Chase Freedom Credit Card Review
Author: T. J.
Posted: Fri May 09, 2003 7:26 pm
Post subject: Chase Freedom Card
Is anyone familiar with the initial credit lines Chase grants? I have no other accounts of any type with Chase.
I just applied for the above card. I have FICO in the middle 700s. I have four major credit cards, as follows:
Sears Mastercard $2600 limit no balance
AMEX $15000 limit balance under $500
Citibank Mastercard $11,500 limit $2000 balance
Bank One Visa $14500 limit no balance
I am never late. Combined income about $115,000 inc. wife.
What kind of initial limits does Chase grant, based on info. like above?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Sat May 10, 2003 7:33 am
Post subject:
T.J.
You are ""never late"" but you are impatient. You have little debt and high scores yet you are concerned about what credit limit Chase may give you. Curious.
Your question is so deeply moot, my mind reels.
Author: Ira
Posted: Sat May 10, 2003 7:35 am
Post subject:
Well it won't help you at all, but I have a freedom card (the old Chase Shell MasterCard) with a $13,000.00 limit. I just received a Chase Platinum card with a $5,000.00 limit. This is the card with 0% balance transfer fees and 0% interest on balance transfers for 18 months.
Stay with me on this. I transfered the credit line from the Freedom Card to the Platinum Card giving me a combined limit of $18,000.00. I will take out a balance transfer of $17,000.00 to a 1-year CD. Over the course of the year I will pay back the minimum each month. When the 0% rate expires I will cash in the CD and repay the entire principal. Interest rates aren't great these days, but I will make about $400.00 by investing Chase's money at no risk to myself.
Isn't this a great country?
With regard to your question, the formulas & algorithms are both complex & secret so you won't know what your limit is until you get your card. If I had to guess based on my own experience I'd say that $5,000.00 sounds reasonable
Author: Peaches
Posted: Sun May 11, 2003 1:49 pm
Post subject: Chase Freedom Credit Card Review
Ira,
Do you have an actual balance to transfer? this sounds like a 'cash advance' to me.
If this is the case you might be charged a 3% fee. No maximum.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri May 09, 2003 7:26 pm
Post subject: Chase Freedom Card
Is anyone familiar with the initial credit lines Chase grants? I have no other accounts of any type with Chase.
I just applied for the above card. I have FICO in the middle 700s. I have four major credit cards, as follows:
Sears Mastercard $2600 limit no balance
AMEX $15000 limit balance under $500
Citibank Mastercard $11,500 limit $2000 balance
Bank One Visa $14500 limit no balance
I am never late. Combined income about $115,000 inc. wife.
What kind of initial limits does Chase grant, based on info. like above?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Sat May 10, 2003 7:33 am
Post subject:
T.J.
You are ""never late"" but you are impatient. You have little debt and high scores yet you are concerned about what credit limit Chase may give you. Curious.
Your question is so deeply moot, my mind reels.
Author: Ira
Posted: Sat May 10, 2003 7:35 am
Post subject:
Well it won't help you at all, but I have a freedom card (the old Chase Shell MasterCard) with a $13,000.00 limit. I just received a Chase Platinum card with a $5,000.00 limit. This is the card with 0% balance transfer fees and 0% interest on balance transfers for 18 months.
Stay with me on this. I transfered the credit line from the Freedom Card to the Platinum Card giving me a combined limit of $18,000.00. I will take out a balance transfer of $17,000.00 to a 1-year CD. Over the course of the year I will pay back the minimum each month. When the 0% rate expires I will cash in the CD and repay the entire principal. Interest rates aren't great these days, but I will make about $400.00 by investing Chase's money at no risk to myself.
Isn't this a great country?
With regard to your question, the formulas & algorithms are both complex & secret so you won't know what your limit is until you get your card. If I had to guess based on my own experience I'd say that $5,000.00 sounds reasonable
Author: Peaches
Posted: Sun May 11, 2003 1:49 pm
Post subject: Chase Freedom Credit Card Review
Ira,
Do you have an actual balance to transfer? this sounds like a 'cash advance' to me.
If this is the case you might be charged a 3% fee. No maximum.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:16 PM
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