Chase Credit Card - New Terms & Conditions

Over the past few days, the credit forums over at and have been abuzz with news about Chase changing the terms and conditions on their credit cards. To summarize, the new terms are as follows: 

  1. A new Account Service Charge of $10 per month will be applied to your account.  This charge is owed whether or not you use your account, and you agree to pay it when billed.
  2. Your minimum payment due will increase from 2% to 5% of the ending balance on your monthly statement.  As a result, your required monthly minimum payment will increase.
These changes will affect 15-20% of accountholders, and will take effect January 1st, 2009. It seems to be that they are targeting people who have balance transfers with a low fixed rate, regardless of payment history and credit score. Customer service reps are claiming that the only way to “opt out” is to pay your balance in full AND close the account before January 1st. 
So far we haven’t been hit, but it seems to be a very recent thing. This could potentially result in a $600/mo increase in monthly payments (ouch… bye-bye cable!), so hopefully Chase decides to leave us alone! 

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