If you ever carry balance on Chase credit card, Chase will want you to pay minimum monthly fee FOREVER!
I always paid off entire balance in order not to incur interest on Chase credit card. One month, due to a dispute with a vendor, I had $800 balance and Chased assessed $17 interest.
The issue was resolved and I paid balance to ZERO. I even paid off all new purchases that were not due to pay until almost a month later. The new statement showed balance of $1.50. The $1.50 is minimum monthly interest charge on ZERO balance!!!
I called and asked why. It was due to $17 interest charge on the previous closing date. That interest charge was on my account for merely 5 days. That $17 will earn interest for Chase and since Chase minimum interest charges is $1.50, the customer will be charged $1.50 on the following statement.
Use the same logic, the $1.50 Minimum Interest charge will earn interest of Minimum Interest charge. This means that Chase will forever charge you $1.50 Minimum Interest charge as long as you incur interest once in your life!
Only way to stop that is to overpay Chase and do NOT make any new purchase so that your balance will be negative (Chase owes you money) at statement closing. This is ridiculous.
Product or Service Mentioned: Chase Bank Account.