I recently saw a story in USA Today “Chase Adds fee for low-rate credit cards“. It appears that Chase is planning to start charging hundreds of thousands of customers a $10 per month fee for their card. They are also raising minimum payments to 5% from 2%. Let’s look at what this means in real dollars. A customer owing $10,000, not untypical, just went from a minimum payment of $200, to $510. For some people, this is the difference between making the payment and the beginning of late payments, which starts the spiral of late fees, punitively higher interest rates, and impact to one’s credit score.
Shame on you, Chase.