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Old 11-17-2011, 08:12 AM   #1
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Watch Out...Bank Fees!!

A little over a year ago my Chase bank Representative advised me that it would be in my best interest to upgrade my existing Chase credit card to their Chase Sapphire "Preferred" Visa credit card because of the added point benefits. The first year there wasn't any annual fee (new account carrot for anybody applying), but starting the second year there would be an $85 annual fee. Now, I was told that do to my account standing within Chase the $85 annual fee would be waived entirely.

Guess what, one year to the date a $85 annual fee showed up on my Visa statement. I called Visa, well, you already know what they said. I contacted my Chase bank representative (same person I opened the Visa account with) yesterday..., we are meeting later this morning.

I still have the documentation from our initial meeting that referenced the waived annual fee.

Banks.........

Bob
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Old 11-17-2011, 08:53 AM   #2
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Earlier this year I received two notices from my bank. My "free" business checking would now have a $10 a month fee unless a certain balance is maintained. The other was my home checking, same deal.

One of my rewards credit cards raised the interest rate suddenly and without cause from 13 to 21% interest. I called to see why as I had never been late paying. They said interest rates have gone up and my options were to accept the new rate or close the account. Interest rates have gone up? See what rate they pay you on your savings. My response was that I`m going to keep the card for the rewards, but you will never see a dime of that 21% rate as I always pay off the balance each month. I was just curious why the rates went up for no reason even though I never run a balance past the due date.

All this is after we were supposed to be "saved" by the new regulations regarding banks and credit cards.

Item three- My oldest son just starting out tried to get a loan for a property. I went with him to three banks including the one I have dealt with for 20+ yrs. Let`s just say We left each bank less then pleased with the results. I don`t know how young folks starting out are going to be able to buy houses. The banks went from being too loose with money to being too tight with it. A happy medium is needed.
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Old 11-17-2011, 09:09 AM   #3
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The experience I had with Chase when I had briefly had an auto loan with them plus what I have read about them has convinced me they are a bunch of incompetent idiots. With the exception of Wells Fargo, none of the banks impress me (and Wells Fargo doesn't impress me all that much). Generally speaking, Credit Unions are the one who treat their customers best. My CU has no credit/debit card fees, requires only a $25 balance in a savings account to have completely free checking, actually pays interest on checking account balances, debit cards have all the protections of credit cards, etc.
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Old 11-17-2011, 09:16 AM   #4
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I have never paid an annual fee for a credit card, and dont plan to. Pretty unhappy I just lost my 2% cash back card (discontinued) - but oh well - found another free one that was almost as good.

I have carried a balance once on a credit card when I was 20 (purchased an engagement ring of all things!). After I saw that interest payment - I said never again and got it paid off in 2 months. I am a firm believer in only buying what you can afford. If I cant pay for it today....I wont be able to pay for it later....
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Old 11-17-2011, 10:24 AM   #5
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I have an Amazon.com rewards card that is managed through Chase and I've been happy with it. It pays back 2% on automotive related purchases (fuel, repairs, etc), 3% when used on Amazon.com, and 1% for everything else.

The interest rate is high, 20% more or less, but I've never been concerned with that. I've used it for most of my purchases and expenses, and always paid it off every couple of weeks. Chase has never seen a penny of interest (or fees) from me. LOL And I've pocketed several hundred dollars from the rewards program over the last couple of years.

But now, money is a little tighter so I started using another credit card I have (BECU) which is not a rewards card, but has a 6.9% interest rate. If I carry over a balance, it won't cost me an arm and a leg.

Bill
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Old 11-17-2011, 10:37 AM   #6
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Quote:
Originally Posted by SmokerBill View Post
I have an Amazon.com rewards card that is managed through Chase and I've been happy with it. It pays back 2% on automotive related purchases (fuel, repairs, etc), 3% when used on Amazon.com, and 1% for everything else.

The interest rate is high, 20% more or less, but I've never been concerned with that. I've used it for most of my purchases and expenses, and always paid it off every couple of weeks. Chase has never seen a penny of interest (or fees) from me. LOL And I've pocketed several hundred dollars from the rewards program over the last couple of years.

But now, money is a little tighter so I started using another credit card I have (BECU) which is not a rewards card, but has a 6.9% interest rate. If I carry over a balance, it won't cost me an arm and a leg.

Bill
One of the reasons that I hang on to my Capitol 1 CC is the 4.99% interest rate. Use it occasionally just to keep it alive but carry it for emergency purchases.
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Old 11-17-2011, 10:46 AM   #7
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Quote:
Originally Posted by SmokerBill View Post
I have an Amazon.com rewards card that is managed through Chase and I've been happy with it. It pays back 2% on automotive related purchases (fuel, repairs, etc), 3% when used on Amazon.com, and 1% for everything else.

The interest rate is high, 20% more or less, but I've never been concerned with that. I've used it for most of my purchases and expenses, and always paid it off every couple of weeks. Chase has never seen a penny of interest (or fees) from me. LOL And I've pocketed several hundred dollars from the rewards program over the last couple of years.

But now, money is a little tighter so I started using another credit card I have (BECU) which is not a rewards card, but has a 6.9% interest rate. If I carry over a balance, it won't cost me an arm and a leg.

Bill

I`ve got that Amazon Chase card as well and it seems to be one of the better rewards cards out there. My GM card saved me over $2100 with rewards on my current truck when I bought it. It is a 5% reward, but can only be used on a new GM product.
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Old 11-17-2011, 12:51 PM   #8
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Just a little follow-up:

Had my meeting with my local Chase Bank representative, which ultimately involved the bank manager. The bank manager tried to tell me that there wasn't any fee "waivers" given on the new accounts..., even after I placed my original account documentation in front of him reflecting otherwise. I also advised him that his own bank representative(s) confirmed that the fee waivers were offered, and under what criteria, and he then proceeded to throw his own bank representative under the bus.

The outcome was Chase-Visa will credit me for the $85 in question, but going forward the annual $85 fee will be charged. I was advised that I could change to a different Chase credit card to avoid the annual fee, but loose the benefits. We ended our conversation with some pleasant dialog....., but,

........ upon departing the bank manager's office I knew what I was going to do: By 1/1/12 I will have closed all of my Chase Bank accounts, including my J.P Morgan Chase Bank retirement accounts..., all after being a customer since 1966 (called NBD back in the day).

I have an existing account with a local credit union, so looks like I will be contributing to their balance sheet in the very near future .

Bob
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Old 11-17-2011, 05:15 PM   #9
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We have a Visa card and a Master card. Both are paid in full every two weeks. No fees here.
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Old 11-17-2011, 05:44 PM   #10
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I believe that if you can find a good, local credit union to work with, you get the benefit of (usually) better rates, while helping the local economy. Credit unions are not-for-profit, and don't have to please shareholders or pay stock dividends, or even pay federal income taxes, so often those savings are passed on to customers through better rates.

I just bought a new truck in September and because the rate offered by the dealer financing (B of A, unfortunately) was less than my CU offered, I went with it. But the rep at the CU I work with told me that a new special was going to start soon, and it did. I did a refi on the truck before the first B of A payment was due.

Bill
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