In an earlier post I talked about how JP Morgan Chase closed all my credit cards without warning. I’ve given up after several attempts at talking to various people in lending operations to get my accounts re-instated. I’ll just access the damage and move on.
Credit card products. I really enjoyed the Chase Cash Rewards which netted me 5% cash back on gas, supermarkets and drug store purchases. It was also one of my oldest cards.
Credit lines and credit scores. Across five personal cards with Chase I had about $20k total in credit lines. These lines no longer factor into my available credit and raised my utilization percentage. The resulting drop in my FICO score was from 780 to 710.
No more first class tickets to Europe. I was attempting to spend 30k on the Chase British Airways card to get the 2 for 1 voucher to redeem two first class tickets to Europe at the end of year. What’s ironic is the actions on this card caused all my cards to be closed. Since Chase only gave me a 5k limit I overpaid the card on purpose to get more spending power and this set off a flag causing my accounts to be reviewed and closed.
While I won’t be able to get first class tickets to Europe anymore on British Airways the good news is that I still have 100k miles with them. This is good enough for two one way business class tickets there. I also have enough miles on American Airlines to redeem two one way tickets back. Although I won’t be flying in style on British Airways, at least I’ll be able to do the Europe trip.
Lifetime ban from Chase? I’ve talked to other people who’ve had all their credit cards closed in the past and it seems they’ve never been able to get another credit card from Chase. The only reason I would like to have a Chase card again is that they are partnered United/Continental Airlines and I’d like to earn miles on those airlines through CC purchases.
Recent Comments