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Chase increased my credit limit!

April 1st, 2009 at 03:25 pm

In the midst of all the news about Chase cutting credit limits on some of their credit card accounts, I wanted to mention that this month, for no reason at all, Chase increased the credit limit on my Freedom card from $6500 to $9500 (almost a 50% increase). My credit score is excellent, and I use this card for everything (racking up about $2-3K in charges a month, and paying off in full every month). That probably explains the move. From what I have heard, the latest trends seem to be creating a bigger divide between those who have good credit and those who don't. So if you have a low FICO, Chase cuts your limit, if you have a high FICO, they raise it. The only thing I don't get is, since I PIF every month and earn $250 in rewards every 6 months, why would they even want me as a customer? They are losing money on me as it is!

Posted in General Finance, Budgeting | 5 Comments »

5 Responses to “Chase increased my credit limit!”

  1. kdmoffett25 Says:
    April 1st, 2009 at 03:29 pm 1238599772
    1238599772

    Not too much. They are gaining from where you shop and pay with that said credit card. They get a fee for each transaction, so they are still making money one way or another.

  2. creditcardfree Says:
    April 1st, 2009 at 04:23 pm 1238603008
    1238603008

    Yep, they get the fee from the merchants where you use the card.

  3. north georgia gal Says:
    April 1st, 2009 at 04:27 pm 1238603256
    1238603256

    They might have so many people that have defaulted that the only money they are making is from the merchant fees(which can be outrageous!)

  4. Ima saver Says:
    April 1st, 2009 at 04:33 pm 1238603599
    1238603599

    I have a chase rewards card also. I earned back $800 the past year and I pay off in full every month also.

  5. debtfreeme Says:
    April 2nd, 2009 at 05:34 am 1238650494
    1238650494

    And they make money every time you swipe that card. the store where you shop has to pay a percentage to them so they are still making money off you. Smile

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