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I had similar situation with Chase. I got approved $2K for United Explorer Visa. It is Platinum. They couldn't extend any more credit. I had to close some of my accounts to move to United Explorer Card. I asked them to upgrade the card into Visa Signature. They told me I have to wait a year for the Visa Signature Card. I didn't close it. I understand they cannot PC or upgrade under new credit card act.
Ron.
@LS2982 wrote:
That really sucks. I only got the "World" description because it started out at 5K. Transferred my Apple CL to it for 7.2K.
Your Barclaycard Rewards MC is World?
@Ron1 wrote:I had similar situation with Chase. I got approved $2K for United Explorer Visa. It is Platinum. They couldn't extend any more credit. I had to close some of my accounts to move to United Explorer Card. I asked them to upgrade the card into Visa Signature. They told me I have to wait a year for the Visa Signature Card. I didn't close it. I understand they cannot PC or upgrade under new credit card act.
Ron.
Not sure about the CARD act claim:
Declares that no increase in any APR, fee, or finance charge, with certain exceptions, shall be effective before the end of the one-year period beginning on the date on which the account is opened.
So this is why they cannot PC from a non-AF card to one with an AF before a year (or one with a higher APR etc) but I don't think PC between like cards is really prohibited. It might be an issuer policy, to ensure mistakes (going to an AF) don't happen by having a blanket ban, but I believe that is their choice, not the law.
(I'm sure someone will correct me if this is not the case).
My major reason for closing was just that the card had no benefit for me, and since Barclays couldn't/wouldn't do anything, it's easier just to end the relationship.
@LS2982 wrote:Yes.
The pic from your online account says Platinum So did you get it converted and they didn't update your online?
@bs6054 wrote:
@Ron1 wrote:I had similar situation with Chase. I got approved $2K for United Explorer Visa. It is Platinum. They couldn't extend any more credit. I had to close some of my accounts to move to United Explorer Card. I asked them to upgrade the card into Visa Signature. They told me I have to wait a year for the Visa Signature Card. I didn't close it. I understand they cannot PC or upgrade under new credit card act.
Ron.
Not sure about the CARD act claim:
Declares that no increase in any APR, fee, or finance charge, with certain exceptions, shall be effective before the end of the one-year period beginning on the date on which the account is opened.
So this is why they cannot PC from a non-AF card to one with an AF before a year (or one with a higher APR etc) but I don't think PC between like cards is really prohibited. It might be an issuer policy, to ensure mistakes (going to an AF) don't happen by having a blanket ban, but I believe that is their choice, not the law.(I'm sure someone will correct me if this is not the case).
My major reason for closing was just that the card had no benefit for me, and since Barclays couldn't/wouldn't do anything, it's easier just to end the relationship.
I think the intent of the law was to prevent issuers from imposing higher fees than those initially approved and agreed to. However Chase especially seems to have a very silly and strict no PC policy for the first 12 months, even from a AF to no fee card. However imho customer initiated changes should be exempt, if I have a Freedom and now want CSP, I should be able to agree to the $95 AF.
@mxp114 wrote:
@LS2982 wrote:Yes.
The pic from your online account says Platinum So did you get it converted and they didn't update your online?
No its always been a World since the account was opened. Not sure why it said platinum.
@bs6054 wrote:
@Ron1 wrote:I had similar situation with Chase. I got approved $2K for United Explorer Visa. It is Platinum. They couldn't extend any more credit. I had to close some of my accounts to move to United Explorer Card. I asked them to upgrade the card into Visa Signature. They told me I have to wait a year for the Visa Signature Card. I didn't close it. I understand they cannot PC or upgrade under new credit card act.
Ron.
Not sure about the CARD act claim:
Declares that no increase in any APR, fee, or finance charge, with certain exceptions, shall be effective before the end of the one-year period beginning on the date on which the account is opened.
So this is why they cannot PC from a non-AF card to one with an AF before a year (or one with a higher APR etc) but I don't think PC between like cards is really prohibited. It might be an issuer policy, to ensure mistakes (going to an AF) don't happen by having a blanket ban, but I believe that is their choice, not the law.(I'm sure someone will correct me if this is not the case).
My major reason for closing was just that the card had no benefit for me, and since Barclays couldn't/wouldn't do anything, it's easier just to end the relationship.
I think the intent of the law was to prevent issuers from imposing higher fees than those initially approved and agreed to. However Chase especially seems to have a very silly and strict no PC policy for the first 12 months, even from a AF to no fee card. However imho customer initiated changes should be exempt, if I have a Freedom and now want CSP, I should be able to agree to the $95 AF.