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Member
rpg528
Posts: 17
Registered: ‎10-26-2008
0

Applied for Chase Freedom Plus(Cash)

I just applied for Chase Freedom Plus - Cash.

(I couldn't resist their $100 sign up bonus.)

 

 

On the Pricing & Terms, it says,

"Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a Platinum card with different benefits and without the no pre-set spending limit feature, or you may not receive a card. "

 

 

My application was an instant approval, but it didn't tell me which one I was approved for.

When I called to find out the status of my application, It says something about my CREDIT ACCESS LINE being $5,500.   Does that mean I was approved for their regular platinum?  If I understand correctly, Chase Freedom Plus - Cash does not have a pre-set spending limit.   Is "credit access line" different from credit limit?

Thank you.

Regular Contributor
hayhayday
Posts: 208
Registered: ‎10-15-2008
0

Re: Applied for Chase Freedom Plus(Cash)

i think you got a siggy no preset spending limit(over 5k)
Established Contributor
plasticguy
Posts: 563
Registered: ‎02-21-2008
0

Re: Applied for Chase Freedom Plus(Cash)

 I've carried the Freedom World Card that has a Credit Access Line for 2 years. I was told any cards that have 5k limits or more would be issued a such a line. I contacted them months ago because the 50K limit wasn't reporting, just the High Balance. After speaking with the bureaus, the card is not a factor when it comes to utilization since the limit cannot be determined

 

NPSL is a No Preset Spending Limit. The NPSL product does not assign a credit limit to Card members and gives the option to revolve balances. The credit limit is not determined at account approval. Instead a Credit Access Line is assigned.

 

This is the amount a Card member has available to revolve Since NPSL accounts are not assigned a credit line, the credit bureaus may not report your access line, which will make the account appear to be an open line of credit versus a revolving credit card.

 

That is why only your high balance amount may report. The amount allowed over the credit access line is reviewed regularly and is based on credit information, account history and personal spending patterns. Since some credit bureaus may choose not to report a line of credit, it may appear that you are exceeding your access line. That is is why it is important to keep a copy of this letter so any potential creditors are aware that this is a NPSL account. You may also ask for a Credit Access Line increase if you are interested. We regret any inconvenience this matter has caused. Please call us for any additional questions Sincerely Financial Service adviser Chase Freedom

Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Applied for Chase Freedom Plus(Cash)


plasticguy wrote:

 I've carried the Freedom World Card that has a Credit Access Line for 2 years. I was told any cards that have 5k limits or more would be issued a such a line. I contacted them months ago because the 50K limit wasn't reporting, just the High Balance. After speaking with the bureaus, the card is not a factor when it comes to utilization since the limit cannot be determined

 


This is true, as long as the card reports the way it is supposed to.

 

I have a Citi Platinum Amex, which is a NPSL card, with an access line of $11K and a high balance of $5100.  My card reports differently to EX than it does to TU and EQ.  As a result, TU and EQ don't count it in utilization, but EX does.  During the 30 days when my balance was the same as my high balance, EX thought I was maxed out on that card.  TU and EQ didn't care, but my EX score plummeted.

 

Unfortunately, NPSL cards that report properly are the exception rather than the rule.

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Applied for Chase Freedom Plus(Cash)


rpg528 wrote:

I just applied for Chase Freedom Plus - Cash.

(I couldn't resist their $100 sign up bonus.)

 

 

On the Pricing & Terms, it says,

"Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a Platinum card with different benefits and without the no pre-set spending limit feature, or you may not receive a card. "

 

 

My application was an instant approval, but it didn't tell me which one I was approved for.

When I called to find out the status of my application, It says something about my CREDIT ACCESS LINE being $5,500.   Does that mean I was approved for their regular platinum?  If I understand correctly, Chase Freedom Plus - Cash does not have a pre-set spending limit.   Is "credit access line" different from credit limit?

Thank you.


Congratulations!  You definitely got the Signature version.

 

Chase Freedom Plus was a great choice, as well.  I've often wondered why more people don't go for the "Plus" version.

 

$100 first purchase bonus (as opposed to $50)

No bonus earnings cap (as opposed to max of $12 a month)

Bonus earning on top 6 monthly spending categories (as opposed to the top 3)

 

WTG!

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Valued Member
jackelope
Posts: 36
Registered: ‎04-29-2007
0

Re: Applied for Chase Freedom Plus(Cash)

I agree with the cheesy one there (cheddar) - the Chase Freedom Plus card is one of the best general rewards-based card I've seen to date. The key thing is to target your spending to 6 of their 15 categories (which you learn from experience and your own bills), and if some of that can be done through Chase Rewards Plus (on-line shopping through your Chase account), then suddenly the extra 2pts, 2mi, or $0.02 per $1 spent multiplies like rabbits into often 9pts or 15pts per $1. I've done some clothes shopping from Land's End to prove this point, and they are usually 9-15 pts/dollar. If you manage to do that targeting, then the $30 annual fee of the Plus rewards program (whether you do cash, points, or miles) should be easily offset by the bonus 2 (whatever you set your bonus 2 to).

 

I applied for this card in 2007, so I'm not sure how's it done now. Maybe a $5k limit is now the new standard for dividing Platinums from Worlds/Signatures, but I think that's still issuer dependent. My initial World MC was set at $11,500 and has grown by $3k every six months automatically. I keep inquiring if they will set up a World Elite MC for the Freedom product line, but so far, Chase CSRs have zero knowledge of that, or else they've been told that card is off-limits to us normal working joes. Having a black card with no annual fee would be sweet, but that would mean they'd have to deviate away from the horrid annual fees of the Centurion/Infinite/World Elite.

Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008
0

Re: Applied for Chase Freedom Plus(Cash)

[ Edited ]

 I bought a HDTV through the Chase Rewards Plus at Overstock.com (8x per $1)for 1700. It netted me 136000 pts or $136.

 

DW bought a curio cabinet lately for about $260. It was 5x on CRPlus. $1300 pts.

 

 Everytime we have to purchase something and have the time to do it online we ALWAYS look at that site first.

Message Edited by jaxstraw on 11-07-2008 04:19 AM
Jax

*************************************************************************************
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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Applied for Chase Freedom Plus(Cash)


jaxstraw wrote:

 I bought a HDTV through the Chase Rewards Plus at Overstock.com (8x per $1)for 1700. It netted me 136000 pts or $136.

 

DW bought a curio cabinet lately for about $260. It was 5x on CRPlus. $1300 pts.

 

 Everytime we have to purchase something and have the time to do it online we ALWAYS look at that site first.

Message Edited by jaxstraw on 11-07-2008 04:19 AM

I always have several places to check whenever I want bonus points for shopping online:

 

Delta SkyMiles Shopping

American Airlines AAdvantage Shopping

Chase Rewards Plus

Citi ThankYou Shopping Mall

BofA WorldPoints Mall

 

I generally make the purchase wherever I can get the best return, because one vendor can offer different numbers of bonus points depending on which mall you go through.

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Moderator Emeritus
psychic
Posts: 1,518
Registered: ‎04-20-2007
0

Re: Applied for Chase Freedom Plus(Cash)


jaxstraw wrote:

 I bought a HDTV through the Chase Rewards Plus at Overstock.com (8x per $1)for 1700. It netted me 136000 pts or $136.

 

DW bought a curio cabinet lately for about $260. It was 5x on CRPlus. $1300 pts.

 

 Everytime we have to purchase something and have the time to do it online we ALWAYS look at that site first.

Message Edited by jaxstraw on 11-07-2008 04:19 AM

 

I recently purchased a pair of running shoes from Zappos.com (10%) and a pair of casual shoes from Onlineshoes.com (6%) through Chase Rewards Plus.  

 

I earned:

 

 

 

 

 

 

 

 

 

EQ 814 / TU 815 / EX 842
Valued Member
jackelope
Posts: 36
Registered: ‎04-29-2007
0

Re: Applied for Chase Freedom Plus(Cash)

"Credit limit" (CL) is what the Classics, Golds, and Platinum cards (for either MC or Visa) call your actual credit limit. Go over that and you're charged $39 just like that, screwed on purchase APR, and generally not well-liked by any creditor (though that depends on how tight-fisted the issuing bank is choosing to be).

 

"Credit access line" (CAL) is what MC World/World Elite and Visa Signature/Infinite call the maximum amount that can be revolved. You won't ever incur an over-the-limit fee with these kinds of cards (no preset spending limit (NPSL) cards), but the issuing bank will determine if they allow an over-CAL purchase authorization on a charge-by-charge basis, which means that such a charge could end up being declined. Any balance amount over the CAL is due in full on the next statement, in addition to the normal minimum payment. So, in effect, a NPSL card has qualities of both a credit card (revolving, absolute limit) and a charge card (non-revolving, generally no limit).

 

That being said, the $5.5k CAL you got puts you into a World or Signature account, depending on the card network you went for. Had you gotten a CL or less than $5k, you'd have a Platinum. Chase may display Visa Signature by default on their website, but that's just because that's the most popular type of card issued. They very much do Platinums and NPSL cards (World/Signature) for both networks on nearly all their product lines.  I have a Freedom Plus World Mastercard myself. Just wish I could have gotten the $100 signup bonus when I converted from Freedom basic to Freedom Plus. :smileywink:


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