JP Morgan Chase Drops $10 Service Charge

Even though it took an entire economic collapse to bring this about, credit card companies are finally starting to listen to their customers.

JP Morgan Chase announced on Friday that it is eliminating a $10 service charge fee that it added to certain credit accounts last year. More importantly, JP / Chase is also refunding $4.4 million dollars in these fees that it collected last year.

"Credit card issuers have been very active during the first few months of 2009--raising rates, adding fees, and lowering credit limits. The addition of a $10 monthly fee by Chase really angered its cardholders and they loudly objected. This was essentially a $120 annual fee and a terrible deal for consumers," says Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook."

Thanks to CT Watchdog for breaking this story.

If you have a JP Morgan / Chase credit card, you should contact them about receiving your refund