Changing the Freedom to Signature tier

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
13 posts
JohnB222
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Location: Ohio

Postby JohnB222 » Wed Nov 16, 2011 5:45 pm

That is correct, except now that I check my last statement balance was actually $0 (the $50 charge must have been the day after statement close). So in closing, one day my closing balance was $4200 with NPSL ($8k actually), and now my balance is $0 with $8k reporting and it goes DOWN. It's just almost like having a charge card on your report gives you "bonus points" versus only having credit cards?!?
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]


lexareece
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Postby lexareece » Wed Nov 16, 2011 6:49 pm

This makes very little sense. I originally had a Chase Student Card, with "Flexible rewards"(3600 CL) When the freedom started advertising, I called and asked to change, they told me I wasnt Eligible to just go ahead and apply for a Freedom and either keep or cancel the other, the suggested keeping it because it was opened in 2004(My second oldest account). I applied for the Freedom and was approved for the signature edition with an 8K Limit. I then 3 weeks later got a notice that my other chase card had been discontinued and would be converted to a Freedom..... So I then had two Freedom cards, I was a bit discouraged as this card was not the signature and had the same 3600CL. Why Oh Why?
In my Wallet-
[size=60]Bank of America-Platinum Privledges Cash Rewards Visa Signature 12K
American Express- , Starwood Preferred Guest 6K, Hilton Honors 6K, Amex Everyday 10K, Business Gold Rewards
Chase- Freedom Visa Signature-6K, United Millage Plus Explorer Platinum Visa-5K
Barclays- US Airways Dividend Miles Business Master Card 24K[/size]

[size=60]In a Drawer
Bank Of America- Platinum Plus Rewards- 22K, Royal Caribbean Visa Signature 8K
Discover- More Card 8K
Citi- Thank You Mastercard Card 6K, Hilton Honors Visa Signature-10K, American Airlines World Master Card 6.5K
Credit Union Card- 20K- 6.9%APR NO Fees Period(for when I get in trouble[/size]

CC Deville
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Postby CC Deville » Thu Nov 17, 2011 9:13 pm

lexareece wrote:This makes very little sense. I originally had a Chase Student Card, with "Flexible rewards"(3600 CL) When the freedom started advertising, I called and asked to change, they told me I wasnt Eligible to just go ahead and apply for a Freedom and either keep or cancel the other, the suggested keeping it because it was opened in 2004(My second oldest account). I applied for the Freedom and was approved for the signature edition with an 8K Limit. I then 3 weeks later got a notice that my other chase card had been discontinued and would be converted to a Freedom..... So I then had two Freedom cards, I was a bit discouraged as this card was not the signature and had the same 3600CL. Why Oh Why?


Visa regulations require a minimum credit line of $5,000 for Signature. MasterCard is a little more lax and I have seen specifically Citibank World MasterCards with limits under $5,000. MasterCard does require a minimum credit line of $5,000 for World Elite.

You ended up with two Freedom cards. That is actually not uncommon. Banks like to create rewards programs and then after a few years or so they change, or cancel that particular reward so they put you into a new or different reward.



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