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Chase to Refund New Monthly Service Charges

Written by admin - 3 Comments

Good news for Chase customers that got socked with a their new monthly service charge… According to recent reports, they’ll stop charging this fee in April, and will be refunding previous months’ charges.

“Beginning in April, and based on customer feedback, Chase will stop charging the $10 monthly service charge and credit the service charges billed to date,” said Chase spokeswoman, Stephanie Jacobson.

That’s the good news, especially for those that still have a low rate balance transfer. The bad news is that Chase won’t be rolling the increased minimum payments (from 2% to 5% of the existing balance) that they instituted for these same customers.

“Our desire is to have these balances paid back in a reasonable period of time,” Jacobson said. “The minimum payment due will remain the 5% of their new balance.”

Source: WSJ.com

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Published on March 31st, 2009 - 3 Comments
Filed under: Credit Card News

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Comments (scroll down to add your own):

  1. JP Morgan Chase Credit Card WILL NOT ALLOW AN OPT OUT option at existing terms. Disallowing an opt out clause is outrageous and should be illegal.

    If every credit card company threatened to raise their monthly minimum payment from 2% of the balance to 5% of the balance, and did not allow an opt out clause, millions of americans would probably have their credit ratings hurt, and go even more into debt.

    Comment by Alessandro Machi — Apr 1st 2009 @ 9:07 pm
  2. By the way, I love your site, if you don’t mind I will list it on my blog as a blog feed.

    Comment by Alessandro Machi — Apr 1st 2009 @ 9:10 pm
  3. Have you seen the commercial spoof about the credit card minimum payment increase?

    Check it out at:

    http://www.youtube.com/watch?v=vt-a_8LYzrw

    Comment by Maggie — Apr 22nd 2009 @ 6:07 pm

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