Received New Chase Credit Card

by Andy Hough on July 26, 2006 · 1 comment

I received a new credit card from Chase last week. I applied because they offered 0% on balance transfers with no transfer fee. Unfortunately, they only gave me a $500 credit limit so this will not be helping me much. The no transfer fee offer was only if you transferred a balance while applying. I tried to transfer the bulk of my Providian balance but they only transferred $300. I can’t add any more to it because they will charge a transfer fee now.

On the plus side purchases are also at 0.0% apr. Since I am trying to pay off my credit cards I wouldn’t have purchased anything that I wasn’t going to pay off at the end of the month. When you are carrying a balance however they will always credit your payment to the 0% balance before crediting the purchase balance. This basically means you can’t use a credit card for purchases that you are using for a 0% balance transfer. This case is an exception since purchases are also at 0%.

The card also pays 1% back for purchases made on the card. Chase does have cards that pay 5% back for some purchases though. After I have this card for a while I may try to convert it to the 5% back card. This is better than my Discover card which has tiers up to a max of 1%. My PayPal debit card though also pays 1% back and Discover has special offers where they pay 5% back for certain types of purchases. Therefore the Chase card isn’t offering me anything better right now. After I get all my cards paid off I will try to come up with a strategy to maximize my cash back from credit cards. For now though I just want to get them paid off.

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{ 1 comment }

1 MafiaDon July 31, 2006 at 10:50 pm

It must be a Chase policy or something. The same happened to me only I was given a $400 limit.

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