Offer customers a pay down your low interest rate credit card debt program at the SAME MONTHLY MINIMUM AMOUNT they are presently paying, and Chase Bank will send you a hundred dollars or take 200 hundred dollars off your debt!And, make it an ongoing offer! If somebody wants to pay down their card for a few more months to lower their monthly payments, and then take advantage of the offer, that is fine too.
Monday, July 13, 2009
How BLOGGERS AGAINST CHASE BANK would have handled Chase Bank's raise in the Monthly Minimum Payment in a CLASSY, ELEGANT and REASONABLE MANNER.
I just wrote the following in a response to a Baltimore Sun article about Chase Bank's raise in the monthly minimum payment from 2% to 5% on a couple million of their never late, always on time paying customers. I decided the response was also appropriate for BLOGGERS AGAINST CHASE BANK readers as well......
The fact that Chase Bank didn't even bother to offer an INCENTIVE BASED credit card debt pay down program to customers with these terrific low interest rate loans is what bothers me the most.
It speaks to a level of arrogance and narcissism at the top levels of Chase Bank that is dangerous. Chase Bank executives actually believe paying down a low interest rate loan faster than a high interest rate loan is saving their customers money! This is completely incorrect.
Here is an incentive based credit card paydown plan that I designed that would have AVOIDED much if not all of the anger that is out there.
I just came up with an incentive based program that rewards customers who pay down their debts.
Additionally, if their customers agree to make the same payment they are presently making until their low interest credit cared debt is paid off, which accelerates the pay off date to 5 years or less....
The card would be immediately closed to new purchases, however a "sister card" could be issued with new terms. The new card's credit line would grow one dollar for every three dollars the other closed card is paid down.
The result is, people are judiciously paying down their old card while getting a new card with new terms, such as the 5% monthly minimum payment, but the credit line grows at a much slower rate on the new card since the goal is to get people to not go so far into debt. Most importantly, Chase Bank accelerates consumer payments back in a much more affordable manner.
No anger, no stress from their consumers, and no signs of a board of directors that think they don't stink when their stench is being felt from sea to shining sea.
HOW YOU CAN HELP! MAKE A DAILY-PROTEST.com sign and put it where others will see it. Daily-Protest.com signs can be placed in a storefront window, a bulletin board at work, or a countertop. Raise curiosity and awareness about how Chase Bank is harming a LOT of of their BEST customers by making a Daily-Protest.com sign.