Chase just added binding arbitration to credit cards, reject by 8/10 or be stuck with it

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by billFoldDog

I just got an email from Chase stating that the credit card agreement was changing to include binding arbitration. I have until 8/10 to “opt out” of giving up my lawful right to petition a real court for actual redress.

If you have a chase credit card, keep an eye out.


It’s not clear to me whether rejecting the new agreement will result in your card being cancelled (one data point in this threaddisagreements on this question over on DoC).

Over the past decade, some card companies like Capital One, Bank of America, and Chase (up until now) started removing arbitration from their terms because arbitration got in the way of them collecting debt.

Finally, if you have a card from American Express, Discover, USAA, or any of the other companies listed in that link, you’ve already agreed to arbitration unless you opted out right after receiving the card (well, some companies like USAA don’t let you opt out).



I was curious so I called. The customer service representative said that if you reject the changes they will close your account. He also said that this notice doesn’t change anything about the nature of your agreement with chase, so I think they simply don’t have a fucking clue what they are talking about, but that’s just like my opinion, man.

Personally, I think I’ll switch to all cash and communicate via smoke signals in the near future.


I don’t think chase will close your card if you opt out. Here is why:

  1. Military members are automatically opted out, so chase has a process in place to handle opt-out-ees
  2. I googled around and a lot of credit card companies have been offering opt-outs without cancelling the card
  3. I’ve opted out of stuff like this before and never had an account closed

I really do think Chase’s CSRs are just talking out their ass, but I’m just speculating. If you are upset by this, I recommend writing a sternly worded letter to Chase at P.O. Box 15298, Wilmington, DE 19850-5298


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