cancel
Showing results for 
Search instead for 
Did you mean: 

Chase Slate To Be Discontinued

Highlighted
Established Contributor

Re: Chase Slate To Be Discontinued

Before everyone gets outraged about whether or not there was an HP... first, let's find out if there actually was one. And second, let's make sure the decline wasn't actually caused by something else.

 

It's possible that the app was denied for a reason unrelated to a product discontinuation in the near future, and that the recon team merely mentioned that fact secondarily... as in, "sure, we could reconsider the decision for you, but just so you know, we're discontinuing that card soon anyways so you might not want to waste your time."

 

If, in fact, the only reason for the decline was because the card is getting discontinued soon, and OP took an HP, then at that point there is definitely reason for outrage.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 11 of 83
Highlighted
Moderator

Re: Chase Slate To Be Discontinued

The OP stated that the application was declined, but there was no explicit mention of a HP. If OP can confirm otherwise, then there's a separate track to address why the application was declined if supporting reasons are listed on the letter.

I would assume that if Slate is in the process of being discontinued (confirmation TBD), then any applications they receive in such transition would likely auto-decline without a HP.

At this point, the whole outcome appears premature until OP can provide more tangible information.
Message 12 of 83
Highlighted
Frequent Contributor

Re: Chase Slate To Be Discontinued

Sorry everyone I've been offline for a while. So DW called in for recon, presuming that there was a HP and not wanting to waste it. And yes, the card isn't that great, but DW wanted it for 0 BT offer since planning on remodeling soon. The CSR told her that the app was auto-declined by system due to it soon to be discontinued. She Explicitly asked, 3 times, if there was an inquiry done. CSR EXPLICITLY told her that there was NOT. *Checks EX CR and alerts* 1 new inq JPMChase bank WTH?
So she calls back and explains to CSR, who tries to brush it off as discontinued until DW tells her what previous CSR told her. "That's definitely feedback, let me get my supervisor". Supervisor assures DW that all products shown on website are available for apps, even tho Slate is on the block, it's still open. Supervisor transfers DW to ?Senior Analyst?, who starts recon process but basically tells her that she already has a Freedom so it's proly not gonna work. Reviews app, asks several more questions, with very long hold times in between. End result, RE-Denied. Told DW she'd get a letter and hung up without further clarification. *Shrug* what ya gonna do...
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.4K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $11.3K | Discover IT $9.8K | Disco IT Miles (#2) 2K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $9K | USBank Cash+ VS $9K | Cap1 VentureOne 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 10.5K | BECU Cashback 19.5K | EX 705 | TU 731 | EQ 659
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | Amex Biz Gold NPSL | Amex Biz Green NPSL | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 13 of 83
Highlighted
Frequent Contributor

Re: Chase Slate To Be Discontinued

Everybody is arguing about the HP and am just sitting here thinking "Wow, banks are really trying to cut their losses hard"

 

The point of balance transfers cards is the lender "purchases" your debt from another lender hoping that you won't pay it in full during the promo period and then start charging you interest while you don't default, they are not offering those cards out of the goodness of their heart. The fact that Chase is getting rid of the best balance transfer card on the market tells me that they are done with defaults and that lenders in general are skipping the credit card game since consumers did a pretty good job taking advantage of it.




Message 14 of 83
Highlighted
Established Contributor

Re: Chase Slate To Be Discontinued


@patoot10 wrote:

Everybody is arguing about the HP and am just sitting here thinking "Wow, banks are really trying to cut their losses hard"

 

The point of balance transfers cards is the lender "purchases" your debt from another lender hoping that you won't pay it in full during the promo period and then start charging you interest while you don't default, they are not offering those cards out of the goodness of their heart. The fact that Chase is getting rid of the best balance transfer card on the market tells me that they are done with defaults and that lenders in general are skipping the credit card game since consumers did a pretty good job taking advantage of it.


Or they're just planning to introduce a different Balance transfer card... maybe one in the Ultimate Rewards universe? That would be cool.

 

Too early to jump to any conclusions.

 

Maybe not enough people are paying the BT fee, opting instead to shift balances to the card using free methods. I shift balances around between my cards all the time for free, just by stategizing where I make large charges to one card and large payments to a different card. I never understood why anyone would pay a BT fee for something they can do for free with a little strategy and patience.

 

For example, I "moved" $2k from one card to a different card just last week, simply by charging my rent to the new card and making an equal-sized payment to the old card. I not only avoided the 5% BT fee, but I earned 3% cashback by doing it Smiley Very Happy If everyone else is using that strategy, then BT cards are fairly worthless when compared to a standard 0% intro APR on purchases card, like the Freedom Unlimited.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 15 of 83
Highlighted
Frequent Contributor

Re: Chase Slate To Be Discontinued

^^

 

That's a good thought. But if Chase was planning on introducing a new product to replace the Slate card it would make sense to trasnfer current Slate holders to the new product not the freedom and freedom unlimited.




Message 16 of 83
Highlighted
Established Contributor

Re: Chase Slate To Be Discontinued


@patoot10 wrote:

^^

 

That's a good thought. But if Chase was planning on introducing a new product to replace the Slate card it would make sense to trasnfer current Slate holders to the new product not the freedom and freedom unlimited.


True, but see the last part of that post that I added with an edit a moment ago - maybe enough people like me are circumventing BT fees that they aren't a worthwhile card offering anymore.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 17 of 83
Highlighted
Super Contributor

Re: Chase Slate To Be Discontinued


@Xatos wrote:
She Explicitly asked, 3 times, if there was an inquiry done. CSR EXPLICITLY told her that there was NOT. *Checks EX CR and alerts* 1 new inq JPMChase bank WTH?

So there we have it, confirmation of a HP taken by Chase for a product that the applicant had zero chance of obtaining.  I call BS on that.

Message 18 of 83
Highlighted
Valued Contributor

Re: Chase Slate To Be Discontinued


@BrutalBodyShots wrote:

@Xatos wrote:
She Explicitly asked, 3 times, if there was an inquiry done. CSR EXPLICITLY told her that there was NOT. *Checks EX CR and alerts* 1 new inq JPMChase bank WTH?

So there we have it, confirmation of a HP taken by Chase for a product that the applicant had zero chance of obtaining.  I call BS on that.


bs or not that hp is going to stay imo, its nearly impossible to get them removed and they do have a permissible purpose outside the app as she already has a chase card.  mistakes happen

Message 19 of 83
Highlighted
Moderator

Re: Chase Slate To Be Discontinued


@bourgogne wrote:

@BrutalBodyShots wrote:

@Xatos wrote:
She Explicitly asked, 3 times, if there was an inquiry done. CSR EXPLICITLY told her that there was NOT. *Checks EX CR and alerts* 1 new inq JPMChase bank WTH?

So there we have it, confirmation of a HP taken by Chase for a product that the applicant had zero chance of obtaining.  I call BS on that.


bs or not that hp is going to stay imo, its nearly impossible to get them removed and they do have a permissible purpose outside the app as she already has a chase card.  mistakes happen


Yeah mistakes happen, but this mistake is not on OP. 

 

By that logic, if you walked into a furniture store and they tried to sell you a bed, you end up buying it, then they tell you " Though luck, that's floor model, cant be sold. We're keeping your money, though" you'd just walk away because ...? 

 

There is no permissible purpose if product is not available. 

 

With that said, if the AA letter states anything else, it will be very hard to remove.

Message 20 of 83
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.