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Chase Cards are known for its outstanding, innovative and cutting edge customer service. Currently, Chase is offering a wide range of credit cards choices, including Visa or MasterCard, cash back credit cards, rewards credit cards, and their low introductory APR credit cards. Products, such as no annual fee credit cards, balance transfer credit cards, business credit cards, and student credit cards are the most sought after by its clientele.
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Chase Scheduled to Issue Refunds to its Holder
Holders of Chase credit cards in the U.S. are receiving some welcome financial news this April. JPMorgan Chase & Co has just decided to stop their $10 monthly fee and refund some 184,000 to card holders.
This comes after Chase credit card holders suddenly found a $10 dollar monthly service fee added in their bills earlier this year. Additionally, holders of Chase credit cards also had to contend with an increased monthly payment rate which was made by the company without giving any advanced notification to its clients.
With the economic scenario that people have been facing since late last year, the billing changes JPMorgan Chase & Co implemented has naturally been met with resistance from credit card holders. Some card holders who refused to pay the service fee found their APR raised to as high as 7.99%.
Although alarming, the decision by JPMorgan Chase & Co was hardly surprising. U.S. credit card companies are very worried about the economic downturn that started last year, with no signs of abating as the months progress. A large population of American consumers use credit cards on a daily basis and, with the economy slowing down, many of them have been delaying their credit card payments. This has led to an alarmingly high level of credit card defaults. To stem the tide, credit card companies such as JPMorgan Chase & Co are looking at tightening credit limits, raising interest rates, rescinding credit rewards, and increasing their fees to help lower their losses.
Chase credit cardholders have been at an uproar because of JPMorgan Chase & Co's decision. This January, cardholders filed a class action suit in a federal court in California against the company. Many consumer advocates and the media also took a stance against the company, increasing pressure for them to respond. Finally, Attorney General Andrew Cuomo took matters to hand and demanded that the company cancel the $10 monthly charges and refund their customers. On March 30, 2009, JPMorgan Chase & Co decided to comply.
In a statement made by Andre Cuomo, the total number of JPMorgan Chase & Co credit cardholders who will be affected number over 184,000. These cardholders will be receiving $4.4 million in refunds in the coming months. Interestingly, one of the largest credit card companies in the U.S. has placed the figure at $3.3 million in a separate statement. In that statement, the bank also confirmed that their decision to withdraw the fee was based on customer feedback. To date, no explanation for the difference in the figures given by Cuomo and the bank has been offered.
