Nothing bothers me more than companies that nickel and dime you for almost anything. Now you can add Chase to that list (I imagine they would have already been on the list). They have decided to add a monthly $10 fee to their most profitable customers. Are they not making enough money on the transaction fees they charge companies in order to accept credit/debit cards?
If I saw this new fee on my account, I would cancel my card right away. I would imagine they are charging the fee to those customers that are more likely to pay off their balance each month. Honestly Chase, no one is going to want to keep their card if they pay off the balance each month and are now slapped with a large fee. So let me ask you this Chase, would you rather keep your customers a make a little money off the transaction fees or lose customers all together? I have a feeling they are going to piss-off a lot of customers and lose more money than they are going to gain.
Have any of you had this fee show up on your account yet? If you do see it, will you cancel the card even though it has a low rate?
photo by: wynlok
That is pretty bad. I don’t use credit cards, but would cancel if there were any charge to have one. I never paid any fees in the past for merely having a credit card, and use multiple banks for which there are no fees at all for having the accounts.
I’m already angry with Citi and getting rid of that credit card for their recent practices. If I had a Chase card, I’d cancel that as well. Penalizing those who make good decisions? That’s what we’ve come down to, since the credit card companies are reaping the credit default rewards of extending credit to those who maybe shouldn’t have had it. They make poor business decisions — and pass the costs onto us!
My Chase card was great for our wedding purchases (the only time we carried a balance) since it had a low fixed rate of 4.49%. After the wedding, it was paid off right away.
That said, if I did see any fees that you mentioned, I would cancel even though I bank with them too.