Chase Credit Card Predatory Lending
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My son, an unemployed college student, was given his first credit card by JP Morgan Chase . Without any parental knowledge, Chase granted him an exorbitant line of credit (eventually up t0 $9600) and even allowed him to exceed that line of credit by $4,000. And all this without him needing to complete an application or even have a job! When my inexperienced and spend-happy college age son was, predicatably, unable to meet the minimum payment Chase promptly assessed a litany of fees and immediately raised the finance percentage from 6.9% to 29.99%. The finance charges alone each month were equal to a car payment. Even when my son caught up with his late payments through lots of hard working (and help from his shocked family) and began paying more than the minimum, Chase categorically refused to provide any relief to the finance charge despite numerous appeals. When I had a discussion with a local bank manager, he believed the credit card department looked at the entire family’s credit when they set the limit on my son’s credit card. In other words, Chase allocated a credit line to my college kid using unsuspecting family members’ credit as collateral. Chase loaded us with debt without our knowledge or consent. Chase is the poster child for greed and will ruin this country with tactics like this.
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January 1st, 2008 at 8:47 pm
CHASE is one of the biggest crooks around. They morphed one of my credit cards into a “rewards card” without my knowledge or consent. That conversion resulted in an UNauthorized $30 annual fee. The card they converted did not have a balance for several years so there was no need to check for any outstanding charges. Fortunately, I happened to open up some krap they sent, which just
happened to be a statement for the BOGUS fee. Had I failed to open up that envelope and become aware of their RIPOFF it would have been the first late payment in a 25 year period. I called the crooks and told them to cancel the account. They are SCUMBAGS who can’t be trusted, and like many unethical lenders are predators who have policitians in their back pocket.