Author Topic: Chase Rewards Card  (Read 3515 times)

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Flyingifr

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Chase Rewards Card
« on: January 19, 2006 02:31:39 PM »
Just for the heck of it, I applied for a Chase Rewards Card (yeah, I know - need good credit to get that one) on line. Got the usual "we will get back to you in 30 days" response which I interpret as "you will get the declination letter in a week or so". In the application, just to see what would happen, I asked for a $7,000 BT to my Wells Fargo Card. I don't owe anywhere near that amount, but what-the-heck....

I still don't know if I am approved or not, but today I had a $7,000 payment made to my Wells Fargo Card (making my balance a credit balance by $5500). Apparently I was approved by Citibank, but this brings up some interesting questions:

1: They approved me. I don't have the card or the "Terms and Conditions". What happens if I reject the terms and conditions? They have already advanced money and I am within my rights to reject the card.

2: They advanced $7,000. What happens if they only give me a $5,000 credit line? They can rot in before I will pay any over-the-limit fees on a transaction that was initiated before I had accepted the card and was a blatant attempt to create over-the-limit fees. After all, why would they advance $7,000 knowing the credit line will only be $5,000? I requested a $7,000 BT but that was without knowing whether I would be accepted or not and what my line would ne, and whether I would accept the card or not.

Many collectors look at the lenders as "frustrated Santa Clauses" - here's proof they may be right.
« Last Edit: January 19, 2006 06:20:09 PM by Flyingifr »
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

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Stile4aly

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Re: Chase Rewards Card
« Reply #1 on: January 19, 2006 07:40:54 PM »
Having previously worked for the credit card division of a very large bank, I can answer these questions for you.

1) If you reject the Ts&Cs for Chase, then you would contact Wells and request that they reverse the balance transfer.  Wells would send the money back to Chase, and you would close the card.  Make sure any annual fees or interest charges are reversed.  All cards contain an opt-out provision in their Ts&Cs, usually 30 days from opening.

2) No card will allow a balance transfer greater than your credit limit.  If they do, they are idiots.  When I worked for Bank X, if a customer requested multiple BTs on application and we approved less than they were requesting to transfer, we would transfer the largest amount first, and then whatever was left of the next smaller amount up to the credit limit.  Generally, I recommed against requesting BTs on your application because if you're approved for less than you hoped you not only immediately max out the card, but you also may not get the transfers you want.  Your smaller cards may be high interest retail cards that you really want to consolidate whereas your larger card may be a credit card at a reasonable rate.  Always wait to transfer until after you've recieved your card and info on your credit line so you can manage your account exactly as you would like.
Rome wasn't built in a day, but then again neither was Akron, Ohio.  And the place didn't matter.  The place where you make your stand never matters, only that you're there and still on your feet.

Flyingifr

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Re: Chase Rewards Card
« Reply #2 on: January 19, 2006 08:59:44 PM »
OK, the cards arrived today. Chase gave me a 10K line, 7K 0% 12 month BT. Amex I applied for just to see if they would give it to me - they have been rejecting me for 30 years. Both were a joke, they overpaid my Wells fargo account to a huge negative debt owed that it will take me months to work off. two more rsidents of my sock drawer have arrived to keep the other two (Target Visa and Patelco FCU Visa) comnpany.

So, now taht I have $47,700 in credit lines and $1500 in actual utilization ($10,000 at 0% for 12 months I will be in no hurry to pay down yuntil the 11th month).... I wonder how FICO will react.

As far as a BT that exceeds the credit limit, I have seen posts on AoC where just that happened. I didn't care how much they BT'd since I didn't expect an approval on either.

Question - how do you get a no-fee cash advance?
Answer - Get a new card with a 0% BT and BT to a debit card attached to your checking account.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Stile4aly

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Re: Chase Rewards Card
« Reply #3 on: January 22, 2006 02:05:07 AM »
OK, the cards arrived today. Chase gave me a 10K line, 7K 0% 12 month BT. Amex I applied for just to see if they would give it to me - they have been rejecting me for 30 years. Both were a joke, they overpaid my Wells fargo account to a huge negative debt owed that it will take me months to work off. two more rsidents of my sock drawer have arrived to keep the other two (Target Visa and Patelco FCU Visa) comnpany.

So, now taht I have $47,700 in credit lines and $1500 in actual utilization ($10,000 at 0% for 12 months I will be in no hurry to pay down yuntil the 11th month).... I wonder how FICO will react.

As far as a BT that exceeds the credit limit, I have seen posts on AoC where just that happened. I didn't care how much they BT'd since I didn't expect an approval on either.

Question - how do you get a no-fee cash advance?
Answer - Get a new card with a 0% BT and BT to a debit card attached to your checking account.

Flying - The BT itself will never put the account overlimit, but what can happen is that the account terms contain a BT fee that the account holder may not know about until after the transfer has already happened and it is this fee that puts them over.  That's one of the reasons I recommend never requesting BTs on the application.

Second, don't leave the credit balance on your credit card.  Contact Wells and ask them to send you a credit balance refund check.  Take the credit balance refund check and put it in a 12 month CD or something and then take it out at the end to pay the Chase card back off.  Leaving a credit balance on a credit card waste.

By the way, this advice ain't free.  Your bill is en-route.  ;-)
Rome wasn't built in a day, but then again neither was Akron, Ohio.  And the place didn't matter.  The place where you make your stand never matters, only that you're there and still on your feet.

Flyingifr

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Re: Chase Rewards Card
« Reply #4 on: January 22, 2006 08:30:24 PM »
The offer promised no-fee BT's, so ther ebetter not be a fee with it. If there is they will get their money and their card back so fast it will spin their heads.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

Stile4aly

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Re: Chase Rewards Card
« Reply #5 on: January 23, 2006 05:37:40 PM »
The offer will almost always promise no-fee balance transfers, but that is all subject to credit approval of course.  If upon review of your credit they decide not to offer you the top-tier offer then they may decide that a BT fee, or a reduced 0% period is what they will offer.  From the sounds of things you have been given the top-tier offer.  12 months at 0% in increasingly uncommon, most offers now top out at 9 months.  It sounds to me like you're in good shape, I just want to warn everyone else out there. 
Rome wasn't built in a day, but then again neither was Akron, Ohio.  And the place didn't matter.  The place where you make your stand never matters, only that you're there and still on your feet.

 

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