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03-25-2013 06:17 PM
Not sure if anyone else has or has even heard of this card, but it was my first credit card. I got a letter in the mail today from Chase, that it has been fully discontinued, and I'll be sent a replacement Freedom card after April 30, 2013.
I'm actually pretty happy at this. Could use a Freedom for the 5 UR categories, but I couldn't afford another inquiry. Now I don't have to worry about that. The limit I have is only $300 (incidentally, I don't think I've ever seen a Freedom below $500), but I figure I can probably move some money from my $9,000 United card. Letter says that any +1 Rewards points (called "Karma points") need to be used by April 29th or will be forfeited.
Just thought I'd let the forum know.
03-25-2013 06:52 PM - edited 03-25-2013 07:04 PM
I just got this letter in the mail also. Thing is, I already have a Freedom card (CL $2,000) (got one year ago) and my +1 card (CL $5,000) is about 3 years old. These are the only two cards I have.
I just registered here because I'm really confused on what I should do. I'm not sure if I should make a new thread, but maybe someone can help me out on here. I rarely use my +1 anymore and have been using the Freedom as my main card.
My question is, would Chase combine the Freedom (and the new Freedom) into one card? or should I consolidate them? or should I let them stay seperate? My main concern is consolidating the cards and it affecting my credit score (showing that I closed an account). I guess the only reason I would want to consolidate them is to just worry about one Freedom rewards account. I pay off both cards in full every month, so I'm not worried about any APR changes. If I decide to keep both, I suppose I'd start using the one with the higher CL.
I'm assuming I should just let it be and keep both, since I just read on a thread "NEVER close an open account unless it is costing you money," but would like to see if that applies to my situation.
What would be my best decision in this case?
Any help is appreciated!
FWIW, my Experian score was 761 a month ago and I just got a car loan, so I don't want to do anything that will affect my score.
03-25-2013 07:08 PM - edited 03-25-2013 07:08 PM
Only reason not to combine them is if you're hitting the $1,500 caps for the 5% caps on your current Freedom. If so, have two Freedoms so the cap effectively becomes $3,000 ($1,500 for each card).
Combining the card won't affect your credit score. Your account showing as closed doesn't hurt your credit score, since the age of accounts aspect of the FICO score includes both open and closed accounts. It could only potentially hurt your score when the account drops from your credit report, which usually takes ten years. And the damage from that would be extremely minor.
03-25-2013 07:11 PM
Thanks for your input, Nick. I don't hit the $1,500 cap, so I'm not worried about keeping both open for that.
I suppose I would combine my current Freedom into the "new" Freedom, that way it will show the younger account as being closed. Not sure if that would make much of a difference, but it makes more sense to add the $2k CL to the $5k limit, rather than the other way around.
03-25-2013 07:56 PM
04-01-2013 01:18 PM
Just got back from spring break, and I too got the letter about the change to my plus1 card. Mine is being changed to the Slate card, probably because I already have a freedom.
04-08-2013 10:33 PM
04-08-2013 10:38 PM
I was excited too about saving the inq when I received the letter. Also cashed in the karma rewards. Check it out- Best Buy, Amazon and Target gift cards are you options.
Man, I remember when there used to be so many better rewards than those! There literally were rewards that are found in UR. Amazon is probably the best to cash in on.
04-09-2013 02:39 PM