Consumer complaint received 2016-05-02
Company: JPMORGAN CHASE & CO.
State: NM
Product: Credit card
Issue: Advertising and marketing

Complaint:
I received a direct mail advertisement for the Chase Preferred Credit Card, advertising a waived intro year annual fee, XXXX bonus points if you spend $ XXXX in the first three months, and an APR of 16.23-23.24 % available to consumers who " have not had this credit card or received a new member bonus in the last 24 months ''. I contacted chase on XX/XX/XXXX, speaking to XXXX regarding the card offer and asked to apply after inquiring about the account. The representative indicated I could convert my current card " Chase Freedom '' to the new card, but they would need to pull my credit. The representative made no other representation at that time regarding conversion and never mentioned anything in regards to the offer not being honored if you convert cards in lieu of opening a brand new account as my intentions were made clear the conversion was prompted in response to the offer. Chase pulled my credit and increased my credit line from XXXX to XXXX keeping it at the same APR. I inquired as to why my account received such a high APR as my credit scores range XXXX-XXXX and she was unable to answer me at that time. I received the new card in the mail on XXXX/XXXX/2016, noting that none of the offer information was included in the mailer, prompting a call into chase to understand why no benefits were disclosed. Chase, after the fact, informed me the card was not eligible for the offer and new APR because it does not apply to account conversions, a fact the representative on the recorded line failed to mention despite knowing my intent, and the facts were not disclosed in any of the terms and conditions on the website, mail advertisement, or verbally. I asked to speak to a supervisor XXXX XXXX, who was unable to honer the offer or correct my account. He informed me to " close my account and re-apply if I would like the offer, but warned I might not be approved again ''. As a result Chase Bank baited me into applying, pulled my credit, and did not honor the offer. This is a clear violation of the Unfair, Deceptive, or Abusive Act 's or practices law. I will attach the offer terms, screenshots, and items confirming at no point did Chase Bank clearly disclose my account was ineligible. I would like Chase to honer the offer terms and reduce my APR of 28 % to an acceptable rate inline with my credit score and income. I hope this prompts a class action lawsuit as many other applicant 's may have been harmed by Chase Bank 's deceptive actions. This is a clear " Bait and Switch '' and I spoke to the Bank to correct the issue prior to filing this complaint. The loss from this will be the {$650.00} in rewards points plus {$95.00} waived annual fee, and an unknown amount in interest due to the higher rate then advertised ( difference between an APR of 28 % and between 16-24 % that should be applied to this card type ). Chase Bank provided me a NEW account with none of the benefits and all of the costs without any warning verbally or in writing prior to causing harm.

Company response to consumer: Closed with explanation