I just got another letter from Chase. Once again, I feared that my credit lines would either be reduced or my interest rates increased (even if I use no where close to my credit limits and pay in full automatically every month!). But phew, instead the letter was telling me that I’ve upgraded my card. Here was what the letter said:<\/p>\n
Dear Mr Credit Card<\/em><\/p>\n Congratulations<\/strong> No Overlimit Fees<\/strong> Visa Signature Benefits<\/strong> Go to www.visa.com\/signature for all the latest events and offerings<\/p>\n The upgrade to your card will occur automatically on May 29, 2009 as long as you continue to meet our credit criteria. You’ll receive your new card and benefits brochure shortly thereafter. If you have any questions or choose to opt out of this upgrade, please call the number listed on the back of your card by May 24, 2009.<\/p>\n Thank you for being a loyal customer and continuing to choose Chase. We truly appreciate your business.<\/p>\n Best Regards Nice – then on page two of the letter was the “change in the card holder agreement”!<\/p>\n Changes in terms notice\/new cardmember agreement terms<\/strong><\/em><\/p>\n At our discretion, we may increase, reduce, or cancel your credit access line, or the cash advance portion of your credit access line, at any time. However, if you have asked us not to do so, we will not increase your credit access line. A change to your credit access line will not affect your obligation to pay us.<\/p>\n There were a few other stuff but I choose to leave them out. So great, I have my card “upgraded”. I have access to concierge service now and I will certainly test them to see how they fair! From the looks of it, it seems that the difference is that in theory, I can spend more than my previous credit lines, but I cannot carry a balance that is more that the “new” credit access line. So let’s say I have a credit line of $10,000. In it’s present form, I can spend up to that amount and carry a balance up to that amount. But now, it seems like I can charge say $15,000 to the card (no pre-set spending limit) but have to pay off at least $5,000 since I can then only carry a balance of $10,000. But using this figure as an example, I hardly come close to utilizing my credit limit and I’m not sure in this example if I can even get away with say charging $15,000 on the card.<\/p>\n I’ll look at the statement after May 29 and give you folks a report on this development.<\/p>\n Has anyone else gotten a similar letter?<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":" I just got another letter from Chase. Once again, I feared that my credit lines would either be reduced or my interest rates increased (even if I use no where close to my credit limits and pay in full automatically every month!). But phew, instead the letter was telling me that I’ve upgraded my card. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"yoast_head":"\n
\nWe are pleased to inform you that we will be upgrading your Chase Flexible RewardsSM<\/sup> credit card to the Chase Visa Signature® card at no cost to you. You’ll keep your current rewards program and all of your rewards – and your account number will remain the same so you can continue to use your current Chase card(s) for all of your purchases. Here are some of the new benefits you’ll enjoy:<\/p>\n
\nYour Chase Visa Signature card comes with a credit access line instead of a credit limit and will have no pre-set spending limit, which means greater spending flexibility without having to worry about overlimit fees and gives you peace of mind when you need to make a large purchase.<\/p>\n
\nYour upgrade comes with several exclusive benefits from Visa Signature, including:<\/p>\n\n
\nDeb Walden
\nExecutive Vice President, Customer Experience
\nChase Card Services.<\/p>\n\n