topic Re: Should I use mailing offer? in Credit Cards

Should I use mailing offer? (Edit: APPROVED)

SnackTrader — Sat, 22 Dec 2012 01:44:35 GMT

Chase sent me mailing offers for the Freedom this week, but the interest rate attached with the offer is 18.99%. Should I try to apply without the offer to see if I can get a better interest rate than that? Or do you think that approval is better assured by using a mailing offer?

Re: Should I use mailing offer?

Revelate — Sat, 22 Dec 2012 00:19:57 GMT

The Freedom is not designed to be a balance-carrying card. The Slate is in Chase's lineup.

If you want a Freedom for the rewards categories then take the mailed offer (non-zero chance it's what you're going to get anyway); unless you're carrying a non-trivial balance month to month, it doesn't matter what the APR is really. If you do want the ability to carry a balance, look at a different credit product altogether in my opinion, as your BCP is a solid every-day card anyway.

Re: Should I use mailing offer?

SnackTrader — Sat, 22 Dec 2012 00:40:19 GMT

You're 100% right, I am going for the rewards categories and shouldn't use this card for balances. I guess I am more worried about approval chances - do you think they will be different using a mailing offer vs. not?

Re: Should I use mailing offer?

Revelate — Sat, 22 Dec 2012 00:45:24 GMT

@SnackTrader wrote:
You're 100% right, I am going for the rewards categories and shouldn't use this card for balances. I guess I am more worried about approval chances - do you think they will be different using a mailing offer vs. not?

I don't know that, personally I think you're a shoo-in for this card regardless. The BCP underwriting criteria is quite a bit higher (on par or perhaps a little less than the CSP currently) and the Freedom approval is now at Discover More territory (640ish FICO one year history give or take).

I think you'll get the card either way, but honestly I always pontificate taking the needle in the haystack approach, which in this case, would be accepting the mailed offer. Besides, that might encourage them someday to send me one too if they feel their customer acquisition strategy is working!

Re: Should I use mailing offer?

SnackTrader — Sat, 22 Dec 2012 00:51:57 GMT

I like your thinking on the mailing offers.

I'll make sure I pass on a good word for you if I call in to customer service.

Re: Should I use mailing offer?

SnackTrader — Sat, 22 Dec 2012 01:28:18 GMT

I applied without using the mailing invitation number and...

APPROVED in an instant decision. No credit limit provided. I'll call tomorrow to find out.

I'm 2 for 2 - I think I might push my luck with the Citi Forward shortly.

Re: Should I use mailing offer?

SnackTrader — Sat, 22 Dec 2012 01:42:20 GMT

Couldn't help myself and I called the application status line.

$5,000 limit (my highest yet!) and 12.99% interest rate, the best available on this card. It looks like applying without the offer was worth it because I got an interest rate LOWER than the mailing offer. Of course, it's 15 months at 0% so the interest rate doesn't matter yet, but still pretty neat to get approved for the best terms.

Re: Should I use mailing offer?

Anonymous — Sat, 22 Dec 2012 01:46:09 GMT

Congrats!

Re: Should I use mailing offer?

Epcot — Sat, 22 Dec 2012 02:53:01 GMT

That's great, Congrats on the Approval and APR!