Chase Credit Cards: Interest Rate Hike? Letter of Doom.

On Tuesday, I received a call from my boyfriend that I had a letter from Chase credit cards. After he opened it he told me that Chase was increasing my interest rate on my credit card from 9.99% to prime-rate plus 9.99%. Holyfuckonastick.

What gives? What did I do? Did I miss a payment or something? I didn’t know, so last night I read the letter when I got home and low and behold there it was:

Chase:
We are sending you this notice to let you know that we will be making some changes to your credit card account in response to market conditions and to maintain profitability on your account. These changes will be effective with your MARCH 2009 statement.

Here’s a summary of the key changes:

• The standard Annual Percentage Rate (APR) for purchases and balance transfers will change to: the Prime Rate plus 9.99%, which as of December 15, 2008 would be 13.99%.
• [...]

Market changes and maintaining profitability on my account? Am I missing something here? I pay $60+ in interest a month, how the fuck are they not maintaining profitability off that? I understand the market changes, but wouldn’t you think in a spiralling-doom-and-gloom-bleeding-to-death-over-bank-corporate-jets-economy we’re in, Chase wouldn’t even think of jacking up credit card interest rates? Think again. Read more