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UPDATE-RE-OPENED Chase Freedom-Thanks-But No Thanks

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Revelate
Moderator Emeritus

Re: Adios Chase Freedom-Thanks-But No Thanks

I have a stupid question: does anyone actually use their Freedom for default spend in the current credit market with so many 1.5% and better options easilly available?

 

In my case since the Freedom is capped at $1500 for 5% for calendar 3 months, my own 1K Freedom CL is just fine for me and that's with Chase having recently approved me for 5K on a different card but I don't see a whole lot of point asking for a CLI on it as it's just not needed in my use case?

 

For me rewards matter, limit really doesn't except for my big purchase cards, which the Freedom explicitly isn't.

 




        
Message 31 of 56
longtimelurker
Epic Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@Revelate wrote:

I have a stupid question: does anyone actually use their Freedom for default spend in the current credit market with so many 1.5% and better options easilly available?

 

In my case since the Freedom is capped at $1500 for 5% for calendar 3 months, my own 1K Freedom CL is just fine for me and that's with Chase having recently approved me for 5K on a different card but I don't see a whole lot of point asking for a CLI on it as it's just not needed in my use case?

 

For me rewards matter, limit really doesn't except for my big purchase cards, which the Freedom explicitly isn't.

 


If you have a transfer card , and a Chase bank account, and "collect" URs, yes.  To those people, 1 UR is worth more than 1.5% cash back for example and you get 1.1 UR min per $.  But otherwise, I agree, and the 5% cap is so low that I am sometimes surprised at the love this card gets (and I really don't get why anyone thinks revolving categories is good!)

Message 32 of 56
bada_bing
Frequent Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks

Sux you were mislead on the HP.

 

Even a $1500 CL is enough to get all the 5% bonus spend covered every month,

which is what the Freedom is good for. I intend to transfer most of my Freedom

CL to a CSP I plan to open in year or two. The Freedom is a good little rewards

card, but I'd look elswhere for a card intended for heavier spend. Really, anything

over $5K CL on a Freedom is a waste, 10% max utilization x $500 monthly bonus cap = $5k.

$5K CLI on a $1.5K CL Freedom isn't a tough nut to crack given a little good history time. 

 

The above is no judgement or advise by me on an individual situation, just the mental math I

go through which may or may not be useful or welcome.

+ 850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
Message 33 of 56
Revelate
Moderator Emeritus

Re: Adios Chase Freedom-Thanks-But No Thanks


@longtimelurker wrote:

@Revelate wrote:

I have a stupid question: does anyone actually use their Freedom for default spend in the current credit market with so many 1.5% and better options easilly available?

 

In my case since the Freedom is capped at $1500 for 5% for calendar 3 months, my own 1K Freedom CL is just fine for me and that's with Chase having recently approved me for 5K on a different card but I don't see a whole lot of point asking for a CLI on it as it's just not needed in my use case?

 

For me rewards matter, limit really doesn't except for my big purchase cards, which the Freedom explicitly isn't.

 


If you have a transfer card , and a Chase bank account, and "collect" URs, yes.  To those people, 1 UR is worth more than 1.5% cash back for example and you get 1.1 UR min per $.  But otherwise, I agree, and the 5% cap is so low that I am sometimes surprised at the love this card gets (and I really don't get why anyone thinks revolving categories is good!)


They're offered at a lower credit strata than something like the Cash+, JCB Makurai, a Fidelty Amex (or other 2%) or possibly even a C1 quicksilver though I'm doubtful on this one, though might be the QuicksilverOne which has an AF at the 640ish strata the Freedom and IT underwrite at.  $0 AF is another one of those sacred cows on this forum come to think of it.

 

That's a good point on the UR rewards; I should probably look into that since moving more and more of my financial life to Chase seemingly though I still suspect could manage the process or just go get a higher tier Chase card anyway for limit purposes.

 

Personally I hate revolving categories and my Freedom historically sits idle for months out of the year, but the Freedom's 5% currently on restaurants I'll make use of for now until the cap.




        
Message 34 of 56
maiden_girl
Valued Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@Revelate wrote:

I have a stupid question: does anyone actually use their Freedom for default spend in the current credit market with so many 1.5% and better options easilly available?

 

In my case since the Freedom is capped at $1500 for 5% for calendar 3 months, my own 1K Freedom CL is just fine for me and that's with Chase having recently approved me for 5K on a different card but I don't see a whole lot of point asking for a CLI on it as it's just not needed in my use case?

 

For me rewards matter, limit really doesn't except for my big purchase cards, which the Freedom explicitly isn't.

 


I actually do use my Freedom card as my default card because I shop through the UR mall so I find the point bonus to be quite beneficial. I don't ever charge 1,500 in a month so the spending cap is totally fine with me. Lol. I'm sure I could get a card with 1.5% cash back but meh...Chase has been good.

As of 2017, rebuilding...
Message 35 of 56
eagle2013
Established Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@Revelate wrote:

I have a stupid question: does anyone actually use their Freedom for default spend in the current credit market with so many 1.5% and better options easilly available?

 


I have a Chase checking account, so the 10% annual bonus on Freedom points is okay for default spend. However, I tend to use most of my default spend on AMEX.

 

For me it is better to limit my exposure on the 5% rotating category cards (Discover It and Freedom). My limits on both are ~$2.5-3k, so that is plenty sufficient for category spend. I don't see myself requesting any CLIs, especially not a HP.

 

I would suggest the OP to reconsider and try to get the account re-opened. This month especially is a decent category (restaurants) where you can earn some cash back and it doesn't cost you anything. The Freedom is always something good to have in your portfolio, as I said, for category spend.

Message 36 of 56
score_building
Senior Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@wHiTeSoL wrote:

@navigatethis12 wrote:

Chase gave you 2000 in credit, and that doesn't seem to be that out of line with the other accounts you have. You said that next year they'd all be one year old, so does that mean you've opened a lot of accounts recently? If so, that doesn't look like a good risk to them.

 

Chase is number 2 in limits for me, with number 1 on ther personal credit report. They really had no problem giving me the highest limits out of all personal issuers. Of course, I showed them good usage and payment history, which warranted the higher limits. If you kept the card and used it for one year, not only could you have gotten a decent increase, but you may have gotten another high approval. The $500 gasoline card is history, but with a low limit and not being a Visa(or is it?), there isn't much for them to go on. They gave you a chance to show responsibility with the Freedom and you turned it down.


I'm going to have to agree with Navi on this one. Based on what I see in your sig it doesn't seem like it's out of line with the rest of your TLs, save USAA which is known to be really liberal. Do i personally think you made a good/bad decision? Eh. But you did make an emotional decision which is almost never a good thing when it comes to making business decisions.

8 Months of good ontime history on your BP card certianly is a good thing but you need to remember, 8 months in the context of credit history is a small drop in the bucket.

Mailers isn't a good indication of how a bank feels about your save a few broad requirements, DW gets 3-4 Discover mailers each week but that doesn't mean she's a better or worse canidate than I am for the card or that she will get more/less of a CL. 

 

@When i got my freedom card it was my first from chase @ $1k, 8 months later it jumped to $12k so it wasn't the end of the world to start off where it did. 


This.

 

Sorry it didn't work out this time around but OP seems to be allowing an overdevloped sense of entitlement and overreaction to very common csr misspeak get the best of an approved app for a nice card with a reasonable starting limit. In any case, better luck next time.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 37 of 56
peaceonearth
Established Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@Credit-hoarder wrote:

@newUser0: From the conversation I had with the CSR last night-they weren't going to budge on anything-unless i was willing to take a second HP. And last night I found some other old threads where they screwed a few other people over.  I still have one card with them and there are plenty of other lenders out there.


Not as many as it used to be. The numbers are shrinking.
Message 38 of 56
peaceonearth
Established Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@Credit-hoarder wrote:

@Kenny RS: Thanks. Chase sent me 5 mailers in the last 3 months. I can be as patient as the next person-but I would think after 8 months of patience and trying to make smarter decisions, i would have finally made it past the Credit One/First Premier toy limit stage.


8 Months? not enough time...

Message 39 of 56
Credit-hoarder
Valued Contributor

Re: Adios Chase Freedom-Thanks-But No Thanks


@longtimelurker wrote:

Too much angst on both sides IMO!   Yes, the OP may have overreacted to what he/she perceived as dishonesty  (Remember, the original complaint was not just the low CL, although everyone including OP has focused on that recently, it was also the SP/HP discussion).   But it's not as if someone has been killed, the OP closed a credit card after an HP.  Other issuers will come along and the OP won't suffer terrible consequences for this deed


+1. Okay everyone maybe it was a good/bad-emiotional-whatever decision. Like longtimelurker said, there were no dire consequences and no one was killed nor was my credit completely destroyed by closing it. This was clearly a case of live and learn. It's not like I verbally or in written form cursed out any of the Chase staff and got myself black-listed, so i'll simply wait until next year and MAYBE re-apply.. By then all of my accts. will be 8 months older and maybe I'll have better results.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 40 of 56
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