Chase charges fees to low rate credit card customers

2009-02-09 23:17:08 (GMT) (Caymanmama.com - Banks & Banking Business News)

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JPMorgan Chase in the next in the line of lenders issuing more fees. The nation’s largest credit card issues will not begin charging hundreds of thousands of card holders a $10-a-month, or $120-a-year, fee.

Hartford, Connecticut (CaymanMama.com) –Americans who are tight on money during this recession simply can’t seem to catch a break from fees, fees and more fees. Credit card rates continue to grow forcing holders to keep paying out more money.

JPMorgan Chase in the next in the line of lenders issuing more fees. The nation’s largest credit card issues will not begin charging hundreds of thousands of card holders a $10-a-month, or $120-a-year, fee.

Some say that the new fee schedule is odd due to its size. In addition, Chase will also add to the borrower’s monthly balance, where it accrues interest. To make matters worse, Chase will increase the same borrowers’ minimum payments from 5% to 2%.

The new fees will affects borrowers who signed on with low promotional rates, and those who have carried a high balance for over two years having made little progress paying it off, says Chase spokeswoman Stephanie Jacobson.

According to USA Today, “Curtis Arnold, founder of CardRatings.com, who was affected by the new policy, says he fears other banks will soon impose similar policies. The past year has seen a bevy of interest rate or fee increases by major banks including Citibank, Bank of America and Washington Mutual, now a part of Chase.”



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