Thursday, October 20, 2011


Chase bank sent me an offer the other day. They want me to refinance, for free, no closing costs, at a lower rate. OK sure, I think, but my mortgage is with Chase. So either they are the worst businessmen in the world or there is some significant difference in the proposed new contract. On top of that, the new offer has the Big Red Flag of the deception business: the limited time stipulation.

The first thing I think of when I get limited time offers is that the offer maker doesn't want me to think it over. "There's no time to think. Just sign the paper."

Anyway, a lady just called to follow-up. So I asked her why they wanted to make this brilliant alteration. She said that it was a retention effort; they want to keep their good Chase customers. OK fine. They want to keep me now, but in eleven days they won't care so much anymore?

But two can play at this game. Tomorrow I'm calling Chase to offer to refinance. But, (but!) only if I can pay a higher rate than I'm paying now. And they'll have to act quickly. When they balk, I'll start lowering my proposed increase.

Either that or maybe I'll just wait until a day after the offer expires; then call and plead for another chance.