Why Banks Suck – especially Chase!

I have (had, I just cancelled it) a credit card with Chase Bank for several years. I never missed a payment. 

I received a notice that my interest rate was going from 3.99% to 19.99% because of market conditions. What makes this so offense to me is that I just receive a piece of mail from Chase asking me to open a new Credit Card Account with an introductory rate of, get thing, nothing, zero, the big goose egg. And the interest rate after the introductory period is only 9.99%! What are they thinking? Or are they thinking at all?

This is weird. They created the conditions by giving loans to anyone who was breathing. Now they send me a letter saying because we screwed up you have to pay for our mistakes. What really angers me is that I have missed one payment in 30 years. The one I missed was one I thought my wife paid and I thought she paid it. 

I called customer service and the only option I had was to cancel the card or accept the 3x increase in interest. Now my credit rating will suffer because I cancelled a card, because Chase Bank sucks.

And to think the banks were given billions of tax payer money. I don’t know how much Chase received but they did receive the government money. Since they are not lending, they are holding their credit card customers hostage.

I told the customer service person I spoke with that I will do no more business with Chase. I would encourge anyone experience this to stop doing business with banks who are not ethical. Do not be confused, they are legal, not ethical.

I feel bad for the people who are not in the position to cancel their cards, did not read the notice (all legal bull shit) or if they read it, did not understand it (like me, that is why I called Chases Customer Service). Now I do.

I do not understand why our government supports and endorses such behavior from our banks. Banks cannot have it both ways. Either stop taking the money or take the government money and leave your card holders alone.

Frankly, I am tired of the perferred treatment the banks are getting from our government.  

Ron Finklestein