JPMorgan Chase & Co. Credit Card Complaint

JPMorgan Chase & Co. Credit card department,

Transaction issue Maryland

I have a credit card with British Airways Visa Signature through Chase Bank that offers " No Foreign Transaction Fees ''. - I recently charged a - - ( - - ) on my credit card. I checked my bank 's website to find that I was billed $25000.00 US Dollars ( USD ). The transaction was settled by Chase Bank on Monday, - -, 2016 using an exchange rate of - USD per -. The currency exchange rate, as published by - on - -, 2016, was between - and -. Assuming that the highest exchange rate of the day was used, a rate overcharge of - resulted in a FEE of $1500.00 to be charged on this transaction. Upon contacting Chase Bank, I was informed that there is " No Fee '' on the transaction. They stated that - sets the exchange rate used for each day and that Chase Bank has no control over this rate. -, in fact, did publish a rate of $1.00 on - -, -. The rate set by - is 6.5587 % greater than the highest actual exchange rate on - -, 2016. Chase Bank 's representative defended the process by claiming


There are several issues at hand. The advertisement, " Transaction Fees on Foreign Transactions : None '' is patently false and is tremendously misleading. Chase Bank is hiding - 's 6.5587 % Transaction Fee on the exchange of - 's to USD 's. This claim should not appear on their websites for " No Fee Cards '' without a disclaimer that the foreign currency exchange rates used will be arbitrarily be set by - and have no relation to the actual transaction exchange rate. I would appreciate the CFPB 's investigation in this matter to make the consumers aware of these tremendously misleading claims and hidden fees. I would also like to be reimbursed for the transaction fees that were charged that are above the market rate for this transaction. I feel that my many past foreign transactions on the Chase Bank - - should also be subject to a similar refund. I have detailed documents that support the amount of the charge in -, copy of my Chase Bank posted transaction, - 's -USD rate quotes, my cardmember service agreement and - 's " imaginary --USD exchange rate '' on - -, 2016. I thank you for looking into this very deceptive practice.