Here's a copy of the letter I'm faxing to the Chase credit card company.  I believe I speak for many of us regarding what these companies are doing to the American public.

Chase Credit Cards

Correspondence Department

Re: increased interest rates

To the powers that be:

I have been a Chase credit card holder for many years now. I currently have 2 credit cards with your company and was just online reviewing my accounts when I noticed that my APR is up by 3.25% to 10.24%. My normal APR has been a fixed 6.99% for I don’t know how many years, and that is the ONLY reason I have kept the account open. I can get a 10.24% APR from any credit card company and have. When I contacted your company’s 800 number I was told by a very nice young lady, Marcie, that it was due to the economy. I will tell you as I told her: your customers are losing their jobs, their homes and God knows what else, and the way you feel you can best help them deal with it is by raising their interest rates???? Exactly how does this make sense to your company? Has your CEO, President, Vice President or any other high level employee taken any pay cuts? I think not. Yet you kick the very people who keep you in business when they’re down. I would really like an explanation for that.

Please understand that I have not been unfortunate enough to lose all my income nor, thank God, my home. On the contrary, I have still been able to maintain enough of an income to pay my bills in the same manner as I always have. If you check my credit history with your company you will see that I am in excellent standing. Not only do I pay on time and have never gone over my limit (nor anywhere close), but I well over-pay my account each and every month. Yet I and others just like me are being penalized for the egregious actions of people in your industry, while your industry is being bailed out by the government, who by the way, is taxpayers like me! I want to know how you justify that. I‘ve been told by others with whom I‘ve discussed this topic that it‘s very simple: because you can. I guess in the minds of people in your industry that makes it okay. My question is: how many ways do we have to pay you while we‘re going down for the count?

Interestingly enough, (no pun intended) I not only have 2 credit card accounts with Chase, but my mortgage is through Chase and, since I’ve been a customer of WAMU for 20+ years, my bank account is with Chase. Now, I realize that if I were to pay off and close all my accounts with you it wouldn’t be a great loss to you financially. However, if enough Chase customers were to do that, your company would suffer greatly….kind of like karma. That is what SHOULD happen. 

What does it take for corporate America to realize that the reason for their success is their customer base? Without the customers no business can exist! We make you what you are, and you in turn continually find ways to squeeze more and more out of us until we crumble under the pressure. This is NOT how our country was built.

I realize that you’ll never change your interest rates simply because a customer (or millions of them) feel they’re being taken advantage of. That would mean that your company actually cared about their customers and not just their bottom line. But if this letter makes you stop for even a split second and question the wisdom of your ways, then I have accomplished something.

My name is Ginger and I live in Deltona, FL. Should you wish to contact me, you may phone me at: 386-574----, though I won’t ‘bank’ on it.

Sincerely,

Ginger!