Evil Chase credit cards
I guess it is my own fault for getting the stupid credit card in the first place. Back in 2005 I got the Disney Chase Visa when I transferred my balance from a Capital One Master card because they still charged an annual fee of $60.00. So we moved into our new place in 2006 and used the Disney Chase Visa to furnish the new home and take care of moving expenses. Ever since then a balance of $4000+ with an apr of 27.99%. Recently the APR went down to 16.24%, which is still pretty high. I got my balance down to $3900. It only took 5 years. So after doing some research I decided to give them a call and ask for their "Balance Liquidation Program" and the person I got was real helpful. I explained the situation and I am trying to save money because my monthly mortgage payment went up. He takes my information, income, debts, payments, and all my other financial history and puts me on hold for 20 minutes. He comes back with an offer of 0% APR and a monthly payment of $60.00. I tell him that is an acceptable offer and I would like to do that program. He reads me all the disclosures, another 5 minutes, and puts me on hold for another 20 minutes. He comes back and says I was denied. I asked him why and he tells me that they are never told a reason why someone is denied. I ask him what do I need to do in order to take advantage of the program? Do I need to fall behind on my payments? He had no answer for me and suggested I contact a debt counseling service.
So that is exactly what I did that night and I told them what had happened with Chase and even he was surprised they wouldn't work with me since I have never been late, always payed more than minimums, and it is just a matter of the balance being high and my mortgage payment is going up. So after about an hour I was enrolled in a debt consolidation program.
In order to make the program really work I had to change the payment due date on my credit cards. So I call Chase again and spoke to Gino Hanko to change the due date to the 4th of every month. It was too quick of a process so I will be interested in seeing if he really did change the due date.
My other two credit cards were willing to work with me when I called to close my account. They offered to see what APR they could get me and reduce my monthly minimum payments. It is a nice gesture but I believe the program is doing that for me already and by making one montly payment that is one less thing I will have to worry about.
But after dealing with Disney Chase Visa and their Chase Bank, after they bought WaMu, I will never deal with Chase again. They even returned my letter after I decided to write them to express my frustration. No reply, just returned my letter, unopened.