From our coverage above, you’ll note that Chase offers bonuses for practically all of its credit cards — whether they are for personal, business or travel use. We appreciate how these cards are also pretty flexible, such that you can redeem your points to use for practically any purpose: whether for airline tickets, merchandise, or our favorite reward — extra cash.
L. GrivesNovember 11, 2011 at 2:07 pm
Is there a penalty for closing an account prior to paying the annual fee?
If the annual fee is due, you are obligated to pay it — I am not aware of a penalty for closing a credit card account. However, credit card holders may not realize that they can try to negotiate fees and terms with a credit card representative. You may try to work out an agreement with the rep and find out if they will waive your fee under certain conditions. For example, they may want you to continue using the card (or may ask you to keep the account open), and in return, they may promise to waive the annual fee for one more year. Or if you have an outstanding balance and decide to pay it all off before closing your card, then it’s possible for the issuer to forgive the annual fee.
Note though, that closing a card account may result in your credit being affected negatively. Be aware of the consequences of credit card account closure before moving ahead with this plan.
HeidiMarch 4, 2012 at 7:49 pm
Be aware before you apply that if you’ve got excellent credit, you’ll likely be receiving the best pricing terms but with a more mediocre credit score, you may end up with the standard terms. The APRs are tied to the prime rate, which is one benchmark for lending used by financial institutions.
I believe that Chase reserves the right to decide which rates to offer you. All applications will at first be considered for the most attractive terms, but depending on the credit information the issuer pulls from your reports, your rates will be adjusted accordingly. So there could be the possibility that you may end up with alternative rates or that your application may be denied.
JimmyApril 3, 2012 at 11:53 am
Thanks for showing us the credit card deals that are available at this time. I’ve noticed that issuers are coming up with more improved terms, rates and promotions, especially for cash back bonuses. I’ve noticed also that deals are pretty dynamic and change every so often with these major card companies. I like that there a lot of bonuses but it’s hard to decide what card’s a good match when there’s a wide selection.
Will @ CardExpertsApril 10, 2012 at 6:27 pm
Agreed that there are a lot of choices, so what makes Chase any better than the others? I’m a fan of Discover cards but see that Chase is a big brand as well.
I’ve observed that deals from Chase tend to linger for a much longer time than the limited time offers we usually see attached to competing products. At The Digerati Life, we’ve always had a preference for Chase cards because from what we’ve seen, compared and analyzed in the credit industry, we can honestly say that this company has highly competitive offerings with very favorable attributes such as generous bonuses, no annual fees and 0% initial interest rates for several of their lines. We consider Chase cards as tops in the rewards sector, particularly in the cash back and points categories.
{ 7 comments… read them below or add one }
From our coverage above, you’ll note that Chase offers bonuses for practically all of its credit cards — whether they are for personal, business or travel use. We appreciate how these cards are also pretty flexible, such that you can redeem your points to use for practically any purpose: whether for airline tickets, merchandise, or our favorite reward — extra cash.
Is there a penalty for closing an account prior to paying the annual fee?
If the annual fee is due, you are obligated to pay it — I am not aware of a penalty for closing a credit card account. However, credit card holders may not realize that they can try to negotiate fees and terms with a credit card representative. You may try to work out an agreement with the rep and find out if they will waive your fee under certain conditions. For example, they may want you to continue using the card (or may ask you to keep the account open), and in return, they may promise to waive the annual fee for one more year. Or if you have an outstanding balance and decide to pay it all off before closing your card, then it’s possible for the issuer to forgive the annual fee.
Note though, that closing a card account may result in your credit being affected negatively. Be aware of the consequences of credit card account closure before moving ahead with this plan.
Be aware before you apply that if you’ve got excellent credit, you’ll likely be receiving the best pricing terms but with a more mediocre credit score, you may end up with the standard terms. The APRs are tied to the prime rate, which is one benchmark for lending used by financial institutions.
I believe that Chase reserves the right to decide which rates to offer you. All applications will at first be considered for the most attractive terms, but depending on the credit information the issuer pulls from your reports, your rates will be adjusted accordingly. So there could be the possibility that you may end up with alternative rates or that your application may be denied.
Thanks for showing us the credit card deals that are available at this time. I’ve noticed that issuers are coming up with more improved terms, rates and promotions, especially for cash back bonuses. I’ve noticed also that deals are pretty dynamic and change every so often with these major card companies. I like that there a lot of bonuses but it’s hard to decide what card’s a good match when there’s a wide selection.
Agreed that there are a lot of choices, so what makes Chase any better than the others? I’m a fan of Discover cards but see that Chase is a big brand as well.
@Will and Jimmy,
I’ve observed that deals from Chase tend to linger for a much longer time than the limited time offers we usually see attached to competing products. At The Digerati Life, we’ve always had a preference for Chase cards because from what we’ve seen, compared and analyzed in the credit industry, we can honestly say that this company has highly competitive offerings with very favorable attributes such as generous bonuses, no annual fees and 0% initial interest rates for several of their lines. We consider Chase cards as tops in the rewards sector, particularly in the cash back and points categories.