"Chase Is Going Downhill..."
Chase Platinum Visa® Card Review
Written by: jpr0204 on 2010-10-28
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jpr0204's review: 
I'll try to keep this short,
Opened this account in 2003, first company that issued me the card was Providian (Remeber Them?) CL was $500.00 and APR was 13.9% This was only my second card with a limited credit history. After Providian went south, Washington Mutual (WAMU) (Rember these guys too?) took over and my CL got increased every 4 months. As of 2008 I was up to $5,500 and my APR stayed the same at 13.9% Now, I NEVER missed a payment nor was I ever late. When Chase stepped in 2008 my CL stayed the same but my APR shot through the roof to 29.99% on purchases!!! I called CHASE several times and nicely asked if there was anything that could be done to lower this ridiculous rate and they said there was nothing they could do. I use this card once a year to keep it active and do not want to close it because it is my oldest account. I am open to any advice or suggestions...
I'll try to keep this short,Opened this account in 2003, first company that issued me the card was Providian (Remeber Them?) CL was $500.00 and APR was 13.9% This was only my second card with a limited credit history. After Providian went south, Washington Mutual (WAMU) (Rember these guys too?) took over and my CL got increased every 4 months. As of 2008 I was up to $5,500 and my APR stayed the same at 13.9% Now, I NEVER missed a payment nor was I ever late. When Chase stepped in 2008 my CL stayed the same but my APR shot through the roof to 29.99% on purchases!!! I called CHASE several times and nicely asked if there was anything that could be done to lower this ridiculous rate and they said there was nothing they could do. I use this card once a year to keep it active and do not want to close it because it is my oldest account. I am open to any advice or suggestions...
5 Comments
Comment 1 by ari
Re: Chase Is Going Downhill... 
on 2010-10-28
You will not loose the history if you close the account. This is a popular misconception. Yes, the account will eventually fall off of your credit report but this takes several years. The history is still factored into your FICO score even if the account is closed. You will however lower your available credit which does have the potential to lower your FICO score if your utilization is generally high among all of your other cards.
on 2010-10-28 You will not loose the history if you close the account. This is a popular misconception. Yes, the account will eventually fall off of your credit report but this takes several years. The history is still factored into your FICO score even if the account is closed. You will however lower your available credit which does have the potential to lower your FICO score if your utilization is generally high among all of your other cards.
Comment 2 by wanderer
Re: Chase Is Going Downhill... on 2010-10-28
Yeah... I followed your path exactly except that Chase set 12.24% for my APR rate and added the benefits of the Chase Freedom Card! Go figure...? Of all my cards Chase is now my best and I harvest over $400 in cash per year. Also, it is flexible and I can convert from cash to points and vice versus depending on what I am looking for! Always cash as I can use it my way. Many that have posted on Chase were treated the way you were and even had Chase close their accounts after one year. Go figure...? Chase does NOT like subprime clients and bought WAMU for its brick and mortar branches with depositors. They did not want us that were subprime!!! Oh... I can acquire more points than 1 for 1 depending on my top categories then it is at a much higher rate...
on 2010-10-28 Yeah... I followed your path exactly except that Chase set 12.24% for my APR rate and added the benefits of the Chase Freedom Card! Go figure...? Of all my cards Chase is now my best and I harvest over $400 in cash per year. Also, it is flexible and I can convert from cash to points and vice versus depending on what I am looking for! Always cash as I can use it my way. Many that have posted on Chase were treated the way you were and even had Chase close their accounts after one year. Go figure...? Chase does NOT like subprime clients and bought WAMU for its brick and mortar branches with depositors. They did not want us that were subprime!!! Oh... I can acquire more points than 1 for 1 depending on my top categories then it is at a much higher rate...
Comment 3 by colonative
Re: Chase Is Going Downhill... on 2010-10-31
Keep in mind that part of CARD Act is that all credit card companies that increased your rate between 1/1/09 and 12/31/09 will have to perform a rate re-evaluation on your account. Basically what this means is that based on current rates (looks like you have Slate which used to be called Platinum) for Slate if your current credit score warrants a lower score, they have to give it to you. Per Chase's website, Slate APR's can be 11.24% or 17.24%. This will take place starting in 1/2011. So I would hand on to it for now and see if the rate is decreased. If it isn't then you can close the account.
Chase (when it was still really Chase before the Bank One merger) lowered my APR on my Platinum card some time in 2003 to 7.9% fixed. It stayed that way until earlier this year when I discovered that it had increased to 14.24%. I NEVER received notice of this. Chase is not what it used to be and that is because First USA (Bank One) is still alive and well hiding under the Chase name. First USA is shady.
It is not a myth that closing older accounts will hurt-it really will-but only temporarily.
on 2010-10-31 Keep in mind that part of CARD Act is that all credit card companies that increased your rate between 1/1/09 and 12/31/09 will have to perform a rate re-evaluation on your account. Basically what this means is that based on current rates (looks like you have Slate which used to be called Platinum) for Slate if your current credit score warrants a lower score, they have to give it to you. Per Chase's website, Slate APR's can be 11.24% or 17.24%. This will take place starting in 1/2011. So I would hand on to it for now and see if the rate is decreased. If it isn't then you can close the account.Chase (when it was still really Chase before the Bank One merger) lowered my APR on my Platinum card some time in 2003 to 7.9% fixed. It stayed that way until earlier this year when I discovered that it had increased to 14.24%. I NEVER received notice of this. Chase is not what it used to be and that is because First USA (Bank One) is still alive and well hiding under the Chase name. First USA is shady.
It is not a myth that closing older accounts will hurt-it really will-but only temporarily.
Comment 4 by rsty99
Re: Chase Is Going Downhill... on 2011-03-07
What is strange is that Chase has not done anything to my 2 cc with them. I have this card and love it at 10% rate. I also bank with them. I was with Bank One, but it was not until Chase took over that I started getting cc offers. I think that there seems to be a lot of inconsistency with banks and cc since the government thought it knows best.
on 2011-03-07 What is strange is that Chase has not done anything to my 2 cc with them. I have this card and love it at 10% rate. I also bank with them. I was with Bank One, but it was not until Chase took over that I started getting cc offers. I think that there seems to be a lot of inconsistency with banks and cc since the government thought it knows best.
Comment 5 by bc8787
Re: Chase Is Going Downhill... on 2011-04-07
Just pay it off and don't use it. They will leave it open for 12 months without activity. Then on the 11th month charge $50 and then pay if off immediatlely. They will not close the account if you do that.
on 2011-04-07 Just pay it off and don't use it. They will leave it open for 12 months without activity. Then on the 11th month charge $50 and then pay if off immediatlely. They will not close the account if you do that.
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Disclaimer: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. Review content is powered by Finance Globe.
