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Chase Amazon Visa now Line of Credit???

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splitraindrop
New Member

Chase Amazon Visa now Line of Credit???

I received a message that my Chase Amazon Visa is now a Line of Credit including "Visa Signature". Can anyone tell me if this will change how the card affects my credit? How do they calculate the debt percentage if there's no limit (they said you can charge over the limit). They also said that not all transactions willbe approved. Does that mean I can't count on using the card up to the line of credit limit?

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Chase Amazon Visa now Line of Credit???


@splitraindrop wrote:

I received a message that my Chase Amazon Visa is now a Line of Credit including "Visa Signature". Can anyone tell me if this will change how the card affects my credit? How do they calculate the debt percentage if there's no limit (they said you can charge over the limit). They also said that not all transactions willbe approved. Does that mean I can't count on using the card up to the line of credit limit?


The limit is still the same as it was before.  That's what reports to the credit bureaus. A Visa Signature is not a line of credit but a flexible spending card that allows you, if approved, to charge over your set limit.  For example, if your limit is $5K, they may let you charge $6K but you have to pay back the extra $1K along with you minimum payment once it posts on your statement for the next month.

Message 2 of 8
lord_kinbote
Established Contributor

Re: Chase Amazon Visa now Line of Credit???

How did you receive this information?  SM or email?  Thanks.

Message 3 of 8
splitraindrop
New Member

Re: Chase Amazon Visa now Line of Credit???

Got an email today that I had a message in their message system on the website. Logged in and that's what it said.

Message 4 of 8
splitraindrop
New Member

Re: Chase Amazon Visa now Line of Credit???

Your Amazon.com Rewards Visa Card has been upgraded to include new Visa Signature benefits as of March 18, 2016.

To view your new Guide to Benefits, please visit:XXXXXXXXXXXXXXXXXXXXXXX [i removed link]

We are amending your Cardmember Agreement to include a new description and reference.

CHANGES TO YOUR ACCOUNT TERMS ALREADY IN EFFECT

CREDIT ACCESS LINE

This is the change: Your Credit Limit will now be referred to as your Credit Access Line. With a "Credit Access Line", you can continue to revolve, or carry from month-to-month, transactions adding up to your total Credit Access Line.

These are the details: Your Credit Limit will now be referred to as your Credit Access Line. The Credit Limit section of your Cardmember Agreement is amended as follows:

Getting Started: Your Account - Credit Access Line:

Important Term What It
Means to You
Our Responsibility Credit Access Line You are responsible for balances on your account including amounts charged in excess of your credit access line. We may also refer to credit access line as credit line or credit limit. We will assign a credit access line to your account, and post it on your monthly billing statement. We may cancel, change or restrict your credit availability at any time. Each transaction is considered for approval on an individual basis, including those above the credit access line. We may not approve all transactions.

  • With your credit access line in place, any reference to "exceeding your credit line/exceed your credit limit," as applicable, is deleted from your Cardmember Agreement
  • The Overlimit Fee/Over-the-Credit-Limit Fees section, as applicable, is deleted.

Any terms of your Cardmember Agreement not described in this notice continue to apply.

If you have any questions about this change or any other aspect of your account, please call us at the phone number on the back of your credit card or on your statement.

Message 5 of 8
splitraindrop
New Member

Re: Chase Amazon Visa now Line of Credit???

Does this mean they can alter my credit limit more frequently? My concern is that my credit is not great right now. IT was better when I applied for the card years ago. I'm working on my credit but i'm concerned as I pay this card off they will just lower the limit. Leaving me with a card that's still "maxed" out no matter how much I pay.

Message 6 of 8
splitraindrop
New Member

Re: Chase Amazon Visa now Line of Credit???

I also read that lines of credit don't have a grace period. Meaning interest accruses from the day you make the charge? 

Message 7 of 8
Anonymous
Not applicable

Re: Chase Amazon Visa now Line of Credit???


@splitraindrop wrote:

I also read that lines of credit don't have a grace period. Meaning interest accruses from the day you make the charge? 


Not applicable.  This is not a conventional line of credit.  You're getting confused over the terminology.

Message 8 of 8
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