Chase Bank Perfect Credit Card Review

Overall Rating

Two years ago they removed a fraudulent charge.

Automatically raised interest rate several times a year.
No grace period.
Have never received money back for misapplied late fees.

SUMMARY: Never be late on a payment but they cannot lower my interest rate, which they doubled and then added points to when another card said I had a late payment for a bill I never received. Since then, has been hell.

First, I entered my bank account number wrong on one of my two Chase cards and got hit with $80 in fees, but when I contacted them the next day they refused to refund either one of two 39 fees--and since I was a student with no extra income at the time and a low credit limit, I got charged $80 in fees for the next three months, until I finally paid off the card with a balance transfer--over $700 on a $500 card (more than $200 in fees).

Unfortunately, my oldest card is also with them--the Starbucks Duetto Visa--which I received when I worked for Starbucks, with a ridiculous limit for an eighteen-year-old. I made bad choices in college, but now that I have graduated, have a job and am trying to pay down the card, I have been told five times now, through three different departments, that there is absolutely nothing they can do to lower my interest rate. I have a very high balance--I am aware of this--but they are charging me 29.99% interest on this $3500 balance, which means that I pay $90 in finance charges a month and have no hope, without their help or my own efforts (which I am doing now), of ever lowering the actual balance.

This is legal but extremely bad service. 78% of people who call their card companies get SOME reduction, but they told me--five times--that they were "unable" to lower my rate even one percent. This is outrageous. Above that, we had an impatient representative in the second department to which we (my sister and I) were sent hang up on us and give us the wrong number for the appropriate department. She also told us that the department she was referring us to was the department that set the fees--but I got the exact same response from this gentleman, who was at least slightly more friendly but still "unable" to change a thing.

Most companies--Discover, especially--evaluate your payment performance and history in conjunction with your credit report. Chase ONLY uses the report--and I do mean only. Despite the fact that I have NEVER been late on this card in the two+ years I have had it, they repeatedly denied any assistance. In addition, the first woman told me that the only way they could help was if I had a delinquent account. Thus, I am being punished for being their ideal customer--high balance (my fault), but always paying on time.

Last: they lowered my rate without explanation in November to 27 from 28% interest (I think because the Fed lowered the rate?)--then raised it to 29.99% at the end of December. This is the legal limit, and they are unwilling to drop it even a point--even though the Fed has just lowered rates a half-point again.

Do not, do not, do not, do not, do not go with Chase. My sister and brother-in-law have had trouble with misapplied fees and issues even though they carry no balance and do not even use their card with Chase. If I could do one thing over in my young life (I am a recent college grad, just 22), it would be to never have touched a Chase Credit Card. (I have three other cards, which I am paying down, too, and none of them charge me over 18%). DO NOT do it.