Chase - "You have the flexibility to skip a payment"

[Maxwell76]

I checked my Chase card statement online today and found a section entitled "Important News."

Apparently, Chase has given me "the flexibility to skip a payment. You must pay past due and overlimit balances immediately. However, the remaining minimum payment for this month has been reduced to $0. Finance charges will continue to accrue. To reduce your balance, feel free to make a payment." Sure enough, the summary at the top of the statement has a minimum due of $0 by 6/17/2009.

Sounds like an interesting new tactic to try to make some money. Has anyone else seen this lately?

[cantretire]

I've seen this before. Just think - the less you pay now, the more you pay later. They make more $ from the extra interest you pay. Don't fall for it.

[GREENBACK]

I've seen this tactic with every vehicle payment I've ever had. They especially do this around the spending holidays i.e. Christmas. You have to be real short on money or brainpower to fall for this one

[disneysteve]

Yes, my Chase statement said it this month, too. I ignored it, as always, and paid in full.

[EEinNJ]

I fell for that once about 15 years ago. I overlooked the "Finance charges will continue to accrue". That was the first and last time I paid credit card interest.

[Maxwell76]

Thanks for the advice everyone. I guess the old saying, "If it's too good to be true it probably is." still rings true.

[PennySaved]

How generous Chase is, thinking of you

Stay the course, pay off your debts. You are on the right track.

[wincrasher]

That's because with Chase, you are like family! Remember, your money is our money! And just like the telephone company, we're not happy until you're not happy.

[elessar78]

I paid off my Chase credit card in May. What an awesome day.

My car loan made me the same offer over Christmas. They said I could skip a payment and they made it sound like they were the good guys by giving me a break when money was tight (it said that in the letter). But yeah, it's just a slick new way of extending your payments and accruing more interest.