The New Chase Bank Scam – Chase Ink

We’ve all seen the Chase Ink credit card that Chase Bank has been promoting for the last year or so. In fact, it almost seems like it’s the only credit card they’re actively promoting – as it turns out, that’s no accident. Apparently, they found a loophole in the new credit card legislation that was recently passed, the Credit Card Accountability and Responsibility and Disclosure Act of 2009, or Card Act as it is known. This law was passed in an effort to better regulate credit card issuers that have been preying on consumers with fine print for years. Unfortunately for the banks, these new rules reduce some of the profits that the credit card industry has enjoyed for years through unethical business practices. However, as is normally the case, the banks have smarter lawyers than we have legislators so they have already found significant loopholes in the new law.

Apparently the legislation was written in a way to make exceptions for what were termed “professional cards” – business credit cards that have historically been targeted at small business owners. Aside from the unethical nature of allowing the banks to still prey on small business owners in the same fashion that regular consumers were just protected from – it appears that there is nothing that prevents the banks from issuing these cards to non-business owners.


Enter the Ink Card From Chase and a massive marketing campaign behind it targeting anyone that wants to apply (In the first quarter of 2010, 47 million “professional card” offers were mailed out, a 256% increase from the same period last year, according to research firm Synovate).

Since the Ink Card From Chase is classified by Chase Bank as a “professional card”, none of the new rules apply so they can still financially rape consumers with 29.99% interest rates, raise rates on a whim, apply new APR’s to prior balances, etc.

“By pushing professional cards to consumers who otherwise wouldn’t want them, card issuers can get around some of the provisions of the Card Act,” says JV Burr, editor of the Michigan Standard News website.

Chase Bank has wasted no time in finding yet another way to scam the American consumer, so next time you see a commercial for the new Chase Ink credit card, you’ll know why they’re pushing it so hard all of a sudden. If you’ve been a victim of Chase Bank and their new Chase Ink Credit card scam, come share your story in the forum with others so we can stop this deceptive practice by these criminals at Chase Bank.

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49 thoughts on “The New Chase Bank Scam – Chase Ink

  1. Johnny Bionic Post author

    I was wondering what the deal was with this and the new Chase Leisure Rewards program. Guess that explains – thanks!

  2. Gunny

    Can’t get rid of Chase ‘Slate’ card offers. They apparently aren’t responsive to requests to ‘go away’. Have contacted BBB and am waiting for an answer from Chase. I would not use a Charge Card at all but some hotels, car rental, reservations and others won’t take cash or wait for a check. But CHASE would never get my business. Why would I deal with clowns that refuse to give me any business courtesy when they are begging for my business. Can’t go any where but down from here.

  3. confused

    so…chase (or any bank for that matter) is unethical because it is trying to give out a product to anyone who will take it, and finding loopholes to do it? Isn’t that, you know, what every business does?

    plus, no one can be coerced into taking an application, just like no one can be coerced into buying a blender or something. they can be CONVINCED, just like they can for any other product.

    plus, don’t new laws now require banks to specifically point out all rates and fees and disclosures and such whenever they talk about them? i know when i applied for a chase card recently, i had to initial that i agreed to the terms and conditions of the card.

    all I’m really saying is: how is chase operating any differently from any other business? and how is it their fault that people legally agree to it and have the chance to read all the terms for the cards?

    hence, i’m confused by how this is a “scam”

  4. admin Post author

    The reason this particular card is so nefarious is precisely because of the reasons you just stated – Congress changed the laws governing what credit card companies could do, which gives most citizens a (albeit unwarranted) sense of comfort that they are no longer being preyed upon with gimmicks, loopholes, etc. by companies like Chase. This card was specifically designed to skirt the laws that were just put into place to protect consumers. Despite what you may think, not all businesses work to actively deceive their customers – many businesses simply provide goods or services that people want at a reasonable price. Perhaps that’s too much to ask for?

  5. confused

    i guess so, but the laws also used to not require that customers have a legal submission that they saw the terms. so really, a lot of customers may never have gotten terms and conditions on credit cards. i still think its a good thing that banks are at least legally required to put them in front of customers now. i also would contest that we have to put all credit cards as “gimmicks” if we label only one…the only way to separate cards nowadays in how they function is through the rewards they give and whether or not there’s an annual fee.

    also, one of my parents has actually had this card for a few years, so i don’t think it was specifically designed to get through these new loopholes…

  6. admin Post author

    Most of the changes that Congress made are certainly a positive step in the right direction. The concern over this card is that it is exempt from the rule that prohibits charging customers usurious rates (ie 30%) by using a loophole. The card was originally for small business owners, but once the laws passed they decided to market it towards everybody simply so they could get around the laws that Congress passed.

  7. confused

    i guess i just never saw any marketing for the card toward regular consumers….every chase commercial for the ink card (the woman who owns the bar, in particular) has a business owner talking about how much they love it, and how they can get cards for their employees to cover more business expenses..

    now i have seen that they’re marketing the freedom card (i think?) to consumers a lot…

    plus, i thought any card was subject to any rate changes by their companies? i had a friend whose credit card was from a credit union, and they put it up to 35%…i just don’t see how this card is any different from pretty much every other card or company offering them, so this issue is actually about all credit cards, or credit in general, or the general seediness of chase that we see in all of their bankers

  8. admin Post author

    I covered some of the differences in the post, but for more information on why this card is different, and how Chase Bank and Bank of America in particular are skirting the new credit card regulations come into the forum because there is a wealth of information on the subject, most of it posted by people that have seen the practice in the wild, so to speak.

  9. Nicki

    Hi, we have a crap auto loan with Chase Auto. If we are one day late, they call my husband’s work and pester him. We have never gone past our grace period of day 10 with payment. They WILL harrass you if you do not pay right on time. THEY WILL not get another dime of MY money once we pay this loan off. CHASE: YOU SCREW WILL YOUR CUSTOMERS TOO MUCH and you are going to lose them!

  10. neegray1@gmail.com

    This was my notice to Chase Mortgage division:

    I left you and Kimberly a voicemail message this evening concerning loan# 0696005958. I was told by Lakeisha, in the Eminent Default dept the loan was denied the in house loan modification . As you already know it was also denied the government modification. She said there is nothing Chase can do to help. It was denied due to they cannot create an affordable payment based on the 31% of my income. In other words it is not worth it for Chase to help they would rather have the house back. It seems this is what this all tells me. She could not give me a total it was based on or any other information that was asked. I have finally realized after 4 months they do not want to help and it is in my best interest to surrender the house. This is notification to you that I would like to continue with the deed in lieu. It seems I was only told they could help just to cover themselves for all the mistakes and lies that were told to me. However there is no need to go into all that I will save it for my right up. I did not want this to come to that but since Chase cannot help I will need to help myself. I will give the media all the information that was given to me and explain how I was treated from the beginning. I was told by Ms. Varee, that she could help and I was excited to know there was another alternative but now I truly believe this was only b/c you all were already setting up a deed in lieu where as pictures were taken and so forth and no one ever explained to me I could not be living in the house. Which simply means someone dropped the ball and did not give me that information but Chase clearly wanted me out. It seems as though this was another stall tactic on their part and believe she only told me she could help b/c no one ever offered any other alternative. I am tired of all this and will not continue to live with my life on hold. Chase can take back the house and hopefully get what it is worth. I really do appreciate if someone let me know what was the value the house appraised? I can do my own comps since I am a realtor but just want to know what Chase came up with.

    P.S. Please let me know what is the next step I need to take with surrendering the house back to Chase. As I explained previously I did not want this to come to that but you have left me no other choice.

    THIS IS NOTICE FOR A DEED IN LIEU

  11. northilpwrprod

    The problem with all credit cards is the mis-use of them. Credit cards are a part of life these days unless you never travel or try to purchase something that requires a card.

    I have a few cards including Ink and AMEX. I need the rewards they offer to cut my business costs.The responsible way to use the cards is to not consider the credit limit your personal bank account. I always pay the outstanding balances whenever the payment is due. WHY WOULDN’T EVERYBODY DO THAT!!!! If you charge more than you can pay then you should pay the interest fee. If you can’t understand what I just said then you need to cut up ALL your cards and stop complaining!

  12. northilpwrprod

    Here’s another suggestion. If you have situations where you need to make an investment that requires more cash than you have,apply for a line-of-credit. I have a LOC with a 3.75% interest rate.
    If you use a LOC, do the right thing and pay it off ASAP.
    If you have difficulty understanding any of this then you really should be a “cash only” person.

  13. admin Post author

    In a perfect world, that would be easy enough to do, but we don’t live in a perfect world. People find themselves in unforeseen financial problems all the time, and many don’t make enough money to put some away for a rainy day. There are plenty of people that misuse credit cards and they find themselves in a hole that they dug for themselves. However, if you think that the policy of a bank should be to prey upon and take advantage of the weak, then perhaps you don’t see anything wrong with their policies. But the fact that Congress felt the CARD Act was necessary, and that Chase admitted to wrongdoings should indicate that there is indeed a problem in the industry.

  14. Wake Construction

    Advertisement – Chase Ink Business Card, earn 3% cash back…..B.S.! As a business savings I signed up for the Chase Ink “thinking” I would earn up to “3% cash” back on my business purchases. So as a cost savings to my business I signed up for the Chase Ink Rewards Business card.

    The purchase qualifications Chase advertises are not the same as the qualifications Chase pays back on. Example- In 2009 I spent/ charged $46,699.38 in materials on my Chase Ink Rewards card. My cash back from Chase was $656.00………….Hummmm far cry from 3% cash back they advertise. After breaking down my statements, out of the $46,699.30 I charged on this card for my construction business there was only $3,200.00 that was not construction materials related. So, by the Chase Ink Rewards program advertisement my card/ purchase qualifications would be $43,499.30 and I received $656.00 payback…………..far cry from 3% advertised.

    To shorten this up…….. I called Chase Ink to get clarification on qualifications and why my pay back was so low. I spoke with two associates and quickly found out “you do not earn 3% cash back as advertised; you earn 3 points on your qualified purchases”. Since the associates could not answer my questions regarding qualified purchases I was turned over to a supervisor.

    After speaking with a supervisor I found out it doesn’t matter if all of your purchases were made for your business. All purchases/ materials/ businesses do not fall in to “Chase’s qualification” category. Example- Home Depot, Lowe’s, Ace Hardware…etc. will fall in to the points chase rewards program but, a local door company that I put $21,350.00 worth of doors on my business on my card does not qualify because Chase reclassifies the business as home improvement to disqualify the business from rewards program….. Home Improvement/ Hardware….What’s the difference????

    The other important “missing information” I discovered. Only your current months “online statement will denote the category/ qualification” your purchase falls under. All previous months statements, the purchase category is ‘GONE” and they (Chase) will not go over your previous statements because it takes too much time!

    I could go on and on………It comes down to….. Chase Ink Rewards Business Card is “NOT” as advertised. Chase advertises on thing and reclassifies your purchases to avoid paying back on your business purchases!!!

    I’ve been lied to/ mislead by another big business and I’m currently looking for another service! DO NOT APPLY FOR THE REWARDS CARD!!!!!!!!!!!!!!!!

  15. Tim

    I got an application for this card in the mail the other day. I was considering applying just to get the $100 new customer bonus. I pay off all of my cards every month just like northilpwrprod recommends, so Chase wouldn’t exactly be screwing me with a higher than normal rate. I am aware of and avoid the typical credit card company tricks and a free $100 sounded good to me.

    I decided not to apply, though, for two reasons. First and foremost, the application asks for a social security number rather than an employer identification number. If this card were truly for small businesses, why would they ask for an SSN without an option for an EIN? Small businesses that are incorporated do not have SSNs. So I then thought that perhaps I should apply personally since I also own a sole proprietorship, but then I read in the fine print that the sign-up bonus only applies to new customers. I already have a personal card from Chase and I would be concerned that this would disqualify me from the sign-up bonus even though it is not a business card. Ultimately, I decided it’s not worth the hassle of trying to find out.

  16. Scrapiron

    I don’t carry or use the card but I am EXTREMELY annoyed with the “Beer and wine….and cupcakes” bitch. That stupid giggling laughter of hers makes me want to slap her into next week.

  17. Wake Construction

    As my previous post states…….The Chase Rewards program is a joke at best.

    I waited until 2009 books were closed just to see what my total charges would be for the year. I charged basically 112K on my card…..ALL BUSINESS EXPENSES!

    Out of 112K the rewards was $1,200.00……

    Chase Business Ink your cards is a F’n joke!!!!

    My Card will be cut up and thrown in the garbage!! As stated they reclassify your charges so they do not have to pay rewards on all business charges. They impose limits or a cap to charge up to then they cut off your rewards….etc etc etc.

    Just another big corporation false advertisement scam BULLS*** to sucker your business.

    Thank goodness I pay my balance off each month!!

  18. HEH

    I had a large credit limit with Chase, once upon a time, that has been reduced each time I pay a large amount to the cred­i­tor. I pay $500, they reduce the credit line by $1,000. I pay $1,000, they reduce it by $500. Chase increased my APR to 29.99%. Wow. I called to have it reduced. Some­one from a call center had it reduced to 27.24%. Hmm. So, I paid the bal­ance down to less than half the credit limit. I called to have the APR reduced. They reduced the credit limit and did not reduce my APR. I have never been late on any pay­ment, ever, with any cred­i­tor or bank or any­thing.

    None of my other 3 cred­i­tors have done any­thing like this so I was amazed, dis­ap­pointed, and very angry.

    So, called 212-270-6000. I spoke with some­one in Exec­u­tive Ser­vices and explained my sit­u­a­tion. They put my on the line with some­one from lend­ing and stayed on the line. After 35 min and 49 sec­onds, they could not do any­thing for me.

    They said that my pay­ment his­tory was good and that the amounts paid were exceed­ing the min­i­mum. They then said that because of my debt to credit ratio, I could not have my APR reduced. It was a cir­cu­lar con­ver­sa­tion, but a pleas­ant one.

    I want to pay off/down my balance and would like to have my APR reduced. In order to reduce my APR, I need to reduce my debt to credit ration. When I pay off my debt, they reduce my available credit.

  19. annonimous

    Hi every body i already cancelled my chase account last month because they start charging fee for my account. So i encourag every body that reading this article plese cancel your account from the cahse and open in to a smaller banks.
    Let the cahse bank bankrupt.

  20. engwest

    Thank you VERY MUCH for the blog regarding Chase Ink. I have been very dissatisfied with cards for my small business from other banks and the Chase Ink was very attractive – too good to be true. However your blog convinced me that it is likely as good as it seems. I think I am capable of reading and understanding the terms and conditions, making an informed decision about the risks of interest rates and managing my finances to minimize those risks – all without legislative assistance. Thanks Again

  21. chase employee

    Everyone here talking about chase like this is honestly retarded. I work for the company and everything is done obviously FOR profit. Nobody ever said we were a nonprofit company. However chase is the only bank that I have ever been a part of as either an employee or customer, that uses the same profit opportunities and applies it to only customers it would benefit. You will never see a chase banker that makes a recommendation that is not going to benefit you. If you have something that is better than what we are offering, then by all means we don’t recommend making the switch. But it is your job as the customer to let us know what you currently have in place so we know whether or not it will help. As for the rates and fees, we are required to show you all rates in fees if the words credit cards come up in a conversation, whether or not you are interested by law no matter what “type” of card is being talked about. I recommend to ALL my clients to pay the card in full every month. Besides the “30%” interest is for customers who barely qualify, or if you are repeatedly late on your payments, which can come back down after you reestablish yourself as an on time paying customer. Every customer should establish a relationship with one banker, that way the banker knows you and your situation, and will help with whatever you need. A credit card is a service and if you abuse the service, you get charged. Plain and simple. Just like if you don’t pay your electric bill, they cut off your service and charge you a disconnection fee. Be responsible and take responsibility for your own actions as a consumer. If you listen to what the bankers tell you, then you will save a lot more money as we know how to use the products to the full benefit the cheapest way possible as we use them as well. As for the whole monthly charge on checking accounts, every major bank is doing it, however chase is charging less than most, and give you more options to waive the fee than most. We don’t want you to pay fees we just want you to use us if you have an account with us. Not to mention chase does quarterly promotions that give back to customers, and none of them are gimmicks. Don’t talk about something you know nothing about, and take responsibility for your own actions. If I hit at my gf because she was doing something dumb, that doesn’t mean I’m justified in hitting her. Yeah she is dumb and needs to fix her actions, but I also need to fix mine. Chase doesn’t just charge for no reason, and gives many different ways to avoid being charged period.

    P.S. I’m not the normal employee thats all gung hoe over Chase. There’s things I don’t like about the company and things I don’t like about working for them as well, however overall it is a good company in how it treats it’s customers. Life is not fair, but for the most part Chase is fair to its customers. Everyone makes mistakes and of course it is not a perfect company, but it is definitely not a bad one like you guys are trying to make it out to be.

    There are good and bad experiences everyday between all kinds of customers and business, but that doesn’t mean the companies are all bad, sometimes it is just a bad situation. Out of the MILLIONS of customers chase has, I am only the 23rd comment on this post. That should tell you something.

    Have a good day.

    Chase Emp

  22. admin Post author

    Well it’s good to see someone is happy at Chase. After 3 years I was wondering if anybody actually liked working there, so it’s nice to see their lack of ethics doesn’t affect everyone.

  23. ChasedbyChase

    From Earl Harris

    KathyM.Welsh (VPBranchManager Chino Valley,AZ Chase Bank) was out to get me.Nov 24th 2009 I called corp and told them about a problem with a? customer. Corp Chase said “open another checking acct with us”,I went down to my? branch,and the branch manager(KATHY W.)came up to me and said no,i wont authorize,she said “I don’t care if i call corp,I Rule this bank ,what i say goes,and corp has no authority over my Branch”.I was astonished.I said “There is something wrong with U and I am no longer doing business with U and I? walked out.I went to the Miller V. Rd. Branch (Prescott,AZ), they gave me the money, and receipt (at this time, i wanted to pull my money out cause of the incident 20 min. before)and walked out of the building.they came and opened my car door as I was leaving.they wanted to count the money again.The funny thing was-when i got in there again,i was told to sit down,thats it,nobody would speak to me.Nor did they ask to count my money.Then,They got a Call from Kathy W. from the other branch.I stood up and left.That is when they Chased be? across the street,ran into my WellsFargo bank and Majda Jarovic (manager of Chase) Screamed “Earl just Robbed my Bank”,in front of 30 customers.I saw people dropping to the Ground, people covering their heads,2 guys jumped at me and slammed me to the Ground.Madja didnt want to leave,she said I am not leaving unless Earl comes with me,so she grabbed me by the arm and walked me out.then I took off again,she tugging on my shirt,I ran down the street for 2 miles as they chased me in a silver Truck got caught by 4 police cars,hancuffs,and they story was that she called in an assault,that i had assaulted her employees,fraud charges,and Robbed their Bank.Which is all False.?KathyW. and Majda and CHASE Corp.,in Chino & Prescott,Did this to me.and my record is clean.Then,that night,I got Threatening Personal Cellphone Phone Calls from Bankers of Chase instructing me to return the Money(or they were getting fired).Police Reports in Prescott,AZ.

  24. rogermexico

    I’ve used various Chase Rewards cards for several years for their very good cash back programs(about $650 last year). After the card act they dropped 3% at hardware stores, but I just ordered the Ink card so I can get that perk again. Personally I don’t care about the lack of Card Act protections on this card … those protections are mostly for people who actually need to borrow money at times and don’t do much for organized people who always pay balance before due date.

  25. James

    Thanks for pointing this out. We need to spread info like this to other and give consumers the upper hand against these shady practices.

  26. Bee Wildered

    Chase business card became Chase Ink. I’ve had this card for a number of years with an int. rate of about 8.99%. Got a letter, said the rate was going to 21.99% due recent business conditions. So I paid it off, but a small balance remained (interest charge), so I paid it off. Well, I looked at the “new” rate after the payoff: a whopping, prohibitive 25.99%.

    My guess is they are purging their books of customers that either don’t use the card often enough, or they are just profiteering, just guessing. Either way, I just ended the relationship. I’d had that card for nearly a decade – it was very useful, but someone in the hierarchy there is making a big mistake – I’ve never had a late pay (on any credit account or loan; no negatives or inquiries; no public records/lawsuits, or even a complaint about Chase). Sorry to say goodbye, but they have admittedly been having ethical issues within the bank – this is just one more area they seriously need to address.

  27. ben beecham

    If I get to within 100.00 dollars of my card limit there is always a 39.00 overlimit charge on my card the next billing cycle. I try to call the 800 number on the back of my card and get a busy signal. Thank you!

  28. Rich

    WHAT EVER YOU DO NEVER AND I MEAN NEVER DO BUSINESS WITH CHASE BANK CREDIT CARDS.

    Their products across the board are a scam. They charge you interest from THE DAY A TRANSACTION GOES THROUGH.

    They claimed I had a late payment when I pay 100% of my balances off each month. I provided PROOF from my bank that an EFT was executed before the due date, however, they insisted on charging me a late fee. I paid the late fee of $39 on a $129 balance and closed the account. They then had the audacity to charge me $1.50 interest on the alleged late payment as a minimum interest rate.

    SIMPLY REMARKABLE! AVOID AT ALL COSTS!

  29. norma

    I have had a chase card for years. I have had no trouble at all. I recently had someone try to use my credit card #. They were quick to call me and they changed my card that second. I got the slate card. I love it. I don’t use all the fun things connected to it, like blue print…But I have no problems what so ever.

  30. OrJaguar

    I donated to this cause as I have committed myself to spend some money and some time to sticking it to this bank.

    I would hope that links to this web sites will increase and folks rid themselves of these thieves.

    I am disputing a $25 charge right now and was hung up on last week. NP – I’ll just keep plugging away complaining and taking up their time.

    I was with WAMU and life was without angst. Chase changed that and I will happily make it my goal spend my time taking my business somewhere else.

    Smiley faces on TV I’m afraid wont work. They are corporate thieves and I hope they come crashing down one day. I feel sorry for the employees who have to administer their policies.

    They do SUCK!!!

  31. justmypinion

    Hmmmmmmmmmmm, lets see. First Chase takes over WAMU and shortly thereafter they tell me they are not giving any interest on my grandchildren’s savings account. Then they begin charging me $5 for the account I had no finance charge on because I had savings accounts connected…now, they are charging because while I have auto deposit of $600 per mo…it isn’t $500+ on 1 deposit. Now they are charging $5 for any non-bank ATM withdrawals and I just got advised after paying $25 to them for the Ultimate Rewards card, that is going away as well. Shame on me! I just closed savings accounts and as soon as my last check clears, I am closing my Chase account. Someone said we can’t be forced to sign and you are right, but Chase is forcing its customers out the door!

  32. IvanaSlapem

    Hey “chase employee said”…….what flavor is that Kool-Aid you’re drinking??? You’re only the 23rd post?? Why don’t you hand out flyers, at that wonderful bank you work for that says “Find out the truth…..Check out ChaseBankSucks.com”……and see how many more posts there will be.
    And, out of “the MILLIONS of customers Chase has” I am sure that most of them were acquired by some takeover by Chase. No one wants to close and open new bank accounts simply because their bank was taken over by another bank. But, after these people get screwed by Chase and “their new” policies, which are not the same policies as the bank people signed up with, it will be a mass exodus.
    Enjoy your Kool-Aid.

  33. be nice.

    Lots of good points have been made. we all decide what we think is best for ourselves and have the right to do so. Our actions and choices can take us down roads we never intended to travel. Some of this can apply to those who have had bad experiences with chase and can’t see what good the company can do. (Yes you are entitled to your opinion or question and say what good can they do). I have never had a problem with chase and love everything about my banking and cc’s there. I’m sorry for those of you with bad experiences. I would say you have definite reason to not like the bank and to not suggest them to people you know. Please don’t disrespect the people who do make posts that are pro chase the facts and other things that have been said are quite amazing and I think a lot can be learned and taken from this all. Remember we do things at our own discretion we put the pen to the paper and sign for it is up to us to get down to the nitty grittys. Just think if a someone were to sell you a cc and go over all of those pages of regulations would you even want to sit through it and listen? I’m not saying its good to deceive or to not fully inform but heck that’s a lot of information! If you read it at home. Or in the bank or with the person who got you the card you should always make sure that your assets are covered and you fully understand your agreement before you decide to walk away from those regulations and get slammed for something they didn’t tell you, or you overlooked. I respect of you and your different stories I hope you all can find a bank you love as I love mine… Chase bank.

  34. Some Divisional Controller...

    Chase scares me. It started early when my parents saw their home mortgage escrow account would have money disappear when no taxes were paid and it took a year of daily calling to get the money returned.

    But they’ve earned their own with me. I currently have a Chase card. It sits in the back of my trunk in case I should lose my wallet and need gas. It used to be a Wamu card that I would use, but I knew to stop using it when Chase took over. They chopped my credit limit 70%. They raised my interest rate from 11% to 29.24%. I’ve never paid the account late and my Experian is at 785. It would be correct to classify me as a “deadbeat” who pays in full each month. But the foreign transactions had to be worth something.

    Did you ever notice how the bank can defend itself against bad paying customers and good paying customers with the same medicine? (Higher fees and interest rates?)

    I did have to finally use the card. Being out of cycle I recalled needing to pay this and looked it up. Of course…due the next day. I called and was charged $14.95 to make payment through an Indian call center. I said I wanted it paid in full from my checking account. So, the balance was paid, but not the $14.95. Because I had a balance at the end, I got nailed with the ridiculous interest rate on it. So they got another $25 in interest.

    Chase, I’m not against a bank or a credit card company making money. But at the end of the day, the way your company carries out business makes me uncomfortable to be a counter-party to anything you offer. You may not care about me individually, but you should know I’ve been stalling on fully implementing the Corporate approved P-Card program at the division I handle for over 3 years because my apprehesion of dealing with your bank. I know I’ll have to deal with you when something happens and I’ll be treated poorly. The point of a P-Card is that one won’t need to spend time on small value or low risk purchases, but adding Chase to the equation makes me more concerned with hidden fees and a fruitless hours wasted on the phone.

    But I don’t want you to treat me fairly or completely disclose yourself because I’m withholding over $1M in targeted annual spend from your program. I want you to do it because I’m a customer. Yes, we segregate our customers as well, but every organization needs to pinpoint what it’s own acceptable lowest common denominator will be. Yours is simply too low to deal with.

  35. Carl

    It’s all well and good to vent, but after reading so much of it, it pains me to see that no one really is pointing to a better option. When I see a problem (I don’t see this as a particularly big problem either), I try to find a solution. I saw very little of this in this whole website. The admin is bantering back and forth with someone early in the comments which I find humorous.

    To the people like HEH who are in situations where Chase doesn’t trust them to pay back the money, I would say, maybe it’s for the best that Chase is decreasing your credit limit. All in all, if you are paying such a high rate on the credit you are using, maybe it’s best that you don’t have so much credit available. In the end this will save you money. I would agree that decreasing the rate would be nice, but basically Chase is saying they don’t trust you to be able to pay it back, and with the job and housing markets the way they are, it’s a big risk to Chase to have someone with a high debt to income ratio. They are hedging their bet, by taking as much as they can now with a high rate. It sucks for both sides, the bank and you… If you are in such a good financial situation to request and deserve more credit, maybe you should be able to pay off all your credit right now first. Both you and the bank would be happy if that were the case, but it doesn’t sound like it is.

    Like I said, I look for a solution if there is a problem. Personally I like the Amazon.com Chase Card, which gives me 3% cashback on amazon, 2% on restaurants and gas, and 1% back on everything else (no limits on any category). The rates may be high, but I have never carried a balance on that card, so not a problem here. I’m guessing I won’t find too many fans of Chase here, but give it a look, maybe it’s a good card for you, it definitely is for me. I realize that right now, I am in a good financial situation, but to anyone who is not, please do not even get involved with Credit Cards if at all possible. It will help reduce temptation to buy things that aren’t affordable.

    I’ve been with Chase, Wells Fargo, Schwab, US Bank, Flagstar, and ING. Of all of them, I’d say Schwab is the best all around, but they don’t have physical locations (except in Reno I believe). Based on my experience, Chase is second and the rest haven’t shown much difference in my experiences (generally weak).

    Thanks for the fun read, and best of luck to everyone. Pay off your bills in full every month, and if that isn’t an option, it might be time to do some serious soul searching on your budget and/or your career. If you are going to take out a loan for anything, finding a profitable enjoyable career is just about the only thing other than a home I’d recommend doing so for (education). I think we are in the whole housing and financial mess because people are buying things they cannot afford, and absurd credit lines are at least partly to blame (if not more).

  36. admin Post author

    I’m sorry you weren’t able to find what we consider to be a better option on this site, because there are plenty of threads and blog posts about it. Quite simply, the better option is local credit unions.

    You mentioned that you’re in good financial shape – and then you go on to wonder how it is people get themselves into bad financial arrangements. Well it may be hard for you to see (from up on your high horse) but the reason many people find themselves in bad financial arrangements is because they AREN’T in good financial shape. Banks work very well for people with money – but not everybody is so fortunate and it’s a vicious cycle for those who aren’t. Educating people about their options and trying to keep them from falling victim to these bad financial arrangements is the entire purpose of this site.

  37. Carl

    Yeah it is pretty nice up here on my high horse… Just kidding! I haven’t always been so lucky with my financial status. I paid most of my way through college, some scholarships did help, but I paid a lot during college, and still am paying loans to this day. It wasn’t easy, and yes, I’ve fallen on harder times, and in my case it was a Wells Fargo credit card that I used to make it by my final year of college. I don’t for a second blame Wells Fargo for preying on me though. They helped me through and I knew I was going to pay some interest for it.

    Credit Unions can be a good option for sure, but that is not always the case. From my experience (my Wells Fargo account actually was a Credit Union before it got consolidated into Wells Fargo by the way), Credit Unions can sometimes be a pain. They can be just as hit or miss as the big banks, they certainly are not always the better solution. The best advice that can be had is shop around. See what fits your needs the best and don’t rule anything out before investigating it.

    I racked up over 80% of my credit limit (read: thousands of dollars) which started deteriorating my credit score. I found it somewhere in the mid 600s and worked hard to save and pay back that credit card. It took some time, but I did it. Since then, I’ve told myself that I’d never carry a balance again, and have held true to that. I’d recommend making that rule before getting into heavy credit debt.

  38. admin Post author

    We can certainly agree that carrying a high balance on a credit card is not a wise thing to do. Congratulations on paying down your credit card debt and hopefully you’ll have those student loans paid off soon. If there is anything I dislike more than the credit card and mortgage industry’s, it’s the student loan industry.

  39. Bruce Crawford

    We have been receiving 12 to 14 ads per week for several months from Chase. Since we average charging $4000-$5000 per month we thought we would give Chase a chance. We applied and after some time waiting they sent us ONE card! I think we’ll stay with Bank of America.

  40. Mel

    Simply put, anytime Chase rolls out a new product or make changes to existing products it is solely done for the purpose of squeezing every cents out of their customers who ends up paying for the cost of marketing, the new training of ghoulish bankers and managers who will try to force you in getting them as well as making a 200+% profit on top of it all.

    The goal at Chase is not just to make a profit, it is to destroy you fiscally before enslaving you financially. Why do you think there were pushing those debit cards on everyone for? Once they have successfully segmented the market and control a sizable share they can then charge you whatever they want. They want to use you to establish various financial trends and purchase habits then trap you into paying high fees to use the services you have helped turning into new market trends, sort of like digging your own grave before you get buried in it. How you like them now?

    Pretty soon you will have to pay them to use their online billpay service because you helped make it the most widely used billpay service in the country and once the very companies you do business with prefer to receive your payments via Chase online billpay, get ready to shell out some bucks. Chase’s recent checking acquisition campaign was aptly called “Make chase the place” i.e pressure customers into making chase their only bank, can you think of the hidden agenda behind that one lol lol? I mean it is not even funny but wow, chase want to use you, abuse you, ruin you fiscally just so they can enslave you financially.

    Has anyone who has an auto loan or any other loans for that matter tried and ask Chase to give them a comprehensive breakdown on how Chase arrives to the amount due for their payments? If you haven’t give them a call. Ask about your periodic daily rates and minimum interest charge, even factor whatever interest rate you’re paying on this given loan do your own math and see if there isn’t a huge discrepancy in the number you come up with and Chase’s number. Better yet riddle me this people, have you ever asked yourself how come everything at Chase is so complicated, like the thousand different things you have to do to avoid a service fee on your accounts? It is designed to confuse and trick you into something that, by the time you realize what’s going on “Chase the bully” done went off with your lunch money.

    Frankly I do not know why they don’t just call the company LOKI and get on with it because just like the Frost Giant child Loki, Chase is the god of lies, mischiefs and malice. I can see the commercials now: Chase, bank of malice. Chase, lets do mischiefs together. Chase what matters, you will never get it! Chase, we’re gonna rip you off! Chase, your money is our money! lol lol lol

  41. Mel

    I’d like to point out that the reason I agree with most of the people bashing Chase on this website, even though I work for them, is because not only does Chase use deceptive practices baiting customers into one thing then switching it in an attempt to catch the unsuspecting customer with a high fee, they are aggressively pursue them and force products their products upon them. It’s a business, true we all know that – at the end of the day it is up to the client to accept or deny certain conditions, but what you all have to realize is that most people in this country have no clue about how things really work. Chase and other shady companies know it that is precisely why they bury a lot of the info in fine prints. They attempt to wow you with glitter and glitz-laced advertising campaigns, hire aggressive bankers and managers to sign people up as pointed by the on this post.

    Those of us that have a pretty good understanding on how things work and have the ability to pay our debt in a timely manner often fail to realize that we are not the average person. Things should be set so that the common person can easily grasp its concepts and manage it effectively and that does not happen at Chase. I’m going to let you in on a little secret; bankers (for the most part) and managers (100% of the time) put their fiscal goals before anything else. Things aren’t always disclosed to customers. There is a serious problem when branches have credit card goals of let’s say 300 for the quarter. That’s 100 per month. In Manhattan the ratio is about 30% meaning, it takes about 10 applications for us to get 3 cards approved. Naturally if they disclosed everything according to the law they’d have to spend their entire day on credit card acquisition so how do you reach 10 super aggressive goals of credit cards, checking account and all sorts of other crap you ask, you simply circumvent the process. Bankers and managers themselves don’t always understand how the cards work. The staff in Chase branches is there to sell, sell, and only sell!

    Another way they get people is by linking the card for overdraft protection (oh god, that’s is the best legal scam ever created). The bank knows that debit card usage has loopholes that allow them to make serious bucks off their clients. When you swipe your card the transaction doesn’t always go through immediately, it’s merely an authorization, regrettably the average person isn’t in touch with his/her accounts because that’s what they’re accustomed to and banks know it. So when you withdraw or do other transaction within the next couple of days the transaction that was authorized prior has the potential of overdrawing the account. If such was to occur the same credit card set to protect the account against overdraft gives the company yet other sources of revenues in transfer fees and high interest rates and lots of folks don’t pay the balance due on the card until the end of the month when they receive the credit card statement. Some don’t even know about it, which cause them to incur even more fees and can ruin their credit.

    Again, was it up to the client to accept the credit card you ask, yes it was but you all have to understand that banking has gone through significant changes over the last decade and a half so things of seemingly the same name don’t always fulfill the same purpose. Overdraft reserve (former WaMu product) was completely different from Chase Overdraft protection. Even if you were to use your savings as overdraft at Chase they still bang you for $10 to transfer YOUR money from YOUR savings to YOUR checking account and they have the audacity to tell you that they’re doing so to help you save time and money, really?

    That’s the sort of things that people are complaining about here. Understand, Mr. or Mrs. Big Shot who is fortunate enough to be doing well in this tough economy? I make money if I sell tons and tons of credit cards but I cannot consciously sell a card to just anybody just so I can get a few pvc’s. Doing so is morally wrong. When I say to a client I want to help you, I intend to stay true to my words however managers do not want you to spend time helping a client regardless if it is a legitimate problem unless you can get something out of that client. See why some of us are EXTREMELY unhappy? It’s not a bunch of losers complaining about a trillion-dollar company; rather we’re all decent souls who want to expose Chase for what it truly is. It’s easy for people to disassociate themselves with issues that do not directly affect them but I think every one has a moral obligation to do right by the people whom they’re in charge of servicing.

    The reality is Chase does not give you a choice. They corner the market, break you and attempt to turn you into a perpetual cash cow. That’s what some of us have a problem with. Businesses have to make money, we all have to eat but in the same manner we wouldn’t blame a rape victim for having a drink with an unsuspecting yet well-dressed closet rapist, we shouldn’t solely blame people who get screwed by Chase. Most of them are/were making decisions based on information given by Chase and other were forced or coerced into it by unscrupulous employees.

    Why such a huge bank doesn’t offer senior accounts? Why was it even necessary for congress to pass new laws to regulate the banks? Could it be because they were abusing their customers? Why spend millions in credit card acquisition bids on college campuses?
    (http://money.cnn.com/2010/10/26/pf/college/college_credit_cards/index.htm) could it be because it is well known that college kinds are not only easy to prey on but they are more likely to use the cards and carry large balances? Why is it that federal regulations seem to always casually leave out clear loopholes for the banks exploit? (Last I checked it wasn’t a McGyver episode). Why aggressively pursue people and persuade them to do business with you, force or coerce them into your products then casually tell them “well you signed for it” when a problem arise?

    So before anyone jumps in to defend Chase, you should really ask yourself is my personal experience with the bank enough of an indicative to rely on? Is it a coincidence that Chase customers gave it a poor rating out of all the major banks? I’d love it better if Chase came out and said, “We don’t give a damn about our customers. We just want your money and since we cannot wear ski masks and stick you up for it, we’ll continue doing all types of trickeries and gimmicks until we get it all” all complaint should cease after that. This could have been an awesome job helping people while earning a livable salary doing so. Instead you’re risking losing your livelihood if you oppose the grimmey bosses you work for regardless if you’re morally within your rights to do so.

    It is infuriating when a manager or banker tells a customer, I’m going to help you save time and money yet they waste the customer’s lunch hour (NYC) and package that customer with all kinds of craziness designed to squeeze the life out of them. If you don’t think Chase sucks, go in a branch and start asking questions. Make sure you tell them that you don’t have any money, you don’t want any of their products but you’d like to discuss your accounts and have lots of questions and see the warm greeting you’ll receive lol lol.

  42. Kate

    Today, after four long years of dealing with Chase’s terrible business practices, I’ve finally paid off my Chase “Freedom” credit card. Along the way, I’ve dealt with all the standard Chase horror stories — ballooning interest rates with no notice, unhelpful customer service, etc. I had a payment late by two days three years ago, and my interest went from 15% to 27.00%. By the time I closed my account, it was 29.99%, despite making timely payments at well over the minimum amount for two years. Every time I approached a customer service representative about a lower interest rate, I was waved off. I was once told by a customer rep. that the new laws the government passed to protect consumers from fraudulent credit practices were directly responsible for Chase being unable to lower my ceiling high interest rate.

    If this is what someone who can afford to make their payments goes through, heaven help the thousands of poor people (and make no mistake, these cards are aimed primarily at individuals with limited financial resources) that will be duped into getting one of these cards.

  43. LifeStar

    First and foremost, “NEVER EVER use a credit card with interest charge” EXCEPT use the 0% APR credit card for Balance Transfer and Purchases for 6 months, one year, or so! When the due date for the full balance to be paid finally has arrived without incurring any interest charge on your account, you pay it off since “you knew in advance that you would be able to pay off the balance at the end of the promotional period.” This is called “Financial Wisdom” with a strategy that would help you to save on unnecessary expenses such as interest charge, fees, etc.!

    Okay, now I am going to talk about Chase Ink. Normally, it is okay when your Chase account does not have any issue or if there is “no fraudulent charges on your account.” However, when you do have such problems in your account, “DO NOT EXPECT Chase to take appropriate, honorable, and ethical actions in solving your problems for the interest of justice!” The staffs at Chase are just going to end up inflict tortures after tortures upon you for as long as they want!

    The truth is Chase Ink is “very unprofessional, unethical, and devious when it comes to handling issues that you have on your business account, especially issues pertaining to “fraudulent charges” on your account!” 99% of the staffs that I dealt at Chase are defective, destructive, and vicious!

  44. Nei

    So far, thanks to Chase I have been able to travel a couple of times for almost nothing. Otherwise, it would cost me around $1,500 each time and each time I go, I pay only around $65.00.

  45. Dino

    I came across this post and it appears this is on ongoing dialog for quite a while. I’d like to know how people have reached the 29.99% interest mark just because of a few late payments? I’m a business owner that wears many hats – there have been some times where I missed my payment date, but once I realized it, I made the full payment owed. Despite that Chase raised my interest to what amounts to extortion.

    Despite my putting the card on auto pay to avoid late charges and at least get my payment to them in time, Chase refuses to lower the rate – really? I’m a small business and the interest that I’m paying each month is astronomical and prevents me from down the balance much quicker. Geez, is that by design as well?? Charge Loan Shark Interest Rates and then never pay off the balance – to Chase that might be the perfect world!!!

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