Posts Tagged ‘Chase’

Chase credit card protection plan called a scam

July 14, 2009

“JP Morgan Chase and the Chase Bank abuse their so-called “Payment Protector Plan” by calling in loans and canceling enrollment for customers who are supposed to be protected by the plan, a class action claims in Federal Court.
     Chase claims its “Payment Protector Plan” protects credit cardholders who have lost their jobs or suffered a disability by freezing their monthly payments while Chase charges extra monthly fees. But if customers seek the protection Chase claims to offer the bank cancels the accounts and demands immediate payment in full, the class claims.”

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Chase responds to tougher credit card rules?

July 2, 2009

By upping customer minimum payments:

“As lawmakers worked out credit card reform legislation earlier this year, card issuers argued that tough restrictions would make credit costlier for consumers. Now that tough reform has been signed into law by President Barack Obama, some lenders are making good on those threats.

Kezia Richards of Pennsylvania told the Huffington Post that last week she received a notice from Chase that her minimum monthly payments would be increasing from 2 to 5 percent of her total balance on her two Chase credit cards.

“It came in the mail like junk mail,” she said, noting that in the past she usually ignored mail from Chase but had been opening the letters more recently.

“This one made me physically sick when I read it,” she said.”

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