topic Re: Moved Limit from CSP to Amazon Prime in Credit Cards

Moved Limit from CSP to Amazon Prime

Gunnerboy — Wed, 06 Nov 2019 05:46:51 GMT

Three days ago, the annual fee finally hit on my CSP ($10,700 CL / no balance / no spending activity for the past three months).

Last night, I called Chase to consolidate the entire CSP limit into my Amazon Prime Rewards Visa. "Mary" informed me that only $9,605 was eligible to be consolidated. I asked for clarification about the $1,095 that was ineligible. Her cryptic response was that it was because the $95 annual fee posted. I followed up asking about the $1,000, but her response was a long-winded, barely-audible script. In the end, I asked her to move an even number -$9,600- to my Amazon card, then to close my CSP.

So, in my prior searches here, I thought that we were allowed to move an entire CL, providing there is no spending activity in the last three months?

Re: Moved Limit from CSP to Amazon Prime

Peteyglad — Wed, 06 Nov 2019 16:08:14 GMT

I don't think the no activity in 3 months was ever a hard and fast rule. Chase before has let me move an entire limit with no activity for a month and they made me keep $500 on a card when there had been no activity for 6 months.

The last experience I have is 6 months or so ago my wife was able to move an entire limit from her CSP to her Hyatt after the annual fee had posted and there had been no activity for a month or two.

Re: Moved Limit from CSP to Amazon Prime

Remedios — Wed, 06 Nov 2019 16:16:27 GMT

I am not familiar with 3 months rule but it's great they allow limits to be moved, isn't it. Sure as heck beats a HP that may or may not yield desired outcome.

I'd gladly give up such a minuscule amount to avoid HP

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 17:25:52 GMT

They might consider the additional CL not transferable like "bonus" credit.

For instance, if you had 3 Chase cards with a total CL of $55,000, and they are unwilling to increase any of those lines, but you apply for a 4th card. They may approve, but give you only a $500 limit on that 4th card. And then you decide to move the entire CL of one of the 3 cards onto your 4th new card and then close it, they may move all but $500 of the CL to your 4th card, thus erasing the "bonus" CL you got when you opened the 4th card.

It seems as if they keep a "bonus" limit amount for having the card (additional credit they would not grant you but do in order to possess the card). After closing your CSP, they may think you have $1,000 too much credit that they want to recoup after you close it.

Just a theory.

Re: Moved Limit from CSP to Amazon Prime

NRB525 — Wed, 06 Nov 2019 17:42:06 GMT

As far as I can tell, it would be necessary for a bank to include some level of credit limit on a revolving account, even if the intended next step is outright closure. With an AF card, that could justify the $1k + AF minimum limit to be on the card.

Seems a small non-cash price to pay to move the remaining limit to an open card.

After all, any credit limit is just pretend money, until such time as you draw on it, and at that moment it becomes a real obligation you have to pay back, potentially with substantial interest cost to boot.

Congrats on the consolidation, and on making the choice to close a card to simplify your portfolio and avoid unnecessary AF costs.

Re: Moved Limit from CSP to Amazon Prime

FinStar — Wed, 06 Nov 2019 17:48:32 GMT

@Peteyglad wrote:
I don't think the no activity in 3 months was ever a hard and fast rule. Chase before has let me move an entire limit with no activity for a month and they made me keep $500 on a card when there had been no activity for 6 months.

The last experience I have is 6 months or so ago my wife was able to move an entire limit from her CSP to her Hyatt after the annual fee had posted and there had been no activity for a month or two.

Right. IME, although I haven't had to reallocate in some time, all of the CL from the donor card was able to get transfered, whether it was 30 days or 3-5 months of no activity or once the accounts had cycled.

Seemingly, it's an internal restriction that may allow only certain portions of the CL to be reallocated, whether it is $500 or greater. The system may take into consideration tthings like account age, internal beacon score along with overall exposure as some of the main components.

Re: Moved Limit from CSP to Amazon Prime

Aim_High — Wed, 06 Nov 2019 18:58:33 GMT

@Peteyglad wrote:
The last experience I have is 6 months or so ago my wife was able to move an entire limit from her CSP to her Hyatt after the annual fee had posted and there had been no activity for a month or two.

That is actually surprising to me that they allowed you to move an entire balance. My experience with Chase is that they typically require you to keep $500 minimum on the donor card, regardless of activity level. (I'm not sure why they were requiring $1K + the $95 AF in the OP's case.) Other than that, they've been very easy to deal with moving limits between cards. I found that getting higher limits with Chase through this method (adding cards which eventually would be closed and consolidated) is much easier than just calling and asking for a CLI. It seems they are glad to approve you for a new line of credit but more reluctant to approve increases unless there is a lot of activity and use of existing credit line. I took a few HP's over the years and then got denied for CLI but they never denied me for a new card. Only one time did they borrow from an existing CL to open one of my new accounts, and that was after I had very high overall lines of credit with them (over $100K). Every other time, it was all new credit lines. So maybe next time I consolidate, I'll push for 100% of CL to be moved.

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 18:33:01 GMT

@Aim_High wrote:
@Peteyglad wrote:
The last experience I have is 6 months or so ago my wife was able to move an entire limit from her CSP to her Hyatt after the annual fee had posted and there had been no activity for a month or two.
That is actually surprising to me that they allowed you to move an entire balance. My experience with Chase is that they typically require you to keep $500 minimum on the donor card, regardless of activity level. (I'm not sure why they were requiring $1K + the $95 AF in the OP's case.) Other than that, they've been very easy to deal with moving limits between cards. I found that getting higher limits with Chase through this method (adding cards which eventually would be closed and consolidated) is much easier than just calling and asking for a CLI. It seems they are glad to approve you for a new line of credit but more reluctant to approve increases unless there is a lot of activity and use of existing credit line. I took a few HP's over the years and then got denied for CLI but they never denied me for a new card. Only one time did they borrow for an existing CL to open one of my new accounts, and that was after I had very high overall lines of credit with them (over $100K). Every other time, it was all new credit lines. So maybe next time I consolidate, I'll push for 100% of CL to be moved.

They might have been willing to grant his wife higher limits and thus allowed her to move her entire limit, whereas one who is near max total CL by the lender would force surrendering 500+ of their line when moving CLs.

I am afraid to apply for any new card with an existing lender for fear of a $500 limit lol.

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 18:41:21 GMT

Thanks for the DP's. I might just do this and tranfer my CSP's CL over to my new CFU. I was originally thinking about a downgrade to the Freeedom, or the no AF Sapphire, but not sure that I really need 2 cards with Chase. I don't think I'll ever get the trinity, just don't have the gardening skills.

Re: Moved Limit from CSP to Amazon Prime

Aim_High — Wed, 06 Nov 2019 19:00:29 GMT

@Anonymous wrote:
@Aim_High wrote:
@Peteyglad wrote:
The last experience I have is 6 months or so ago my wife was able to move an entire limit from her CSP to her Hyatt after the annual fee had posted and there had been no activity for a month or two.
That is actually surprising to me that they allowed you to move an entire balance. My experience with Chase is that they typically require you to keep $500 minimum on the donor card, regardless of activity level. (I'm not sure why they were requiring $1K + the $95 AF in the OP's case.) Other than that, they've been very easy to deal with moving limits between cards. I found that getting higher limits with Chase through this method (adding cards which eventually would be closed and consolidated) is much easier than just calling and asking for a CLI. It seems they are glad to approve you for a new line of credit but more reluctant to approve increases unless there is a lot of activity and use of existing credit line. I took a few HP's over the years and then got denied for CLI but they never denied me for a new card. Only one time did they borrow for an existing CL to open one of my new accounts, and that was after I had very high overall lines of credit with them (over $100K). Every other time, it was all new credit lines. So maybe next time I consolidate, I'll push for 100% of CL to be moved.
They might have been willing to grant his wife higher limits and thus allowed her to move her entire limit, whereas one who is near max total CL by the lender would force surrendering 500+ of their line when moving CLs.

I am afraid to apply for any new card with an existing lender for fear of a $500 limit lol.

Nope. Actually, they did that to me before when I was well below where I am now in total credit lines with them. The CSR explained to me that they "had to" leave a $500 limit by policy on the donor card and IIRC, they wanted to see no activity for the past 30 days to make sure all charges had cleared. There was nothing about allowing 100% of CL to be moved if the donor card was inactive for 3 months or 6 months, but maybe that would have made a difference.

RE: "I am afraid to apply for any new card with an existing lender for fear of a $500 limit lol."

As I remember someone commenting recently on another thread, you are very well-diversified among banks with only one card per bank. Diversity is great but I think most people can have two or three cards with a lender without feeling they are too "locked-in" to one bank. (Have you had AA and account closures before so does that make you concerned?) Looking at your scores and healthy limits, I think you could easily push a few of your other banks for more credit without the dreaded $500 CL award. You already have very respectable limits of $12K to $50K on all your cards (with the exception of your Lowe's store card, which you could probably easily push higher from what I've read about it.) The only concern would be if your income is a limiting factor or Debt-to-Income is a limiting factor. Barring that those are in a healthy position, I think you should consider going for more! At this point in my journey, pushing to the maximum limits I can get with some major banks is actually part of my end-strategy and game. (Hence: Aim_High) Worst case scenario: You learn you are at their maximum limits for your profile and you wasted a hard pull. But the potential rewards of a much higher overall credit line would be worth it, especially if you only have one card per bank already. You probably have room to grow.

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 19:34:09 GMT

"The CSR explained to me that they "had to" leave a $500 limit by policy on the donor card and IIRC, they wanted to see no activity for the past 30 days to make sure all charges had cleared. That's odd. I guess that's a valid reason. But it sounds like an IT problem. Other issuers close cards and decline new charges. I once had a card that the CSR warned me if new charges occur after its closed, the card would be automatically re-opened, even months after closing. That was back in 2000. A single charge showed up that I didn't recognize about 6 mo later and I got a paper bill from them and I gave them heck for it. The bank got gobbled up by Barclays in 2005 or 6.

RE: "I am afraid to apply for any new card with an existing lender for fear of a $500 limit lol."
As I remember someone commenting recently on another thread, you are very well-diversified among banks with only one card per bank. Diversity is great but I think most people can have two or three cards with a lender without feeling they are too "locked-in" to one bank. (Have you had AA and account closures before so does that make you concerned?) No, I've had more than one card from the same lender and got small limits (8K, 10K, Citi uPromise. I closed it and didn't transfer to CL to my Citi Platinum Select card, And one with BoA). Not really worrying about $500 CL, but more of smaller limits, like 10K. Looking at your scores and healthy limits, I think you could easily push a few of your other banks for more credit without the dreaded $500 CL award. You already have very respectable limits of $12K (I don't like this one, will request a CLI after I put a $1,500 charge on it this weekend) to $50K on all your cards (with the exception of your Lowe's store card, which you could probably easily push higher from what I've read about it. Nope, just tried that a few days ago and was denied. I haven't used it much so far, probably the reason. Will get a letter.) The only concern would be if your income is a limiting factor or Debt-to-Income is a limiting factor. (DTI @ 5%) Barring that those are in a healthy position, I think you should consider going for more! At this point in my journey, pushing to the maximum limits I can get with some major banks is actually part of my end-strategy and game. (Hence: Aim_High) Worst case scenario: You learn you are at their maximum limits for your profile and you wasted a hard pull (Got a HP from Citi and a CL denial in January). But the potential rewards of a much higher overall credit line would be worth it, especially if you only have one card per bank already. You probably have room to grow. (I'm going for another CLI with Amex and BoA when enough time has passed with those two recent CLIs, and requesting one with WF in about a week.)

I thought about opening a new card with the same issuer and balancing the CLs, and if it were Chase, really wouldn't care if they kept $500.

Re: Moved Limit from CSP to Amazon Prime

Aim_High — Wed, 06 Nov 2019 19:59:21 GMT

@Anonymous wrote:
I've had more than one card from the same lender and got small limits (8K, 10K, ... Not really worrying about $500 CL, but more of smaller limits, like 10K.

You already have very respectable limits of $12K (I don't like this one, will request a CLI after I put a $1,500 charge on it this weekend) to $50K on all your cards

(with the exception of your Lowe's store card, which you could probably easily push higher from what I've read about it. Nope, just tried that a few days ago and was denied. I haven't used it much so far, probably the reason.

Sounds like you consider your CLs similar to my goals. I am trying to structure my limits to start at $25K minimum and have multiple over $50K. My two current lowest personal $10K cards (Marriott and Hyatt) are temporary limits; they are both from earlier this year and started at $33K and $30K but I moved limits around with Chase to my core cards (CSR/CFU/CF). I eventually plan to close and consolidate those limits as well. I am using my Capital One Quicksilver again now before I push it to $25K hopefully in a couple of months. And after Apple is aged six months I hope it will grow to $25K minimum since I've used it several times a month since August. (*I discount my $9K limit on Chase Business Cash for the $25K goal since I don't expect such high limits based on my business basis of a small sole proprietorship.)

I'm honestly surprised about your Lowe's card as I never had the impression that heavy use was necessary for CLIs. (I've seen a lot of members with much lower scores and probably income or usage than yours with limits of $35K on that card.)

Yes, Wells Fargo seems to be a pretty conservative lender, not only with approvals but starting CLs. So I'm not surprised that is a "low" card for you. I notice you also don't have a US Bank card and wonder if that was a reason you didn't app to them? (They also typically have strict underwriting and low SLs compared to many other national banks.)

Re: Moved Limit from CSP to Amazon Prime

FinStar — Wed, 06 Nov 2019 20:31:08 GMT

Interesting DPs. I have roughly ~$200K overall exposure with Chase (pers/biz) across several products and not once did they ever require to leave $500 on any donor card whether it was a discussion with lending, via SM or even the standard c/s #. And I shifted around several products over the years going back to the Bank One/FCNBD days.

Since it's system-driven I don't question the logic since I suppose it's nothing that can be changed if there's some system constraint (whatever that may be). I'm just glad they're pretty flexible even if I had to leave $500 on the table.

Yet, it is interesting to learn that others who have reported that some reallocations require to leave $500 (or greater) unallocated ¯\_(ツ)_/¯

Re: Moved Limit from CSP to Amazon Prime

Aim_High — Wed, 06 Nov 2019 20:49:25 GMT

@FinStar wrote:
Interesting DPs. I have roughly ~$200K overall exposure with Chase (pers/biz) across several products and not once did they ever require to leave $500 on any donor card whether it was a discussion with lending, via SM or even the standard c/s #. And I shifted around several products over the years going back to the Bank One/FCNBD days.

Since it's system-driven I don't question the logic since I suppose it's nothing that can be changed if there's some system constraint (whatever that may be). I'm just glad they're pretty flexible even if I had to leave $500 on the table.

Yet, it is interesting to learn that others who have reported that some reallocations require to leave $500 (or greater) unallocated ¯\_(ツ)_/¯

It would be interesting to discern the differences in policy. Perhaps the relationship with them vis-a-vis banking products or accounts makes a difference?? (I don't have any bank accounts with them, only credit lines.) The $500 is a pittance to "leave on the table" but a little annoying if the credit line has been idle. Moreover, why are some reallocations kept at $1000 versus others at $500? Maybe how long the accounts had been open or the highest recent statement balances? Still, a much easier way to raise overall limits with them.

Re: Moved Limit from CSP to Amazon Prime

FinStar — Wed, 06 Nov 2019 21:01:46 GMT

Valid point, but I guess I don't sweat the small stuff, just my preference of course.

This would be no different than Barclays reducing the donor card to $500, but still being able to reallocate the full CL. Some would balk at the reporting of the closed donor card being $500 screwing up things like the alignment of the planets. But, in my view, it's closed, full CL reallocated, account will report all history for up to 10 years and life goes on.

I get that to some folks may have some peculiar preferences about how things should look, even zeros, right angles/corners and all, which may make some difference in balancing life, but in the grand scheme of things, the sun will rise and set even if my CL was $12,486 😉

Re: Moved Limit from CSP to Amazon Prime

Remedios — Wed, 06 Nov 2019 21:09:13 GMT

@FinStar wrote:
Valid point, but I guess I don't sweat the small stuff, just my preference of course.

This would be no different than Barclays reducing the donor card to $500, but still being able to reallocate the full CL. Some would balk at the reporting of the closed donor card being $500 screwing up things like the alignment of the planets. But, in my view, it's closed, full CL reallocated, account will report all history for up to 10 years and life goes on.

I get that to some folks may have some peculiar preferences about how things should look, even zeros, right angles/corners and all, which may make some difference in balancing life, but in the grand scheme of things, the sun will rise and set even if my CL was $12,486 😉

I might end up with aneurysm just from looking at that number. My sun would cease to exist as main sequence star.

Re: Moved Limit from CSP to Amazon Prime

Aim_High — Wed, 06 Nov 2019 21:11:54 GMT

@FinStar wrote:
" ... reporting of the closed donor card being $500 screwing up things like the alignment of the planets."

"I get that to some folks may have some peculiar preferences about how things should look, ... but in the grand scheme of things, the sun will rise and set even if my CL was $12,486 😉"

LOL You realize you just sent some members into convulsions with the thought of an odd limit.

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 21:19:49 GMT

It was my understanding that you simply needed to leave enough to cover your AF, which cannot exceed 25% of your CL? So worst case scenario, you'd have to leave $380 on the CSP. I don't see why OP would haev needed to leave over $1K.

That said, being able to move $9+K over to another card still seems reasonable. One shouldn't be too greedy with Money that technically isn't theirs?

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 22:11:11 GMT

@Aim_High wrote:
@FinStar wrote:
Interesting DPs. I have roughly ~$200K overall exposure with Chase (pers/biz) across several products and not once did they ever require to leave $500 on any donor card whether it was a discussion with lending, via SM or even the standard c/s #. And I shifted around several products over the years going back to the Bank One/FCNBD days.

Since it's system-driven I don't question the logic since I suppose it's nothing that can be changed if there's some system constraint (whatever that may be). I'm just glad they're pretty flexible even if I had to leave $500 on the table.

Yet, it is interesting to learn that others who have reported that some reallocations require to leave $500 (or greater) unallocated ¯\_(ツ)_/¯
It would be interesting to discern the differences in policy. Perhaps the relationship with them vis-a-vis banking products or accounts makes a difference?? (I don't have any bank accounts with them, only credit lines.) The $500 is a pittance to "leave on the table" but a little annoying if the credit line has been idle. Moreover, why are some reallocations kept at $1000 versus others at $500? Maybe how long the accounts had been open or the highest recent statement balances? Still, a much easier way to raise overall limits with them.

Maybe because each card has a base CL of at least $500 and they thought the cardholder's total CL is already too high with them and they want to recoup it? Lol. Who knows lol.

Re: Moved Limit from CSP to Amazon Prime

Anonymous — Wed, 06 Nov 2019 22:18:19 GMT

@Aim_High wrote:
@FinStar wrote:
" ... reporting of the closed donor card being $500 screwing up things like the alignment of the planets."

"I get that to some folks may have some peculiar preferences about how things should look, ... but in the grand scheme of things, the sun will rise and set even if my CL was $12,486 😉"
LOL You realize you just sent some members into convulsions with the thought of an odd limit.

If we go that route, I would like to see baseball scores like 6.53 to 4.17.