Originally Posted by
Diplomatico
And there's your answer. The attempt to "game the system" by reducing the annual fee to a level that prevents Chase from charging the card's annual fee.
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The CARD Act and implementing regulations provide that an issuer may not require consumers to pay fees (other than penalty fees) during the first year in which an account is opened which exceed 25% of the total initial credit line."
Chase Ritz-Carlton Annual Fee Waiver Trick ? TravelinPoints
Wow, thanks for posting this.
Goes to show people that you dont follow every trick the bloggers posted so to game the system to the extreme, without paying attention to what the current environment is versus when the time such trick is promoted.
Originally Posted by
Ultraboost
What was your partner's #/24 status (# of new accounts in past 24 months) and hard pulls in the last 6 months when they opened the Ritz card? AAoA and credit utilization ratio (for all accounts even non-Chase) would be helpful too so we can assess.
Did you see others' posts? The closure is more likely caused by their attempt to get the Ritz Carlton card AF refunded by lowering the CL to below the threshold that a card issuer can charge the hefty AF of Ritz card. I would bet the request to lower CL is done after they have gotten the lucrative benefits of the Ritz card, like the airline credit for example.