Chase Bank recently targeted as many as 2 million of their most loyal, never late paying customers with a gargantuan increase in their monthly minimum payment requirement. The Increase in the monthly minimum payment went from 2% of the balance due to 5% of the balance due.
The reason these customers were specifically targeted was because they had life of the loan, low interest rate credit card agreements with Chase Bank.
Chase Bank may have recently relabeled low interest rate credit card loans as a toxic asset! To dump these "toxic asset" credit card loans, Chase Bank accelerated the monthly minimum due on these accounts by a whopping 150%!
If you were paying 400 dollars a month, your new monthly minimum would have increased to 1,000 dollars a month!
If you could not afford the increase in the monthly minimum payment hike, you would forfeit your super low interest rate of 1.99, 2.99, 3.99, 4.99 or 5.99. Your new interest rate could be as much as 29.99%!
How dare you, the customer, methodically pay off a low interest rate, life of the loan credit card agreement, in a steady and reliable manner, never being late with your payments, you Toxic Asset, you!(sarcasm alert).
If you were one of as many as 2 million Chase Bank customers/victims who saw your monthly minimum payment increase from 2% to 5% you can go to any of my free credit card blogs and get information on how to possibly re-lower your monthly minimum payment from 5% back down to 2%.
Those blogs include Daily-Protest, Bloggers Against Chase Bank, Robots Against Chase, or The Cat Who Ate Chase Bank.
In the video at the top of this article, the Chase Bank customer was also a recent hospital patient.
Could Barack Obama's favorite Wall Street Banker, Chase Bank's Jamie Dimon, possibly be implementing data profiling tactics on recent hospital patients? That is not what I call health care reform.
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