Post subject: Activating Then Cancelling A Credit CardGuest: kanjoy
Posted: Sat May 14, 2005 9:41 pm
Hi all..I m new member of this forum and came to know abt it thru Google. I recently got an offer form Chase Visa Platinum which said 0% APR till August 2006. Tempted by this offer I applied to it and got the card today. But durig activation call, while talking to an offshore customer representative, I saw that 0% APR is only till July'2005. So I had an altercation with them and then I cancelled the card immediately.
Now I dont know if it will reflect negatively on my credit profile or not ??
So far I have a good score.
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Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Activating Then Cancelling A Credit Card Posted: Sat May 14, 2005 10:43 pm
Did you keep a copy of the offer? This is always a good idea. Also, do not ever get into a verbal shouting match with a CSR. You will always lose. If you're not getting what you think you deserve you have two choices; ask to speak with a supervisor, or even better, politely say thankyouverymuchgoodbye, hang up, wait five seconds, and call back. Your chances of getting the same CSR twice in a row are slim and none. There's a good chance you'll get someone who is more understanding and willing to help the second time around.
Also, I've found that CSRs are not always up on all the hundreds of offers that are out there. Sometimes they truly don't know anything about your offer. Give them a break. Be firm but polite. If you still don't get anywhere, ask to speak with someone in the customer retention department. Those are the folks who are paid to bend over backwards to make sure that card holders don't cancel. They are the ones who have the authority to extend offers, lower interest rates, raise limits, etc. within limits, of course. You might even try them now, even though you've expressed a desire to not continue with the card in question. Explain your situation calmly. As mentioned above, do not become confrontational. If you do, you will lose.
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Activating Then Cancelling A Credit CardPosted: Sun May 15, 2005 9:30 am
ACTIVATED or NOT it most likely will show on your credit report
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Guest:CreditCardGuru
Post subject: Activating Then Cancelling A Credit CardPosted: Sun May 15, 2005 12:11 pm
It will show, as to whether it will affect the score or not I do not know, as for CSR's some of them are stupid, I spoke to a supervisor one time and they lowered my APR. Also it would make no sense for the APR to be 0 for only 2 months, maybe the person meant until July of NEXT year! Mine was 6 months and that is the minimum they do....or maybe they meant it was valid until July meaning as long as you apply before July you'll get the 12 months
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Guest: fenster
Post subject: Activating Then Cancelling A Credit CardPosted: Sun May 15, 2005 4:29 pm
Ira,
What’s a “customer retention department”? Does every bankcard issuer have one? I mean if I say to CSR give me someone in your customer retention department, will he answer ‘huh’, who, what? As far as you know does Cap1 have a retention dept.?
You ever tried to get ahold of a super with this goat of a bank? They’ll put you 3 years on hold, then come back and say “all supers are busy, can one call you back?” I’m thinkin’ if I ask for this retention dept deal, it’ll be quicker? I’m trying to get my limit raised with this stingy Brit bank, but have yet to get ahold of a super.
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Guest: kanjoy
Post subject: Activating Then Cancelling A Credit CardPosted: Sun May 15, 2005 6:39 pm
Hey guys thanx for ur replies.
Ira,
Actually my call was transferred from Customer Care to Cancellation Department, where I talked to a guy. He offered me a lifetime APR of 9.99 %, which I declined. But you are right, I should have been more polite. Thx for ur advice. I am thinking to call them up again and talk to Customer Retention dept as u suggested.
CreditCardGuru,
I just checked my agreemet letter which came with the card It says 0% till 07/05 which is very bad considering my FICO score of 697. I think I deserve somehting better.
Actually I have got another offer from Household Bank, Mastercard (0% APR for 12 monts), but now I am a little bit scared to apply for that. This one chase card and its cancellation will surely affect my credit score.
What do u suggest ?
Thx
Guest: Polonius
Post subject: Activating Then Cancelling A Credit Card Posted: Sun May 15, 2005 7:15 pm
Cancellation=Retention Department
It's where the people are who try to convince you NOT to cancel your card, so the bank can retain your account.
Guest: CreditCardGuru
Post subject: Activating Then Cancelling A Credit CardPosted: Tue May 17, 2005 12:00 am
I dislike Household, they usually market towards people with bad credit. I have just closed an account after recently activating it and the rep told me since I had not used it, that it will NOT show on my report.....hoping that clears it up for you. I got a pre-approval for something that seemed really good, but didn't get that offer, and I felt they were "rubbing it in my face" somehow with a very crappy limit, so I got pissed and cancelled it, as well as told them they took conservative lending a wee bit too far, they could be a little more liberal and it wouldn't hurt.
I'm the Credit Card Guru, YOU BET
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Guest:kanjoy
Post subject: Activating Then Cancelling A Credit CardPosted: Tue May 17, 2005 3:20 pm
CCguru
Thx for ur advice..i ve heard from other people also similar crappy things abt this household bank. I dont want any other "slap on the face" kind of incidence after this one with chase.
