JPMorgan Chase & Co. Credit Card Complaint

JPMorgan Chase & Co. Credit card department,

APR or interest rate New York

I had an - credit card when I was in college. It was bought out by Chase Freedom. In the process of changing companies I missed a monthly payment in I believe -/-/-. Chase immediately penalized me by raising my interest rate to a borderline usury interest rate of 29.99 %. I graduated in -/-/- into a bad job market and was underemployed for much of -/-/- and -/-/- which made it incredibly hard to pay down my balance while the absurd interest rate was being applied. I eventually was able to pay off the balance. Since that time my credit has drastically increased and I have been able to buy a nice - family home without a joint applicant or co-singer. I have also been able to obtain new credit cards with competitive interest rates. I have called Chase freedom several times over the last couple years to have it lowered to a reasonable rate that is in line with my credit report. During this same time period other credit cards that I use have lowered the interest rate on my cards without me even


my rate. If that was true it would have been lowered. From my conversation with them it is my understanding that the one criterion I am not meeting is credit card activity. Once the card was paid off I stopped using it for obvious reasons. I explained to them that only a desperate person would use a card with 29.99 % interest rate and I would n't start using the card unless it had a reasonable rate. In my opinion I have been responsible since that one missed payment and they are choosing to punish me for the life of the relationship. Chase informed me that they no longer use the same practice of penalty pricing but was nice enough to grandfather me in under the less favorable terms. I do n't believe the process they use gives me a fair opportunity to lower my interest rate to a reasonable level. I closed the card because they made it clear they did n't want my credit card business unless I was going to pay 29.99 %. I understand Chase is - % covered legally on what they are doing but I believe their practices are unethical.