Product change/conversion between Slate and Freedom?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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DeadSpider
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Product change/conversion between Slate and Freedom?

Postby DeadSpider » Sun Jul 01, 2012 1:33 am

Does Chase do credit card combining/switching to another?

I have a Chase (old WAMU) from 07 with 5K limit, but stuck at 29.99Apr ! I was thinking of getting a Slate card and having them combine from Freedom credit to new Slate card and closing old card and maybe 6+ months later applying for a NEW Freedom to get a better rate.

I do pay my cards in full but i want the option in case i need to carry balance not to be stuck at 29.99.

Has anybody done this? Tell me what you think.
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014


CC Deville
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Postby CC Deville » Sun Jul 01, 2012 9:35 am

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.

DeadSpider
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Postby DeadSpider » Sun Jul 01, 2012 12:48 pm

Old Wamu was changed to Chase and i recently called them and had it converted to Freedom.
After card was converted to Freedom they gave me $500 increase HARD PULL they lied said it was soft and didn't budge on lowering my APR.

Looking back i was late on Chase few time but now i have my Sh!t all together.

Late on 5/2009, 12/2010 and 6/2011
As for APR it's been anywhere from 11- to 13% over time till i was late the first time jumped to 17XX and in March of 2011 it jumped to 29.99 just like that !!

After reading the post I'm not going to apply to Slate card just keep what i have. I have 2 car payments which 6-9 months both will be paid off and maybe I'll apply for something then.

My oldest credit on file is 96 TARGET just closed not long ago kinda got pissed off at them keeping my credit line @ $200 but will stay on my credit report for 10 years so don't care much about it.
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014

hematino
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Postby hematino » Sun Jul 01, 2012 6:21 pm

That's funny, in June I did a product change on my Slate to a Freedom. I sent a message to Chase through my account on their website to ask what my options were in doing a product conversion. I think usually they allow a Slate to become either a Sapphire or Freedom, but since I already have a Sapphire Preferred, they said I could change to the Freedom. I sent another message to confirm and they did it for me, my APR for the Slate was 14.99% and it carried over to the Freedom along with the same credit limit and of course same card number. It was really easy and they only soft pulled me.
Now she's eyeless.
The snakes she held once
Eat up her hands.

DeadSpider
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Posts: 82
Joined: Tue Jun 12, 2012 10:51 am
Location: Las Vegas

Postby DeadSpider » Sun Jul 01, 2012 8:22 pm

I think the hard pull was for credit increase for me and not for conversion.
I wait 6 months and call for rate reduction.
Even my Best Buy store card has a better rate LOL
Cap! QuickSilver VISA 2005 $6500
Chase Freedom MC 2006 $5000
Amex Sky 1999 $2000
BCE 1999 $8800
NFL 2013 $1500
Discover IT 2013 $3500
FICO July 16/2012 ---- 742 Experian (Amex)
BK comes off ---- 9/2014



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