About two years ago, I
received a telephone call from a customer service
representative of the Chase credit card service. She
informed me that I could transfer balances to Chase
for a limited period and pay a 9.9% APR for the life
of the balance (provided I did not lose my credit
standing). I transferred a balance and asked that she
send me a letter in writing stating the terms of that
offer. About two weeks later, I received the letter. I
read it, put it away and made a second transfer.
Six or seven months later, chase credit card started
charging me almost 14% interest on the balance
transfers. I called them and reminded them of the
terms of our agreement. I was told that Chase had
never made an offer like that and the representative
quite coldly added that I would have to pay the
balance on their terms whether I liked it or not. I
photo-copied the letter I had received and sent them
the copy. After too many phone calls and about 4
months later, Chase made an adjustment on the first
balance transfer, but insisted that the second
transfer was not covered by the letter. They were
wrong and they knew it; I was right and they knew it;
but the law would have supported them. They knew it
and I knew it. I paid them off, wrote them a letter
detailing the amount of interest income they had lost
by being greedy, and stopped using their card.
NOTE: When you get an offer like this from chase
credit card or from any others, one that is designed
to save you money by giving you a lower interest rate,
the credit card company can actually be setting you up
for a ripoff (intentionally or unintentionally). You
should always make the company explain how the lower
interest rate balance will relate to your existing
balance.
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