Chase Bank declares war on me

This week I joined the legions of Americans who received notice that their credit card APR was rising, for no reason other than they can. In my case, it's doubling, from 7.24 % to 14.24%. I know some people would be happy with 14%, but I'm used to low rates on all my cards. On a personal level I'm outraged, as I've had this card for years and I'm never late with a payment. As a consultant, I'm baffled at this business model.

This card is issued by Chase, and like many banks, Chase has it's share of problems. Unfortunately, they think the way to solve their problems is on the back of loyal customers. I saw a web headline the other day that said "Banks are Declaring War...on You." Sadly that appears true.

Why not use this economic crisis as an opportunity to change strategy, and communicate a message to customers and consumers that we'll find a way to weather this crisis, but not at customer expense? Banks are perceived as greedy and evil these days, so why add evidence to the perception by punishing loyal customers? Why not present Chase as a bank that will innovate and improve itself and find other ways to cut costs and increase revenue?

But Chase won't. It's a dinosaur and unwilling to shed its arrogant behavior anytime soon. I called Chase and let them know my response, which is to shred my Chase card and never use it again. More people should do the same.