One of the Many Reasons I hate Credit Cards – Thanks for nothing Chase
Proverbs 22:7 – The rich rule over the poor,
and the borrower is servant to the lender.
I have read this verse many many times, and thought until a few minutes ago that I fully understood it’s meaning. I received another harsh reminder today of how true this verse really is and how much wisdom it truly contains.
We (that is glblgal and I) currently have a Chase Visa card. Well, not true, we have a Chase Visa account, we cut the card up probably 6-months ago. The card balance is in my debt snowball and is the card we are currently working on aggressively paying off. The rate is horrible, 29.24%. It skyrocketed up from around 11% some months back, I am not even sure how long ago or even why. I have been calling Chase monthly to get the rate reduced, and until today, they always refused to lower it, nor would they tell me why it increased. They just said something about an adjustable rate and they are within the account agreement or something like that.
I made my standard call today to ask once again for a rate reduction. I was transferred to “My Rate Supervisor” (can you believe someone actually has a title of “Rate Supervisor”??). Anyway, I proceeded to ask her, very nicely I might add, to reduce my rate. To my surprise, she said she could, to a big 27.4%. She even sounded pleased. This constitutes a reduction of a whooping 1.84%. I informed her that her offer wasn’t sufficient and I wanted a rate in the low teens at the least and that her rate of 27.4% wasn’t even close to being competitive. Of course she informed me that 27.4% was as low as they would go.
At this point I became really miffed (or as miffed as the glblguy gets anyway). I informed her of the numerous convenience checks I receive on a weekly basis, and assumed that met they wanted to keep me as a customer. If she wanted to keep me as a customer than she needed to lower it…significantly. She still refused, politely of course, but refused.
I then informed her that if she were to look at my payment history, she would find that I had been paying far in excess of the minimum payment and was on a path to quickly pay the account off. Once payed in full, I would close it. She didn’t budge. I informed her that I would be paying off the account at this point as aggressively as possible and never be a Chase customer again. She asked me if there was anything she could further assist me with, and I hung up.
This is a perfect example of how Credit Card companies are crooks. For no reason, they bumped up my rate and throw me a bone of 1.84% to reduce it. This is all after making a killing on me over the past few months at the 29.24% rate! I think Dave Ramsey calls this “stupid tax”. Just wish my “stupid tax” rate wasn’t so high!
Oh well, just further commits me to being and living debt free. I also makes me that much more focused on educating people about crooked credit card companies and the dangers of credit cards.
Any others with similar experiences? Any suggestions for the glblguy to get his rate down?