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Chase Freedom (5 y/o) Closed + A Data Point...

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Credit-hoarder
Valued Contributor

Chase Freedom (5 y/o) Closed + A Data Point...

Since being approved for Ink Cash a couple weeks ago--I decided it was time to send my low limit-high APR (23.xx) Freedom packing. Closed it out today and moved the entire $1500 CL over to CSP.
Now for the data point: Originally wanted to move the CL over to INK--but unlike AMEX Chase DOES NOT allow this...no CL reallocation from personal to business. Just thought I'd put this out there for future reference for everyone.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 1 of 10
9 REPLIES 9
FinStar
Moderator Emeritus

Re: Chase Freedom (5 y/o) Closed + A Data Point...

Unless that's a really brand new policy or restriction between products, not sure whether that was the case in your scenario.

I had no issue with reallocating my CL from personal Marriott Premier Plus to its business (Bonvoy) counterpart less than a month ago.

I was able to do so with another personal card less than ~4 months ago without any problems.

¯\_(ツ)_/¯
Message 2 of 10
Credit-hoarder
Valued Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...


@FinStar wrote:
Unless that's a really brand new policy or restriction between products, not sure whether that was the case in your scenario.

I had no issue with reallocating my CL from personal Marriott Premier Plus to its business (Bonvoy) counterpart less than a month ago.

I was able to do so with another personal card less than ~4 months ago without any problems.

¯\_(ツ)_/¯

I could possibly have been an exception to reallocation rules--but the CSR reviewed my request and said it couldn't be done--so I had them move it over to CSP. I much rather would have had it on my INK- but it was only $1500 anyway so I didn't sweat it.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 3 of 10
pinkandgrey
Senior Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...

A wise decision. Congrats
Discover It: 26.5k
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Message 4 of 10
Credit-hoarder
Valued Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...

Thanks pinkandgrey. I remember being extremely upset about the low limit when I was approved--but then again my files were much less than clean and scores less than stellar when I applied years ago.
BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 5 of 10
UpperNwGuy
Valued Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...

If a business is a separate legal entity from a person, then it stands to reason that Chase would not allow credit limit transfers from one to the other.  I'm frankly surprised that Amex does this.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 6 of 10
wasCB14
Super Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...

Good to know about the reallocation practices if/when I get an Ink card.

 

My true business spend isn't sufficient to meet a worthwhile minimum spend target, and my understanding is Chase is a lot fussier than Amex about putting personal spend on a business card. Therefore, I've avoided Ink cards so far.

 

I don't really see the point of a big CL on Freedom, though. Past a certain transaction size, an off-category card will be better...or a category card with a higher or no bonus cap.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 7 of 10
Credit-hoarder
Valued Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...


@wasCB14 wrote:

Good to know about the reallocation practices if/when I get an Ink card.

 

My true business spend isn't sufficient to meet a worthwhile minimum spend target, and my understanding is Chase is a lot fussier than Amex about putting personal spend on a business card. Therefore, I've avoided Ink cards so far.

 

I don't really see the point of a big CL on Freedom, though. Past a certain transaction size, an off-category card will be better...or a category card with a higher or no bonus cap.


@wasCB14: I only used it while it had a intro 0% APR on it--then it was mostly SD'd--especially the last 2 years. And it wasn't entirely the low CL--I just didn't have the interest in juggling two rotating category cards--so I went with Discover since they've been willing to give SP CLIs and a much lower APR. Besides I can always re-apply for Freedom (I highly doubt if I will though) and possibly get a higher CL and better APR terms now that my CR is much better than 5 years ago.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 8 of 10
wasCB14
Super Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...


@Credit-hoarder wrote:

@wasCB14 wrote:

Good to know about the reallocation practices if/when I get an Ink card.

 

My true business spend isn't sufficient to meet a worthwhile minimum spend target, and my understanding is Chase is a lot fussier than Amex about putting personal spend on a business card. Therefore, I've avoided Ink cards so far.

 

I don't really see the point of a big CL on Freedom, though. Past a certain transaction size, an off-category card will be better...or a category card with a higher or no bonus cap.


@wasCB14: I only used it while it had a intro 0% APR on it--then it was mostly SD'd--especially the last 2 years. And it wasn't entirely the low CL--I just didn't have the interest in juggling two rotating category cards--so I went with Discover since they've been willing to give SP CLIs and a much lower APR. Besides I can always re-apply for Freedom (I highly doubt if I will though) and possibly get a higher CL and better APR terms now that my CR is much better than 5 years ago.


Maybe rotating categories are easier to remember when you have "only" 16 cards vs. 43. Smiley Wink

 

SP CLIs are nice, but so is UR transferability. 0% is great, and I might consider carrying at 3.99%. 9.99% would be as useless to me as 29.99%, though.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 9 of 10
fritscher
Regular Contributor

Re: Chase Freedom (5 y/o) Closed + A Data Point...

Thank you for the info
Message 10 of 10
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