topic Re: CSP to FU - What's the best way? in Credit Cards

CSP to FU - What's the best way?

Anonymous — Tue, 23 Aug 2016 17:42:47 GMT

I opened a CSP last August. It has been a full year that I've had the card however I've not yet been billed the AF yet. In the meantime, I was approved for Mastercard's Titanium card which carries a $195 AF. There's no need for me to have two cards with an AF, so I want to close my CSP while I still can before I have to pay the fee. I want to go to the Freedom Unlimited but I'm wondering - what is the best way for me to do this?

I spoke to a Chase rep today and she said they could downgrade me to the FU card, my CL would transfer, etc., etc. But I wouldn't get the sign-up bonus ($150 after spending $500 in three months) since it wouldn't technically be a "new" account. Or I can close the CSP card, apply for the FU card to get the sign up bonus, but then I close a year old account and take another hard pull to my credit. Is the $150 worth it?

What should I do?

Re: CSP to FU - What's the best way?

newhis — Tue, 23 Aug 2016 17:59:08 GMT

It's all about limits with Chase. If you have a low limit with your card, then it can make sense to apply for a new card then transfer the limit and close the old card.

Only for $150 a HP and new account is not worth it for many people. It all depends on your credit goals.

Re: CSP to FU - What's the best way?

Anonymous — Tue, 23 Aug 2016 18:04:39 GMT

@newhis wrote:
It's all about limits with Chase. If you have a low limit with your card, then it can make sense to apply for a new card then transfer the limit and close the old card.

Only for $150 a HP and new account is not worth it for many people. It all depends on your credit goals.

My CSP has a $6,400 limit. It's never been increased. If I applied for a new card, say with a $5,000 limit, are you saying it'll be possible to transfer the limit from my CSP to the new account (for a total of $11,400) and then close the CSP? Or does the higher limit replace the other limit?

I am aiming for a score of 800. I'm sitting at 762 at the moment.

Re: CSP to FU - What's the best way?

Scupra — Tue, 23 Aug 2016 18:04:50 GMT

Can I ask why you would choose the Titanium Card over the Sapphire Preferred? Just curious

Re: CSP to FU - What's the best way?

newhis — Tue, 23 Aug 2016 18:33:28 GMT

@Anonymous wrote:
My CSP has a $6,400 limit. It's never been increased. If I applied for a new card, say with a $5,000 limit, are you saying it'll be possible to transfer the limit from my CSP to the new account (for a total of $11,400) and then close the CSP? Or does the higher limit replace the other limit?

I am aiming for a score of 800. I'm sitting at 762 at the moment.

If you apply for FU and get it, then you can call or send a secure message, tell them how much limit you want to transfer from CSP to FU. If you haven't used your card for 90 (?) days, then they can transfer all the limit, if you used it, then they will leave $500 or so on your account.

My DW asked by secured message to transfer all the limit from one card to another and close the card. After 2 days she received a message that they were able to do it. She didn't use the old card for more than 100 days (no purchases, no payments).

It doesn't matter if they approve the new card with 5k or 10k, you can transfer limit between any Chase card.

Good luck.

Re: CSP to FU - What's the best way?

noobody — Tue, 23 Aug 2016 18:44:07 GMT

Mastercard's Titanium, best travel card in Barclay's universe.

Re: CSP to FU - What's the best way?

Scupra — Tue, 23 Aug 2016 18:56:04 GMT

The more I look at the Titanium Mastercard, the more I think you are closing the wrong card.. What are your future goals for points? What features are you wanting out of your credit cards?

Better plan.. App for Freedom Unlimited and transfer points to CSP

Re: CSP to FU - What's the best way?

Anonymous — Tue, 23 Aug 2016 19:04:51 GMT

Or you could just product change your CSP to the CSR and take advantage of the benefits the $195 a year Titanium card doesn't offer.

I started a thread a while back talking about the three cards MasterCard offers through Barclays... It seems as if having a CSR or CSP over a Barclays Titanium card is a no-brainer. I am also curious to know why you applied for the Titanium card... It's not for the build is it?

Re: CSP to FU - What's the best way?

Credit_hawk — Tue, 23 Aug 2016 20:27:58 GMT

I was wondering why you guys were dogging him out so I pulled it up and I now see why. But to some people the look outweighs the benefits and that's fine.

Re: CSP to FU - What's the best way?

Scupra — Tue, 23 Aug 2016 20:33:29 GMT

@Credit_hawk wrote:
I was wondering why you guys were dogging him out so I pulled it up and I now see why. But to some people the look outweighs the benefits and that's fine.

I am not trying to be negative, please don't take it that way. Just trying to help the OP make a better informed decision that is probably MUCH better for his/her profile.

And hey, CSP is metal too

Re: CSP to FU - What's the best way?

Anonymous — Wed, 24 Aug 2016 00:30:20 GMT

Okay. This didn't go the direction I wanted it to. Not really interested in debaiting Titanium over CSP or CSP over CSR. Just looking for advice on the question asked in the original post!

Re: CSP to FU - What's the best way?

joltdude — Wed, 24 Aug 2016 00:47:39 GMT

@Scupra wrote:
Can I ask why you would choose the Titanium Card over the Sapphire Preferred? Just curious

I was curious too.. Another MyFico'er who "just wants to hear what they want" and I was curious too.. Found the answer in this thread..

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Applied-for-the-new-Titanium-Card-from-Mastercard-Barclays-was-I/m-p/4713287

Scroll up to the start of the the linked thread. for some reason i keep getting dumped at the end of the thread with the link.

-J

Re: CSP to FU - What's the best way?

Anonymous — Thu, 25 Aug 2016 20:11:13 GMT

@joltdude wrote:
@Scupra wrote:
Can I ask why you would choose the Titanium Card over the Sapphire Preferred? Just curious
I was curious too.. Another MyFico'er who "just wants to hear what they want" and I was curious too.. Found the answer in this thread..

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Applied-for-the-new-Titanium-Card-from-Mastercard-Barclays-was-I/m-p/4713287

Scroll up to the start of the the linked thread. for some reason i keep getting dumped at the end of the thread with the link.

-J

(Mod Cut)

I would say don't close the CSP, just downgrade to the FU and forgo the bonus to avoid the extra hard pull for a second app. Congrats on the Titanium approval!

Re: CSP to FU - What's the best way?

Anonymous — Wed, 24 Aug 2016 03:08:47 GMT

Thanks to those that actually offered advice pertinent to the original post.

To those that didn't, I am well aware that the Titanium Card's rewards are sub par in comparison to the CSP card, but that's not why I'm here. I did my research between the cards and decided I wanted the Titanium Card. Why I made that decision, be it for status, rewards, concierge, a metal card, whatever, is not up for question here as it does not concern anyone. I would have gone to Reddit if I wanted to be ridiculed for the decisions I make.

I simply wanted to know the best way to go about downgrading my CSP to the FU card and it seems everyone here is more concerned as to why on God's green Earth I would ever do something so dispicable in getting the Titanium Card.

Thanks guys.

Re: CSP to FU - What's the best way?

Scupra — Wed, 24 Aug 2016 05:46:26 GMT

Whoa, all I was doing was asking a question to help YOU. I specifically stated that I am not being negative and am only trying to help you make the best decision. I apologize if you think that is me "ridiculing" you.

Your best bet would be to apply for the Freedom Unlimited and move the limit from CSP to FU, providing you are under 5/24. Doing it this way will allow you to take advantage of the sign up bonus and obtain a higher CL. Worst case you get denied the FU and then just PC to the FU.