topic Re: Chase 5/24 question in Credit Cards

Chase 5/24 question

ntenseone — Sat, 25 Jan 2020 06:30:14 GMT

So, a kind of odd thing happened(I thought).
I recently was approved for a CFU, and after having it for a couple of months I received a targeted piece of mail saying I was prequalified for a (another) CFU card with an invitation number and all of that. (But I already have one...?)
Now, aside from thinking that it was a bit odd, I also recently put myself in the doghouse on their 5/24 policy not realizing it at the time. Had I realized earlier that one of the moves I'd made for a phone was going to cause this I would have played things differently. Oh well.
After a little bit of light reading it seems that this
type of thing has happened in the past and people have been able to find themselves with two of the same card even though that is not normally something that Chase would do. It begs the question as to whether or not I can take advantage of the opportunity to slip though the cracks and capitalize on the situation.
It is risky, and I'd take another ding on my score for trying, obviously. The only reason I'd take advantage of the opportunity would be so I could PC it later. I was planning on letting things cool down after getting some love at a local bank within the last couple of weeks, but I have until March 2nd, according to the pre-qual letter.
It's a bit of a nail biter for me.
I know it's rare, but does anyone have any success stories that was in a situation like this?

Re: Chase 5/24 question

FinStar — Sat, 25 Jan 2020 08:24:48 GMT

I would re-read the targeted offer. I would presume that it reads "pre-selected" not pre-approved, correct?

Regardless of having an invitation code (simply used for internal tracking), if you currently have the same product, you won't be eligible. You'd have to PC the current CFU product to something else in order to qualify, and if you received a SUB with CFU, you won't be elegible for it.

Fine Print here:
$200 Bonus
This product is not available to either (i) current cardmembers of this credit card, or (ii) previous cardmembers of this credit card who received a new cardmember bonus for this credit card within the last 24 months.

Re: Chase 5/24 question

K-in-Boston — Sat, 25 Jan 2020 08:19:01 GMT

Mailed offers are typically months behind as well. If you're being targeted and are looking for another core card like one of the Sapphire cards or Freedom, I'd keep checking for green checkmark offers in your account that do seem to bypass 5/24, or if you have a branch nearby go in and see if you have any preapprovals.

Re: Chase 5/24 question

ntenseone — Sat, 25 Jan 2020 13:29:00 GMT

@Finstar, you're dead on and thank you for the input.
@ k-in-Boston, what do you mean by "green checkmark offers"? Do you mean like the checking and auto loan offers where it says "You're already approved" and has the green banner with the star in it?
I guess if the offer is months behind in the mail then I'm glad they were considering me for that card in advance when I applied.

Not to change the topic, but I also applied with Cap1 and BofA and got declined, and now they are sending me offers for the cards they declined me for.
What's up with that? Seems kind of counterintuitive to me.

*Further insight*
Cap1 said I had too many inquiries and BofA is holding a grudge because about 10yrs ago I lost my job and had to ask for a settlement offer on one of they're cards along with a couple of Wells cards. Long memory, I guess. I don't know how Wells sees these things, but it makes me hesitant to want to try with them.

Re: Chase 5/24 question

Anonymous — Sat, 25 Jan 2020 14:28:33 GMT

Did those Cap1 and BoA offers say “pre-selected? I think you answered your own question below as to why you were possibly denied for those cards.

Re: Chase 5/24 question

SouthJamaica — Sat, 25 Jan 2020 14:36:02 GMT

@ntenseone wrote:
So, a kind of odd thing happened(I thought).
I recently was approved for a CFU, and after having it for a couple of months I received a targeted piece of mail saying I was prequalified for a (another) CFU card with an invitation number and all of that. (But I already have one...?)
Now, aside from thinking that it was a bit odd, I also recently put myself in the doghouse on their 5/24 policy not realizing it at the time. Had I realized earlier that one of the moves I'd made for a phone was going to cause this I would have played things differently. Oh well.
After a little bit of light reading it seems that this
type of thing has happened in the past and people have been able to find themselves with two of the same card even though that is not normally something that Chase would do. It begs the question as to whether or not I can take advantage of the opportunity to slip though the cracks and capitalize on the situation.
It is risky, and I'd take another ding on my score for trying, obviously. The only reason I'd take advantage of the opportunity would be so I could PC it later. I was planning on letting things cool down after getting some love at a local bank within the last couple of weeks, but I have until March 2nd, according to the pre-qual letter.
It's a bit of a nail biter for me.
I know it's rare, but does anyone have any success stories that was in a situation like this?

There's nothing to think about. Forget it.

You don't want to play with Chase.

Re: Chase 5/24 question

ntenseone — Sun, 26 Jan 2020 14:39:12 GMT

@angelwingz, they were not targeted offers. I applied and got shut down. Within a months time they were both sending me offers for what they denied me for, which I thought was weird.

Re: Chase 5/24 question

K-in-Boston — Sat, 25 Jan 2020 20:20:12 GMT

@ntenseone wrote:

@Finstar, you're dead on and thank you for the input.
@ k-in-Boston, what do you mean by "green checkmark offers"? Do you mean like the checking and auto loan offers where it says "You're already approved" and has the green banner with the star in it?

Yes. These offers also come up for Slate, Freedom, Freedom Unlimited, Chase Sapphire Preferred, Chase Sapphire Reserve, and several of the cobranded cards. Sometimes they even have a starting credit line already listed, but even though I have not personally had one with a starting line listed, I've been approved for 3 cards that way being well past 5/24. There are usually only a few fields to fill in to accept them, like income and housing payment.

Re: Chase 5/24 question

ntenseone — Sun, 26 Jan 2020 14:41:15 GMT

@k-in-boston

Thus far I've received the banking and car loan pre-approvals.
I'm not sure how good the auto loan offer is, but they're offering 45k @ 4.5% for 60 mo.
Do you have any other banking relationship with them that has caused them to make their preselected credit card offers to you do you think?
Also, how do you like your Citi Premier card?

Re: Chase 5/24 question

AverageJoesCredit — Sun, 26 Jan 2020 13:26:29 GMT

Getting offers doesnt mean one will be approved. Happens to alot of people. At the begining of my rebuild I'd get offers from Discover only to apply and still get rejected.

Also to note, OP, you will often find more than one poster will respond to your question(s) even if its already been answered. We encourage participation so just remember its part of posting here

Re: Chase 5/24 question

K-in-Boston — Sun, 26 Jan 2020 18:18:26 GMT

@ntenseone wrote:
@k-in-boston
Thus far I've received the banking and car loan pre-approvals.
I'm not sure how good the auto loan offer is, but they're offering 45k @ 4.5% for 60 mo.
Do you have any other banking relationship with them that has caused them to make their preselected credit card offers to you do you think?
Also, how do you like your Citi Premier card?

Generally those offers are rock-solid. As for how good the offer is, at 4.5% you'd be paying $5336 in interest over the life of the loan. With NFCU as just one example (picked because they are the largest, not necessarily the best rates) at 2.49% for 60 months, you'd be paying $3384 in interest - nearly $2000 in savings. Enter manufacturer financing where we sometimes see something like 0.9% and that would only be $1037 in interest over the life of the loan, saving about $4300 vs. Chase and over $2300 vs. NFCU. It always pays to shop around on big purchases where a point or two adds up to big savings.

I have no banking relationship with Chase, but have had credit cards from them for about 15 years. Chase had no branches in New England (except for the NYC metro part of Connecticut) until just about a year ago.

I like Citi Premier, but it's far from my daily driver since I have so many other cards. It gets a decent amount of bonus offers and it pairs well my Delta/SkyTeam strategy either with the travel portal or through moving points to Virgin Atlantic or Air France/KLM. Entertainment is a unique and broad category where I net nearly 3% back, fuel is nearly 4% net back, and it's my backup travel card for the times when CSR is too thick to fit into a kiosk for parking (it's actually happened a number of times). The nearly 3 and 4 percent are based on getting a 25% bonus using the travel portal and a 10% rebate for having the Rewards+ card linked to the same ThankYou Points account.

Re: Chase 5/24 question

ntenseone — Sun, 26 Jan 2020 20:20:01 GMT

Thanks for letting me know. It's nice to have input that's based on real world use.