Chase Credit Card Complaints

Before and after the financial collapse the world just went through, there were Chase Credit Card complaints. Like with all of the major financial institutions, Chase is an easy company to complain about. Unlike their banking practices that leveled fees against customers for making mistakes, the credit card branch did what they wanted to.

This is why the list of complaints reached epidemic proportions and the US government is taking action to regulate the industry and set new requirements. One of the things that upset many card holders is the raising of interest rates on customers that have never missed a payment.

With the reintroduction of annual fees to help pay back the US government bailout money, the consumer is again being taken. In addition, late last year Chase raises the minimum payment from 2% to 5%. This might sound bad, but in reality is good for the consumer. By having to pay more off the balance each month, the balance is decreased at a faster rate. This means, in the long run you will pay less interest.

The biggest complaint is over the introduction of a monthly service fee. This is an extra $10 a month to cover the cost of Chase employees to do their job. This comes on the heels of the parent company of Chase, JP Morgan, announcing in January that their profits for 2009 were $11.7 billion. It was also announced by JP Morgan that the Chase Credit Card division lost $2.23 billion in 2009 and were not expected to make a profit in 2010.

Chase online banking is a good way to keep an eye on your account and the balance but your Chase Credit Card complaints should be filed with the FTC.

For additional resources about Chase Banking services on this website, please view Chase Bank Complaints.

For additional resources from another bank, please view Best Banks 2010 on one of our sister sites onlinebanksblog.com.

A valuable resource named CD Rates Florida  is available on another sister website called bestcdratestoday.com

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