I had a credit card with Chase at 9.99% ...until recently. Suddenly, they raised my rate to 26.49%. When I called and asked them about it, I was told that this was due to a high running balance. Indeed, it is somewhat high but not nearly as high as many people. Also, I have never been late - ever. I never exceeded my maximum available credit line. I have always paid substantially more than the minimum payment, too. I told them I was unaware of this practice being possible, when I've always been a good customer who pays on time. I was told I should have received some kind of letter last year forewarning me of this shameful practice. I didn't receive any forewarning, though. Also, I've found out that this has happened to other people (who also didn't receive this alleged forewarning - just a huge increase in their interest rate). During our phone conversation, when it appeared they weren't going to change their tactics - I decided the best thing was to cancel the card. Now, I'm doing my utmost to pay the thing off (with the confounded high interest) as quickly as possible, obviously. I'd love to hear that a class action lawsuit is possible and pending. I'd sign up in a heartbeat. Otherwise, they have all the money and will make up the rules as they see fit - and their customers will continue to get the shaft. I had my misgivings when they absorbed BankOne. I have another tale about BankOne that also reflects shady business practices. I guess they're 'birds of a feather who flock together' or vultures would be a better description - picking our carcasses clean.
Pete