Chase Secured Credit Card - good to members, bad to "traitors"
Oct 20, 2000
Chase credit card was the very first card I got and from the point of view of general service I had no complain. All my problems started AFTER I decided to close the cardů
I needed to establish credit and so I opted for the secure Chase credit card. Decent interest rate, acceptable credit limit (1.5xsecurity deposit), relatively small annual fee ($29 as far as I remember - that was some time ago). I used the card, paid my bills and in general did not have any particular problems with the card itself or customer service. Eventually, I got a better deal from Discover plus several no-fee, unsecured offers from other people. I called Chase and asked them to convert my card to unsecured one - they had one then that also did not have annual fees. They refused. Well, that's their right - no problems with that. For my part, I do not have to carry any card if I can do better elsewhere and so, I cancelled Chase's card.
Chase took it hard. I told them over the phone, several times - it was not enough. Every time they were saying, "yes, yes, we'll close your account", but never doing anything about it. I informed them in writing, twice. Finally, the account was closed and then I had to call them again in order to get back my security deposit. Eventually, they paid, but decided to withhold the annual fee - why I still have no idea. Several calls and several letters later they admitted that the fee was a mistake and refunded my, non-existing at this time, account. Well, to make a long story short, in the end I got my money.
Several years laterů
Checking my credit report from Equifax I, to my deep amazement saw a line from Chase:
"Account closed by lender's request". At their request?! I called Equeifax and it mailed an inquiry to Chase. Result, Chase still maintains that it was the bank that decided to close my credit card account. Why they do this I have no idea. It's not a very big matter to me, but it's unpleasant and it's plainly untrue. However, short of taking them to court I can do nothing about their claim. The only thing I can do is to put a notice in the report disputing Chase's statement.
Conclusion: Judging from my personal, naturally limited experience, Chase is not bad as long as you stay with them. When you leave you become a "traitor" and then you are "fair game".