Chase Credit Cards Reviews

I called for clarification and was told that for several reasons, my APR would be raised to 27%. The only reason he offered was that my debt ratio was too high. He hinted that there were other reasons too but that he "could not tell them to me." I asked how Chase determined what my debt ratio was, and he said they constantly pull copies of my credit report. (is this harassment?) The only way to avoid the APR hike, he said, was to "opt out," which means that I cancel the card, and the APR will remain at 14.25%.

However, if Chase ever decides to raise the APR again, I have NO recourse because I've already "opted out." He could not give me any information about how long Chase would have to refrain from raising the APR again. This was my oldest credit card (6 years). I have never made a late payment and I frequently pay more than the minimum payment. Now my credit rating will go down because I was forced to either double my APR (which I cannot afford and refuse to do) or close the account-I HAD to close it.

Credit ratings go down when a card with a balance closes because it appears to always be at its limit. Longevity of cards also bolsters credit rating. Chase now has no incentive to refrain from raising my APR again. I will pay the card off as soon as possible (which will take a long time, I have $13,000 left to pay), but these practices are unconscionable and, if not illegal, then certainly toeing the line.