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I don’t usually post on Saturdays, but an important issue came up this morning. In the name of financial preparedness, I’m sharing it with you as I believe it’s vital to those who are trying to make the best financial decisions to be better prepared.
Chase Bank has just informed hundreds of thousands of card holders who were beguiled with a “low, low interest rate for the life of the balance of your credit card” deal that their minimum payment is going up.
As you know, a bill was recently passed which forbids credit card companies from increasing your RATE. But there is nothing that says they can’t increase your minimum payment. Well, get this. My sister’s minimum payment is more than doubling! It went from $500 a month to $1300 a month! BUT… Chase Bank is telling their customers that if they want the low minimum payment they are welcome to apply for a higher interest rate card!
It’s understandable why a lot of people are incensed by this. It’s a mockery of the bill that was passed and it’s an unfair punishment in the name of greed against all of the credit-worthy customers who qualified for this excellent low rate in the first place.
May I suggest that you not only get rid of your Chase Bank credit cards, but to get rid of your personal and business checking accounts there too. As the song goes “You’ve got to stand for something or you’ll fall for anything.”
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