leejeffrey

I recently switched to the CO Presidential Plus Card. I previously held the World Mastercard and was relatively satisfied.

Chase's fraud team is making it impossible to use the card!

I make lots of large purchases for my business with the card and recently tried to run through a $50,000 transaction. I know that Chase can get nervous about large transactions even though I have a long history of these with my account. I called Chase prior to the transaction and notified them of the large amount. Then, I ran the transaction. It was declined. I called Chase again. They "fixed" things and the transaction was approved.

When my statement came, I made a payment for the transaction. Chase Proceeded to not release my credit line until 8 days after the payment posted to my account! I have always had my credit available within a day or two of the payment.

After the payment posted, I proceeded to make another large payment. Again, I called in before the transaction and notified Chase. The transaction was then declined. I called Chase, they "fixed" it. I ran the transaciton again and it was declined. I called again and after a 20 minute interview with their security team they assured me that I could use my card. You guessed it, my transaction was declined again!

This is crazy! This is supposed to be the premier card for Chase and Continental has its name on it. This may seem like a rant against Chase, but if I switch credit cards I will likely switch airlines. I recognize that companies need to protect themselves against fraud, but these policies all appear to be realtively new. Specifically the policy of putting credit holds on large payments and declining large transactions within your credit line. Consider yourself warned if you are considering getting this card for large transactions to earn EQMs!

dergon darkhelm

All I can say is ..............I have had the exact same experience twice, but use the card for other reasons that outwiegh the suckiness of Chase's fraud unit.

Every purchase of more thant 5k I have made has been declined and also has taken more than one phone call to fix.

channa

Well there is your problem, my friend. Chase is not a premier card issuer. This is basically a top-of-the-line product of a junk-heap of cards.

It's kind of like if you buy a Corvette. The car may have power, but at the end of the day, you're still driving into the same Chevy dealer and service bay as the Cobalt drivers, and you're still dealing with the same people they have to for service.

Steph3n

I've never done a 50k transaction, but I regularly do 5k-8k range transactions without a problem.

FriscoHeavy

I'm sorry to hear about your bad experiences. I have the Presidential Plus card and haven't had one problem. Also, the "Channa" post is inaccurate. Chase is probably the best bank out there. They are definitely not at the bottom of the banks and they are lost the least amount of money of any of the big banks.

I've always had positive experiences with their customer service to and that was before I had the PP Card.

For those who think Amex is the be all end all really should read some posts about them. Their service and products are no better today then Chase or most other banks.

notabob

I've had a similar experience with them 2 months after opening the account. A CM ticket purchase was declined, and following that and a call to reset things, almost every transaction for the next 3 days was declined as well. The total stood on 4-5 declined transactions, ranging from groceries to restaurants and about 8 calls over the course of those 3 days. Eventually the problem was cleared for good, but 8 calls over 3 days is ridiculous. I was this >< close to canceling the whole thing.

worldwidedreamer

I personally would love to have the premium CO credit card...but have had enough experience with Chase to avoid the Presidential Plus. Please, please CO...let us have an Amex/Citi/BofA/anything but Chase!

Steph3n

Citi or BofA premium? haha that is laughable!

Wx4caster

I finally cancelled my World MasterCard after 4 instances within a month and a half of Chase's fraud unit locking the card for purchases <$10. They gave me their spiel about how great they are at detecting fruad and that they're protecting me - but I'm not sure I need too much protection from $5 carwashes.

leejeffrey

My guess is that Chase has been experiencing some large fraud losses lately and has let their risk experts take hold of the ship. I think this has resulted in new policies. I was told by a Chase rep that they are now putting credit holds on payments greater than $10,000. The result is that Chase will not give you access to your credit line for up to 10 days after the payment. I know that AMEX is not everyone's favorite card, but they have Chase beat hands down on this process. Whenever I make a payment to my Amex card, my credit line is released immediately. This is a great benefit!


The declines on large transactions is understandable. Again, they are trying to prevent fraud. Amex is notorious for their risk procedures. However, their process works when you notify them of large upcoming transactions. My frsutration with Chase stems from the fact that they have a process to notify them of large transactions and the process has resulted in declines the past 2 times I have tried it.

channa

I never said Chase was a bad bank, nor are Chase's financials relevant to this issue. I said their products are typically aimed at the masses, and if you're looking for specialty perks from a card issuer that typically serves the masses, well, expect hiccups.

Bottom line is the OP's expectations from a premium card are not being met by Chase. The point of my post is to point out that Chase is not used to dealing with high-end customers like this, so their policies, procedures, etc. (including fraud algorithms) are likely formulated not with the OP in mind.

Hence the Cobalt/Camaro analogy.

channa

And more importantly, where do you get a $5 carwash in California?

Falcon20

I'd be happy to try it on my card. Just send me the $50,000 in cash (preferably small, unmarked bills) and I'll see what I can do.

WBrinegar

I do an AMEX Plat. Same bennies IMHO, FWIW. Do about $150K / Month and have had some $75K charges.

I only got shut off for a $719.00 charge out of state.

AMEX will never do that again.

perezoso

I swipe my AMEX when I buy a pastry or a cup of coffee sometimes. Sometimes the transaction is in excess of $5.000000.

One time, the barrista left room for cream. He'll never do that again.