Chase reverses new maintenance charges
Back in January, I wrote a post about finding a new monthly $10 "maintenance fee" for my Chase credit card -- the one I was never late on and had a transfer balance that guaranteed me a 3.99% APR for life. People were outraged, of course, but now Chase has had a change of heart. I received this in the mail today:
Dear Lynn Truong:
In November 2008, you received a notice advising you of changes to your credit card account effective with your January 2009 statement. In that notice, we communicated a $10 monthly service charge would be applied to your account.
Beginning April 1, 2009, we will no longer assess a $10 monthly account service charge. We will credit your account for any $10 monthly service charge(s) billed since January 1, 2009 along with any finance charges related to the $10 monthly account service charge. You will see the adjustment on your April billing statement. Your minimum payment due each month will remain at 5% of your New Balance as communicated in the November 2008 notice.
There's also a rumor that Chase didn't do this because of customer feedback, but I'd like to think the blogosphere had a little something to do with it.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.