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Thread: Q about banking

  1. #1
    icewater
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    Default Q about banking

    I recently received a Chase Freedom card and saw online either on this board or somewhere that I could get $200 dollars from Chase AS WELL AS a 10% bonus check on all cash back for the year each and every year just by opening a Chase checking account.

    Now, this sounds like a no brainer to me except for the fact that my Wells Fargo account is listed on my credit reports as my longest account (since 1997) and if I close it, I think it would hurt my credit. Wouldn't it? I think it is the AAoA or something?

    So, I guess what would you guys do? Close the WF account and open Chase or stay with WF? If you suggest stay with both, who should be my primary? Where should my direct deposit go?

    I have no loyalty to WF I just went with them at the time (1997) , I was really bad with money then and they were one of the only ones that would even give me an account. However, at this point, if I need a car loan or a house loan, I think they would be better to deal with since I have been with them for so long than a new account with a new bank that I am barely opening an account with.
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    Reply With Quote Reply With Quote     Dec 12, 12, 9:41 am
  3. #2
    namvet
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    IMO keep the WF account. Chase is a great bank and nothing wrong with multiple checking accounts. I have 4 checking accounts and none of them charge me to use them. I don't have Chase checking but i have several of their credit cards.
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    Reply With Quote Reply With Quote     Dec 12, 12, 9:57 am
  4. #3
    djrez4
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    The 10% bonus on cash back was shut down last month. No need to open a Chase account.
    - Sapphire Preferred - Freedom - Ink Bold - SPG - Amex Platinum -
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    Reply With Quote Reply With Quote     Dec 12, 12, 10:40 am
  5. #4
    Gamma
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    Quote Originally Posted by djrez4 View Post
    The 10% bonus on cash back was shut down last month. No need to open a Chase account.
    They did close the 10+10 exclusive program, but it got changed to 10% extra points per transaction.
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    Reply With Quote Reply With Quote     Dec 12, 12, 2:23 pm
  6. #5
    Vermonster
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    Quote Originally Posted by Gamma View Post
    They did close the 10+10 exclusive program, but it got changed to 10% extra points per transaction.
    That is half of the original 10+10, unfortunately the ****ty half.
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    Reply With Quote Reply With Quote     Dec 12, 12, 6:55 pm
  7. #6
    kcarter609
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    Quote Originally Posted by Vermonster View Post
    That is half of the original 10+10, unfortunately the ****ty half.
    What about for people already enrolled?

    Active Cards:
    Chase Freedom 10+10 ($5k Limit - 8/2012)
    Chase Sapphire Preferred ($5k Limit - 2/2013)
    Discover IT ($5k Limit - 10/2012)
    AMEX Zync (No Pre-set Limit - 1/2010)
    AMEX Blue Cash Everyday ($5k Limit - 1/2013 - Backdate to 1/2010)

    Sock Drawer:
    PNC Points Visa ($500 Limit - 7/2009)
    Capital One Platinum Mastercard ($750 Limit - 10/2009)
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    Reply With Quote Reply With Quote     Dec 12, 12, 8:52 pm
  8. #7
    djrez4
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    Quote Originally Posted by kcarter609 View Post
    What about for people already enrolled?
    Grandfathered,
    - Sapphire Preferred - Freedom - Ink Bold - SPG - Amex Platinum -
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    Reply With Quote Reply With Quote     Dec 12, 12, 9:01 pm
  9. #8
    icewater
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    Well, I just went in and opened a Chase checking account. I decided I will keep my Wells account as well. For those interested, Gamma is correct, the 10 & 10 deal is no more. But you can still get $200 for opening an account (with coupon code) and a 10% bonus on all cashback at the end of the year. You do need a $500 direct deposit or keep $1500 in account to avoid a $12/month fee.
    In My Wallet
    American Express True Earnings (($2,000)) Aug '12
    Chase Freedom Visa (($3,000)) Dec '12
    Discover More (($3,000)) Dec '12
    PenFed Platinum Cash Rewards (($7,000)) Dec '12
    Amex Blue Cash Everyday (($3,500)) Dec '12
    U.S. Bank Cash Plus (($10,500)) Dec '12
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    Reply With Quote Reply With Quote     Dec 13, 12, 2:10 pm
  10. #9
    Gamma
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    Quote Originally Posted by kcarter609 View Post
    What about for people already enrolled?
    djrez is right about bring grandfathered in, but only for a year then they will be changed to the 10% only.
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    Reply With Quote Reply With Quote     Dec 14, 12, 10:56 am
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