New Chase Initiatives Offer Control of Due Dates & Over-Limit Fees
By Justin McHenry
Chase last week announced further initiatives in its “Clear & Simple Plan” to give cardholders more control and potentially limit card fees. Among the initiatives is the ability for cardholders to choose their card’s due date and to restrict their own ability to charge past their card’s credit limit (thus avoiding over-the-limit fees). In addition, Chase is offering $10 to cardholders who pay their bills electronically and sign up for free alerts on potential card fees.
Among the other initiatives is a “rate reset” which allows cardholders who’ve had their rates bumped up due to late payments to get back their old rate after a year of on-time payments.
Chase has also set up a Clear & Simple Web site at http://www.chaseclearandsimple.com with tips on using credit and other financial advice.
Earlier this year Chase ended its practice of two-cycle billing (charging interest on the average credit card balance over a two-month period) and announced the development of other customer-friendly policies to come. The Clear & Simple initiatives are part of that effort.
The major credit card companies have come under closer scrutiny this year as Congress as repeatedly hauled company executives to hearings to discuss fees and business practices that some see as unfair.