topic Re: CHASE FREEDOM CLOSED!? in Credit Cards

CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 04:39:53 GMT

Please help here!

I have had my Chase Freedom credit card for 4 months now and literally the only things I have purchased was gasoline, restaurants, and recently a $50 gift card from Best Buy. I called Chase after receiving an alert about my account being terminated and the representative explained the account was being closed due to "an approximate amount of $50.00 at Best Buy, which is an abuse of our terms and conditions as users are abusing the rewards program"

I have a credit score of 710 from Equifax and have not had any inquiries or new accounts since 4 months.

Re: CHASE FREEDOM CLOSED!?

NRB525 — Sun, 28 Dec 2014 04:42:46 GMT

@Anonymous wrote:
Please help here!

I have had my Chase Freedom credit card for 4 months now and literally the only things I have purchased was gasoline, restaurants, and recently a $50 gift card from Best Buy. I called Chase after receiving an alert about my account being terminated and the representative explained the account was being closed due to "an approximate amount of $50.00 at Best Buy, which is an abuse of our terms and conditions as users are abusing the rewards program"

I have a credit score of 710 from Equifax and have not had any inquiries or new accounts since 4 months.

Sorry to hear that, others are reporting similar shut downs. Do you recall what specifically you bought at Best Buy?

Edit: Gift card. Are you still trying to make a minimum spend for a bonus earning?

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 04:44:49 GMT

This has to be a joke.. I really hope it is.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 04:48:31 GMT

Wow, Chase... Good going AGAIN.

It's actually making me quite scared a little bit to app for the Freedom next year.. And as a store associate at Best Buy, we've had a lot of people purchase $25, $50, even $100 gift cards on their Chase Freedom..... Maybe I should start alerting all the cardholders I see before they swipe, lol.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 04:47:35 GMT

Unfortunately, this is not a joke. I'm beyond p*ssed at the moment that I'm contemplating on closing my checking & savings account with them as we speak.

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 04:48:00 GMT

That isn't against the T&C's or at least I don't believe it is.. As stated in another thread on there website they were promoting buying Amazon GC's to get 5% back for the quarter.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 04:55:00 GMT

@Anonymous wrote:
Please help here!

I have had my Chase Freedom credit card for 4 months now and literally the only things I have purchased was gasoline, restaurants, and recently a $50 gift card from Best Buy. I called Chase after receiving an alert about my account being terminated and the representative explained the account was being closed due to "an approximate amount of $50.00 at Best Buy, which is an abuse of our terms and conditions as users are abusing the rewards program"

I have a credit score of 710 from Equifax and have not had any inquiries or new accounts since 4 months.

Now something is definately up/going on at chase. How did they know the transaction at best buy was a gift card? It is the holiday season and maybe it was a present to someone? That is just ridiculous for closing the card.

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 04:56:57 GMT

Interesting article I just ran across...

http://millionmilesecrets.com/2014/09/07/how-to-keep-your-chase-credit-cards-from-being-shut-down/

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 04:58:43 GMT

@CreditCuriousity wrote:
Interesting article I just ran across...

http://millionmilesecrets.com/2014/09/07/how-to-keep-your-chase-credit-cards-from-being-shut-down/

Wow.. I am on darius's site reading the same thing (million miles secret). Something is definately going on at chase.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 05:03:57 GMT

Precisely. They must have taken a hard hit with some rewards abuse here recently. To cancel someones credit card (especially a loyal customer like our OP with the checking & savings account with the company) because of a $50 gift card purchase is purely despicable.

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 05:07:01 GMT

I am not reading anything in the update T&C saying GC's are abusing the system.. Skimmed through it completely... Opening and closing the account just for bonus purposes and such thing are or moving UR's points 3rd parites and stuff like that, but no mention how a little $50 GC could or would cause this.. Unless they are looking for reasons to close accounts.. Bottom line what I have read is if you meet the bonus and stop using your card al together you might have AA.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 05:11:36 GMT

@CreditCuriousity wrote:
Interesting article I just ran across...

http://millionmilesecrets.com/2014/09/07/how-to-keep-your-chase-credit-cards-from-being-shut-down/

After reading darius's article (million miles secret), it seems chase to following in Amex full step with the disclosures stating exactly what not to do with the card. I read today (wish I can find the arcicle) of the guy who got the chase freedom and was buying 1 cent amazon gift card to get on a specific matching category. By the time chase shut him down, he made aof like a bandit. This is worrying..

This is the other article about another person who got closed out..http://saverocity.com/travel/chase-closed-bank-account-manufactured-spending-interview/

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 05:18:40 GMT

@CreditCuriousity wrote:
I am not reading anything in the update T&C saying GC's are abusing the system.. Skimmed through it completely... Opening and closing the account just for bonus purposes and such thing are or moving UR's points 3rd parites and stuff like that, but no mention how a little $50 GC could or would cause this.. Unless they are looking for reasons to close accounts.. Bottom line what I have read is if you meet the bonus and stop using your card al together you might have AA.

So, um..

If I open 5 Chase cards, Meet the spend on them one by one by using one until the spend is met and moving on to the next, I can be subject for AA? Even if it's only until such spend is met?

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 05:22:59 GMT

I am actually expecting to have my account shut down after what I am seeing and reading now from my research..

Why would they put a carrot out in front of you spend $500 and get $200 back? Of course I am going to do this in the first few days if I can..... One of my purchases was an Amazon GC... Since meeting the 500 I have put another 150 on it, but havent used it in the last week due to meeting spedning requirements on my Amex.

I think this has only began..... This is getting a bit scary now.. Nothing you can really do other then see if you are going to get hit.

I think the Carrot on the stick is the BS part of it...

Re: CHASE FREEDOM CLOSED!?

NRB525 — Sun, 28 Dec 2014 05:23:01 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
I am not reading anything in the update T&C saying GC's are abusing the system.. Skimmed through it completely... Opening and closing the account just for bonus purposes and such thing are or moving UR's points 3rd parites and stuff like that, but no mention how a little $50 GC could or would cause this.. Unless they are looking for reasons to close accounts.. Bottom line what I have read is if you meet the bonus and stop using your card al together you might have AA.
So, um..

If I open 5 Chase cards, Meet the spend on them one by one by using one until the spend is met and moving on to the next, I can be subject for AA? Even if it's only until such spend is met?

Winner!

I am now taking the view with my Freedom card that it will be expendable. I'll use it for some stuff, but not much. And since Chase is alreay on my eggshells list, I am prepping myself to move on if necessary.

And those on this board who track specific 5% categories between Freedom, Discover, and Sallie Mae? You are hereby on notice from Chase: They will not take kindly to this "rewards management" trick.

Re: CHASE FREEDOM CLOSED!?

CreditCuriosity — Sun, 28 Dec 2014 05:24:28 GMT

@Anonymous wrote:
@CreditCuriousity wrote:
I am not reading anything in the update T&C saying GC's are abusing the system.. Skimmed through it completely... Opening and closing the account just for bonus purposes and such thing are or moving UR's points 3rd parites and stuff like that, but no mention how a little $50 GC could or would cause this.. Unless they are looking for reasons to close accounts.. Bottom line what I have read is if you meet the bonus and stop using your card al together you might have AA.
So, um..

If I open 5 Chase cards, Meet the spend on them one by one by using one until the spend is met and moving on to the next, I can be subject for AA? Even if it's only until such spend is met?

At least on your Freedom and CSP .. Yes! If you read the new T&C on the freedom and chase on article i linked they were updated.....

Re: CHASE FREEDOM CLOSED!?

NRB525 — Sun, 28 Dec 2014 05:25:03 GMT

@CreditCuriousity wrote:
I am actually expecting to have my account shut down after what I am seeing and reading now from my research..

Why would they put a carrot out in front of you spend $500 and get $200 back? Of course I am going to do this in the first few days if I can..... One of my purchases was an Amazon GC... Since meeting the 500 I have put another 150 on it, but havent used it in the last week due to meeting spedning requirements on my Amex.

I think this has only began..... This is getting a bit scary now.. Nothing you can really do other then see if you are going to get hit.

I think the Carrot on the stick is the BS part of it...

The only way to manage it is to load the card with other "non-reward" spending, the way I read it. They want the swipe fees, and they offer the Bonus Categories as a dessert, not the main course.

This is indeed a major issue.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 05:25:56 GMT

@NRB525 wrote:
@Anonymous wrote:
@CreditCuriousity wrote:
I am not reading anything in the update T&C saying GC's are abusing the system.. Skimmed through it completely... Opening and closing the account just for bonus purposes and such thing are or moving UR's points 3rd parites and stuff like that, but no mention how a little $50 GC could or would cause this.. Unless they are looking for reasons to close accounts.. Bottom line what I have read is if you meet the bonus and stop using your card al together you might have AA.
So, um..

If I open 5 Chase cards, Meet the spend on them one by one by using one until the spend is met and moving on to the next, I can be subject for AA? Even if it's only until such spend is met?
Winner!
I am now taking the view with my Freedom card that it will be expendable. I'll use it for some stuff, but not much. And since Chase is alreay on my eggshells list, I am prepping myself to move on if necessary.

And those on this board who track specific 5% categories between Freedom, Discover, and Sallie Mae? You are hereby on notice from Chase: They will not take kindly to this "rewards management" trick.

I was planning on consolidating some cards at the end of next year regardless. Roll CSP into my Ritz, SWA into my Marriott, Leave Freedom as is.

Re: CHASE FREEDOM CLOSED!?

NRB525 — Sun, 28 Dec 2014 05:26:32 GMT

And for those who are singing the praises of Chase recently, beware the bear. It has changed.

Re: CHASE FREEDOM CLOSED!?

Anonymous — Sun, 28 Dec 2014 05:27:52 GMT

I just hope Discover doesn't get on the gravy train with Chase and start doing their customers like this & terminating their accounts for this silly issue. I've already purchased a good amount of GC's with my new Discover It (and at department stores).