Here's a notice I received from Chase. I pay the card balance in full each month. Chase hates this. Here's their reaction (I'm excerpting the relevant clauses--the rest is predictable legalese about what they'll charge per month/day for late payments).
IMPORTANT NOTICE OF CHANGE IN TERMS
EFFECTIVE WITH YOUR JANUARY 2009 STATEMENT
- Your Default APR will be changed to a variable rate with a maximum APR of 29.99%.
(!)
Right to Opt Out: You can opt out (not accept) the changes in the APRs.
(Awright!!)
If you decide not to accept these changes to your APRs:
- We must receive a letter by December 19, 2008 blah blah blah blah . . .
(Fair enough.)
What it means if you choose not to accept these APR changes:
- These APR changes will not apply.
(Thank you. Will you credit the cost of the stamp?)
- Your account will be closed and your card will no longer be available for use.
(Expletive Deleted!!)
Care to comment, Gentle Reader?
Oh, one more clause:
- Any miles or rewards points you have earned may be forfeited.
(Thank God. It's "may" not "shall!")
3 comments:
And you wonder why "they" don't want more government "regulation." Organized crime was not eradicated, they just took credit and loan (or bank jobs) to a whole new level.
I presume Chase included a postage paid return envelope. I would tape it to a Volkswagon and send it back to them.
I received a similar rate hike from my GM Mastercard. My response was a no thanks and a closed credit card. Good riddance.
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