Hey! Chase Bank Screwed Me Too!

I received the following rather telling message yesterday from a subscriber who read my earlier article about banks increasing credit card interest without notice:

"I just read the article from the individual who said when Chase bought out a CapitalOne card they raised the interest to 28% even though he has good credit. The same thing has happened to me! When Chase bought out a credit card line I have they raised my interest to 24%.

"I phoned and wrote and was told I had last a late payment history. I have NEVER in my life had a late payment history so I sent them my current credit report. They wrote back saying it was raised due to "too high of credit balances". (changed their mind I guess).

"I have been calling every month trying to find out what criteria they are using to determine "too high a credit balances." No one has been able to address the question as of yet.

"I am thinking after Chase has bought out bank 1 they need to rape thier consumer to make up for financial losses. I am a medium sized business owner (15 employees) and will discourage anyone I can from using any of Chase's services.

"Who regulates credit card companies? Is this leagal that they at will, with a consumer having good credit, raising interest rates so high? What government agency can I complain to? If any?"

As far as I know, the Federal Deposit Insurance Corporation fields this, as suggested by their Consumer Financial Rights information. The Federal Trade Commission is also involved with this situation, I believe, so check out: The FTC Credit Site for details.

Good luck to you!