@CreditCuriousity wrote:I still think they are catching onto the game though as I got connected from the regular Analyst to a Protfolio Risk Analyst when I moved some of my Freedom limits over to my CSP a week or two back.. She had no problem doing this, but this kinda sounds new to me. I am about 99.9% sure they did a SP for this. Personally I wasn't playing any game as I use my CSP alot more then my freedom and keeping them both open..
I will be really intersted when people start closing out their CSP and more so the Ritz at the end of the year how this might play out when people don't want to pony up the AF's but want to keep to CL's and roll them to no AF cc's.. I don't forsee this being pretty, just my speculation
Unless it has changed in the last month or so you can downgrade the CSP to a CS to avoid the AF and therefore not have an issue. Ritz card will be a problem. I bet a lot of people got that card for signup with the idea of cancelling it after first year.
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@CreditCuriousity wrote:I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card. I sure wouldn't want to be that GP... Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank? That isn't speculation, that is a fact my friend.
As I stated when I recenty transfered some of my Freedom limit to my CSP I had to be transferered to a SPECIAL dept. They deffinetly did a SP on me.. Policies evolve with time. Yes speculation, but they quite possibly could be figuring stuff out is all I am saying. Anyways, need alot more evidence before anything can be determined of policy change. As stated I had to speak with the Risk Portfolio Dept. to transfer some of my limit, but kept both cards open.. This seems new to me.
I closed my $11,900 CSP last week (8 months old, no usage in past 3 months) and moved the limit to my $6000 Freedom card (15 months old).
I first tried via secure message, and the rep stated I had to leave $500 on the CSP unless I didn't use the card for a month. That made no sense, so I called the number that was provided in the secure message, and got transferred to I assume an underwriter, and I explained that the 1 month didn't make sense, that I had heard it was supposed to be 3 months, and anyways I had made sure not to use it for 3 months... That person reviewed my account, and allowed the complete transfer. Easy peasy lemon squeezy.
CSP spending (from monthly statements):
July $850.90
August $1,688.95
September $742.00
October no statement generated
November $89.88
December $0
January no statement generated
February $0
@Open123 wrote:
@CreditCuriousity wrote:I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card. I sure wouldn't want to be that GP... Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank? That isn't speculation, that is a fact my friend.
I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses. While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.
Now, this of course doesn't mean everyone will have a similar experience. In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs. Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.
+1 I think the take away here is that people should make sure their credit report is in good order (just like they would do before an app spree) before attempting credit consolidations. I may close my CS at some point later this year, although the account is a bit over a year now, if I am interested in upgrading to the CSP again. I have not decided if I will keep my hyatt card after the first year, but since its my largest credit line I would like to spread it over my other chase cards, namely my freedom.
@Imperfectfuture wrote:
@CreditCuriousity wrote:
@Open123 wrote:
@CreditCuriousity wrote:I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card. I sure wouldn't want to be that GP... Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank? That isn't speculation, that is a fact my friend.
I've done this with Chase the past several years on both personal and business cards for a variety of different sign-up bonuses. While they always have to check, I've never been denied a CL consolidation, denied a card, or otherwise faced any AA.
Now, this of course doesn't mean everyone will have a similar experience. In general, most people don't suffer any AA when closing cards, for whatever reason, and cosolidating CLs. Of course, as with everything, there's always the exception, which shouldn't be extrapolated to mean it applies to the general user experience.
I agree, but they recently updated their T&C's regarding award abuse if you haven't read up on them, you might want to. Basically it states if you use the cards for reward abuse (not even MS) only aka churning etc., they have the right to close accounts in a nutshell. This is at least on the CSP and freedom, not sure about any other cards. Think it was updated dec 14?
Yep, they have removed the 24 month thing, wording is once per customer per card. One reward for freedom, one reward for CSP, etc. haven't looked at all the cards yet. No more churning, however, doesn't look like change in closing and moving limits.
Hmm, I didn't see that they changed from once every 24 months to once per product. If this is what they do going forward then I will likely keep my CS indefinetly.
@CreditCuriousity wrote:
@Themanwhocan wrote:
@CreditCuriousity wrote:I think we need a guniea pig.. Someone that Got the Ritz in December craze, that already met there spend bonus and got there rewards, transfer the limit and close the card. I sure wouldn't want to be that GP... Yes alot of speculation, but quite honestly Chase is LOSING money on this type of person, that can't be denied... If you are costing them money then what good are you to them, being a bank? That isn't speculation, that is a fact my friend.
As I stated when I recenty transfered some of my Freedom limit to my CSP I had to be transferered to a SPECIAL dept. They deffinetly did a SP on me.. Policies evolve with time. Yes speculation, but they quite possibly could be figuring stuff out is all I am saying. Anyways, need alot more evidence before anything can be determined of policy change. As stated I had to speak with the Risk Portfolio Dept. to transfer some of my limit, but kept both cards open.. This seems new to me.
I closed my $11,900 CSP last week (8 months old, no usage in past 3 months) and moved the limit to my $6000 Freedom card (15 months old).
I first tried via secure message, and the rep stated I had to leave $500 on the CSP unless I didn't use the card for a month. That made no sense, so I called the number that was provided in the secure message, and got transferred to I assume an underwriter, and I explained that the 1 month didn't make sense, that I had heard it was supposed to be 3 months, and anyways I had made sure not to use it for 3 months... That person reviewed my account, and allowed the complete transfer. Easy peasy lemon squeezy.
CSP spending (from monthly statements):
July $850.90
August $1,688.95
September $742.00
October no statement generated
November $89.88
December $0
January no statement generated
February $0
Alot of people will be fine, you aren't a typical churner that meets the mold. Just speculation there will be issues in the future with the new T&C's along with people that have alot of AF's coming up and wanting to close multiple cards. I can only speculate, but obviously they changed the T&C for reasions. Some people I suspect will be hit with AA others won't such as yourself. Come Nov-Dec I expect to be reading Chase closed my card and I don't understand why threads. Just my opinion though. Hey I am all about signup bonuses and make that clear, but when I apply for a card, I plan on keeping it more then a year and not closing and rolling into other cards just to keep the CL's and no AF's or lower ones. Anyways, time will tell if policies are changing (which they are by the T&C's) and more action will be taken.. This i don't know, but can only speculate on.
I think Chase will be looking for a pattern before taking this action. Likely the people they focus on, if anyone, will be the people who have opened several cards with AFs and cancelled before the AFs hit. So people newer to the game likely will not have a reason to worry as Chase would expect some people to cancel cards after trying them out for a year. It would be silly for Chase to take AA against someone who has opened and closed 2-3 AF cards (unless they do so immediately after earning the signup rewards), because that would be a loss of potentially a good customer.