JPMorgan Chase has started charging 400,000 credit card customers a stiff, new fee of $10 monthly fee — or $120 a year.
The new fee was imposed on customers who had carried a significant balance for two years or more on a card with a low promotional interest rate of something like 4.99%.
Did we mention that Chase is also raising the minimum payment on those cards from 2% to 5% of the balance?
A spokeswoman told USA Today that the nation’s largest credit card issuer is being a “responsible, careful” lender.
Which means what? That customers who qualified for a great deal a couple of years ago are now credit risks, and deserve to pay higher fees, because they wouldn’t reduce their debt?
Cardholders who called to complain were told they could avoid the fee and larger minimum payments if they accepted a higher 7.99% interest rate on the promotional balance.