Avoid These 7 Cash Back Credit Card Traps

Reader Comments
Back to blog

I had this painful experience with SEARS Credit Card(CHASE).I had signed up for unlimited long distance calling with SEARs and when i wanted to cancel they refused to do so and went on billing me every month and then they complain to Credit Bureau and screw up my credit rating>I swore never to enter SEARS again and warn everyone against signing for their Credit Card

Sachin of NJ 11:08AM July 27, 2010

A few years ago, CHASE CREDIT CARD offered loans to the top credit worthy customers, some as low as 2.9% per year until paid off. At the time they promised that the minimum payment would be 2% of the balance per month. (A $10,000.00 would cost you $200.00 per month.) This was a very good deal for people who needed money but had to watch their cash flow.
Last August, many of the customers received a letter telling them that in October the minimum payment would go to 5% per month.)
When contacted about it being difficult to make the payments, they offered over the phone to give you a new loan at 7.9% annual interest but back to 2% per month on the balance.
Best to stay away from CHASE. Not very honest, and maybe illegal.

Fred Heap of MA 6:28PM July 12, 2010