09-19-2011 04:48 PM
Hi all....I just received a letter in the mail from Chase and I needed some clarification.
It stated: We're writing to let you know that we will be adding World MasterCard benefits to your Chase Freedom Visa CC.
1. Travel Accident Insurance and Lost Luggage reimbursement
2. Get VIP packages, thrillings sports experiences, Broadway tickets as a World MasterCard Member (Keep in mind its a Freedom Visa).
3. You will now have a credit access line instead of a credit limit (this is where I am confused).
Your new World MasterCard benefits will be automatically added to your account (Chase Freedom Visa).
** Do I really want these benefits on my Chase Freedom Visa? I already have a World MC with Chase so I don't think I want all these new features. I can opt out by calling them. I am trying to figure out if these benefits WILL benefit me.
The letter explained the difference between credit access line and a credit limit stating.....CL set a specific amount an account can borrow. Credit access line, you have the ability to charge over your credit access line and not be charged an overlimet fee.
** I guess my Chase Freedom Visa will have the new "Chase Freedom World MasterCard" benefits, even though it's still a Chase Freedom Visa and I am allow to charge over my set CL without being charge an overlimit fee?
Can you someone with more knowledge please help me understand???
I apologize if this topic have been discussed already..........
Thank you in advance.......
09-19-2011 04:54 PM
Those benefits sound like the one's for my Signature Visa card. Typo to reference MC?
09-19-2011 04:56 PM
Yeah the "World Mastercard" defintion is simular to "Visa Signature" the benefits are often as you describe, however the biggest factor to take in to consderation is that it will likely NOT report a credit limit to the CRA's and your "Highest Balance" will be reported as the current limit. This can differ from bank to bank, however it will have the potential to screw up your utilisation say you Highest Balance is $2000 and you charge say $1000, it will show as 50% util.
I would recommend you look over your credit report and decide if you NEED that particular card to report the CL for utilisation or any other purpose.
09-19-2011 05:05 PM
I got the new card, logged in online and it's still showing my CL for my Freedom Visa. I guess it's still reporting but from what it sounded like from Chase, I can charge over my CL and I won't get hit for a over-lime charge? I guess they allow this but won't raise my CL is what I have gathered. I did request for a CLI about 1 yr ago but Chase declined. Don't know why they declined. I apped for the Sapphire Preferred and they approved to match my Freedom Visa limit. Just doesn't make any sense to me.
09-19-2011 07:31 PM
It's probably not going to report once Chase updates the CRAs. You might still be able to decline.
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