More on Chase Bank and then I’ll Shut Up

Out of curiosity I googled Chase Credit Card and 28% interest and came across a lot of sites with a lot of comments and stories from people who have experienced the same situation as I have.

I started reading through the complaints here but stopped at the second page as it was all sounding exactly the same. I knew the credit line decrease, interest rate increase and sudden cancellation of the Chase credit cards was happening to a lot of people, but had no idea how many.

My first observation, of course, was that everyone is stating that they always followed the terms and had high credit scores. Is this possible? Yes, I suppose it could happen. Likely? Probably not. Very few people will admit that the changes were deserved.

As someone that did follow the rules and have been really trying to repair their credit, it’s still not much of a comfort to know that it’s happening to everyone, even people in better situations than mine. I don’t know their circumstances, all I know is that my credit was in the toilet, I worked hard to fix it and now it’s back in the toilet. (Not entirely the fault of Chase Bank, I’ll admit.)

Many people are yelling for lawsuits and ways for cardholders to somehow enforce some kind of vengeance on Chase Bank, but unfortunately, credit card companies and banks can basically do what they want. It’s in the terms. No one reads that stuff. And if they do, they don’t think it’ll happen to them.

In all fairness to Chase (do they deserve fairness from me?), the people that adore their Chase cards and are perfectly satisfied aren’t commenting on these websites or forming “We Love Chase Bank” coalitions and I’m sure there are many who are deliriously happy with their cards.

My only suggestion is to watch your statements, make sure you read everything that comes in the mail and be on the lookout. As an extra note, Chase Bank owns store cards like Best Buy and Home Depot, so watch those as well. Most people in better situations than myself are able to cancel and transfer when the terms start getting wonky.

Lawsuit? Doubtful. I also don’t want to whine about something I shouldn’t have allowed to happen. Sometimes the lesson learned is worth way more than money. (Although I’d gladly accept it.)