Where is the CreditCardForum Glossary?

For just about anything you want to get off your chest about credit cards.
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Postby popamode72 » Mon Nov 24, 2014 3:47 pm

Cre wrote:The "Slate" card was really weird, with no embossed numbers, and a sideways orientation. Most merchants I presented it to when it first came out thought it was fake at first.

I didn't ask for Slate... the bank just sent a letter one day saying that my current card, whatever it was, would now be called Slate, and I had no choice in the matter. That wasn't the first time, either. I opened the credit card account as a MasterCard back in 1993, and it wasn't with Chase. A few years later, the original bank transferred my card account (sold me?) to another bank, which in turn sold me to yet another bank years later, which in turn eventually was swallowed by a bank that later turned into Chase. I didn't do anything.

I just let it all happen. I had absolutely no idea that the Slate card was such a bottom of the barrel "you're a loser" card until I joined this website. I've since ceased using the Slate card. Why should I embarrass myself any further at the stores?

So there, Chase! See ya in the Sock Drawer! And don't let the lint stick to ya on the way in. Take that for sticking me with a lousy card when I've never been late and PIF all my life.

Bring on the rewards, baby!

If you have any other Chase cards, you can always transfer most of the limit of the Slate to another card and close it. Did you see if you could PC it to another one of their cards like the Freedom or CSP?
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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Postby Cre » Mon Nov 24, 2014 11:25 pm

popamode72 wrote:If you have any other Chase cards, you can always transfer most of the limit of the Slate to another card and close it. Did you see if you could PC it to another one of their cards like the Freedom or CSP?

Now I'm really confused. ???

I thought the idea was to have more credit card lines open, and under utilized.

And, I though the idea was to have a "start date" as early as possible... the reason why people request that their cards be "backdated" to their earliest association with the financial institution.

With these thoughts in mine, I'm wondering why you suggest closing the Slate card?

Wouldn't it be better if I just put it in the sock draw and not use it? It does not have any annual fee. It has an origination dating back over two decades ago, which is interesting how they kept the same "member since" date despite the bank changing hands several times. If I close the account, wouldn't I lose that long term backdate, and whatever benefits are perceived to come with it? What are the down sides to socking the card?

Also, what is the purpose of transferring my Slate credit limit to a new card? That sounds like a really dumb question, I'm sure, but this is still new to me so I want to make sure I understand the reason for the strategy. My CL on the Slate is $32K. Are you suggesting that if I apply for a CSP that I ask if some of that CL can be transferred to CSP? Or all of it? What if the initial CL on the CSP is high enough without transferring any of it?

My only experience is applying for an AmEx, and their initial CL was high enough. Wouldn't it be better to leave the CL on a dormant Slate card alone, which will decrease the overall utilization ratio across all cards?
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Re: Where is the CreditCardForum Glossary?

Postby ScoreOnTheRise » Wed Aug 19, 2015 6:40 pm

SL = Starting Limit
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]

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