- Joined
- Mar 18, 2002
- Posts
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What???
I have great credit, have always paid over my minimum and have always paid on time.
Is it legal to change a contractual agreement between me and Chase by such an insane margin? It must be, otherwise they couldn't do it, although I smell a letter 10 years from now stating that I am part of a class action lawsuit against Chase and I am owed $25.
I am not interested in any of the members here that say that "you shouldn't buy on credit and live above my means". That doesn't help me, and you're not my mother.
This is what I see happening. I have had a promotional interest rate of 3.9% for 6 years from when I took a balance transfer to pay off a higher interest credit card.
Good outcome - I will be forced to pay off this "weight on my shoulder" credit card debt, in about 14 months. And be finally done with it.
Bad outcome - I will never be able to make a payment every month that is 250% higher than what I'm paying now, I will assess a minimum payment "fee" each month which will also cause my promotional interest rate to rise from 3.9% to 17%, and besides being a pissed off, vengeful Chase customer, I will have to pay a lot more money in the long run than I ever bargained for.
This must be what they are shooting for, because if me and others in the same boat as me, pay off our loan much earlier than scheduled, then Chase will lose millions of dollar$ long term.
And you can be sure that all other credit card companies will follow suit, just like they did when the government forced the minimum payment to go from 1% to 2% 3 years ago.
Thoughts? Similar situations? Solutions?
I have great credit, have always paid over my minimum and have always paid on time.
Is it legal to change a contractual agreement between me and Chase by such an insane margin? It must be, otherwise they couldn't do it, although I smell a letter 10 years from now stating that I am part of a class action lawsuit against Chase and I am owed $25.
I am not interested in any of the members here that say that "you shouldn't buy on credit and live above my means". That doesn't help me, and you're not my mother.
This is what I see happening. I have had a promotional interest rate of 3.9% for 6 years from when I took a balance transfer to pay off a higher interest credit card.
Good outcome - I will be forced to pay off this "weight on my shoulder" credit card debt, in about 14 months. And be finally done with it.
Bad outcome - I will never be able to make a payment every month that is 250% higher than what I'm paying now, I will assess a minimum payment "fee" each month which will also cause my promotional interest rate to rise from 3.9% to 17%, and besides being a pissed off, vengeful Chase customer, I will have to pay a lot more money in the long run than I ever bargained for.
This must be what they are shooting for, because if me and others in the same boat as me, pay off our loan much earlier than scheduled, then Chase will lose millions of dollar$ long term.
And you can be sure that all other credit card companies will follow suit, just like they did when the government forced the minimum payment to go from 1% to 2% 3 years ago.
Thoughts? Similar situations? Solutions?