Monday, November 30, 2009

Great Customer Service At Chase!

So I finally called and cancelled one of my credit cards! It had a credit limit of $5,200 - and a zero balance. What motivated me? Well I was sitting at the kitchen table reading my mail. I got some notices from Chase. I actually opened them up and read them. One stated that my APR on one card was going from 6.99% to 9.99% effective 1/1/10. No worries. Zero balance and it's just there for extreme emergencies (like if I max out the $20K on my 2 other cards....). Then the other Chase notice said that my APR on my other card was going from 14.25% to 19.25%! WOWZERS! I didn't even know any of my cards had 14% interest rates on them as is, and the thought of 19+% just blew my mind!

So I was livid. Granted, my "soon-to-be 19% APR" card has a zero balance, I'm just shocked by how high it is. I grabbed my cell phone, my two Chase cards and I was ready to fight these people! They always seem to nag me when I want to close cards, so I figured if they gave me any problems closing this 19% card, I'd just close them both and say good-bye to Chase forever.

Well low-and-behold, Chris Harrington answered my call (such a classy name for a Credit Card telephone guy!). I told him I wanted to close said Chase card and he replied "No Problem!" What! Where is the fight? I wanted a fight Christopher! He asked me why I was closing it and I responded "I just got a notice you guys are raising the APR to 19% and I think that is crazy." His response: "I understand". He offered to lower it but I told him I think I'm good with my other Chase card. I was on the phone for less than a minute with him, he closed my account effective immediately, and now I am here. Dumbfounded. When did credit card people get nice?

Big kuddos to Chase. Sure, you are trying to rip us all off by raising our interest rates on us, but at least you have hired some understanding, no-nonsense people.

Moral of the story? I think a lot of credit card APRs are going up the 1st of the year due to some new federal law about credit cards. If I was motivated, I'd research it before I blogged about it but I'm not that motivated today. Make sure you read those little notices that come in the mail to see if your cards are affected.


Anonymous said...

Hi Becky,
Just an FYI about the credit cards: yes, interest rates are going up, but make sure you hold on to the credit cards you have had the longest since they say the most about your credit history. Closing them can affect your credit score in a negative way!

P.S. I have been enjoying your posts! And, I love that crazy bear sweater, too!

Tanya said...

I got the same type of notice from Discover. I was pissed to put it mildly! I called them (expecting a fight just like you) and they put me back on the "good" list. We don't have a balance on the card but it still upset me.

I didn't have to argue either so maybe they realized that pressuring is not the way to go :)

Bargain Becky said...

I know closing credit cards can lower your credit score - but honestly, I'm at a point in my life where I don't care if my score goes down. I really should rid my life of some unnecessary credit - to destress my life and make my wallet less heavy.

I still have my first credit card I got in 1999! Thanks Discover! You had me with that free t-shirt at my college's student center 10 years ago!