yztim

Being a new CPC customer, I assume that works for any personal card. Do you know if business/Ink card applications benefit from CPC?

Tim

nomorecoach

Yes. Don't waste your time with the bankers. They really don't know anything about 5/24 or credit cards in general. Unless you are pre-approved at the branch, applying online and calling recon to explain that you are CPC is no worse than having the banker do it.

DaveInLA

My wife and I both did this for our CSR cards. I (12/24) applied before getting CPC (<<$250K invested with Chase), got outright rejected. Went to banker and signed up for CPC, then called again. They said I was rejected, but I told the agent that the banker said CPC bypasses any restrictions. He put me on hold for 10 minutes and then told me that my app would be reviewed. About 2 weeks later, I called in and was told I was approved.

Shortly after approval, my wife applied in branch (~10/24, no preapproval. Joint CPC checking acct). Her app went to pending. Went home, called immediately. Agent said too many apps, she mentioned CPC, and got put on hold. 10 min later, was approved.

happyvoid

are there any fees to become cpc and is the application process long

yztim

No, but generally you need at least $100000 in assets in Chase or have an immediate family member who has CPC that you can be joint account holder.

RobertHanson

Are you sure it's just 100K? I'd heard it's 250K.

physioprof

Was just in my Chase branch last week discussing this with a banker, and she told me that the target for CPCs is $250,000. The implication seemed to be that this is not an absolute lower limit.

RedElmo

Its $250k but with $100k and they see that youll have potential to have $250k in XXX time Chase will give you CPC. But will drop your status later.

RobertHanson

^ Thanks

Happy

Chase will make you CPC once seeing the proof of your assets even if you do not move it to them immediately. You have 90 days to move your assets to Chase in good faith. 250K is the minimum to maintain relationship but you can start with lower amount and either work up to that or give up the status. I would agree 100K is a ball park to start.
The CPC banker will explain all that to you. Your relationship with the CPC banker could also play a role. More to that later.

However if you get CPC status but do not intend to give Chase anything, you should find a good reason to excuse yourself and downgrade your account back to ordinary, as soon as possible to avoid adverse action.

I have read a DP that a guy signed up for CPC, his banker politely followed up with the asset reallocation, and later he also got a nice letter to ask when that would materialize. He ignored both. The outcome is, all his existing accounts are suddenly closed. The letter received - due to "Unsatisfactory Relationship".
My guess is his banker felt being used and decided to take revenge.

So be careful when you go the CPC route. It is not a free lunch.

RedElmo

Yup. That includes closing and taking away any ultimate rewards accounts and any points you have earned.

TMM1982

Wrong. They can't take away the UR. Chase tried this in the past and got bent over a barrel through several lawsuits and settlements.

Nowadays, even if Chase closes your relationship, they are obligated to give the customer time to move their UR.

RedElmo

Cool. Someone try it and report back.

TMM1982

People already have.

aglasgow

"Originally Posted by aglasgow...
Effective Oct. 14 I will only have 3 new opened accounts in the last 24 months and 2 active AU accounts in the last 24. (I just requested to be removed as an AU on a 3rd Chase card and that was honored via SM). I was successful in having the rep remove the AU's for application purposes on a CSP app about a year ago but I understand there are many who have not had such luck. I've read almost every post on this thread and remember this being discussed but I can't find it via google or otherwise and don't remember the advice on the following topic: how long it takes Chase to remove the AU for purposes of 5/24 and how long to wait after 24 months from approval to be sure it is off their records before applying for a new Chase card. I've been holding off for a while in hopes of getting the Reserve. Advice or help pointing me to the correct posts would be much appreciated!"

The results: I waited until November 1st to apply for the CSR. The app went pending as expected. Despite the current 'do not call' advice I decided to call to "see if they needed any further information" because I'd read many Reddit posts where this was indeed successful. The front line rep said I was denied for too many recent credit cards. I explained that I should only have 3 personal cards in the last two years and two AU's. She was willing to take a look and ultimately found 4 personals and 3 AU's. I conceded to the four personals (somehow I had missed that one last Aviator and it wasn't showing on my Equifax report). I explained that I had cancelled the AU on my husband's United Explorer card in early October and only had two remaining AU accounts. I asked if she could remove the AU's for purposes of approving my application and she agreed to do so. So, this tells me that even though I had cancelled one of the AU's Chase's auto approvals are based solely on the info they get from the credit agency. They must not look at their own records - otherwise, she would have found only 2 AU's initially.

A second data point from my app may support that lowering credit lines prior to app may not be necessary for some of us. I had lowered my overall credit exposure with Chase by another 10K prior to applying believing this may help. Instead, the rep said she could approve me if I was willing to move credit from other cards and she needed 10K. Of course I agreed but if I had this to do over again, I wouldn't have sent the SM to reduce a credit line prior to the App. The same thing happened a year ago when I applied for the CSP. Food for thought on that front. My overall CL with Chase in both instances was less than a third of total income with low utilization - it may help others but it really didn't seem to help in my circumstances.

At any rate, I'm a happy camper! I think I'll hold on to the CSP even though there is a lot of benefit overlap. I'm a little concerned the that benes on the CSR may be too good to last. At some point though, I'll product change one of the them to the Freedom Unlimited. Thanks to all for your advice!