Here's a notice I received from Chase. I pay the card balance in full each month. Chase hates this. Here's their reaction (I'm excerpting the relevant clauses--the rest is predictable legalese about what they'll charge per month/day for late payments).
IMPORTANT NOTICE OF CHANGE IN TERMS
EFFECTIVE WITH YOUR JANUARY 2009 STATEMENT
- Your Default APR will be changed to a variable rate with a maximum APR of 29.99%.
(!)
Right to Opt Out: You can opt out (not accept) the changes in the APRs.
(Awright!!)
If you decide not to accept these changes to your APRs:
- We must receive a letter by December 19, 2008 blah blah blah blah . . .
(Fair enough.)
What it means if you choose not to accept these APR changes:
- These APR changes will not apply.
(Thank you. Will you credit the cost of the stamp?)
- Your account will be closed and your card will no longer be available for use.
(Expletive Deleted!!)
Care to comment, Gentle Reader?
Oh, one more clause:
- Any miles or rewards points you have earned may be forfeited.
(Thank God. It's "may" not "shall!")
make any money to feed their families if you don't pay them interest or late charges.
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