I Aquired a credit card with Chase at a fixed 3.99 rate about 1 12 years ago.About four months ago they increased my interest to 27.24. I have never been late with a payment or missed a payment , with them or any other of my creditors.I called and asked why they increased my interest on a (what was suppose to be a fixed rate of 3.99 ),they stated they checked my credit with the credit bureau and I had a lot of creditors,and they increased my interest to be sure they get their money.I told them that I had been paying above my payment amount with them and I never was late or missed a payment.I also asked them how they could jump the interest on a fixed rate and why so high.They said they could go up on the interest and the reason for going so high was to insure they get their money.
I have had to cancel my insurance I had on this card because of the 160.00 payment and 55.00 insurance no money was going to the principal, and I cannot afford no higher payment.
This is very wrong,if I had missed or never made my payments I would totally understand, but my payments WERE 70.00 and I paid 130.00.Their should be a law against this sort of thing,an agreement is an agreement.Like I told them Fixed means fixed,but to Chase Credit Cards it does not. Thank You ,,, Zola Lawson