JPMorgan Chase Gives Credit Card Refund

Stephen Kersey — Sun, 29 Mar 2009 00:56:06 +0000

If you have a credit card with JPMorgan Chase, you may have some extra money heading your way. On Friday, the bank announced that it will refund the service charge it began charging for some cardholders at the beginning of the year. The charge was a $10 fee that occurred monthly. The bank said it decided to issue refunds after hearing negative feedback from numerous cardholders.

Credit Card (Image: Flickr)

While the monthly service charge will be refunded, any minimum payment requirements will remain. Some JPMorgan Chase cardholders saw their minimum raise from 2% to 5% at the onset of 2009.

Overall, the banking industry is desperate to have their customers pay back their loans. With more and more people defaulting on loans, banks have been more diligent in requiring repayment and more stubborn about who they lend money to in the first place.

JPMorgan Chase is one of the four largest banks in the United States. With roots that can be traced back to around 1800, it’s one of the banking institutions that is deemed too big to let fail by the federal government. As such, JPMorgan Chase got a federal bailout worth more than $20 billion in 2008.

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JPMorgan Chase Gives Credit Card Refund

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JPMorgan Chase Gives Credit Card Refund