Just got the notice in the mail a few minutes ago. I have the Black Card with a relatively low interest rate. Here is what they said...
We are making changes to your cardholder agreement. We are changing the APR on your account because your account has an APR below the lowest APRs we currently offer on similar accounts. These changes will impact your account as of April 27, 2018. Your new APR will be 17.24%.
Well that's a new one on me. Raising my rate on this old card just because its too low as compared to the newer cards. What about my good credit and payment history? Typically, it only goes up on most other cards because of bad credit or payment history. Now this poor excuse to sock it to customers..
Well, I only use this card for business travel and it gets paid off every two weeks so I guess they are out of luck with me but seems very unfair to everyone who owns this card with or without a monthly balance!
Yes, the new rate only applies to new purchases after April 27, 2018 and yes you can reject the changes by closing your account but I like the card and I make a lot of extra points using this card for business travel.
Still feels like Chase is sticking it to all of us who have owned the card for a long time and have a good credit history just because they can!
Anyone else got this notice?