JPMorgan Chase & Co. Credit Card Complaint

JPMorgan Chase & Co. Credit card department,

APR or interest rate Missouri

I discovered what I believe to be an unlawful increase in my annual percentage rate somewhere between the dates of -/-/- and -/-/-. Two things occurred during this time ; first a large payment of $1500.00 was made and second, the impending sale of Washington Mutual to Chase. I was never notified of any increase to my APR by Washington Mutual or Chase. If I had, I certainly would have cancelled the credit line immediately and paid off the remaining balance. I continued to pay my bill each month but unfortunately, I was not aware of any change till - of -, at which point I made several calls to Chase. In these conversations, I informed Chase I would no longer make payments till this error was fixed and all interest collected recalculated. At this point the balance on the account was $660.00 and the total interest accumulated since the increase to my APR was $390.00. I informed Chase I would gladly pay the total less the interest, cancel the card and move on. Chase 's customer service could not answer any questions regarding the matter and I was essentially at a dead end with my dealings with Chase. Since


I 've since had a few correspondences with - - in the Executive offices of Chase. And here is the gist of those. She said they ( Washington Mutual ) were justified in raising the interest rate to a default APR under section - " you fail to pay any amount due to us under this Agreement or any other agreement. '' There are two things I would like to point out. 1. I did not " fail '' to pay. The payment was made. It was " late '' by a couple weeks, however nowhere does it say that I ca n't make a late payment. ( Note that it was n't even 30 days late and never was ). 2. The second thing I would like to point out to you is under section - ; " If a change is made that increases the APR or APRs that apply to your Account, you will be given an opportunity to avoid the change by closing your Account and paying off any existing balance under the terms in effect prior to the change. '' Washington Mutual did NOT give me the opportunity to do either of these things. Chase continues to report negative information to the credit bureaus which has cost me thousands of dollars due to increased interest rates on things such as my mortgages and car loans.