Chase Platinum, now subprime Chase Platinum account terms are on http://www.chasecardsonline.com/servlet/page/PlatAQNotices Look at this gem: "Transaction Fee for Balance Transfers: $50 (may be reduced at Chase's discretion) [...]" Also the APR for "Non-Preferred Pricing" customers is "Prime+15%" - that's 22%!!! I think what Chase is doing to the Platinum is worse than what Aspire has done to the Classic. Saar
Re: Chase Platinum, now subprime I received my Chase Classic in January with a notice about those terms ($50 fee for balances transfer, etc.) but they do not charge that. By the way I have made 4 balance transfer from the last 6 months and no balance transfer fee was charged ever. and the introductory rate has been 2.99%
Re: Chase Platinum, now subprime Providian's Aria/ GetSmart cards also offer an intro rate (0%), but that still doesn't bring them anywhere near prime land. As for the BT fee, the point is they have a right to assess the $50 fee, and when I enter a contractual relation, I don't intend to either pay exorbitant fees or depend entirely on the goodness of their heart. Saar
Re: Chase Platinum, now subprime They have several rate groups, check the whole page. For that kind of APR (maybe less), Amex would give you a very competitive rewards/ air mileage card. What does Chase have to offer?
Re: Chase Platinum, now subprime That's not a bad rate. What rate would you like to have after you miss two payments in a year? Subprime is 20%-24% when you have a perfect payment history and 35%-45% if you miss two payments. Chase looks good to me.
Re: Chase Platinum, now subprime Not really. I don't know if missing a payment is the only way to get their sky-high rate, but if Amex has a Blue delinquency rate of 17.9% why should Chase apply a 22% rate on a Platinum customer when their card isn't half as good? And what's the excuse for "the right" to assess a $50 BT fee? So they waive it upon exercising discretion. If you use this feature and they do assess the fee, I hope you talk to their rep when he's in a mood for it. Saar
Re: Chase Platinum, now subprime A 17.9% delinquency rate is unusual. Nice, but unusual. Personally I consider ongoing rates when shopping for cards, not delinquency rates. I don't think Chase is severely out of line. And Chase's benefits are better for me than AmEx's, so I know what I prefer. IMO Chase is at least as prime as AmEx. Since any issuer can change anyone's rates/terms to anything at any time for any reason I don't worry too much. And "prime" vs. "sub-prime" is almost entirely in the minds of people obsessed with credit who hang out on bulletin boards, so it's not like there's a point to labelling them. Admittedly I would be one of those obsessed people. I won't defend the BT fees. They're not an issue for me, but they are excessive.
Re: Chase Platinum, now subprime Saar. Didn't you read my post??. I told you that no bal transfer fee is charged and the go to rate is prime + 9.49% or less. Why are you arguing if you don't have any chase?? . I know you already have Macys, Amex Blue and optima Plat. No citi's or chase. Don't you?
Re: Chase Platinum, now subprime Indeed no use arguing. Read the Chase Platinum account terms. So they chose not to apply the BT fee for some of the clients some of the time. They still have that right, and they've entered that clause into the contract for only one reason: They intend to use it. No self-respecting bank can charge $50 for such a trivial transaction. Apparently not all Chase's customers were as lucky as you were, when it came to fee waivers: http://www.chasebanksucks.com/creditcardssuck1.html BTW, I don't have a Citi card yet, but am working on it. Saar
Re: Chase Platinum, now subprime Saar - many banks now charge a balance transfer fee - usually 3%.... Citibank Chase Fleet NextCard Some tout "never a fee" like Discover, Amex, BankAmerica. I'll take a Citibank offer of 9 mos. at 0.9 (plus 3% xfer) versus BankAmerica at 9.9% without the fee.. just do the math and it will make sense. As for rates, Citi advertises a 24% APR (rate offered could be lower after a review of your application and credit history). It's all risk-based pricing now anyway. Chase has been great to work with, and I don't consider them "sub-prime" -- they're just trying to be more "full-spectrum" and have something for "almost" everyone. mj
Re: Chase Platinum, now subprime Chase platinum now subprime....no wonder why they have sent me all those invitations to apply in the last three weeks!
Re: Chase Platinum, now subprime Lizard - read your latest card agreement carefully - paragraph 14: "Balance Transfer Fee - For each balance transferred to your Account (including any balance transferred subject to a promotional rate offer, unless expressly stated otherwise in such offer), we may assess and you agree to pay a balance transfer fee equal to 3% of the amount transferred" My initial offer had a no-fee clause - but a few months ago I made a transfer. The statement didn't show a segregated "balance xfer fee" but the fee was lumped into the monthly finance charge ... jumping the APR from 9.5 to 13.something ... prompting me to call. Most issuers are moving to charging for xfers (hey, I'm a certified rate surfer, and that's what they're trying to eliminate). I noticed that Discover is on the fee-for-xfers (after the account is opened) bandwagon too.
Re: Chase Platinum, now subprime -------------------------------------------------------------------------------- I noticed that Discover is on the fee-for-xfers (after the account is opened) bandwagon too. -------------------------------------------------------------------------------------- I HAVE FREE TRANSFERS @9.9% WITH (5 YEAR OLD) DISCOVERCARD...BUT, EVERYBODY ELSE HAS 1.9%...
Re: Chase Platinum, now subprime The "non-preferred pricing" of 22% is a default rate. Even prime cards have penalties for late payments, going over limits, etc.
Re: Chase Platinum, now subprime Chase is not subprime because they are just like any other bank they set your interest rates based on risk.I had have their platinum for 9 months now,and they are a good bank to deal with.They also let me do BT's with no fees,and also they let me have the low rate for purchases too making my BT's subject to a "grace period".A person just has to be a very responsible credit card user to keep the low rates on BT,and purchases.One thing i can say is that it dosn't pay to screw a lender because alot of people pay for other peoples irresponsibility use of credit like in a form of BT fees for an example along with higher fees elsewhere.Banks got to recover their losses from these fees that they may charge to some people but i am sure that they don't get all of their losses from it.I am in the process of upgrading to MBNA's quantum card even my platinum plus statement is starting the quantums interest rate offer,i currently on a 4.70% but when the upgrade is complete i will enjoy a lovely 1.70% on BT's.This just goes to show how being responsible with credit really rewards a person for their behaving with their finances.
Re: Chase Platinum, now subprime How did you get 1.7 for Quantum? I just upgraded, and my intro is 2.9.
Re: Chase Platinum, now subprime I TALKED TO SOME GUY...A REGIONAL VICE PRESIDENT...(A NOBODY~~ JUST KIDDING) HAVEN'T GOT THE CARD YET...BUT IT'S COMING AND THE ON-LINE SAYS QUANTUM M/C NOW... DID USPS (MAIL)...NO RESPONSE... SO I FOUND OUT THE FAX # FOR MY LOCAL REGION FROM THEIR WEB SITE (TX)...
