Credit card interest went way up is this normal?

Question

I have had my Chase Visa card for over three years now and have never ever been late on a payment. I just got my bill in and I guess they say I paid my payment late last month which I thought I had paid it on time. Well they charged me some huge late fee and jumped my interest from 8% to 29% is that normal or a little extreme? I remember reading my contract and yes it did say that the interest rate would go up for late payment but for a first offense after 3 years and that much just seemed a little much.

Answer 1

Yes it is. Credit card companies have become very aggressive and merciless in recent years....and they'll exploit any opportunity to make money off of you. All it takes is a payment that's one day late for them to increase your interest rates.

If you have really good credit and/or another card with available credit for a balance transfer....you can use that as a bargaining tool. Inform that you will have no choice but to close the account and balance transfer the balance if they don't give you your old rate back.

Answer 2

This is just another way the "fat cats" are trying to cover their losses in the mortgage markets and everywhere else.

Yes they can do it and they are doing it to everybody.  Read today's news, they are now lowering peoples credit limit, thus causing credit scores to drop.

Those of us who  pay on time and have good records are now going to have to pay for those deadbeats that skip out and never pay.

And as usual, congress yells and holds meetings  only to shove it aside for some later date, then they forget about it after the elections.

Try and negotiate with them, they may lower it, and if they don't, just pay it off and don't use it.

Sad case today, but it looks like the old days of "

CASH" sales are gonna make a comeback with discounts for using cash.  it's the only way to beat the system.

Answer 3

just call them up and ask them to lower it, i do it all the time with my cards

Answer 4

You can believe it's true !

I just closed out a couple of cards. When I made the call, they said they hated to loose such a good customer. yeah right, they are going to miss all the money they stole from me in the form of high interest rates, maintenance fees and membership fees. I personally would like to see the American economy crash and burn, maybe these thieving banks and credit card companies will go down in flames.

Just today, I read an article about the card companies cutting spending limits on cards. If you have a 10000 card and carry a balance of 4000, then they are limiting your available credit to 5000. That means on your fico score, it look as if your card is nearly maxxed out. Not good for your credit score, or your chances of ever getting a good interest rate on any other loans. Credit card companies are satans representatives in business suits. They can all burn in h**l.

Answer 5

Hey Payton

Doesn't that just suck? it called the default rate and yes it is normal.  the way things are now the credit companies have to make there money some how and default rates are the way.

It doesn't matter if your were a client for 10 yrs or 10 months they are going to stick it to you every time, you think they wait fo r you to mess up so they can change your rating and increase you interest rates.

Call Chase and try and work out some kind of arrangement , they may lower your rate of interest back to 8% or may be a little bit higher, but talk to them, they will offer you some kind of solution including a charge off or to close your account making it so that it could not be use but you still have to make the payments and at a lower rate.

Talk to them, you can work out some kind of arrangement.

Take care and Good bless....Keep the Faith....PEACE....cya....