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This is not a good news rumor.. I recently just started getting into the whole points earning game and chose the Chase UR system. The Freedom's rotating categories was a main reason I went with UR. Hopefully this is just a rumor, or that if they do depreciate the card those of us that have one will be grandfathered in for some time. <fingers crossed> I might have to look into getting the Ink to help offset the missed rotating categories, wonder if my small side biz would qualify?
Before everyone Chicken Littles themselves with worry, keep in mind that Chase may take a middle ground approach and simply close Freedom to new applicants but continue to offer 5x categories to existing cardholders, á la Citi Dividend (of course, if Chase goes this route, let us hope that Chase doesn't narrow the categories as much as the Dividend!)
@Anonymous wrote:Before everyone Chicken Littles themselves with worry, keep in mind that Chase may take a middle ground approach and simply close Freedom to new applicants but continue to offer 5x categories to existing cardholders, á la Citi Dividend (of course, if Chase goes this route, let us hope that Chase doesn't narrow the categories as much as the Dividend!)
Right, but closing to new applicants is usually a first step to nerfing (Citi Forward) or forced conversion of the card for all (many examples). In this case, there are lots of Freedoms out there, so IF Chase thinks they are unprofitable, I would expect some action if they really discontinue the card.
@longtimelurker wrote:
@Anonymous wrote:Before everyone Chicken Littles themselves with worry, keep in mind that Chase may take a middle ground approach and simply close Freedom to new applicants but continue to offer 5x categories to existing cardholders, á la Citi Dividend (of course, if Chase goes this route, let us hope that Chase doesn't narrow the categories as much as the Dividend!)
Right, but closing to new applicants is usually a first step to nerfing (Citi Forward) or forced conversion of the card for all (many examples). In this case, there are lots of Freedoms out there, so IF Chase thinks they are unprofitable, I would expect some action if they really discontinue the card.
So if we are using the Forward as an example, which was grandfathered in for a couple of years even after it was expired, are we supposed to be getting riled up about something that may happen a few years from now? The card hasn't even been expired yet! I think expending too much energy worrying at this stage is unnecessary and a bit senseless, honestly.
I'm tempted to apply since it's one of the cards I reallyreally want. Not sure if I should, though.
@Anonymous wrote:So if we are using the Forward as an example, which was grandfathered in for a couple of years even after it was expired, are we supposed to be getting riled up about something that may happen a few years from now? The card hasn't even been expired yet! I think expending too much energy worrying at this stage is unnecessary and a bit senseless, honestly.
Well, as you said yourself, we could also use the Citi Dividend as an example. Which IS grandfathered and even now has the 5% categories, but the categories are generally so narrow/bad that most people find it next to useless (or they PC to the DC). THAT could also be the way the Freedom goes. I am not sure the worry is entirely unwarranted. We could also consider the fact that if it weren't for the fuel of speculation, half of the posts of this forum would disappear (and that's a conservative estimate).
@Anonymous wrote:
@longtimelurker wrote:
@Anonymous wrote:Before everyone Chicken Littles themselves with worry, keep in mind that Chase may take a middle ground approach and simply close Freedom to new applicants but continue to offer 5x categories to existing cardholders, á la Citi Dividend (of course, if Chase goes this route, let us hope that Chase doesn't narrow the categories as much as the Dividend!)
Right, but closing to new applicants is usually a first step to nerfing (Citi Forward) or forced conversion of the card for all (many examples). In this case, there are lots of Freedoms out there, so IF Chase thinks they are unprofitable, I would expect some action if they really discontinue the card.
So if we are using the Forward as an example, which was grandfathered in for a couple of years even after it was expired, are we supposed to be getting riled up about something that may happen a few years from now? The card hasn't even been expired yet! I think expending too much energy worrying at this stage is unnecessary and a bit senseless, honestly.
I wasn't suggesting getting riled up! Just pointing out your equally hypothetical middle ground approach usually isn't the end state
I feel real sympathy for the forum members who loved using their Freedom cards and are sad to see it possibly going away, but tbh, I was never that fond of my own Freedom card. The APR was just way too high for me to enjoy using it much. And I do PIF monthly on the great majority of my rewards cards, but even then my other rewards cards have significantly lower APRs than my Freedom, so it is the other cards that get my regular business. I know and understand that some forum members feel that APR is not important if someone is going to PIF anyway, but for me a sky-high APR that is close to department store card APRs (again even with PIF) tells me that intrinsically, the issuing bank does not value me very highly as a customer. My Freedom APR is currently 23.24% V and has anywhere to go but up as prime rate increases over time (who knows, maybe in time it may actually reach 30%+?), so for me, Chase Freedom is essentially a no-go...
galahad15 - That's tough on the APR. I also hear that with Chase it's next to impossible to get APR reductions. I know that my 2007 Freedom card is somewhere below 14%, and I know it used to be much higher. I believe that the APR reductions were all automatic, but you could try calling and see if they can help with the APR.