Luxe wrote:I was recently told by a Chase analyst that there is an $8000 limit requirement to upgrade to the Visa Signature Freedom. Other sources say the requirement is $5000 because CSP is always a Signature and starts off there. I have also heard there is a time limit requirement such as holding the card for one year. Can anyone shed light on this upgrade?
Those analysts are mishegas. My Chase Freedom was opened as a Signature with a $7,000 limit. I recently (November 13) sent a secure message asking if my Chase Slate MasterCard could be PC'ed to a Chase Freedom. They said that yes, it could be PC'ed but it would have to be changed to a Visa. I responded that I was okay with that if I got the Signature version (my Slate has a $10K limit) and they said it would just be a Platinum.
So there seems to be no rhyme or reason for what makes them approve a Signature over Platinum. Generally Visa themselves did require a $5K limit to allow banks to issue Signature status but they seemed to have relaxed that requirement.
I believe it may have something to do with needing an updated annual income in order to be upgraded. Since Signature allows up to double of the revolving credit line in spend (so say you have a $10K limit they MAY allow up to $20K in spend-anything over the credit line is due in full) they may want to collect an updated income before they allow it. That is the only good reason I can think of as to why I was not offered a Signature for my Slate to Freedom PC; however, they did not tell me this, they simply said "sorry." So needless to say I still have my Slate MasterCard.