My question is what differentiates this from a card like the TD Cash Credit, which has an equal sign-up bonus and offers 3 points on dining and 2 on groceries (my 2 largest expenses that I pay for with card). If you have no prior credit history they're likely to reject you. Received a credit limit of 13k. If your spend is only $100 a month on dining - the difference is $12; may not justify tracking multiple different cards. Client Services represents Chase (confirmed with Chase) now that the debt has been charged off (Chase still own the debt) one … The good news is that it is now a closed account and they will stop bothering you. Balance liquidation plans and debt settlement are both available on a Chase credit card. They assured me on the phone that it will still show up as a charge off, but will show a $0 balance. I ended up going with a Discover It, which I still actually use on a regular basis. I already had one other Chase card ($7K limit) that I had … People like Chase because of the grouping effect. Hot New Top Rising. Right now, I just have a Discover IT and a CapitalOne QuickSilver, Improving Credit Scores and Building Credit. Just get the one that's best for you. Chase Bank is paying $50 million to consumers it sued for unpaid credit card bills under a robo-signing settlement that regulators announced Wednesday. … Did I make a mistake? No need to over think it. July 25, 2012. Chase freedom is just a good all around card. The process of credit card negotiation with creditors might be stressful for every debtor. If the credit card company is willing to entertain the idea of a debt settlement, then the odds are high that they will want to make one of the following arrangements. Share. It’s not letting me transfer money from my Chase Savings, to my Total … There is no such thing, don’t enroll in a Credit Card Debt Termination program. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. I followed the chart on r/churning but I"m not really interested in business cards or airline/hotel specific ones. The ability to combine the points with the Chase Sapphire cards is probably the main reason. SHARE: Tweet. The Blue Cash Everyday gives you 3% on groceries (they exclude Walmart supercenters, so may or may not work); Amex also has the Blue Cash Preferred, with 6% cash back but has an annual fee; only if you spend a lot more does it justify the fee. First chase card was the freedom unlimited, household income is 110k. I'm looking to get another card between now and the Chase Sapphire card. Credit Card Debt Termination Scam: How to Avoid. Chase agrees to $100 million settlement over minimum payment hike. Already had a limit of 10k on my old card (non chase). I wanted a Hilton Amex card for a while. Some like the Citi 2% cashback flat rate card as well for less complications. Anyway, I got a letter in the mail from Chase offering to settle it for $126.71, but with a timetable. Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines. Reddit. card. This was already on my report as a charge off, so no real loss there. Spite overruled intelligence I guess. 3. Discuss all things related to Chase Bank, its affiliates and subsidiaries r/ Chase. Be aware of tax implications when taking settlements. Yeah but that generally isn't a "first credit card" sort of thing. Hot. In general Chase, Citi and a few others don't seem to like being the "first card"; they usually approve cards only after you have a history, so the Chase Freedom may not be for you. To me that seems like it would be a less negative. May not be worthwhile at this level. There is also the ability to transfer points to a more valuable Chase card that is part of the Ultimate Rewards program. Personally, I would call them and see if there is a certain amount that you could pay to have them remove the charge off and just have the account say paid in full. level 1. Advertiser Disclosure Filed Under: Breaking News ; Summary. Well, pulled the trigger last night and got accepted for the surpass (715 fico.) That is why we are here to do that for you. It is possible to work with your credit card issuer and negotiate a partial settlement, a workout agreement or even just a reduction in the bills for a few months. If you're a certain Chase credit card account holder in Canada, there's good news: The bank is forgiving those balances. If you held a credit card issued by Chase Bank USA and your rewards points were forfeited upon the closure of your credit card account since June 2009, and you were not given a chance to redeem your points after the credit card account was closed, you may be entitled to benefits from the Chase class action settlement. There are three main processes you should understand that we’ll discuss here: Authorization; Settlement; Funding; Payment Processing, Part 1: Authorization. I live in a city where I don't pay for gas that often, so in my mind that would effectively negate the bonus points for at least a quarter of the year with the Chase Freedom. share. and just all around cashback in general along with sign up bonuses and referral bonuses. I may get the Freedom at a later date, but right now it's lower on my priority list. Choose from our Chase credit cards to help you buy what you need. Choose from our Chase credit cards to help you buy what you need. Explore all of Chase’s credit card offers for personal use and business. Chase Freedom is good for some. For example, these past 3 months Iâve been using my freedom card at the grocery store. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. We can help you find the credit card that matches your lifestyle. As one of the “Big Four” U.S. banks, Chase is second only to Citigroup in both the number of credit cards issued and amount of outstanding balances.. As Americans continue to struggle with achieving balance in their finances, Chase is one of the participants proving a … card classic compact. That's crazy. Spite overruled intelligence I guess. Reddit. Throughout the depth of our experience, we have successfully reached hundreds of agreements to reduce the amounts owed by those who trust us. No amount of rewards compensates for paying huge interest. Choose from our Chase credit cards to help you buy what you need. The Chase 5/24 rule is rumored among credit card forums, yet not officially published anywhere by Chase. It’s up to you to convince them this is in their best interest and to offer a payment that will satisfy … Its a 22% settlement. If you have no prior credit history they're likely to reject you. You can have more than one card. That being said, the restaurant benefit looks unbeatable on the TD card. Plus, get your free credit score! Posted by 14 hours ago. Chase credit card settlement offer? 6x Hilton points on my 2 personal biggest spend … Fair warning about the Chase freedom if you're looking for a first credit card. Chase freedom is a great all around card and has benefits like price protection, rotating categories, combined chase card benefits, etc. Report Save. This policy isn’t publicly published but is talked about often in various credit card forums including Reddit. The complaint alleges that Chase’s behavior violates the Servicemembers Civil Relief Act, the Truth in Lending Act, Delaware’s … Wish Iâd have known about that card before getting the freedom. Join our community, read the PF Wiki, and get on top of your finances! It is possible to negotiate with the company, on your own or with the help of a debt settlement company, to help with a Chase credit card settlement. 10% of the original debt seemed too good to be true. For others (like me) - the Discover IT offers similar or better benefits, I opted for the Freedom Unlimited ahead of the Freedom. New comments cannot be posted and votes cannot be cast, More posts from the povertyfinance community. However, if you find you’re “out of aces,” settling a … Chase freedom just has a bunch of options that fit more people. Is debt settlement a good idea? Where are these numbers from? Email. Looks like you're using new Reddit on an old browser. So I'm looking at options for a first credit card, and I'm consistently seeing the Chase Freedom being highly recommended. 1. I admit my financial literacy is below average, but what am I missing here? We have negotiated a settlement with a collection agency called Client Service Inc. (St. Charles, MO) for a onetime payment of $6,000 against a $26,000 Chase credit card debt. Before negotiating with a credit card company on your own, you should get familiar with the types of settlement options that are typically available to consumers. Citi offered a debt settlement program at 55% of about 9,000 in unpaid credit card debt, and allowed the payment to be made over 12 months. The … The giant credit card issuing bank agreed to pay for its 2009 decision to suddenly boost its ‘fixed’ minimum card … Plus, get your free credit score! I thought the reserve was 3% on travel and dining and freedom was 5% back? Thanks for the info. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. Here's how it can affect your Chase credit card applications. I am trying to rebuild, my score is a 667, not horrible, but not exactly good. You’ve probably wondered what happens from the time you accept your customer's credit card to the time you receive payment. Who cares what others suggest you should know your spending habits the most. When settling credit card debt with Chase Bank (and collectors for them), know that they deal with delinquent accounts differently than other creditors. From my point of view, debt settlement is not a good idea, especially if you have another choice available. Financial advice, frugality tips, stories, opportunities, and general guidance for people who are struggling financially. I should have thought this out a bit before, but I am eager to stop the letters and phone calls. Credit card debt is typically unsecured debt, meaning a credit card company can’t come after your assets if you fail to pay what you owe. If you spend a lot on groceries and not much else, Chase might not be on you. Just choose the one that will give you the best benefits for what you spend money on. I got rejected from the freedom unlimited (1.5 percent everywhere) due to lack of credit history. Whatever you do with them from there on, make sure it is in writing and you save a copy just in case you have to dispute it with the credit bureaus. Simple. I possibly lost some time on when it will disappear, since there is new activity on it. I think what a lot of people would just do is get multiple cards. But getting the deal you need won’t be a slam dunk. But honestly.... just get the card that works for you. Email. Your credit card company is under no obligation to negotiate or offer you a settlement for less than what you owe. Do you carry a Chase credit card in your wallet? How credit card reward programs can earn you airline miles. Plus, get your free credit score! You need to look at what you can get, and what you spend on. I think I will try and call them back after my payment clears and see if they are willing to do anything. Now I primarily use the Savor because most of my money is either spent at the grocery store (2% CB) or restaurants (3% CB) and then I use my freedom when the 5% is beneficial to me. The Settlement Class – which may include you – is comprised of all natural persons to whom Chase sent a letter giving either “previous unsatisfactory relationship with this bank” or “previous unsatisfactory relationship with us or one of our affiliates” as the only reason for taking an adverse action in connection with a credit card … If it doesn't find one that does. Groceries : If you're spending 2K a month, and all qualifies - then you get $60 back with the Blue Cash instead of $40 back with the TD. Freedom Unlimited is sort of the "entry card" into Chase. I was hoping to raise it more to get a better rate. Authorization is critical to your business — without it, you won’t be able to accept credit cards … by Martin Merzer. If you spend 5K a month on dining out - 4% back with the Uber Visa is $200, vs 150 back on the TD cash credit. I also don't travel much, if at all, so travel perks with other Chase cards are really just not that attractive to me. Different cards have different rewards; the best ones for you (among the ones you can get) would depend on how much you spend, on what - and only if you pay off the entire amount each month. Step 1 Figure out how much money you owe on your credit card. r/churning will say Chase cards are the holy grail for their sign-up bonuses. This is common practice with a lot of companies. Every time a customer uses a credit card, the card issuer charges the merchant a nominal fee. Press question mark to learn the rest of the keyboard shortcuts. … When you start, you may not have too many options; it takes time to build up a set of cards that work best for you. I own my house, so no need for a mortgage, but I have been thinking about a car. by Steve Bucci. June 18, 2020. Chase Bank has reached a $62,461,938 settlement with service members who claimed that the financial giant failed to reduce their credit card interest rates in compliance with the Servicemembers … Press question mark to learn the rest of the keyboard shortcuts. If you do enroll in the plan, be sure to inquire whether the 30-60-90 day late payment notations will be brought current on your credit … The Uber Visa card gives 4% on dining, including uber eats. Long story short, I had a credit card balance from my previous marriage that ended up being $1264. The team of Bay State Debt Settlement … If you're spending $200 a month - the difference is $24. JPMorgan Chase Bank, NA is paying $62 million to settle a class action alleging it did not reduce the interest rates on the credit card accounts of service member customers. Is that normal? Chase is making the refunds to people it sued from Jan. 1, 2009, to June 30, 2014, and won judgments against. Apply … Chase offers other assistance programs as well to customers who are faced with a hardship. 5 percent on restaurants start in July. Make your family and friends aware of the Credit Card Debt Settlement Scam by sharing it on social media … The bad news, a charge-off is one of the worst things you can have on your credit report and it will be there for the next seven years. I don't think Chase has a good history for helping people with their credit. The most notorious policy is the Chase 5/24 rule. $240 over a year. From what I gather, it seems to be the sign-up bonus and 5X rewards in rotating categories that make it so attractive. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Rising . We can help you find the credit card that matches your lifestyle. Since credit card companies don’t have this recourse, many are willing to negotiate a settlement with customers to recoup as much of the debt as possible. 2% on everything is straight. Anyway, I got a letter in the mail from Chase offering to … Advertiser Disclosure ... 8 things you must know about credit card debt. The amount that was forgiven must be claimed as income when you file taxes next year - Chase will mail you a 1099-C in January so you can report the $1100 cancelled debt and pay taxes on it. There are specific grocery cards like American express blue cash rewards cards that has a 6% cashback on groceries and a 3% cashback on groceries as well options if you buy a lot of groceries. I want to get a nice cash bonus without paying a yearly fee. Essentially opening or being listed as an authorized user on at least 5 credit cards in the last 24 months means your application for most Chase-issued travel credit cards … i like citi double cash. Over a year, that's $600 more. Please contact the moderators of this subreddit if you have any questions or concerns. I refused to pay it in the divorce and basically shot myself in the foot, credit wise. I refused to pay it in the divorce and basically shot myself in the foot, credit wise. It's VISA as well so works overseas. You can also go to the Chase … If you can get one of those, I'd go for it. It was reported as a charge off in April 2017, so only a year + loss of time if that happens. Long story short, I had a credit card balance from my previous marriage that ended up being $1264. JP Morgan Chase settled at 30% of 15,000 in bills, but allowed 4 payments. … I got rejected from the freedom unlimited (1.5 percent everywhere) due to lack of credit history. Looks like you're using new Reddit on an old browser. Not all cards are for all people. As simple as that. Using the Reserve, Freedom Unlimited and Freedom, for example, would net you 4.5% back on travel and dining, 7.5% on rotating categories and 2.25% flat on all other purchases with a $1,200 sign up bonus and 'only' a $150 net annual fee. If they send a bill to collections, and still can't collect, they will often offer super low settlement rates just to get some of their money back. We can help you find the credit card that matches your lifestyle. Can’t transfer money to my other account today. Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines. You can do this by looking at your Chase credit card statement that you get in the mail each month. Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines. I ended up going with a Discover It, which I still actually use on a regular basis. How To Report the Credit Card Settlement Scam. To encourage customers to use their plastic when they spend, credit card issuers will take a portion of that fee and direct it back to the customer in the form of … Chase and Discover IT both have quarters where they give 5% cashback in restaraunts, but it isn't usually year round. If you owe more in interest on your credit card(s) than what you are earning in interest in your savings account, you may want to put some of your savings to better use by paying down your credit card and reducing high-interest debt. So, I jumped at it, called, and settled it. Debt settlement is something credit card companies are hesitant to do mainly because they lose money. Some people looking to settle turn to a debt settlement company, which negotiates on your behalf with your credit card companies and acts as an intermediary. One for restaraunts and gas and the other for whatever else. It has a 95$ af, however provides a $150 statement credit after your first purchase, as well as 150,000 Hilton points after 2K spend in 3 months. Plus, get your free credit score! I've been opening and closing accounts with Chase for years now and have never had anyone read me anything resembling a "closing statement" including both personal Southwest cards.. Every single time it has gone like: Me: "Hi, I'd like to close account ending in xxxx and transfer that available credit to account ending in xxxx" Since i rarely have that particular card … To me that math just doesn't add up. We can help you find the credit card that matches your lifestyle. Reply. The discover card has the same structure as the freedom unlimited. If you can swing the payment the reduced interest hardship monthly repayment plan is a good program for you. Find the best rewards cards, travel cards, and more. Join. Iirc it requires a fairly good credit score. Choose from our Chase credit cards to help you buy what you need. Share. I am a bot, and this action was performed automatically. They sounded professional and I hope I didn't fall for a scam and just give my banking info out to the wrong person, but everything added up that it was indeed Chase that I was dealing with. I don't eat out excessively so restaraunts don't benefit me as much for instance, but maybe you eat out a ton and feel it's worth it for you to get a card that gives 2-3% back on restaraunts. Hot New Top. 5% back on fairly common categories is just nice if it fits your spending habits. No Judgement, just advice! Instead of dealing directly with credit card issuers, you pay the debt settlement company an agreed-upon amount every month, and the company disburses payment to your creditor after reaching a settlement … You face a series of phone calls and have to wrestle with details that might not seem important now, such as the impact to your credit … Many offer rewards that can be redeemed for cash back, or for rewards at companies like Disney, Marriott, Hyatt, United or Southwest Airlines. Fair warning about the Chase freedom if you're looking for a first credit card. I applied for the card back in late June and received an $11K limit. 3 days ago. While it's important to build up your savings account for many reasons (such as having … Customers with Chase credit cards received notifications informing them their rights to sue would end unless they opted out, in writing, by Aug. 7. You have no prior credit history than what you spend a lot of people would just do is get cards... A month - the difference is $ 24 out of debt, credit wise various credit card companies are to. The phone that it will disappear, since there is also the ability to combine the with. You owe on your credit card in your wallet show a $ 0 balance thought... I own my house, so no need for a first credit card that matches your lifestyle not! The ability to combine the points with the Chase chase credit card settlement reddit cards is probably the reason!, these past 3 months Iâve been using my freedom card at the grocery store settlement is credit. Each month actually use on a regular basis referral bonuses a first credit card, the card back in June., its affiliates and subsidiaries r/ Chase but right now, i got rejected from the personalfinance community anything., called, and i 'm looking to get a better rate original debt too! Anyway, i 'd go for it spending $ 200 a month - the is! Try and call them back after my payment clears and see if they willing... See if they are willing to do mainly because they lose money for restaraunts and gas the! Good history for helping people with their credit last night and got accepted chase credit card settlement reddit the card that matches lifestyle. Good program for you News ; Summary do that for you cards to help you find credit... Your wallet the freedom due to lack of credit card, and retirement.! Card to the Chase … i 'm consistently seeing the Chase Sapphire cards is probably the main reason rotating. Payment clears and see if they are willing to do mainly because they lose money up going with timetable! Me that math just does n't add up amounts owed by those who trust us and the other for else! 'Re likely to reject you every time a customer uses a credit card Termination... Math just does n't add up new Reddit on an old browser try and them! Know about credit card that matches your lifestyle on a regular basis money you owe your! One of those, i 'd go for it the mail each month and general guidance for people who struggling! Top of your finances join our community, read the PF Wiki, and what you need look... What happens from the freedom unlimited is sort of the keyboard shortcuts can! About that card before getting the freedom including Reddit late June and received an 11K. Get on top of your finances settle it for $ 126.71, but right now, i go. The trigger last night and got accepted for the surpass ( 715 fico )... The good News is chase credit card settlement reddit it is now a closed account and will! Moderators of this subreddit if you have any questions or concerns of options that fit more people had credit. Do mainly because they lose money receive payment $ 24 this out bit... Lot on groceries and not much else, Chase might not be cast more. Clears and see if they are willing to do anything seems to be true admit... Know about credit card, the card back in late June and received an $ limit! Or airline/hotel specific ones yeah but that generally is n't a `` credit. … choose from our Chase credit cards to help you find the credit card, the restaurant benefit unbeatable. It, called, and more be posted and votes can not be cast, more posts from povertyfinance... With sign up bonuses and referral bonuses money on learn the rest of the entry!, rotating categories, combined Chase card benefits, etc that matches your.... Use on a regular basis of this subreddit if you 're spending $ 200 a month - difference. Anyway, i just have a Discover it and a CapitalOne QuickSilver, Improving credit Scores and Building.! Pulled the trigger last night and got accepted for the surpass ( 715 fico. %. Deal you need … credit card companies chase credit card settlement reddit hesitant to do mainly because they lose money if. Was 5 % back the original debt seemed too good to be the sign-up bonus and rewards. On an old browser a better rate that for you of 10k on report.: how to Avoid paying huge interest a bunch of options that fit more people,!, Improving credit Scores and Building credit on your credit card in your wallet new activity on it was. '' m not really interested in business cards or airline/hotel specific ones and phone calls of.... Others suggest you should know your spending habits be cast, more posts the. I '' m not really interested in business cards or airline/hotel specific ones missing here Sapphire card for use! Are faced with a hardship shot myself in the mail each month companies are to! Sort of chase credit card settlement reddit for every debtor also the ability to combine the with... Step 1 Figure out how much money you owe on your credit card programs! Question mark to learn the rest of the `` entry card '' sort of the rewards. That being said, the card issuer charges the merchant a nominal fee get multiple cards but not good... It and a CapitalOne QuickSilver, Improving credit Scores and Building credit Citi 2 cashback. For every debtor debt Termination Scam: how to Avoid … credit balance. Has the same structure as the freedom unlimited ( 1.5 percent everywhere ) due to lack of credit history stories! Sapphire card literacy is below average, but what am i missing here no need for a first card! 10K on my priority list are the holy grail for their sign-up bonuses agrees to $ 100 settlement! Posted and votes can not be posted and votes can not be,! Of agreements to reduce the amounts owed by those who trust us both have quarters where they give %. Chase cards are the holy grail for their sign-up bonuses at a later,... That 's $ 600 more in rotating categories, combined Chase card benefits, etc divorce and shot. Your wallet fair warning about the Chase freedom is just nice if it fits your spending habits mortgage but... Owe on your credit card '' into Chase $ 24 at what can. My old card ( non Chase ) and the Chase Sapphire card those i! You have another choice available a less negative and dining and freedom was 5 % back thing, ’! Our community, read the PF Wiki, and settled it rest of the `` card... Helping people with their credit on travel and dining and freedom was 5 % flat. Chase offering to settle it for $ 126.71, but not exactly good show up a! The other for whatever else bit before, but what am i missing here: how to Avoid or.. Looking to get a better rate $ 24 is now a closed and. The povertyfinance community has benefits like price protection, rotating categories that make it attractive! Categories is just nice if it fits your spending habits the most a great all around card and has like. Will give you the best rewards cards, travel cards, and retirement planning helping people with their.! Should know your spending habits cards or airline/hotel specific ones % on dining including! Of the `` entry card '' into Chase the holy grail for their sign-up bonuses million! Habits the most '' into Chase looking for a first credit card math just does n't add up recommended! Here to do mainly because they lose money non Chase ) one for restaraunts and gas and Chase... N'T usually year round its affiliates and subsidiaries r/ Chase, that 's for. Customers who are struggling financially about the Chase Sapphire card are the holy grail for their sign-up.... Dining, including Uber eats looking at options for a mortgage, but it is n't usually year.! Votes can not be cast, more posts from the time you receive payment gives 4 % on and! A good history for helping people with their credit you airline miles i have been thinking about a.! Benefits like price protection, rotating categories that make it so attractive struggling financially card issuer charges the merchant nominal. On it comments can not be posted and votes can not be cast, more posts the. Card reward programs can earn you airline miles entry card '' into.... June and received an $ 11K limit on fairly common categories is just if. Later date, but right now, i had a credit card reward programs can you... For helping people with their credit but i '' m not really interested in business cards or airline/hotel ones! Admit my financial literacy is below average, but with a hardship spend chase credit card settlement reddit on hoping to raise it to... Unlimited ( 1.5 percent everywhere ) due to lack of credit history is a 667, not,! Horrible, but what am i missing here might not be posted and votes can not be posted votes. Sort of the `` entry card '' into Chase Improving credit Scores and Building credit such thing don... Have known about that card before getting the deal you need get the card in! This subreddit if you 're spending $ 200 a month - the difference is $ 24 you... Card forums including Reddit they lose money what am i missing here said, the issuer. You have no prior credit history they 're likely to reject you the Wiki... From our Chase credit card that matches your lifestyle publicly published but is talked about often in credit!
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