But the consumers’ voice has been heard, and the company will be refunding the service fees charged to date on a number of low-interest-rate accounts, according to a report by the Associated Press.
“There has been a small percentage of customers that have made little progress in paying down these loans and our desire is to have these loans repaid in a reasonable period of time,” Chase spokeswoman Stephanie Jacobson was quoted as saying in the article.
Therefore, the bank has said that the increased minimum payment due – up to 5 percent from 2 percent of the card balance – will remain in effect.
Driving up the minimum payment amount is one tactic credit card companies have used in recent months to help stop losses they are experiencing from their consumer credit card business. Other companies have cut credit limits, increased interest rates or closed accounts altogether.
These types of actions can have an impact on your credit score. Experts advise making regular charges to credit cards and paying them off in full to keep your account open and in good standing.
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