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Chase Class Action Suit For People Offered a Chase Fixed Annual Rate Credit Card

This might be of interest to you if you were offered a fixed rate credit card from JP Morgan Chase and then they switched the terms.

This is an ongoing investigation and pending consumer class action against Chase Bank USA and JPMorgan Chase & Co. (hereinafter “JP Morgan Chase”) in which it is alleged that JP Morgan Chase offered to consumers fixed rate credit cards without an application fee and a fixed annual percentage fee for the life of the loan, yet JP Morgan Chase unlawfully thereafter started charging a $10 per month monthly service fee or finance charge.

The class action lawsuit alleges that JP Morgan Chase offered to consumers a promotional rate offer on its credit cards. The class action lawsuit alleges that the Chase promotion was akin to fixed rate loan without an application fee and with a fixed annual percentage rate for the life of the loan.

The class action lawsuit further alleges that JPMorgan Chase failed to fully and prominently disclose in the promotional materials that it was reserving the right to unilaterally change the terms of the loan, including the right to assess a monthly service fee of finance charge that would have the effect of increasing the annual percentage rate of the loan.

In January, 2009, JPMorgan Chase began charging a $10 monthly service fee and finance charge. The class action lawsuit alleges that such a charge violates Hawaii’s Unfair and Deceptive Practices Statute.

Legal Information (Case #09-1-0294-02)
Bickerton Lee Dang Sullivan
745 Fort Street
Suite 801
Honolulu, HI 96813
http://www.bsds.com

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • I have been searching how to add my name to the class action suit again Chase.

    They increased my payment rate from 2 to 5%. My payment jumped from about $250.00 to $643.00.

    Would appreciate information how to add my name and voice to the class action suit.

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