My credit card payment was lost in the mail, so the bank (Chase) jacked the APR from 10% to 29.99%?

Question

I have the record of all the checks that I mail to pay my bills. In addition, I carry a large balance on that card, and I have ALWAYS made the payments (double the minimum payment) on time. I thought i finally had paid it off, but then a bill came for $15; I didn't think much of it and mailed a check for $15. Next thing I know, I received another bill for $15 + late fee + my new APR (29.99% !). I called Chase, and after being given the run around, I was able to get in touch with a "manager", who was able to remove the late fee. They weren't, "unfortunately" able to do anything about the new APR, since "it is controlled by their computers". Is there anybody I can write to or speak to? I've had their card for several years, and NEVER been anywhere close to being late with a payment.

Answer 1

That certainly isn't right or fair, but I don't know if there is anything you can do about the late fee. That happened to us once and the company was unable to take off the late fee.

If your check does clear at anytime, I would call them back and have them look at the date on the check and "scold" them for treating a loyal customer so badly on the first offense.

About the APR...that's a load of crap. We have an account and every year they raise the APR to some ungodly amount and every year I call them and tell them that they must be out of their minds if they think I'm gonna pay that amount of interest. And because we have been loyal customers for some years now, they always lower it back down- this past year they did more than that- they gave us a year of interst free purchases. Call them back, go higher than the manager (I can't remember the job title of the person that lowers the APRs, or else I would tell you). If bad comes to worse, really give it to them and tell them that you will take your good, loyal business to some other company that respects its patrons if they do not lower the APR back down...but, if you do this, you must be prepared to cancel the card if it really comes down to it.

Check out some other credit companies...I googled Chase and they have a lot of consumer complaints that look like yours.

Best of luck.

Answer 2

Start paying your bills online. More companies are making this available, thus they are less willing to listen to the "checks in the mail".
I would definitely cancel the account. Forget negotiating on the APR - pay the balance, close the account, get it in writing and find someone else.
Since you only need 1 credit card, shop wisely as to who will give you the best deal, now and later. Start with your bank/credit union/insurance company.

Answer 3

You might try sending a letter to the Vice President of Marketing (Corporate Office) for Chase Bank, but it is doubtful that he/she will change it.

Online Bill Payment is your best bet to avoid lost payments and close this account out and chalk it up to experience.

Answer 4

Threaten to close the account. Then you will see if there truely is nothing that they can do.