Chase: Can't change card type because of new credit card act
 

So I called chase to try to change over my southwest visa over to something else while I was living abroad. Just any card without an annual fee.

The agent first offert to try to convert the card to such an account, then came back and said they're no longer able to do that anymore because of the "new credit card act". Has anyone heard of this? Sounds like BS to me...

It is BS. More likely they have clamped down due to the credit crunch.

I'd cancel the Chase card and go after BofA's Charles Schwab Invest First Visa. The Schwab card does not have an annual fee, and more importantly for you, no foreign exchange (FOREX) fees.

Capital One and PNC Bank also offer no FOREX cards.

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I encountered this the other day. I have a United card with a very high limit that I don't want anymore. I don't want to give up the credit line though.

Only options seem to be to pay the annual fee or cancel the card.

Oh absolutely, SWA card hasn't been used in 6 months and I've been using FIA in conjunction with the brokerage account for those last 6. But I'd hate to just cancel a $19K credit line. I'll have to ponder this over. Most likely, I'll cancel anyway on principal. Still, not too happy about it.

The SWA card does not report a limit to the CRAs, so you won't lose anything on utilization. If you know you're not going to use it while you're gone, cancel it and reapply when you get home...

Just to be clear, did you specifidally ask about being converted to the United "bronze" card (I don't know if that's what they officially call it), the one with no annual fee but 1 mile for every $2 in spend?

Even if they can't convert you, it may be worth pestering them about it (explaining over and over again that you'd keep the card if only it didn't have the annual fee, even if it had lower earnings) and perhaps (no guarantee!) they'll make some other offer (like bonus miles or a credit against the annual fee) if they can't actualy convert you.

It's possible the new credit card act excuse is not total BS, but not quite truth either. It could be that their lawyers have said "put this and that on hold, because we're not quite sure how we have to change the rules pending the new credit card act", and in that sense it may be due to the new credit card act (not that the new credit act doesn't allow them to do this, but just that new the new credit card act requires that they reexamine many rules and their lawyers might feel they have to put some processes on hold in the meantime).

A small nit to pick, but there is nothing in the law that says you can't convert products. If Chase management (or their lawyers) make up a policy because of their interpretation of the law and its impact on the company, that is their prerogative. But again, using the law as an excuse is BS. They are doing it for selfish reasons, as all big companies tend to do.

Amex for instance decided (for reasons known only to them) last Oct to disallow transfer of credit lines between active cards. Again, nothing in any law, just their knee-jerk reaction to the credit crunch. I'm assuming Chase is doing the same thing.

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Yep, I specifically asked for the 1 mile per $2 card and was turned down.

I also tried explaining that I would like to keep a card with them just not this one, but they didn't care. Keep in mind that I had spent over $80k on this card last year.

Converting Chase card to another type
 

Hi folks,

Like many people, I signed up for the Chase BA for the 100k bonus last spring, but I have no interest in paying the annual fee to keep the card (especially bc of the Avios change-over). What I'd really like to do is to convert/downgrade the card to the Chase Freedom since the Freedom will be a great compliment to the Sapphire Preferred and carries no annual fee. Does anyone know if this is possible?

I'm not interested in applying independently for the Freedom card, despite the $300 sign-up bonus, bc the bonus isn't high enough to be worth the credit inquiry or further reduction of average account length for me right now (I'm still new to the cc game and building up my score).

Many thanks for any help! I've searched the boards and blogs but wasn't able to find info on this.

I asked Chase this question earlier this week and was told that the British Airways VISA cannot be converted to "any other rewards card". You may receive a different answer.

IMHO, converting cards, even if possible, is a waste of time.

The banks are looking to give big bonuses to "new" customers--not to customers they already have.

And, the biggest secret, if secret it be, on FT is that the bonuses are where the free first class flights are to be found. :D

why wouldn't you want the chase freedom card's bonus if you have the sapphire..seems worth it to me..i would just wait a few months...is your annual fee up for the BA card?

Thanks for all the replies! Sounds like I probably won't be able to convert, but I'll ask when I call to cancel just in case.

I appreciate the benefit of applying for the freedom separately to get the 30k bonus points, but at this point I'm limiting new apps to cards with bonuses of at least 50k points in the programs I value.

Convert Annual Fee CC to non Annual Fee Version
 

I have been looking at the Chase Sapphire Card a lot and as much as I am interested in the 50k signup bonus. I have a fragile credit score, since I only have 2 card one being 2 yrs old the other being 9 months. (I am a 19 year old student fyi). So I am looking to start churning yet, though I would love to take advantage of signup bonuses since I am in the market for a new card.

My question is if I were to go for the Chase Sapphire Preferred card, get the 50k bonus, would I be able to convert the card into the No annual fee version after the first year. My spending doesn't justify the annual fee for most cards, its typically $300-$400 a month, unless of course I was going for a signup bonus, in which case, I would make it higher.

Thanks,

The Visa signature cards have a pretty high credit score requirement + decent income too. Not sure if you'd qulify based on your post. You could always get it for a year and then ask for a fee waiver, etc.

Edit: but yes, so can convert it to the Chase Freedom card which has no annual fee