Consumer complaint received 2023-07-14
Company: JPMORGAN CHASE & CO.
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I have excellent credit and already have a long standing XXXX card from Chase bank. I took advantage of several new offers they had one for a personal card Chase Sapphire Preferred and a new business card Chase XXXX XXXX preferred. I was approved for both. I spoke with a representative live regarding limit increase on both new cards and the live representative based on my credit worthiness granted an increase on both. I proceeded to use my new cards that arrived several days later. Both cards came with wonderful new benefits, one being a {$1000.00} back after spending {$2000.00} within the first 2 months, also zero percent interest for 18 months, additional cash back, flyer miles and a host of other benefits between the two cards. I spent roughly XXXX on the first card an about XXXX on the second card. Nothing else changed on my credit, no lates, no additional heavy charges, nothing. After only a couple weeks of having my new cards Chase, without warning closed ALL my Chase accounts including my XXXX card which I had for almost 10 years. When I called them to find out why they refused to give any answers and simply said a letter would be mailed to me. A letter did finally arrive almost 2 weeks later and all it stated was " Too many recent reviews of credit '' & " balances are too high compared to credit limits ''. This is information they had out the gate when approving the two new cards yet they said nothing, this is the same information they had when I called in and soke to their live agents, and not only did they say nothing they granted a higher credit limit. Now only a few weeks later, they closed not just the two new accounts but also my 10 year old long standing XXXX Chase Visa. Yet they never even sent a letter for reasons as to why they would close my 10 year perfect standing XXXX Chase account. My entire history with Chase for over 10 years, zero late pays, zero derogatory payments or marks, nothing but perfect history. Needless to say I am furious as this is a direct violation and breach of contract, dealing in bad faith, and a switch and bait. When I inquired about the benefits that were promised to the cards they claimed none would be paid out, not the miles earned, or the {$1000.00} cash back earned or even the points earned, as well as the zero interest. They have hurt my credit substantially by allowing new cards to be opened only to be immediately closed while carrying high balances, they hurt my credit further by closing a 10 year long standing account with no notice or warning, and they hurt my credit even further do to the fact my revolving credit to income percentage is now skewed with high balances that are no longer revolving and are just latent debt. Please hold Chase accountable for their breach of contract, dealing in bad faith, conduct unbecoming of a business and classic bait and switch. I await to hear from you guys. My attorney is being made aware of this complaint being filed as we both await cfpb 's success in response with Chase. Thank you.

Company response to consumer: Closed with explanation