Starting Score: 639 (Walmart TU)
navigatethis12 wrote:
Revelate wrote:
So don't cause Chase to lose money by purchasing a single item for 10K and then turning around and writing a check for it. Big time rewards, for limited transaction fee and no interest. Why would anyone expect lenders to encourage that sort of behavior? That's likely the primary reason Amex charges such high fees on their Centurion cards, to offset that sort of nonsense.
I absolutely disagree with that. Chase is still earning money on that 10,000 transaction even if you do not carry the balance. I received $300 for the Chase Freedom I have and swiped until I could swipe no more when it was 5% on groceries and I have never carried a balance. According to you Chase should decrease the limit on the card or close it because they are not bleeding me dry of money. If they made no money they would not have these kind of programs for people to use. The people that do carry balances offset the money lost on people who only use it for the 5%. Keep in mind that a lot of people will only use one card for everything, even when they only earn 1%.
I do this with all the cards I have; buy with them for the high cashback, earn interest on the money until the statement cuts, and then pay it off. I would imagine they prefer someone who pays off way before it is due to someone who pays late a lot and always has a balance. The balane carrying person would be more likely to default.
+1
why would chase or any other credit card care if you borowed $10,000 and you earned them at least 1% (swipe fee) for the previliedge. The 10,000 cost them about 1% per yearto borrow, and if they can turn it over 100 times they would double their money over the year, its pretty close to there dream situation, Extremely low risk money is loaned out for a few days each time. People who carry a balance have a more likely chance of not paying it back sure the interest is nice but one card holder burning them costs more than 100% of the 10,000 have to count the colllection costs.
Wallet: FNBO DISC 9.5k, , Chase Freedom 3.3k & Slate 3.3k, AMEX BCP 7.5k & AMEX Hilton Surpass 5.5k & AMEX Zync NPSL, Walmart 3.3k, CapOne AU 1.5k
n777ua wrote:Just got the call from XO, stating what I already knew. All CL's restored with no restrictions. He asked if I had any other questions, I said I didn't but thanked him profusely. He said he was glad to help, and looked forward to my business for a long time to come. Other than that, he said I'd be getting a letter regarding our conversation and what action Chase took.
Sounds like they were just spooked by the INQs...and they wouldn't be the first CCC to have a knee-jerk reaction. It seems that when they understood your particular situation, they came to their senses.
Congrats!
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