After reading this post at askmrcreditcard.com, I was expecting Chase to cancel the cards with the 28% (or so) interest rate.
Here are their reasons for canceling the cards (2 credit cards/2 letters):
Total available credit on bankcards is too low. (Really? They were fine before Chase dropped my credit limit.)
One or more accounts have high balances compared to credit limits. (They dropped the limits on both cards.)
Too many active bankcard accounts. (I concur. I do.)
My favorite part of the letter, “You may make at least the minimum monthly payment until the balance is paid in full or you may elect to pay the entire balance.” Gee, that’s nice. The third choice could’ve been “You may also be stung by a million wasps every day for the rest of your life,” and I would’ve picked it.
Okay. Maybe not.
I’m assuming interest will still accrue per the “currents terms and conditions,” and I’m also assuming that it doesn’t help your credit to have two credit cards cancelled.
I need to go research. If the number one reason for people randomly yanking out huge handfuls of hair is not because of Chase Bank…I’ll eat my hat.
This is the initial post regarding the credit cards which defends my use of the word “rape”. I also want to mention that it seems I’m taking the issue with Chase Bank lightly, but if I wrote what I really wanted to say, it would just be a bunch of cuss words.