If you have a credit card with credit card company Chase you may by getting a refund. Under pressure from New York Attorney General, JPMorgan Chase agrees to end $10 monthly fee for credit card holders.
CNNMoney reports that JPMorgan Chase & Co. agreed to stop charging a new $10 monthly fee to credit cardholders and agreed to refund the proceeds collected since the fee was first levied in January. Attorney General Andrew Cuomo said Monday.
Over 184,000 cardholders will receive $4.4 million in refunds as a result of the agreement, Cuomo said in a statement.
He said Chase Bank, one of the biggest U.S. credit card issuers, had offered promotional rates for several years for balance transfers or other loans put onto their Chase credit card accounts.
The offers made clear a one time transaction fee would be charged for this promotional rate, Cuomo said in the statement. But last November, the bank sent letters to over 300,000 consumers, saying it would start charging a flat $10 fee per month.
Following consumer complaints, the attorney general demanded that Chase cancel the charges and refund the fees collected. Chase has agreed to comply with the demand.
With U.S. credit card defaults at their highest level in at least 20 years, credit card companies are trying to protect themselves by tightening credit limits, raising standards and closing accounts. They have also been slashing rewards, raising interest rates and increasing fees to cushion losses.
If you have a credit card with Chase make sure you get what's coming to you in the form of a refund. Also, remember to check your credit card statements monthly for unusual fees.
No comments:
Post a Comment