Chase Prime for Life Credit Card Review
Author: KAP
Posted: Wed Apr 19, 2006 6:22 pm
Post subject: Chase Prime for Life Card
I applied and received a "Prime for Life" Card from Chase several years
ago. The interest rate is prime for the life of the account. It is my
understanding that this/was a difficult card to obtain. This card is no
longer offered and I guess they have come up with a way to phase them
out.
My situation:
I used this card to complete a remodel on my home and paid the card off
at closing. It took two weeks for my certified check to post. As I waited
for the check to post/clear, I decided to wire the money (and released the
hold on the wire).
Magically, both cleared the same day, but late. This is when real
problems began to occur. My interest rate shot up to 29.95% from
7.50%. Chase has been very slow to post payments beginning in early
2005. I voiced my concern numerous times to no avail. They even
backdated wire requests by two weeks.
Today (6 months later), I am willing to payoff the card minus the
29.95%. However, Chase says they will not negotiate and have closed
my account. They offered a "settlement". This really bothers me
because Chase is the one that made the mistake, yet I have to decide
whether to fight it or move on (feels like extortion). My impression is
they know I am a great credit risk and that I would be willing to pay any
price to keep my credit file clean. I said I would pay the thing off if they
(Chase) would promise to restore my credit per the original terms, they
said no. Nor would they retract the negative reports to the credit
bureaus.
Should I pay the entire disputed amount? Should I pay what I feel
like I owe and fight the balance? Should I settle? If so, how much?
Does the amount matter? What kind of mark will this make on my credit
score? How much will my score drop?
Please advise,
Author: KAP
Posted: Wed Apr 19, 2006 6:42 pm
Post subject: Chase Prime for Life
Umm.... kinda easy here. Pay the full amount.
Next time do not cut things so close.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Wed Apr 19, 2006 6:42 pm
Post subject: Chase Prime for Life Credit Card Review
Please respond to KAP. He's a personal friend of mine!
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
Author: Polonius
Posted: Wed Apr 19, 2006 7:32 pm
Post subject:
I'm having trouble understanding what happened. You say you used the card to pay for a remodel. Fine. No problems there. But then you say you paid off the card with a certified check. Why would you send a certified check as payment for a credit card bill? Then you say you decided to wire the funds. OK--but what does "released the hold on the wire" mean? There's no hold on a wire transfer--the funds are taken out of your account and wired to the recipient.
If I understand the rest of your post, you WERE late and Chase declared a default rate on your account. I don't think Chase does that the first time you are late in a year. Were you late before? How much money is involved here?
You say Chase is slow in posting payments. How have you been sending those payments? I have a number of Chase cards--my payments are always posted within three days tops, usually a day after I send the payment. I use online banking. It's hard for me to believe that a major bank like Chase would be singling you out for consistent late postings of payment. And if Chase did this for everyone, there would be A LOT of complaints--thousands, maybe millions of complaints. And there aren't.
So I'd need more details filled in, frankly. Anyway, if you were late and Chase is playing hardball, what choice do you really have? Pay the bank what it's asking. You were late. Might not be your fault, but Chase obviously isn't inclined to be nice to you, for whatever reason. And the notion that you're being screwed BECAUSE you're such a good credit risk doesn't make sense either. If you haven't paid what Chase demanded in six months, frankly you're not a good credit risk. Period. You might be a good friend of Curtis Arnold, but as far as Chase is concerned you've been stiffing it for months and it is fed up.
Sound harsh? I don't mean to be harsh. All I have to go on is what you've written. And it really looks like you've let important things out of your story....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Apr 19, 2006 6:22 pm
Post subject: Chase Prime for Life Card
I applied and received a "Prime for Life" Card from Chase several years
ago. The interest rate is prime for the life of the account. It is my
understanding that this/was a difficult card to obtain. This card is no
longer offered and I guess they have come up with a way to phase them
out.
My situation:
I used this card to complete a remodel on my home and paid the card off
at closing. It took two weeks for my certified check to post. As I waited
for the check to post/clear, I decided to wire the money (and released the
hold on the wire).
Magically, both cleared the same day, but late. This is when real
problems began to occur. My interest rate shot up to 29.95% from
7.50%. Chase has been very slow to post payments beginning in early
2005. I voiced my concern numerous times to no avail. They even
backdated wire requests by two weeks.
Today (6 months later), I am willing to payoff the card minus the
29.95%. However, Chase says they will not negotiate and have closed
my account. They offered a "settlement". This really bothers me
because Chase is the one that made the mistake, yet I have to decide
whether to fight it or move on (feels like extortion). My impression is
they know I am a great credit risk and that I would be willing to pay any
price to keep my credit file clean. I said I would pay the thing off if they
(Chase) would promise to restore my credit per the original terms, they
said no. Nor would they retract the negative reports to the credit
bureaus.
Should I pay the entire disputed amount? Should I pay what I feel
like I owe and fight the balance? Should I settle? If so, how much?
Does the amount matter? What kind of mark will this make on my credit
score? How much will my score drop?
Please advise,
Author: KAP
Posted: Wed Apr 19, 2006 6:42 pm
Post subject: Chase Prime for Life
Umm.... kinda easy here. Pay the full amount.
Next time do not cut things so close.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Wed Apr 19, 2006 6:42 pm
Post subject: Chase Prime for Life Credit Card Review
Please respond to KAP. He's a personal friend of mine!
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
Author: Polonius
Posted: Wed Apr 19, 2006 7:32 pm
Post subject:
I'm having trouble understanding what happened. You say you used the card to pay for a remodel. Fine. No problems there. But then you say you paid off the card with a certified check. Why would you send a certified check as payment for a credit card bill? Then you say you decided to wire the funds. OK--but what does "released the hold on the wire" mean? There's no hold on a wire transfer--the funds are taken out of your account and wired to the recipient.
If I understand the rest of your post, you WERE late and Chase declared a default rate on your account. I don't think Chase does that the first time you are late in a year. Were you late before? How much money is involved here?
You say Chase is slow in posting payments. How have you been sending those payments? I have a number of Chase cards--my payments are always posted within three days tops, usually a day after I send the payment. I use online banking. It's hard for me to believe that a major bank like Chase would be singling you out for consistent late postings of payment. And if Chase did this for everyone, there would be A LOT of complaints--thousands, maybe millions of complaints. And there aren't.
So I'd need more details filled in, frankly. Anyway, if you were late and Chase is playing hardball, what choice do you really have? Pay the bank what it's asking. You were late. Might not be your fault, but Chase obviously isn't inclined to be nice to you, for whatever reason. And the notion that you're being screwed BECAUSE you're such a good credit risk doesn't make sense either. If you haven't paid what Chase demanded in six months, frankly you're not a good credit risk. Period. You might be a good friend of Curtis Arnold, but as far as Chase is concerned you've been stiffing it for months and it is fed up.
Sound harsh? I don't mean to be harsh. All I have to go on is what you've written. And it really looks like you've let important things out of your story....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:19 PM
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