Chase has made some changes to account terms, the two major changes are as follows:
- All references to Chase Bank USA, N.A will now be JPMorgan Chase Bank. Some people have received alerts from Credit Karma/Credit Sesame saying that a new account has been added, but I think this is just a result of this name change. This is also showing up as JPMCB on those sites.
- Chase has added a binding arbitration provision. It looks like those are eligible for the Military Lending Act are automatically opted out of this provision. If you don’t want binding arbitration then you can reject this by mailing a rejection letter to Chase by 8/9/19
The other changes are as follows:
- Addition of My Chase Loan & My Chase Plan. These are flexible financing offers
- Minimum payment will now be $35.
Hat tip to reader @GOSavorLA & Travel With Grant
I was kidnapped, not literally, by the most brilliant scammer of all time. I am being held hostage, made to turn over all high value accounts I have. Scammer then maxed out cards knowing I couldn’t pay. I can not say one word to anyone about anything. I can not sue in small claims, he is paying payments, a certain loss for me. With the first card he got, I took a legal chance and paid the Amex account off in full. Legal, because I made him account manager. One does not have the other knowing anything he does. Six Amex reps assured me that the electronic cash transfer was safe. Account pain in full. Then NBT took the money back. I could not afford the payments on 7000$ much more the 88,000$ due now. I have to opt out. I never had any wins in arbitration. The card owns the bank, the arbiters work for Amex. My reason for opting out, he has lost his mind, I had a card issued in his name and never used mine again on each account. I need to be in criminal court. He made the mistake of my kindness as a sign of weakness. Not even going into the book of add on’s, he is my accountant, tax lawyer, tax preparer, owns two Block Advisor locations, had all my identity information, “best friend” and chose a move he got caught for, 600,000$ stolen from the IRS. 17 years ago, his father and partner, took the blame, went to Fed prison for him. He did not learn his lesson. To opt out means real court, real crime and real time. For me, it’s not to sue the cc companies or join a class action suite. It’s to get him to crimsoned court. List, not including add on’s, elder abuse, kidnapping, not physical but just the same, holding me a hostage for over a year by maxing out all cards he has but I had the sense to make him an additional user, all charges and payment in his name, credit card fraud, no ability to pay, extortion, fraud, recording calls where it is legal for me in my state, a state and fed felony in his, etc. This is the first public outing of this situation. Amex is the culprit. All was finished and done, account fully paid off. Then for some unknown reason there was no software in place to not let NBT Bank take the money, cash, guaranteed shaft to me by Amex and six reps. Their supervisor said they did not know what they were talking about. They had trouble with words and numbers. She immediately threw them under the bus. I had an 850 FICO, cheap rates gained over 27 years of no missed payments, no late payments. That is my only reason for opting out. I have no possessions, my car is leased, my house is mortgaged, reversed, I am disabled, SS disability check, one, only, can not… Read more »
I tried to correct the spelling and grammatical errors but it would not let me. Sorry to those who have to read through.
New free service set up by a competing bank to make it easy to send in Chase opt-out letters: https://www.chaseoptout.com/
I called Chase just now. The CSR confidently informed me that rejecting the Binding Arbitration clause will NOT close the account. I said to her jokingly “I dont want to give up my rights, but I also dont want to have all 7 of my accounts closed.” Her response was “we dont want that (closing accounts/losing customers) either.” Might call again a few more times to get some more DPs.
Sounds like we will have to pay $35- a year for the J.P Morgan Chase Amazon Card. Did we currently pay an annual fee already or is that part or separate of the Amazon Prime annual fee? I can’t remember…
Huh? There has never been an annual fee for an Amazon credit card. You get 5% back on Amazon if you are a Prime member, 3% back if you are not a Prime member.
I think you are completely misunderstanding the line about $35 in the image above – it is saying that **the Minimum Payment amount** on each month’s bill will be no smaller than $35 now, when before, their calculations would sometimes end up making it smaller than that. That Minimum Payment amount just happens to be stated in a part of the documentation entitled “Cardmember Agreement Rates and Fees Table”.
The date is August 7th now, send it in by August 6th.
So what are the benefits of opting out of arbitration?
You preserve your rights. Unknown if Chase will close your account for doing so, however.
Then you (and with others….e.g. Class Action) could potentially demonstrate justification for a claim of retaliation. Sounds like its time for the public to gather together and CLEARLY REMIND Chase who the customer is here. This could provide an avenue for up and coming points player (like CapitalOne) to garner massive market share with people fed up with Chase and its BS (arbitration, 5/24, etc….)
In the US as to my understanding, it is impossible to give up your rights under any circumstances. ?
The question then is: is it better to reject it or not?
I’ve several cards from Chase and only got this email for my newest account. They mentioned also a change on APR as someone mentioned before.
I reject binding arbitration agreements at banks all the time and have never had an issue with it. I’d be curious to see more data points on doing it with credit cards since they tend to be happier to close accounts for no reason.
Explanation of the name change, from FicoForums:
“They collapsed an internal unit/entity (Chase USA – aka Chase Card Services) to the top of the house (JPMorganChase Bank – f/k/a JPMCB Card Services). Chase USA had the remnants of the First USA/BankOne previous legacies.”
i just got email about changes for a Disney visa I already closed with them a month ago…
Does the my chase plan only work for loans or credit card as financing like the amazon credit card? Thanks
It gives you a loan inside your credit card account. https://www.paymentsjournal.com/installment-lending-chase-takes-credit-cards/
Does sending them one letter work for all of your accounts, or are you expected to send one per card?
Citi’s only applies to one account. Explicitly stated on a letter from 2016:
“Remember, opting out of the arbitration provision on this account doesn’t change the arbitration provisions on any other accounts you have with Citibank”
The terms state that you must include your account number when writing to reject the binding arbitration agreement, so I just listed out all my account numbers with Chase in my rejection letter. Hope it works.
Yeah, the problem is that it’s not clear what happens if you reject arbitration
Nothing. Any lawsuits are brought to court instead. Nothing will change with your card.
It is very clear. You are opted out of being required to use arbitration instead of the courts.
The law allows you to opt out of arbitration. No one can retaliate against you for it.
I hope you’re right. Chase CSRs seem to have no fucking idea and give answers all over the place.
Chase’s Twitter account answers this and the “will you close my account” questions: https://twitter.com/ChaseSupport/status/1135961244760977409