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So, I've recently been getting a few preapprovals, with the best one being the IT so far. Yesterday though I rec'd an offer from Chase to get Freedom w/ $100 cash back w/ $500 spent. Now, I do need an every day card because currently the only rewards I have is the Cap1. I had been thinking of going with BCE, because I want no annual fee and AMEX backdates to '10 for me. Freedom has long looked like a great card, especially for everyday use. What do people think, is Freedom still a great card? Vs. the 3-2-1 layout of the BCE? Is there something else I should be considering? Is there still some Chase combo program I should be looking to consider w/ checking?
Thanks all
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Honestly, I'd wait.
With such a low score you may not get a decent limit. You may be better positioned in a few months.
Is the 100/500 sign on bonus common for Freedom? I'm not worried about low limits, they'll go up. I'm no longer fretting the small stuff, but I was going to wait until April because my last baddie will age further that month.
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Chase is pretty much infamous for being stingy with CLIs unless the customer accepts a HP.
I understand wanting to build history with Chase, add a new tradeline, and decrease utilization percentage. That being said; you have to weigh the downsides like decreased average account age and that Chase might give a limit so low that it's not really worth a HP. Being better positioned after gardening a few months or even letting no balances report might give a better result.
The $100 bonus is the standard bonus for this card. I got it without a preapproval back in December.
Also, I have both the Freedom and the BCP and I think the spending categories complement each other nicely. It basically ensures that you get high cash back on gas and groceries all year long, whether it be Freedom's 5% categories or Amex's 3,2,1% categories.
Although, I would also advise that you look into your spending patterns to see if the BCP AF is worth it to you. The rewards are far superior if your spending makes up for it.
Answer these questions:
1. Do you spend more than $210 a month on groceries on average?
2. Is the location you do most of your shipping a stand-alone supermarket (not a Walmart or Target)?
3. If you don't spend $210 on groceries every month, do you spend a lot on gas (over $100 per month) and would you use the BCP for gas in those quarters where the Freedoms's bonus categories doesn't cover it?
If you answered yes to the first 2 questions or all 3, the BCP may actually be worth it to you.
Thanks for the advice guys. I reall want to avoid an AF rewards card. Having to plan my spending to make the rewards outweigh the fee just adds unnecessary complication for me.
The point about Chase and HP CLI might actually be the determining factor. You're right, while they will grow, it will cost some on my end, and especially if I'm mortgage shopping later this year, I don't want to add unneeded HPs. I'llhang back for a bit, especially if the 100/500 bonus is pretty standard
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
I applied for Chase Freedom after looking here too much, LOL! With a 680ish score I would have probably gotten better limit simply by waiting until some payments had posted to other accounts.
Chase has a good product and pretty website. I'm not saying "Don't apply", more "The results of waiting until you're a more attractive customer might be better"
I'll probably drop Chase, in a year or two, if they don't come up with a more generous limit.
I got approved for the Freedom in November. I was an AU on my husband's Chase Slate card that he opened in 1990, back when it was Chase Manhattan Bank! I don't know if that helped with my approval or starting limit of $7500. I got the standard $100 cash back for spending $500 offer.
Recently I logged into my Freedom online account and received an offer for $200 cash back if I open a Chase Checking account. I already have checking & savings with US Bank, Bank of America and a local CU. But I thought, why not - I can't resist free money! So the other day I went into a Chase branch and opened a checking account. Now I have some place to stash my cash rewards from my Freedom card. Plus I think there's a small bonus on rewards for having the checking acct. The checking account is free with monthly direct deposits totalling $500 or more. Or if you keep a minimum balance of I think $1500.
Anyway, I think you should wait just a bit longer for your baddie to age a little more and your scores to go up. That $100/$500 offer is probably not going anywhere.