- Centurion Member
- Posts: 1069
- Joined: Thu Aug 04, 2011 7:07 pm
- Location: Phoenix
So your old WaMu card is now a Chase Freedom? And you want to open a Slate and have them combine the credit line of the Freedom to Slate. And then within 6 months you want to open another Freedom?
I do not know what your credit profile looks like but opening two new credit cards will really hurt your Average Age of Account (AAOA). One of the largest parts that make up your FICO score is lenght of credit history. I guess if you are older and established (own your home and have no plans on buying a new home in the near future) then this wouldn't be an issue....but still....
Freedom is a great cash back card and a $5K limit isn't bad. I agree that the 29.99% APR is ridiculous...but you shouldn't be paying interest on a reward card anyway. I guess I wouldn't close a 5 year old card only to have two new ones opened. Plus, as the holder of a Slate card (used to be a real Chase Manhattan Platinum before Chase and Bank One merged) I can tell you that the Slate is completely worthless. It has NO rewards and my APR went from 7.99% fixed to 14.74% variable for no reason (my Freedom with rewards is at 11.24% and Slate with no perks whatsoever has a higher APR). If you need a low rate credit card for carrying balances I would suggest opening a no-reward card with a credit union or a bank that you can trust will leave your rate low.
Let me ask you this....did your rate jump to 29.99% during 2009? Were you ever late and that is what caused it? Regardless, as part of the Card ACT, creditors must review accounts every 6 months for a possible decrease in the APR. This is especially true if the rate was increased in 2009 before Card ACT was signed into law. If this is the case, I would call or go online and send a message asking them to review your rate for a reduction. If they blow smoke up your rear I would remind them of this provision in the Card ACT and see if that gets you anywhere.
As far as your main question: I do not know if they will just combine limits at the cardholder's request; however, I have heard of people that have multiple Chase credit card accounts and upon applying for yet another Chase card, Chase basically says "whoa there, you have the max credit from us, so if you want this new card you need to close one of your existing cards and we will use that limit to fund the new account."
I strongley suggest that you do not follow through with your plan of opening two new Chase cards simply to get a lower rate.