Surprise, surprise, JP Morgan Chase isn't keeping up their side of the bargain with their credit card customers.
If you've ever taken Chase up on one of their a low interest, life of the loan balance transfer offers, you may be in for a surprise with your next statement, even if you have excellent credit and have never missed a payment: the bank is increasing the monthly minimum payment from 2% of the balance to 5%.
In effect, they're forcing you to rapidly pay back their low interest loan (which probably isn't in your best interest) or -- if you can't afford the new payment -- into default. There is no option to "opt out."
For a taste of how this is effecting ordinary customers' lives, read through some of the complaints collected by ConsumerAffairs.com. Meanwhile, Chase last year handed out $8.6 billion in executive bonuses while collecting $25 billion in TARP funds. Apparently none of this is illegal, but it should be.
I, for one, am taking my banking elsewhere, never to return.
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