Chase Freedom Flex Rewards Master Card Fixed Credit Limit

[Anonymous]

Very interesting! My statement cut and it has a "Credit Limit" ?

My Chase Freedom Ultimate Rewards Visa had a "Credit Access Line" which allowed for the flexibility of exceeding the pre-set credit limit.

Almost seems sly that no where did we ever hear about this change. For those with good high limits probably a minor item and for those who are at the lower limit range and might travel it could be an item for consideration.

In truth, I was shocked. A JP Morgan Chase Freedom Flex World Elite Master Card had a fixed credit limit!

Contacted Chase by telephone (this am) concerning the fixed credit limit and the call center was not aware of the change. They did verify that it was in fact correct and the elimination of the credit access line was intended. Based on my contact they would forward my views on the change.

Since it is a new product the call center is finding things that changed and whether intentional or not would be considered. They did review my account and found no information that singled me out but rather that it was for all of the product type.

[UpperNwGuy]

Why are you shocked?

[Anonymous]

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@UpperNwGuy wrote:

Why are you shocked?

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Carried a credit access line for years. It is eliminated (which a lender can do) and I did not know. Why do you ask?

[UpperNwGuy]

I asked because I thought we all knew by now that lenders are reducing their risk because of the pandemic and the shaky economy.  Lenders tightening up should no longer shock us.

[Anonymous]

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@UpperNwGuy wrote:

I asked because I thought we all knew by now that lenders are reducing their risk because of the pandemic and the shaky economy.  Lenders tightening up should no longer shock us.

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That had crossed my mind but now that you explain it I am confirmed in my own thinking. However, it still shocked me and as I did not know it was coming. Your view that it no longer should shock us is your view!

In reality, my CL is large and it will not make any difference for my usage. In the past back to 2013 had a Chase Freedom Master Card which was a fixed credit limit and then Chase started offering the Chase Freedom World Master Card and they upgraded people to the credit access line (it was a Master Card requirement at the time) if they were qualified.

[Anonymous]

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@UpperNwGuy wrote:

I asked because I thought we all knew by now that lenders are reducing their risk because of the pandemic and the shaky economy.  Lenders tightening up should no longer shock us.

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Well that certainly would follow ... however, after remembering the rest of the story (as Paul Harvey used to say); Chase includes the following language in their online "Terms and Conditions" for the Chase Freedom Flex Card which dates to the early information roll out:

TERMS & CONDITIONS

Authorization: When you respond to this credit card offer from JPMorgan Chase Bank, N.A., Member FDIC, a subsidiary of JPMorgan Chase & Co. ("Chase", "we", or "us"), you agree to the following:

1. You authorize us to obtain credit bureau reports, employment, and income information about you that we will use when considering your application for credit. You also authorize us to obtain credit bureau reports and any other information about you in connection with: 1) extensions of credit on your account; 2) the administration, review or collection of your account; and 3) offering you enhanced or additional products and services. If you ask, we will tell you the name and address of the credit bureau from which we obtained a report about you.

2. If an account is opened, you will receive a Cardmember Agreement with your card(s). You agree to the terms of this agreement by: using the account or any card, authorizing their use, or making any payment on the account.

3. By providing your mobile phone number, you are giving permission to be contacted at that number about all of your accounts by JPMorgan Chase and companies working on its behalf. Your consent allows the use of text messages, artificial or prerecorded voice messages and automatic dialing technology for informational and account servicing, but not for sales or telemarketing. Message and data rates may apply.

4. Balance transfers will be applied to your account and sent to your designated payee(s) 10 days after we mail your new credit card. If you want to cancel or modify your balance transfer within this ten-day period and have received your credit card, please call the number on the back of your card. Otherwise, please call 1-888-338-9464. Please continue to make payments to your other account(s) until you know the balance has been paid.

5. Rates, fees, and terms may change: We have the right to change the account terms (including the APRs) in accordance with your Cardmember Agreement.

Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a card with different costs or you may not receive a card. If approved for an account, your credit access line will be at least $500.

[longtimelurker]

But what does Chase think?

https://www.chase.com/personal/credit-cards/card-glossary

Credit Limit (Credit Access Line)

A credit limit or credit access line designates the maximum amount of money Chase has agreed to loan to you at any one time. If your balance should ever exceed the credit line, this is referred to as being overlimit.

This suggests that they are using the terms fairly interchangeably?

[Anonymous]

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@longtimelurker wrote:

But what does Chase think?

https://www.chase.com/personal/credit-cards/card-glossary

Credit Limit (Credit Access Line)

A credit limit or credit access line designates the maximum amount of money Chase has agreed to loan to you at any one time. If your balance should ever exceed the credit line, this is referred to as being overlimit.

This suggests that they are using the terms fairly interchangeably?

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Never saw this terminology or I do not recall (great opt out phrase).

If you check many of their credit products they specify "Credit limit" or "Credit Access Line" and over my many years with them they have followed what they included in their online Terms and Conditions. Some cards have even said if you qualify for a Platinum Credit Card your credit limit will be at least $500 and if you qualify for a credit line of $5,000 or higher it will be a credit access line.

If I were not on this Forum I may not know all this but my experiences for many of their cards has been consistent. Will also add, they refer to my credit access line on the Chase Business Card as a "Revolving Credit Amount". Following on what you offered, possibly the intent was for the wording related to "Credit Limit" and it was inadvertly included as "Credit Access Line".

Note, the CSRs were perplexed and were not aware of the wording change (they were under the understanding that they were dealing with credit access lines). They checked on it and "credit limit" is what they came back with. Now they opened an inquiry from their level concerning the conflicting language. They said sometimes thing happen and until some one asks it goes along.

As a good MyFicoer I have an inquiring mind (also don't accept everything I read in Forums). For me it is not an issue and for those with low limits it may have been something of value?

As an additional point on semantics, researched Chase and they changed the language from "Credit Line" to "Credit Limit" during September 2013 and it meant a fixed credit amount that you were not to exceed (or if this makes more sense "go over limit").

[SecretAzure]

This is definitely a good thing to know if it is a hard change that we can't grow the limit on this card. Many on MF are gun-ho but some of us are cautious. I am not upgrading to Flex until it makes sense for me and until I know any new limitations of that card before even considering a PC.

For those that are considering a PC, it may be good to request a CLI before the PC and see if the limit will be good enough for you to maintain it permanently. 

[Remedios]

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@SecretAzure wrote:

This is definitely a good thing to know if it is a hard change that we can't grow the limit on this card. Many on MF are gun-ho but some of us are cautious. I am not upgrading to Flex until it makes sense for me and until I know any new limitations of that card before even considering a PC.

For those that are considering a PC, it may be good to request a CLI before the PC and see if the limit will be good enough for you to maintain it permanently. 

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Maybe I didn't have enough coffee, but how is language from many years ago indicative of not being able to request CLI? 

All of my cards reference Credit Limit, and by that logic, if it says limit, it means they are staying at that, because that's a definition of the limit.