It does say you have to actually be a student in order to qualify for it (presumably, have to send a copy of student ID or something). Is that common with other Student credit cards? I've never had one, so I don't know. Anyways, it does say they'll let you keep it after you're not a student anymore, but it doesn't say anything about "graduating" to a regular Freedom card. I'm assuming it can be changed to one with a phone call, but that remains to be seen.
It looks like it has relaxed income and credit history requirements compared to the regular Freedom card, and it essentially has the same $150 bonus (except it's spread out over 5 years - $50 in the first 3 months, then $20/yr for the next 5 acount anniversaries).
They also say you get an automatic CLI after 5 on-time payments, sort of like CapitalOne does with their starter cards. The 1% cash back comes in the form of Ultimate Rewards, which is great, as they are generally recognized as some of the most valuable credit card points.
All in all, this card doesn't especially stand out from the crown of other Student cards out there, its value seems to mostly be that it's a good relationship-builder with Chase, potentially opening the door for students to get an awesome Sapphire or regular Freedom/FU card later. And any UR points earned on this card should be transferrable to those cards later, too, making them potentially worth up to 150% of their face value.
Total Loan Balance: $43k / $65k
Total SL: $78k
How is chase's attitude towards people who have included them before in a BK?
They have sometimes given people a second chance, it's not impossible to get back in with them... but it's far from a guarantee.
It seems that generally they won't approve anyone who has a BK on their report, so you would likely need to wait the full 7-10 years for it to fall off before Chase would even consider it.
Then, it also depends on your relationship with them. Factors could include how much Chase debt got discharged, whether or not you bank with them now or have in the past, etc.
Some people have reported that Chase has essentially blacklisted them indefinitely. Other people have reported that Chase gave them another chance after only a few years (or even months, in super rare cases).
All in all, if you had a Chase debt discharged in a BK, I wouldn't count on them giving you another chance, but in rare circumstances they might, but your credit and income profiles and other history with them would need to be very good.
@Anonymous wrote:
@pinkandgrey wrote:It’s kind of nice for Chase to roll out a beginner/student card, but personally I’d skip Chase and go for a Disco card. Just my opinion of course lol
This. Unless the card has SP CLI's or a credit steps-like program, it doesn't make sense for a student. I got a toy limit on my FU way back when.
The reasons that I opened a checking account with Chase in 2011, and picked up a Freedom at the absolute minimum I could qualify under their UW at the time (Jan 2013, had to recon too) are the same reasons to get this student card.
SP CLI's or Credit Steps *shrug* get that on one card and abuse it to build a demonstratable limit over 5k and subsequently 10k and then move on; literally everyone should have multiple credit cards from a scoring perspective to say nothing of rewards, you only need this feature on one. Mine was an Amex revolver FWIW... and none of that precludes one from establishing a Chase relationship ASAP.
Knowing what I know now, I'd absolutely be applying for this student card if I were 18 and in school.
This is interesting to see. Generally Chase hasn't seemed to be interested in "beginner" credit before, but I think they may have noticed that banks which will cater to a thin (or non-existant) file tend to pick up the younger college-bound crowd and grow a relationship with them while potentially leaving Chase products forgotten as "too hard to qualify for". This is a smart move on Chase's part to allow an entry point for those getting into college/vocational school/etc. into the credit world with them. As credit scores and income go up, Chase can put those pre-approved offers out for their more sought after products right on their sign-in screen (Not to mention approvals for auto loans). These probably will start with toy limits ($1K or less), but they're giving a timeline for when they'll at least give the first CLI.
As far as my 19 year old daughter that's getting ready to head off to college, she's already an AU on my CSP and BCE. She has a Cap One QS that's already grown from $500 ->$3500 in a little over a year. I may promote this with her as a viable 2nd card, with her going for her own Amex as a 3rd card to optimize her scores.... Or reverse and make Amex her 2nd card, wait 6 months and send her after a normal Freedom or Freedom Unlimited? Decisions, decisions... Her EX-08 is in the 760's
I'd love to know if their will be any special caveats about PC'ing the student card into another card in the UR family. I'm assuming over time, they would allow a PC, but how much time? Will the student cards be "bucketed" like Cap One tends to do?
If Chase will give this card to the traditional no file student without the typical call it year of credit history: win.
As for PC’ing who cares; keep it forever or as long as Chase let’s you and take the signup bonuses on other cards later. $0 AF card no real reason to dump it and if you have other Chase accounts unlikely it would be closed. I wish I had a 25 year old tradeline right now just sayin from my old student cards.
In your case Grasshopper, or really your daughter’s case, I would consider just doing the regular Freedom as she has a credit score with Chase AU’s anyway but this wouldn’t be a bad choice if the Freedom app was denied.
That said saying you are a student when you are not is not truthful and why anyway? Other than no files this card isn’t much use when the Freedom isn’t a difficult underwriting bar to get over.
As for PC’ing who cares; keep it forever or as long as Chase let’s you and take the signup bonuses on other cards later. $0 AF card no real reason to dump it and if you have other Chase accounts unlikely it would be closed. I wish I had a 25 year old tradeline right now just sayin from my old student cards.
In your case Grasshopper, or really your daughter’s case, I would consider just doing the regular Freedom as she has a credit score with Chase AU’s anyway but this wouldn’t be a bad choice if the Freedom app was denied.
That said saying you are a student when you are not is not truthful and why anyway? Other than no files this card isn’t much use when the Freedom isn’t a difficult underwriting bar to get over.
@Anonymous wrote:
@pizza1 wrote:Here's the info on it....
https://www.doctorofcredit.com/chase-student-rewiew-50-bonus-20-annual-bonus/
Ah, so they did rip off credit steps like I thought!
@Anonymous , you mean they took it away? Im not understanding what you mean...I see the "credit steps" in their vocab.
