I’ve seen this story on Chase multiple times. Not once did I see any evidence that they did or did not allow for the normal opt-out.

If these people received notice of change of terms and they did not choose to exercise their opt-out option, then I see nothing wrong with what Chase did , so long as they made it clear opt out was an option.

If the consumer opted out of the changes, they would never have had any of the additional fees or higher rates, or even increased payments. They would simply have been able to pay off the balance on the original terms, but they would not be allowed to make new charges. NOTHING of that would have gone against their original agreement.

Honestly, the companies have the right to change the terms – that has ALWAYS been the case. And you always have the right to decline the new terms. After that point, though, the company has no obligation to provide you with additional loans.

The things that need to be changed? The consumer needs to be educated on this option BEFORE they get credit cards. They need to be given a reasonable time frame to respond to the changes in the agreement. And choosing the opt out and closing the card should NOT be counted against their FICO score.

I hate CHASE too…

Most of us know that the “devil is in the details” when it comes to credit card agreements, but I could totally see a court ruling against Chase if they find that the original balance transfer offer and it’s corresponding marketing material was unclear or deceitful in nature.

I’ve never heard of a credit card issuer reneging on a balance transfer offer before. Never. I understand that the deal is off if you break the agreement by paying late or exceeding your limit, but I thought those offers were otherwise safe until they expired. Your purchase rate and cash advance rate can change at anytime, but I have never seen the same said of a balance transfer offer. Chase is playing dirty and now they are getting called out on it. Despite popular belief, the card holder agreement doesn’t allow issuers to pull a straight-up bait and switch. I hope they get their ass sued off.

I hate Chase. The End.

I look at the situation like this. There is that fine print that lets them do basically whatever they want with the terms. You agreed to that. Then they give you an offer that states that this new deal is for the life of the balance. They are saying and advertising one thing – but really it’s something else.

I wish I had a copy of their offer handy. I’d love to read it.

How can a class-action lawsuit even get off the ground on this? I thought it was in every credit card contract (and bank contracts too) that you agree that they can pretty much change the terms whenever they want.

I would be seriously pissed if it happened to me, but it would be no more than I agreed to when I signed up for the card.

I mean, their profit is declining. How do they raise profits? By raising rates and fees. That’s where their company’s income comes from is from what they charge to loan you money.

This is essentially an adversarial business model not a cooperative business model. Effectively, you agreed to borrow their money at a variable rate. While the rate can vary based on your actions (or inactions), it can also vary on a market condition for on the company’s whim.

The only winning move is not to play. Pay them off and cut them up and then you don’t have to play by their rules. The borrower is slave to the lender.

My fiancee and I are getting ready to refinance one of our homes and have been shopping around. Chase is offering a huge discount on closing costs b/c of the State Workers Union my fiancee belongs to, so they seem to be the best candidate so far and it’s driving me insane. I have shopped everywhere trying to find someone that will beat their deal b/c I despise them so much. I would almost rather pay more in closing fees just to avoid them.

These guys are due for some serious regulation. Long lacking.