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CARAN's Comment on
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Main thread--Chase Credit Cards
State: CALIFORIA Posted: 01/29/2009 Subject: LIKED RICHARD'S RECOMMENDATION Comment: Want to make sure Richard's advice stays on top. I am one of the folks who accepted Chase's 4.99% life of loan offer, have never been late, haven't used the card for any other purpose, and am now having my interest rate raised by the $10 fee that will accrue principal & interest at the more than double interest rate. Strangely I have received no $10 fee for the Chase card that has a zero balance. This failure by Chase to live up to its word has really thrown a curve ball into my life, and I am P---SSED! Real Richard's advice below, as I no longer have my customer agreement handy. Check your Cardholder's agreement. They cannot change anything to which you did not agree and if you made no transactions (other than payments), they cannot change your APR, Min Pay, or Service Fees. The law governing this IS NOT necessarily the Federal Truth in Lending or any Credit Card Laws, though they may support the claim, but the Federal Fraud Statutes and some good ol' fashioned Common Law - the doctrines of Promissory Estoppel and Contra Proferentum. The first is that you relied upon their promise, primarily they solicited a balance transfer (if you use the CC for other transactions, you are subject to a changing cardholder agreement) and they are changing their terms. The second is that they wrote (or profered) the contract and any ambiguity is in your favor as the recipient of the contract. California actually has this codified in law: CCC ¤1654 (ŇIn cases of uncertainty . . . the language of a contract should be interpreted most strongly against the party who caused the uncertainty to exist.") Class Action suits are one approach, but it might also be considered to file law suits all across the country simultaneously, seeking injunctive relief and damages plus legal costs. They probably could not respond which would put them under default (like them apples). You can file in small claims, superior (district), or federal court, though the cheapest filing fees are in small claims. The cost of service is also higher because you'd need to affect personal service in Delaware. Maybe a service processor in DE would discount serving dozens upon dozens of complaints per day. If anyone has some legal experience and would like to post a template for a complaint in any one of the courts, it would be nice to see these demons hit all at once from every angle. |
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