Consumer complaint received 2024-10-22
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Confusing or misleading advertising about the credit card
Company: JPMORGAN CHASE & CO. (FL)

In XX/XX/XXXX, I received an offer from Chase to take a loan out on XXXX of my Chase XXXX XXXX and pay 0 % interest through XX/XX/XXXX. I reviewed the terms of the loan, and called Chase to activate the terms over the telephone. I received a cash in my account of {$7000.00} and paid 5 % of the transaction to Chase which was {$350.00}. The {$7000.00} was deposited into my account by Chase on XX/XX/XXXX. 

On this credit card, I have some pay over time transactions, and this is the card I use for everyday purchases. When I received my last statement on XX/XX/XXXX, I showed a interest saving balance due of {$8500.00}. This was concerning to me because the balance transfer was included in the interest saving balance that I normally pay, so I booked a meeting with a Chase representative at my local branch. She was also concerned, so called her Chase credit card representative so I could speak with someone more knowledgeable about how the balance transfer works. The credit card representative told me that although the loan transfer was at 0 % interest, any other purchases I made on the card would accrue interest of 18.74 % because they apply my payments to the transactions with the lowest XXXX first until the full {$7000.00} was paid. Both the banking representative and I were shocked ; I informed the person on the call that I had never been told this, otherwise I would not have applied. She said I should have received a letter ( what I received is attached ) and that when I applied the representative had told me this on the phone ( to my recollection, they didn't ). 
I have been a customer with Chase for over 25 years and I have a very high credit limit plus a stellar payment history. In order not to pay this all at once or miss a payment and hurt my credit, I'm now having to pay more money to transfer this balance to another card. I also double checked that the new card would apply my payments to my highest XXXX first so I don't experience this again. This was easily found in the new card 's FAQs which is where Chase 's payment application disclosure should have been in the first place!! 
I was NEVER informed that Chase would apply my payments to repay the whole 0 % interest balance first or I would not have taken the balance transfer in the first place. There is a FAQ which says any payment over the minimum balance may be applied to the lowest interest XXXX XXXX, but it also says that any payment over the minimum will be applied to the highest XXXX. My minimum payment in my XX/XX/XXXX statement is {$360.00}, yet I was informed by Chase that they will only continue to apply additional payments to the lowest APR until fully paid, and let my current purchases accrue interest at 18.74 %. This is not made clear in their FAQs. I had received and continue to receive these balance transfer offers and they all contain the same information as I've attached below. I am now seriously considering moving banks ( I have both business & personal accounts ) because this deceptive advertising practice is unacceptable.