I'm not sure that changes to ongoing minimum payment percentages are affected by the new law, at least not unless minpay is specifically defined as a "significant change" between now and February. The "no more than double" minpay rule seems to be restricted only to balances that have been subjected to an APR increase or fee increase. Sec. 171 (c) is "Repayment of Outstanding Balance" (the minpay rule) but Sec. 171 (d) narrowly defines "outstanding balance" as a balance that has received an APR/fee increase, not just any "normal" balance. If a bank wants to increase the minimum payment alone from 2% to 5% (without an associated rate-jack) I don't see that they are prohibited from doing so ...

fozzy13 said:It's official, my August statement shows a 5% minimum payment. I chose not to take the '5 year plan' as this card is one of my oldest and has a healthy CL. *knocks on wood*

Ditto as of mid August for one of mine. I did not call in about it.
The other one with a lower balance is still a 2% minpay and lower interest too. In a year or two, the minimum interest amount will apply to the second one. Go figure.

Dawn;

How do you come to the conclusion the BLP program will ding the credit score "for sure"? I'm not following that concept.

JW:
My thinking was that if someone has a high credit limit over the current balance and the account is closed, that available credit is gone, yet the debt is still there. I suspect that will have an effect on credit scores.

I have a business card - it's not on my credit report, I still have online access - still have access to the other card on the account. Statements come just like normal - and it's even still reporting the credit line available (i.e. an open card) however, I've not tried to use the card.

CapEx said:DaveHanson said:Now that some time has passed, can folks who did the BLP comment on how their balance was reported, how it affected their scores, and what's happened with there other Chase relationships?

Also, has anyone recently received the 2% offer?

TIA.

I just pulled my report a second ago. The account is currently closed, with the reason given: "Comments: Account closed at consumers request " My credit score was unaffected by the closing of the account and all of my other chase lines have stayed the same. No CL decreases or closed accounts.

Thanks so much for the data point. All I can say is WOW, that is actually extremely generous by Chase. Closed at consumers request, no negative on your credit, and no impact on your other Chase CCs! Wonder if they are still doing the BLP program for customers.

SuperG03

BocephusSTL said:Of course if all their other nasty tricks fail, they could always lower my CL to below my current balance, forcing me into immediate default and thereby canceling any BT rates and jacking it up to the default rate.
Can they do that legally?

I recently was given an extremely interesting data point concerning this matter. In response to this article, poster kjkroop claimed that Chase REVERSED their ratejack from 7.9% back down to 3.99% for the LOB, with only a 2% monthly payment, and refunded the $10 monthly fees.

Can any FWF readers corroborate this experience?

My hunch is that Chase is doing this in response to one or more of the ongoing lawsuits about the FIRST wave of TOCs. As the litigation focused on the $10 fee, there no doubt has been less pressure on Chase to alter their terms for those who only had the minpay jacking.

DaveHanson said:I recently was given an extremely interesting data point concerning this matter. In response to this article, poster kjkroop claimed that Chase REVERSED their ratejack from 7.9% back down to 3.99% for the LOB, with only a 2% monthly payment, and refunded the $10 monthly fees.

Can any FWF readers corroborate this experience?

My hunch is that Chase is doing this in response to one or more of the ongoing lawsuits about the FIRST wave of TOCs. As the litigation focused on the $10 fee, there no doubt has been less pressure on Chase to alter their terms for those who only had the minpay jacking.

not sure if I'm related to the above scenario, but
I got a check from Chase last week for $10.82 (letter attached below).
warning...long rant below!

Yea! I'm rich! lol!
(isn't Chase cool? hell no... I'm pretty they're doing this for either good PR or to fan off a nasty lawsuit)

Last year, I had a 4.99% life time promo but got screwed by Chase.
Like many of you, I was given a choice, continue the 4.99% promo with a new $10 month surcharge
OR switched to a 7.99% rate (for a year? can't remember the exact terms).

Ideally, I wanted to keep my old plan so I called and complain but they wouldn't let me keep my old plan...
bs... chase shouldn't be allowed to arbitrary change a lifetime APR.
What pisses me off was that Chase abandoned the $10 surcharge practice earlier this year.
So in reality, a lot of us opted out of an imagery plan and into a higher APR.

In Dec 08, I finally made a decision to opt out of the surcharge and accepted the higher APR.
My balance was relatively small so it was cheaper for me to pay the higher interest rate than the $10 surcharge.

After switching to the higher apr, I decided that 7.99% was too high and paid off the balance ASAP
(for me, that was about 2 months or so)

Now, fast forward to the present, Chase send me a check for a whopping $10.82
They claim it is for the "difference in finance charges" between my old and new promo rate (4.99% vs 7.99%)

Another interesting point is that Chase is claiming
"the original APR for your promo balance was already restored and applies to any remaining balance at that promo rate".
I never saw the reduction in APR so I'm guessing they implemented that after I paid off may balance.
(you're so helpful Chase! Not!)

Sorry for the long rant.... I hate Chase.
I kind of hate myself for signing up for a Playstation Card issued by Chase earlier this August
....but I just couldn't resist the free PS3 signup bonus
(and no, I didn't pay Chase any interest on this card).

humm...maybe I should charge $0.10 to both my chase cards every month just to piss them off.