A fee + interest
February 9, 2009 | alternatives, industry | Comments (0)That’s the new credit card policy of JP Morgan Chase. From USA Today:
In the latest fee rolled out by a bank, JPMorgan Chase, the nation’s largest card issuer, has begun charging hundreds of thousands of borrowers a $10-a-month, or $120-a-year, fee. Industry watchers say the fee is unusual because of its size but also because Chase is adding it to borrowers’ monthly balances, where it accrues interest. The bank is also raising the same consumers’ minimum payments to 5% from 2%.
THE CREDIT TRAP: Changing terms squeeze credit card customersThe change affects consumers with low promotional rates who have carried a large balance for more than two years and made little progress paying it off, says Chase spokeswoman Stephanie Jacobson.
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