The outrage continues over Citi increasing interest rates on its credit cards, but now consumers have a new scapegoat to blame: Chase. The bank has also raised interest rates but it’s too early to tell how much they’ve increased. One Chase credit card holder provides some insight:
AMNY: “They’re trying to be creative in the ways they can raise revenue,” said Ben Woolsey, director of marketing for Creditcards.com, an online research firm. “They’re either raising the fees or setting slightly more sensitive triggers for incurring fees.”
That’s exactly what happened to Geraldine Salvayon, 66, of Jackson Heights, whose rate on her Chase card nearly doubled, from 9 per cent to 16 per cent.