Good News from Chase: More Time to Pay
July 17th, 2009 by Kenneth Long
Chase has sent me new account terms that were less than favorable, albeit they will not affect me since I don’t carry a balance and will have no balance transfers. However, the latest letter was to advise me they are changing my due date to give me 5 extra days to pay.
We all know that most of the changes to terms on credit card accounts in 2009 have been negative in nature. Given the onslaught of bad news, I did want to share some good news that I recently received from Chase.
Rather than summarize or attempt to restate the letter, I thought it best to repeat the content of the letter here:
We are pleased to let you know that we are making changes to your payment due date to give you more time to pay. Beginning with your July or August statement, you will have an additional 5 days to submit your payment.
Our records indicate that you may use somme type of automated payment service to send in your monthly payments. Please review your July or August credit card statement for your new extended due date and if necessary, make changes to your current payment arrangements with your bill payment service to enable you to take advantage of this additional time.
If for any reason you would like to change your new payment due date, please contact us by calling the telephone number on the back of your card or visit our website at Chase.com. We are here 24 hours a day to service your credit card needs.
Sincerely,
Deb Walden
Executive Vice President
Customer Experience
It is indeed a good sign to see an act of kindness from a credit card company, especially given the unfriendly changes that many creditors have made in response to the deteriorating economy. At the same time, my first thought was “what if they were making my due date sooner?”
I know that some credit card issuers have adjusted due dates so that they fall sooner, thereby increasing the propensity of those that use automatic payment services of being late. I would be interested to know what experience anyone had with having an earlier due date as a result of a creditor changing your due date.
This entry was posted on Friday, July 17th, 2009 at 3:27 pm and is filed under Credit Cards, Credit Cards: Chase. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
July 17th, 2009 at 4:01 pm
Don’t be fooled, this is no act of kindness…..
Starting Aug 20th they are required to provide you with a statement 21 days before your due date. They either needed to change the date of your statement drop or your due date….
July 17th, 2009 at 7:22 pm
My experience with Chase is that they are manipulative and try hard to put a positive spin on self-serving actions. I agree that your experience is not likely an act of kindness. Back in May they offered many of us a payment holiday (which I declined because it was suspicious), and this was the month before we received notice that they were now increasing our minimum monthly payments to 5%. I have come to believe that any of their actions are part of a larger plan, and can only be viewed in that context now.
July 17th, 2009 at 7:34 pm
I agree with margell. With Chase, there are always motives, and those motives are not driven by kindness. Sad, but true.
July 18th, 2009 at 1:15 pm
Got the same exact letter. Don’t be fooled, they are driven by profit and profit only. You are nothing but a number to them.