Did Your Bank Flip You “The Bird”?
After years of aggressive solicitations offering low balance transfer interest rates for the life of the loan, Chase recently sent thousands of its customers payment increase letters. Here’s what it means on a monthly basis: Balance: $10,000 Old Payment (2%): $200 New Payment (5%): $500 Previously, the amount of the payment was approximately 2% of the balance - now it will be 5% and the only way you can keep a lower payment is to close the account and take a higher interest rate. I moved my car loan to a Chase card 2 years ago at 3.99%.
Primary topic: Personal Finance
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