CHASE BANK SLEIGHT-OF-WORDS ACT
March 3rd 2010 22:30
As many of you fellow credit card holders know, your issuing
bank is constantly trying to slip another scam by you. Here's
the latest epistle from the pen of Chase Bank's "Executive
Vice President Customer Experience."
How do you like that deceptive, grand sounding corporate
title for someone who is trying to fleece you? VP for
Customer Experience. Oh please.
Here's Chase Bank's Customer Experience Shylock coming
to you in her own written words:
"We are writing to inform you about changes to your Account
that will be effective February 21, 2010. These changes apply
to any variable Annual Percentage Rate on your account that
has a minimum APR as described below. No other APRs on your
Account will be affected by these changes.
You have one or more variable APRs on your Account at the floor
because the variable rate index the Prime Rate plus the margin for
that APR is lower than that floor. As of February 21, we will convert
any such rate to a non-variable APR that is equal to the floor rate.
The converted APR will no longer vary with the market based on
the Prime Rate or any other variable rate index.
You may also have one or more other variable APRs on your Account
that are at or above the floor because the variable rate index plus the
margin for that APR is equal to or greater than the floor. As of February
21, we will remove the floor for those variable APRS. Any such APR will
remain variable and will continue to vary with the market based on the
Prime Rate or any other variable rate index that is associated with that
APR.
Please keep this notice as it amends your Account Agreement. Your
other Account terms remain in effect."
How do you like them rotten apples? Here's the challenge for those
without an advanced degree in economics or law--count the ways
Chase Bank can screw the cardholder.
The above epistle was penned by a bankster going by the moniker
of "Deb Walden." A graduate of the Bernie Madoff school of banking
perhaps?
bank is constantly trying to slip another scam by you. Here's
the latest epistle from the pen of Chase Bank's "Executive
Vice President Customer Experience."
How do you like that deceptive, grand sounding corporate
title for someone who is trying to fleece you? VP for
Customer Experience. Oh please.
Here's Chase Bank's Customer Experience Shylock coming
to you in her own written words:
"We are writing to inform you about changes to your Account
that will be effective February 21, 2010. These changes apply
has a minimum APR as described below. No other APRs on your
Account will be affected by these changes.
You have one or more variable APRs on your Account at the floor
because the variable rate index the Prime Rate plus the margin for
that APR is lower than that floor. As of February 21, we will convert
any such rate to a non-variable APR that is equal to the floor rate.
The converted APR will no longer vary with the market based on
the Prime Rate or any other variable rate index.
You may also have one or more other variable APRs on your Account
that are at or above the floor because the variable rate index plus the
margin for that APR is equal to or greater than the floor. As of February
21, we will remove the floor for those variable APRS. Any such APR will
remain variable and will continue to vary with the market based on the
Prime Rate or any other variable rate index that is associated with that
APR.
Please keep this notice as it amends your Account Agreement. Your
other Account terms remain in effect."
How do you like them rotten apples? Here's the challenge for those
without an advanced degree in economics or law--count the ways
Chase Bank can screw the cardholder.
The above epistle was penned by a bankster going by the moniker
of "Deb Walden." A graduate of the Bernie Madoff school of banking
perhaps?
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