topic got my new chase freedom terms in Credit Cards

got my new chase freedom terms

corradovr6 — Thu, 12 Nov 2015 02:40:13 GMT

as some have talked about i received my new chase freedom terms in the mail yesterday. almost two years of no lates or anything and they congratulated me with an increase in everything that i didn't want an increase in. would this could this lead to them just canceling my card for no reason or will other cards follow this suit. i forget if apr is on credit reports. will this cause other cards to get scared?

Re: got my new chase freedom terms

Anonymous — Thu, 12 Nov 2015 12:48:00 GMT

Sorry to hear about your new terms.
On the other side, I'm hoping my new 8% terms on one card makes my other cards scared. They hide on the other side of my wallet. LOL.

Re: got my new chase freedom terms

StartingOver10 — Thu, 12 Nov 2015 13:00:09 GMT

@corradovr6 wrote:
as some have talked about i received my new chase freedom terms in the mail yesterday. almost two years of no lates or anything and they congratulated me with an increase in everything that i didn't want an increase in. would this could this lead to them just canceling my card for no reason or will other cards follow this suit. i forget if apr is on credit reports. will this cause other cards to get scared?

No, the APR isn't on your credit reports. It is between you and the individual creditor.

Re: got my new chase freedom terms

takeshi74 — Thu, 12 Nov 2015 14:09:46 GMT

@corradovr6 wrote:
i forget if apr is on credit reports.

How often are you checking your reports if you don't know? Make sure you're regularly checking all 3.

APR is not on reports.

@corradovr6 wrote:
would this could this lead to them just canceling my card for no reason or will other cards follow this suit.

@corradovr6 wrote:
will this cause other cards to get scared?

No. That's an effect, not a cause. Your credit profile is the cause. Creditors have different levels of risk tolerance so we can't tell you whether or not you'll see such action from other creditors. We also can't tell you if you will end up with a closed account. These are possibilities but, again, it all depends on your credit profile and the risk tolerance of your creditors. There is definitely a reason based on risk assessment. Not knowing/understanding the reason does not mean that it does not exist.

@corradovr6 wrote:
as some have talked about i received my new chase freedom terms in the mail yesterday. almost two years of no lates or anything

While 2 years of no lates is a good thing, your entire Payment History and your entire credit profile matter.

Re: got my new chase freedom terms

corradovr6 — Thu, 12 Nov 2015 21:48:41 GMT

thanks for the responses. had spotty credit 4 or so years ago but have been perfect since. never over 10% utilization. give a guy a 7000 dollar starting limit couple years after bad credit but good since and kind of getting penalized.

Re: got my new chase freedom terms

daybreakgonesXe — Fri, 13 Nov 2015 01:13:21 GMT

OP, I received these new terms too for both Freedom and Sapphire. While the purchase APR rate is the same, the cash advance rate shot up drastically, as well as the fee for balance transfers (from 3% to 5%). Also looks like there's changes for the late payment fee too. Did you have other changes with your account?

None of these personally effect me, but I do wonder if they'll keep sending the same balance transfer offers (0% with a 2% balance transfer fee). I have taken advantage of them in the past.

Re: got my new chase freedom terms

Anonymous — Fri, 13 Nov 2015 04:43:25 GMT

I got my new terms in the mail tonight for Chase Freedom card. APR jumped from 19.24% to 24.99%. I don't ever carry a balance on it, so it could have 50% APR and it wouldn't ever matter, wondering why the sudden change in terms? I have 30k CL on the card and go between it and AMEX Platinum for daily purchases. 775 average credit score and no late payments or negative accounts ever reported.

As I have such a generous CL with Chase, if it weren't for that I would be getting rid of the card all together.

Re: got my new chase freedom terms

corradovr6 — Fri, 13 Nov 2015 07:30:02 GMT

Everything went up for me, transfers, late payment, etc. plus apr which is annoying me more than anything. None if it really affects me in the long run. Don't carry a balance. Don't do transfers. Just taking the apr thing more personally after being more acute to credit. Feels like a step back. Plus back of my head- is this making them lean towards closing an account for whatever reason in the future. the brunt of it just gets 5% catergories.

Re: got my new chase freedom terms

Anonymous — Fri, 13 Nov 2015 07:37:35 GMT

Uh no probably meaning prime exchange rate might be going up but who knows.. If no balance carry who cares about interest rate.. Now if I get a notice on mail and it says ur home loan is going up u start worrying

Re: got my new chase freedom terms

corradovr6 — Fri, 13 Nov 2015 07:42:43 GMT

lol, this is true. trying to get rid of the home loan as quick as possible to avoid that headache. 2 jobs and 84 hours a week probably isn't good for my health though

Re: got my new chase freedom terms

Anonymous — Fri, 13 Nov 2015 08:22:43 GMT

U shouldnt get a letter for ur home loan unless ur on a 5/1