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Chase Credit Card Balance Transfer Class Action Settlement

By Kimberly Mirando

 

Chase BankChase Bank has reached a class action lawsuit settlement for inadequately informing cardholders about promotional interest rate terms on balance transfers and convenience check loans. As a result, Chase credit card account holders who accepted a promotional check or balance check offer sent by Chase between 2006 and 2010 may be able to file a claim to receive up to $12 from the class action settlement.

The Chase Bank settlement will resolve a class action lawsuit, entitled Milgram v. Chase Bank, USA Website, that alleges Chase Bank offered certain cardholders a promotional annual percentage rate on balance transfers and short-term convenience check loans until a specified “statement opening date,” but did not adequately inform consumers when the promotional interest rate would cease to apply. Chase denies any wrongdoing but has agreed to pay between $6 million and $7.8 million to resolve the litigation.

Class Members of the Chase credit card class action settlement include all Chase cardmembers nationwide who accepted a promotional check or balance transfer offer, sent by Chase between January 15, 2006 and February 28, 2010, with a promotional interest rate stated in the offer as effective “until your [Month/Year] statement opening date” and, after acceptance, incurred finance charges on the resulting promotional balance at a non-promotional rate because of expiration of the promotional interest period (rather than because of the cardmember’s non-payment, late payment or any other breach or violation of the cardmember’s agreement with Chase).

Class Members have two options for filing claims to receive a cash payment from the Chase credit card class action lawsuit settlement:

(1) Settlement Class Members who paid in full their promotional credit card balances during the disputed month will receive a payment of $12. If the class member received a postcard informing them that they are entitled to $12 and their account is in good standing, then they do not need to take any further action to receive money.

(2) Other Settlement Class Members are eligible to claim a maximum of $8 per account from the Settlement Fund, which may be reduced pro rata based on the number of valid claims. If they received a postcard informing them that they need to submit a claim form either online at www.MilgramSettlement.com or postmarked no later than November 3, 2011.

Detailed information about how to file a valid claim for the Chase Credit Card Balance Transfer Class Action Lawsuit Settlement can be found in our Open Lawsuit Settlements section. 

 

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Updated September 21st, 2011

 

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1 Comment

  • Anonymous September 21, 2011

    Chase Bank changed terms on millions of customers in 2008 and 2009 that caused these customers to pay off life of the loan low interest rate credit cards at a much faster rate.

    Chase Bank forced millions of customers to pay a 5% monthly minimum payment instead of the 2% minimum. The result was the loss of BILLIONS OF DOLLARS PER YEAR as customers were FORCED TO pay off their super low interest rate Chase Bank card much much faster than their higher interest rate cards.

    In my opinion this settlement on a separate issue is just the tip of the iceberg into what Chase Bank did wrong during that time period.

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