Consumer complaint received 2017-12-19
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Fees or interest — Charged too much interest
Company: JPMORGAN CHASE & CO. (CT)

My husband and I have been trying to work with Chase to reduce the predatory interest rates and fees it has charged us for a XXXX XXXX XXXX credit card. My husband most recently contacted Chase in mid XXXX to inquire about lowering the interest rate on the card from the 23.99 % to something less. He explained that we are struggling to pay this and need some assistance with either lowering the rate, freezing use of the card or both. Despite him having a card issued to him under his name on this account, the individuals he spoke with at Chase refused to assist as he is not the " primary '' on the account. The fact that these representatives were incredibly rude in the way they handled his call is a side issue. I then contacted Chase on XXXX/XXXX/XXXX at approximately XXXX. I expressed the following concerns : 1 ) The interest rate we were being charged on purchases increased twice since the card account was opened. In both instances, we were provided no notification of the increase either electronically or by US. Mail. The first increase was in XXXX of XXXX and the second increase was just 3 months later in XXXX of XXXX. My assumption is that Chase waited until we had a substantial balance on the card to increase the rate knowing that we would carry a balance forward. Thus, purchases made under the old rate were now collecting higher interest due to the 2 rate hikes Chase hit us with in a 4 month period. This, no doubt, was designed to pad the pockets of Chase executives even more. 2 )  Thus far in XXXX, we were charged a total of {$2600.00} just in interest and fees on this card. Interest was {$2200.00} and an additional {$350.00} was charged in fees ( annual fees, late fees for not being able to cover the minimum payment due to exorbitant interest rates ). I explained to the representative that we needed some relief with this and that we were drowning in debt with this card. I explained that it was my intention to continue to pay on the card but that I needed some assistance from Chase with lowering the interest rate or freezing the card to curb and additional annual fees. I was told that " Chase does n't do that. '' I even requested to speak to a Manager or Supervisor to discuss my options and was again told that Chase could do nothing for me. I was coldly told : " We 'll get our money one way or another so you either need to call a lawyer or a credit councilor but we will not be lowering rates or adjusting fees. '' 3 ) no one at Chase was able to explain why the interest rate jumped up twice in a 4 month period or why I never received notification of this. My call to Chase was a good faith effort to try to work with them so I could keep up with payments without further getting deeper in the hole. These charges are now becoming a burden that I may not be able to bear since I ca n't get ahead of the principle ( all my payments are covering interest only XXXX. Chase has already gained a significant profit from me at close to a 24 % interest rate. ( I have never nor would I ever use the services of a Loan Shark but I ca n't imagine that they would charge interest as high as this. ) All I was looking for was some assistance from Chase for someone wants to pay their debt and a reasonable rate of interest. At the very least, raising interest rates on a customer twice within a 4 month period WITHOUT PROVIDING NOTIFICATION OF ANY KIND is questionable. It was likely these same questionable business practices that cause JP Morgan Chase to be censured by the CFPB in XXXX of XXXX for selling bad credit card debt and illegally robo-signing court documents. I suspect that their recent interest rate hikes on consumer accounts may be to cover the penalties and losses from this case.