When either this statement closes or the next, I earn a $25 cash back rebate. As soon as I get the $25 check deposited in my bank account I am going to call and cancel both of my Chase accounts. (The other one is an Amazon card that I don't use much anyway)
The thought occurs to me, if you never carry a balance on the card, and only collect the cash back, they may have no interest (pun intended) in your business. I don't have solid data on merchant fees, but 1.5%-2.5% seems the range, so how much can my card make the issuing bank when I am getting a 2% cash rebate? This is why their term for customers like me is 'deadbeat'. But I'll take it, and the 5% gas rebate until they change my terms.
This is a BP (previously known as Amoco) card, and the issuing bank is Chase. It pays 1% cash back on most purchases, 2% every once in a while on "travel and entertainment" purchases, and 5% on BP gasoline. I assumed the merchant fees were at least 3%.
I just happen to own stock in both BP and Chase (JPM). I intend to write to Investor Relations of both companies about this. Not because I expect to receive special treatment as a stockholder, but because treating customers-in-general shabbily drives away business.
It seems to me that two mistakes were made. Servers went down (an honest enough mistake) and Chase's initial response to you seemed inappropriate. But these mistakes were remedied insofar as the late fee and finance charge are being refunded to you by the bank. (The bank being one of four entities in the chain for paying the bill, the other three being the bill payment service, Chase (the credit card co.), and you.)
So I am not so sure it's fair to say you were treated shabbily.
When you call Chase to cancel your two accounts with them (as you wrote you would, after enjoying the $25 cash rebate that comes with the Chase card), and they ask why, what are you going to say? That being refunded the late fee and the finance charge, per a conference call with all four entities, is not enough? That it's outageous that the bank offered to refund the late fee and finance charge while Chase did not? Did you interject during the conference call that, say, you would not be satisfied unless Chase paid? What was your goal with the conference call? When it ended, did you indicate you remained dissatisfied?
Hi Elle, I'm not sure if these were rhetorical Q's or not.
Chase kept putting up roadblocks to getting this resolved. That's why ultimately there had to be a conference call with me listening in on the line. Then they never backed down an inch even after admitting that their prolonged server outage had caused the problem -- their argument was that I should have known the bill was available online and I am ultimately responsible for paying it whether they notify me or not. (and I did pay it, it's only the service charge that I find so offensive)
I don't really know why the bank is going to reimburse me the $39. This is not something we /negotiated/ on the call, it's something they generously offered when it because apparent that Chase was not going to do anything. Yes I did interject that I was not satisfied and the bank lady told me it was a waste of time talking to Chase any further; we all said "goodbye" and hung up at that point.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.