Congrats! Sounds like they changed their mind and gave you $8100 instead of $5000. Chase changed their phrasing for credit limits a few years back on Visa Signature and Visa Infinite cards since they are flexible spending accounts that do allow you to spend above the predetermined credit line, but you can only revolve the amount of the credit access line between statements.
Let’s say you charged all $8100 of your limit. When your statement closes, you would have a minimum payment due of about $162. If you charged $9100, they would very likely allow you to do so, but your minimum payment would be about $1162 since you are required to bring it down to your credit line and can’t revolve that balance to the next statement.
It’s a common feature of Visa Signature, Visa Infinite, World MasterCard, World Elite MasterCard, and American Express revolving cards. Just for whatever reason Chase decided to call the credit limit a credit line since it’s not a hard limit.
It’s also worth noting that hitting 100% or more of your reported credit will cause damage to your FICO scores, but utilization has no memory so as soon as a lower balance is reported your scores will recover. This feature comes in handy more for making heavy use of your credit cards. When my SPG card from Amex only had a $21,000 limit I was consistently putting about $12,000 a month on it. So while it never reported more than that on my credit reports, there were times when I had a payment scheduled just before the due date where the total of my statement balance plus new charges exceeded the $21,000.
It’s a common feature of Visa Signature, Visa Infinite, World MasterCard, World Elite MasterCard, and American Express revolving cards. Just for whatever reason Chase decided to call the credit limit a credit line since it’s not a hard limit.
It’s also worth noting that hitting 100% or more of your reported credit will cause damage to your FICO scores, but utilization has no memory so as soon as a lower balance is reported your scores will recover. This feature comes in handy more for making heavy use of your credit cards. When my SPG card from Amex only had a $21,000 limit I was consistently putting about $12,000 a month on it. So while it never reported more than that on my credit reports, there were times when I had a payment scheduled just before the due date where the total of my statement balance plus new charges exceeded the $21,000.
Very nice
Chase wants to dream with you
Chase wants to dream with you
Very nice! Congrats on the approval and them bumping up your SL!
Congrats on your approval !!! very nice SL !!!
Congrats on the approval
