Ok, so things have been a little quiet from my end lately, but I feel compelled to bring this up. As you probably know, there have been major changes in the works for the credit card companies. Now that I'm a pay-the-balance-in-full customer, I've been wondering what that means for me. I don't really care if they raise my rates. I'd rather they didn't, just in case. But honestly I'd be just as disappointed in myself paying 9% as 30%, so whatever. So yes, some of the companies have raised my rates. No surprise there.
What really surprised my was that Chase eliminated my minimum payment.
By now I know exactly what day to expect my statement. So I went online to check for it. I don't know about you, but I usually look at the minimum payment when I'm expecting a new statement. As soon as its more than zero, I pay it. Well of course, it stays zero for a couple days longer than I expect. So I check for a new statement. Its there. New balance. List of account activity. Everything but a minimum payment. And all the way down at the bottom it says:
You have the flexibility to skip a payment. You must payWhat? Come on Chase! You notice that I pay my full balance every month so you're trying to trick me into finance charges? Please watch out for this, people!
past due and overlimit balances immediately. However,
the remaining minimum payment for this month has been
reduced to $0. Finance charges will continue to accrue.
To reduce your balance, feel free to make a payment.
18 Comments:
I have a Chase card as well... I haven't been paying in full but have reduced the balance from 3k down to 1k over the past 3 months are so.
I've been rewarded with a rate hike effective next month and the $0 minimum for this month as well. My plan is to pay the balance in full this month and not use the card again!
I forgot to mention they even stated they did this "in order to keep my account profitable".
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A friend just told me recently that he is getting charged by his credit card because he pays his credit card off in full each month. We all need to be careful and watch out for these sneaky fees.
A few months ago, Bank of America called out of the blue to close 2 different accounts I had with a $0 balance. I never had 1 late payment and I was 2 weeks from closing on a new house. They definitely hurt my credit even though I did nothing wrong. Luckily, I still got the new house, no thanks to stinking bank of america!
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Great read, i was lookin for this information..thanks!!
The best way to deal with this, I believe, is to directly speak with a representative at Chase and ask them about this. Finance charges are something these banks love to charge since this brings in the extra dollars for them. However, if you make the full payment each month, there should ideally be no finance charge accruing. You should be debt free by making the full payment. I believe there must be something wrong and you should go speak with the bank authorities.
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How tricky they are being!
I have chase and pay my balance off imediately also, Ill have to check out my statement, Chase was the only account that I actually used.... bummer
I just got rid of chase
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