You may be getting a refund from Chase

Consumer Reports News: April 02, 2009 07:34 PM

JP Morgan Chase announced that it will drop a $10 service charge that it added to about 300,000 credit card accounts earlier this year. Sometime this month it will also refund the $3.3 million that it collected from these fees.

The accounts were owned by customers who had transferred balances to their Chase cards to take advantage of a lower rate but, according to an e-mail we received from a Chase rep, had "…made little progress in paying down these loans."

The reason for the reversal, the e-mail also noted, was due to negative customer feedback, not to mention pressure from New York State Attorney General Andrew Cuomo, as reported by our colleagues at The Consumerist.

Chase also increased these cardholders' monthly minimum payment from 2 percent of their balance to 5 percent; that increase stands.

Credit card issuers have been very active during the first few months of 2009—raising rates, adding fees, and lowering credit limits. Here's how to deal with some of these changes.

New credit card rules may help you dodge at least some issuer hijinks; sadly, we have to wait until July 2010 for them to go into effect. In the meantime, speak up when a credit card firm institutes an unfair practice; you might just get your money back. It could also keep you mighty busy. —Mandy Walker

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You may be getting a refund from Chase

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