topic Re: Chase Slate Credit Card - Christmas Spirit in Credit Cards

Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 15:28:34 GMT

Howdy MyFico'rs

Thought I would share a story of Christmas Cheer from Chase and their Slate Credit Card. Its a story of 0% intrest for 18 months and a Balance Transfer... Last month while giving thanks to the Credit Card industry, I decided to do my first Balance Transfer it was from my Cap One to my Chase Slate with 0% intrest for 18 months... A good reason do give thanks this Thanksgiving... The Balance Transfer went through and all was well as we started decorating for the Christmas Season, decorations coming out, lights going up, truly a season for joy and merriment...

Alas, the joyous holiday season was cut short by the by the Joyous Message for The Holiday Season from Chase Slate Card... Joy turned to fear as was it something I did, was it something I did'nt do???

Dread.png

I called the customer service line and spoke with Trevor, alas it was from Chase Slate, alas, it was real... Alas, if I dont use my card after my balance transfer last month they will shut my card down?!?!?!?!? What the?????

Be warned my fellow myFico'rs, a season of joy can turn into a season of dread as the credit card companies passive agressivly threaten you with closure for not using your card... Even if you do a balance transfer... Be warned of Christmas Yet To Be!!!!!!

Re: Chase Slate Credit Card - Christmas Spirit

HeavenOhio — Fri, 07 Dec 2018 15:40:48 GMT

I would think that a balance transfer and monthly payments would constitute activity. Call in again and see if the next rep tells the same story as Trevor. You may want to talk to a supervisor.

Obviously, you don't want to spend on a card that's carrying a balance transfer unless you also have 0% for purchases.

Re: Chase Slate Credit Card - Christmas Spirit

AverageJoesCredit — Fri, 07 Dec 2018 15:43:52 GMT

Chase has gone off the deep end. A BT DOES count for activity and especially on a balance trsnsfer promoted card. Bah humbug to Chase. Glad i dont need them in my wallet

Re: Chase Slate Credit Card - Christmas Spirit

K-in-Boston — Fri, 07 Dec 2018 16:03:33 GMT

Chase (and others) have very delayed email and mail marketing.* It sounds like you haven't used the card in a while, so that was a courtesy email that has likely been in the pipeline for a while (prior to your balance transfer) to warn you that your account may be closed due to inactivity. Any activity counts as activity and as stated already that would include the balance transfer and the payments on it. After doing a balance transfer, if a statement closes where you didn't pay your entire statement balance (including the full amount of the remaining BT amount, any fees, and new purchases prior to the statement closing date) you lose your grace period on new purchases and they will begin to accrue interest immediately, which doesn't matter if you have a 0% purchase APR but that's unlikely on an existing card. Out of curiosity, when was the last time you used the card for anything?

* Edit: As an example, I got an email last month encouraging me to refer my friends on my Chase Sapphire Preferred card. That card was changed to a Sapphire Reserve months ago. I think you have nothing to worry about.

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:04:36 GMT

Even if the BT itself doesn't count as "activity" toward keeping your card open, the payments will. Maybe make an early payment to get the ball rolling?

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:05:50 GMT

Actually only used it for the Balance Transfer in Nov. But will use it now seeing that I need too... Or it will close...

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:06:48 GMT

Did just that in Nov...

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:14:56 GMT

Just made an eBay purchase with it this morning...

Re: Chase Slate Credit Card - Christmas Spirit

K-in-Boston — Fri, 07 Dec 2018 16:30:31 GMT

@Anonymous so you've had the card for a long while but just never used it until last month for the BT? Again, the BT counts as activity! Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:35:17 GMT

@K-in-Boston wrote:
@Anonymous so you've had the card for a long while but just never used it until last month for the BT? Again, the BT counts as activity! Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.

Got the card back in April made the Balance Transfer in October, first payment Nov then got the email. Made the small purchase today...

Re: Chase Slate Credit Card - Christmas Spirit

HeavenOhio — Fri, 07 Dec 2018 16:36:59 GMT

Definitely call Chase and ask for a payment amount that'll cause you to avoid any more interest than necessary on the purchase. I'd try to do that as soon as the charge posts.

Re: Chase Slate Credit Card - Christmas Spirit

K-in-Boston — Fri, 07 Dec 2018 16:41:55 GMT

@Anonymous wrote:
@K-in-Boston wrote:
@Anonymous so you've had the card for a long while but just never used it until last month for the BT? Again, the BT counts as activity! Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.
Got the card back in April made the Balance Transfer in October, first payment Nov then got the email. Made the small purchase today...

Yeah, that was just a delayed marketing email then to try to get you to use the card. If the BT was done in October, then your purchase will begin to accrue interest on the day the charge posts and will continue to accrue interest until the entire statement balance (including the balance transfer) has been paid off. However, since you just opened the card in April I'm assuming you also have a 0% introductory APR? In that case, no harm done! You accrue interest on the purchase but it's 0%.

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Fri, 07 Dec 2018 16:43:39 GMT

@K-in-Boston wrote:
@Anonymous wrote:
@K-in-Boston wrote:
@Anonymous so you've had the card for a long while but just never used it until last month for the BT? Again, the BT counts as activity! Now that you have already made the purchase, it's a little late but you're going to pay some (likely tiny) interest on it.
Got the card back in April made the Balance Transfer in October, first payment Nov then got the email. Made the small purchase today...
Yeah, that was just a delayed marketing email then to try to get you to use the card. If the BT was done in October, then your purchase will begin to accrue interest on the day the charge posts and will continue to accrue interest until the entire statement balance (including the balance transfer) has been paid off. However, since you just opened the card in April I'm assuming you also have a 0% introductory APR? In that case, no harm done! You accrue interest on the purchase but it's 0%.

Your assumption is correct. 18 months at 0% APR...

Re: Chase Slate Credit Card - Christmas Spirit

Turbobuick — Fri, 07 Dec 2018 18:52:09 GMT

Me too. Looks like I need to buy a pack of gum. It's one of my oldest cards with a higher CL, but worthless in my wallet. The semi-positive spin they put on using the card is humorus compared to the past letters of use or lose it.

2018-12-07_104300.jpg

Re: Chase Slate Credit Card - Christmas Spirit

RonM21 — Sat, 08 Dec 2018 01:39:03 GMT

@K-in-Boston wrote:
Chase (and others) have very delayed email and mail marketing.* It sounds like you haven't used the card in a while, so that was a courtesy email that has likely been in the pipeline for a while (prior to your balance transfer) to warn you that your account may be closed due to inactivity. Any activity counts as activity and as stated already that would include the balance transfer and the payments on it. After doing a balance transfer, if a statement closes where you didn't pay your entire statement balance (including the full amount of the remaining BT amount, any fees, and new purchases prior to the statement closing date) you lose your grace period on new purchases and they will begin to accrue interest immediately, which doesn't matter if you have a 0% purchase APR but that's unlikely on an existing card. Out of curiosity, when was the last time you used the card for anything?

* Edit: As an example, I got an email last month encouraging me to refer my friends on my Chase Sapphire Preferred card. That card was changed to a Sapphire Reserve months ago. I think you have nothing to worry about.

This makes a ton of sense. Up until this point I had never heard of a balance transfer not counting as usage of an account. I think this theory is a more logical explanation.

Re: Chase Slate Credit Card - Christmas Spirit

Anonymous — Sat, 08 Dec 2018 02:06:19 GMT

@Turbobuick wrote:
Me too. Looks like I need to buy a pack of gum. It's one of my oldest cards with a higher CL, but worthless in my wallet. The semi-positive spin they put on using the card is humorus compared to the past letters of use or lose it.

2018-12-07_104300.jpg

Good to see I have someone else to share a cup of Christmas Cheer with!!! Merry Chistmas to One and All!!! *Please see small print - *Members of Chase Slate Card...