"Good Card Until The Intro APR Expires"

Chase Freedom® Review
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Written by: phynanciallysavvy on 2011-10-10

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phynanciallysavvy's review: Callout Comment I started banking with Chase a year and a half ago when BoA was going to charge me $8.95 for every month that I didn't have a direct deposit. Since I was self-employed, that didn't fly with me. Fortunately around the same time, the lingering memories of my fiscally irresponsible youth had all fallen off my CRs - boosting my score well into the mid 700s - so I decided to apply for this card.

Unfortunately, after applying online, I didn't receive an instant decision... I actually figured my application was declined since I got a message that they would mail me a letter with their decision within 14 days. But I logged into my Chase checking account a few days later and saw that I had a new acct for a Chase Freedom Visa w/ a $3K limit. However, I am not in love with my APR after the 6-month 0% intro period: 22.99%. No thanks! In the mean time, I've been using my 0% for balance transfers from other, much higher interest rate cards, as well as purchases that I won't be paying off at the end of each cycle. So far, so good. I already received my first rewards bonus in the form of cash deposited straight into my Chase checking account. The only downside of getting the rewards was that it took ten calendar days for the deposit to post. Otherwise, I'm very pleased with the card - though I wish the intro APR was longer than 6 months...

I got this card in July 2011, and just last week (10/6/11) I got a sweet letter from Chase Freedom saying that since I also have a Chase checking account, my points and rewards are now significantly higher than the standard amount for this card.

So, instead of 1% cash back, I get 10% extra points for every dollar spent (which means 1 extra point for every $10). It's tricky lingo bc it makes you think it's 10% cash back the way the letter is written, but it's actually 10% extra POINTS. Anyway, I still get 5% total cash back for every $1,500 spent per quarter in the bonus categories, as well as 10 bonus points on every purchase.

Basically, it's nothing to write home about - especially considering that Chase implemented this account "upgrade" with little more than one month remaining on my 0% intro APR.

Too bad for Chase though, because I just got a Citi Platinum MC with 21 months of 0% interest... So in a month, I'll "chase what matters" and charge it to my Citi Platinum Card, and the impending 22.99% APR Chase Freedom card will go in the file cabinet.


Comment 1 by derek1061
Re: Good Card Until The Intro APR Expires User Icon on 2011-10-10

Remarks Congratulations. That is a pretty good credit limit for Chase, but as for that APR that is ridiculous. With your credit score you deserve a much lower APR, and I would demand it.
Comment 2 by phynanciallysavvy
Re: Good Card Until The Intro APR Expires User Icon on 2011-10-10

Remarks Derek, I'm already working on it! It IS ridiculous. The day I got my card and the plethora of paperwork with it, I called Chase and said, "seriously? This is my APR? Did you see my credit score?!" it's the highest APR available for this card.

Since I opened this account, I've scored 2 Citi CCs (CLs totaling $11K - flexible spending), a USAA World MC ($10K - flexible spending), and just last week, I scored a Nordstrom Signature Visa ($10K). By year's end - when my intro APR also ends - I'm going to hit them up to review my account and that insane APR... Unless I find a better Chase card with a lengthy intro period like my new Citi Plat MC, which is 21 months.
Comment 3 by wanderer
Re: Good Card Until The Intro APR Expires User Icon on 2011-10-10

Remarks Congratulations! You scored one of Chase's better cards. The rewards taking ten days... that is what it takes for me to get a paper check from them. As to rewards, I have harvested many dollars off of this card! No, I don't like any of the big banks but, the Chase Cards have served me well. I like Citi the best. In regards to Chase's flexibilities... never found any. However, hound the heck out of them about that ridiculous APR!!!
Comment 4 by phynanciallysavvy
Re: Good Card Until The Intro APR Expires User Icon on 2011-10-10

Remarks Thanks, W. Any "savvy" advice on how to approach the subject of my APR with Chase? Also, should I wait until the end of my intro period, or since it's just over a month away, should I hit them up now? This is unknown territory for me... I'm a whiz at fixing/repairing credit and old debts, but existing LOC's in good standing are foreign to me.
Comment 5 by wanderer
Re: Good Card Until The Intro APR Expires User Icon on 2011-10-10

Remarks My view of Chase is they are "elitists" who are impressed with their high roller clients. As to the rest of the masses, why bother. My accounts came over from WAMU. Chase cut my personal account credit line from $13,500 to $10,000 and my business line from $10,000 to $2,500. Was I impressed? Got mad and crawled down their throats. They restored everything. It gets better, my aprs are 12.24% purchases and 19.24% cash. Note, they have only given me one BT in my time with them and it was at the regular rate.

To answer your question, maybe you do a gentle feel out of a rep on what it takes to get a rate reduction (you are only inquiring). Scoping trip and if it doesn't yield changes maybe you can learn what to do. Again, Chase has not been flexible with many of us former WAMU's. Today, my FICO Scores are around 800+ so it is not like I am a sub-prime. Hmm...
Comment 6 by phynanciallysavvy
Re: Good Card Until The Intro APR Expires User Icon on 2011-12-21

Remarks Update on this account, after my 6th billing cycle - which is when the 0% intro APR ended, Chase gave me a CLI. It was only $500, but it's better than none. I'm convinced they are just enticing me to keep spending and ignore my awful 22% APR going forward...
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