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Has anyone successfully negotiated with their credit card company to waive any changes in terms?

Answers:1   |   LastAnswerAt:2009.12  

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CassandraM 
Asked at 2009.12.18 19:59:45
Specifically, I'm asking about Chase.

They recently increased the minimum payment percentage from 2% to 5%. To keep a reasonable minimum payment, cardmembers have to accept a higher APR and a lower term than Chase originally agreed to.

We had an offer of 5.99% for the balance of the loan that was available through 11/27/08. By 11/28/08 Chase was forcing their cardholders into a 7.99%, 24 month term loan...either that or more than double the monthly payment with a monthly service charge added.

Within the terms of the fine print I'm sure what they've done is "legal", but it isn't right. (In fact, it seems like a clear cut case of "bait and switch" to us.....)

I'm just curious - has anyone else experienced a change in terms with their credit card company because of the volatile market, and have you successfully negotiated with them to maintain the terms of their original agreement?

If so - HOW?
answer OC1999  Answered at 2009.12.18 19:59:45
You can't negotiate a change in terms. You have two choices to accept the terms and continue to use the card, or "opt-out" of the terms and close out the account.

When you opt-out then you are still bound by the old terms. But you have to be sure that no other charges get put on the card, so check and make sure that you cancel any automatic payments that you may have set up(such as gym memberships). Because if a charge does come through it could activate the new terms.

Most of the time you have to write them to "opt-out" but there should be information on what you need to do in the notice you received.
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