I’m taking a little break this weekend to go off-topic and write a little bit about J.P. Morgan Chase.
We have a lot of Chase credit cards in our family. We’ve been Chase customers for at least 20 years. Our credit record is perfect. Our FICO scores stellar. Our debt practically non-existent. We’ve never been late with a payment. We pay huge balances.
Last week I received a letter from Chase saying they were shutting down one of my credit cards for "non-use." (This is a card I keep under lock and key, for emergencies.) I called customer service and spoke to supervisor. He was intrasigent and refused to reinstate my card.
I have plenty of other cards so Chase’s petty, punitive customer service policies won’t really have an impact on me - except, their arbitrary move could lower my FICO score, since the card was one of my oldest and FICO looks at the "average" number of years a consumer has held credit. (The longer, the better.)
I guess I should consider myself lucky, compared to the screws Chase is putting to other customers. Many report here and here that they’ve received notices stating beginning January 2009 that their minimum monthly payment will increase from 2% to 5% of the balance. Chase will also add a "service fee" of $10.00 a month.