and I feel this high interest rate, while justly deserved for a late payment, is now a hindrance to my continued use of Chase services.

I understand my responsibilities as a debt holder but I simply feel that something should be done. I am greatly disappointed in Chase for how they handled my situation. To be told one thing for months only to find that it is not true, I feel completely duped. I am simply trying to pay down my debt and this high interest rate is becoming a problem.
Also I feel that not enough training is available to the customer care representatives since they were misrepresenting Chase for so long. I hope to hear back from Chase soon on this issue as I would like to continue being a customer of Chase. Though if I feel my needs have not been duly addressed I will have to take my business elsewhere.


That was sent on 7/13 3:53pm, I got a call that at the time I couldnt answer at 4:22pm.

I called back the next morning at 9:44am and reached Lisa who told me she was able to return my rate to the previous level, 12.24% and credit me the difference of $251.71 for the six months of finance charges at the 29.99% rate. While I havent gotten the confirmation email she said I would get, the next day I logged onto my Chase account and can see the $251.71 has been credited to my account.

I’d say this is a happy ending. And now I can pay down my card faster and graduate school with only my student loans.

Oh and just because I’m a math major doesn’t means I’m good with money. Money is a whole different kind of beast.””

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