This isn’t just a post about credit cards. This is a review of the actual Chase Bank Visa Cardholder Agreement, specifically the one labeled COL00095.
If you’re thinking about applying for this card or already have it tucked in your wallet, hang tight—this breakdown is for you.
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Most people don’t read these agreements until something goes wrong. But once you swipe, you’re bound by everything inside—even the parts you didn’t know existed. So I’ve cracked it open, combed through the legal lingo, and translated the whole thing into plain English.
Let’s make sure you know what you’re really signing up for—before the fees, the fights, or the finger-pointing starts.
💳 Quick Card Snapshot
- Card Type: Chase Bank Visa (non-rewards version covered by COL00095)
- Intended For: Everyday use, possibly balance transfers (if eligible), flexible payment options
- Issuer: JPMorgan Chase Bank, N.A.
- Form Identifier: COL00095
📜 Legal vs Plain English Chart
| Legal Term | What It Really Means |
|---|---|
| Card Ownership | You’re on the hook for every dollar spent—even if it’s an authorized user. |
| Purchase APR | 19.24%–28.24%, variable with the Prime Rate. |
| Cash Advance APR | 29.24%, starts ticking immediately—no grace period. 🔥 |
| Balance Transfer APR | Same as purchases: 19.24%–28.24%. No intro offers guaranteed. |
| Penalty APR | Up to 29.99% if you pay late or bounce a payment. Can stick indefinitely. ❌ |
| Grace Period | You get 21 days only if you pay off your balance in full. No grace on cash advances. ⚠️ |
| Payment Allocation | Minimum payment goes to the lowest-interest balance. Any extra goes to the highest-interest one. |
| Minimum Payment | $40 or more depending on interest/fees. Past-due amounts are tacked on. |
| Late Payment Fees | Up to $40. Two strikes in six months? They’ll charge you the max. |
| Arbitration Clause | You give up your right to sue unless you reject it in writing within 60 days. ❌ |
| Account Closure | They can shut it down anytime, for almost any reason—including inactivity. |
| Rewards Clause | Not included in this agreement. No points, no miles, nothing to lose or gain here. |
| Dispute Process | To dispute charges legally, you must write to them. Phone calls don’t count. |
| Fee List | No annual fee, 3% foreign transaction fee, 5% balance/cash transfer fee. |
❓ What If…?
Let’s walk through a few common real-life scenarios and how this agreement handles them.
- What if you miss the minimum payment?
You could trigger a late fee up to $40, and if you’re 60+ days late, Chase might slap on a 29.99% Penalty APR that sticks around for good. - What if you use this card for a $100 cash advance?
You’ll owe at least $5 in fees upfront, plus a 29.24% interest rate starting the moment you take the money. No grace period. It’s like taking a loan from a high-interest pawn shop. ❌ - What if you don’t use the card for 6 months?
Even if you pay on time, Chase can still close your account based on their “business needs.” You may not get a heads-up. ⚠️
🚨 Red Flags and Landmines
- 🔥 Penalty APR up to 29.99% can be slapped on after one big mistake—and last forever.
- ❌ Mandatory arbitration clause unless you reject it in writing within 60 days of account opening.
- ⚠️ No grace period on cash advances or balance transfers—interest kicks in instantly.
- ⚠️ Foreign transaction fee of 3% tacked on for non-USD purchases.
- ❌ “We can change anything at any time” clause—they leave the door open for updates, even bad ones.
🟡 Consumer-Friendliness Score: Use With Caution
This card looks tame on the surface—no annual fee, some flexible repayment options. But the high penalty rates, limited transparency around perks, and arbitration clause make it one to watch carefully. If you slip, this card won’t hesitate to make it expensive.
💸 Chase Pay Over Time & My Chase Loan: Flexible or Fee Trap?
- Chase Pay Over Time lets you split purchases into monthly payments—with either a fixed fee (up to 1.72% of the purchase per month) or a fixed APR.
- My Chase Loan deposits money directly into your bank account, but again, you’re paying interest like a personal loan.
These tools can help with budgeting, but the fees add up fast. And unlike true 0% APR promotions, there’s no free ride here.
🧩 Cardholder Survival Plan
If you’re struggling to keep up, here’s what to do:
- Call Chase immediately and ask about hardship programs—they exist, but you have to ask.
- Always pay at least the minimum to keep your account from falling into default.
- Put disputes in writing—letters trigger legal protections, not phone calls.
- Avoid cash advances like the plague—they’re one of the most expensive ways to borrow.
- Check your credit often with tools like Credit Karma to stay ahead of problems.
🏆 What to Look For in a Better Card
If this one isn’t the right fit, look for:
- ✅ 21+ day grace period on all purchases
- ✅ No penalty APR
- ✅ Low or no fees
- ✅ Transparent rewards that don’t vanish when you miss a payment
- ✅ Strong dispute resolution and human customer service
Verified Facts from Chase Visa Agreement (COL00095)
| Term | Plain English Summary | Page Reference |
|---|---|---|
| Purchase APR | 19.24%–28.24%, variable | Page 1 |
| Cash Advance APR | 29.24%, interest from transaction date | Page 1 |
| Balance Transfer APR | 19.24%–28.24%, same as purchases | Page 1 |
| Penalty APR | Up to 29.99%, triggered by late/returned payments | Pages 1 & 12 |
| Grace Period | Minimum 21 days on purchases only | Page 1, expanded on Page 11 |
| Late Payment Fee | Up to $40 | Pages 1 & 14 |
| Cash Advance Fee | 5% or $10, whichever is greater | Page 1 |
| Foreign Transaction Fee | 3% of transaction in USD | Pages 1 & 5 |
| Annual Fee | None | Page 1 |
| Minimum Payment Formula | $40 or 1% of balance + fees + interest | Page 1 (bottom) |
| Payment Allocation | Minimum to lowest APR, extra to highest APR | Page 12 |
| Penalty APR Duration | Indefinite unless 6 on-time payments are made | Page 12 |
| Arbitration Clause | Must opt out in writing within 60 days | Pages 21–23 |
| Grace Period Limitations | No grace period on cash advances or transfers | Page 11 |
| Account Closure Policy | Chase can close account at any time | Page 6 |
| My Chase Loan / Pay Over Time | Optional features with fees, not always available | Pages 6 & 8 |
| Dispute Procedure | Must be submitted in writing for legal protection | Pages 19–20 |
| Rewards Program | Not included in this agreement | Entire document reviewed |
