Consumer complaint received 2020-07-23
Company: JPMORGAN CHASE & CO.
State: FL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-issue: Problem with fees

Complaint:
I currently have two credit cards with CHASE, of which I am trying to pay off the balance, unfortunately, I lost my employment and income for a few months, and subsequently had to use my available credit. I have made my minimum monthly payments, however, the interest rate fees are extremely high. On one card Chase/XXXX, the monthly interest fees are no less than {$20.00} ( last statement was {$22.00} ). The second card Chase/Freedom, the monthly interest rate is also no less than {$20.00} ( on my last check, {$26.00}. I have attempted to find out if there are any other options than the current one they offer for Covid 19 Financial Relief, however, it does not mak any sense at all, when payments can be differed, but interest rates continue to get charged monthly, and they still report to the credit bureaus. How can charging interest and affecting your credit be of any assistance? -- I was able to get on a payment plan with XXXX XXXX making a minimum monthly payment and no finance charges, in which it gets taken out of my bank account, and I never thought that would be possible with them. 

Below are the terms for which CHASE are willing to offer their " financial relief ' : This COVID-19 payment assistance program may help you delay the monthly payment on your account. 

**By enrolling my account ( s ) in this payment assistance program, I affirm that I'm experiencing a financial hardship related to COVID-19. 
Keep making your payments if you can. We'll continue to charge interest according to the terms of your account, where applicable. Your payment history, including payments deferred under this program, may impact your eligibility for future credit. 

**For credit cards and home equity lines of credit, we'll consider your payment history, including payments deferred under this program, and may cancel or restrict available credit lines consistent with your Cardmember or HELOC Agreement. For example, we may reduce your credit lines. We'll show accounts that are eligible for this program or other forms of assistance. 

**Please note : You must read the program terms and conditions for each account. They're different for each account type. 

HOW IS THIS HELPING THEIR CUSTOMERS IN A PANDEMIC?, they are still making money off their customers/clients, even in the midst of a Pandemic, when a lot of creditors and companies are willing to work with their clients and not lose their business? That is taking advantage of their clients that are trying to save their credit and keep their account status in Good/Fair standing. In my particular case, I'm not looking for a " deferred '' payment, I am looking to make my monthly minimum, in order to try to pay off my card/account. Why are some financial institutions or banks not willing to forego the interest rates for the time being, in this case CHASE? I do not think it is an unreasonable request, given a lot of customers are currently unable to make any payments on their accounts.

Company response to consumer: Closed with monetary relief