• Report: #404522
Complaint Review:

Chase Bank

  • Submitted: Tue, December 23, 2008
  • Updated: Mon, December 29, 2008

  • Reported By:Fort Wayne Indiana
Chase Bank
www.chase.com Wilmington, Delaware U.S.A.

Chase Bank - Freedom 3% Visa Card Rebate Program Wilmington Delaware

*Consumer Comment: Interesting

*Consumer Comment: Here it is, its called "Vantage Score", and I was wrong on the range, it is 501 to 990.

*Consumer Suggestion: Actually, there is a NEW credit scoring system that SOME use. It is confusing.

*Consumer Suggestion: Nice Point....880

*Consumer Comment: Nice credit score.

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I searched the internet for the best deal on visa card rebates and found Chase Bank USA, N.A. offered a 3% rebate on visa card purchases. Or, at least, 3% on your top 3 spending categories for the month. The rest of the purchases provided a 1% rebate. This sounded like a great idea to me, after all, I have an excellent credit rating, always pay my balance in full by the due date, and Capital One was only giving me a 1% rebate, so why not? I applied at Chase and was immediately approved and obtained a $9500 credit limit. This was several months ago.

Well, I decided to redeem my "points". I got onto my account on line and was having trouble finding out how to "redeem" my "points" online. They had plenty of ways I could redeem my points for purchases from company's such as blockbuster, red lobster, the gap, starbucks, avis, sea world, ect...however, I could see no way to apply my "points" as a credit or "payment" towards my current monthly visa balance as I have always done with Capital One. No doubt, red lobster and star bucks are fine companys, and I sometimes purchase things from all these company's, however, I just wanted the "points" to be applied as a credit to my current balance.

After much searching for a phone number and waiting for someone to talk with I actually got through to a "live" person. Be advised it took me almost 15 minutes of searching on the chase cc website for an actual customer service phone number. My "customer service representative" acted as if she had never heard of any one applying their "points" to their credit card balance before. I felt as if I was talking to someone from the planet vulcraft who had never heard someone ask for their "points" be applied to their balance.

Well, after much confusion this fine customer service representative advised me that she would have to transfer me over to a "specialist" who could see if she could provide me with a "points" redemtion plan like I was talking about. After more waiting I finally accessed the tremendously overworked "credit card specialist" who was paid to hear my sad story of how I didn't want to use my points to buy over priced stuff from stores who paid CHASE to have their company associated with them. I just wanted to use my 3% rebate "points" to be applied to my account.

The "specialist" acted like it was hard but that she could now understand me. She now seemed to comprehend that I just wanted the "CASH BABY". She warned me it was a difficult proposition and that it might take them a few months to get me all the particulars worked out. She never did mention the name of this "new plan" but I was confident I was on my way to receiving my promised 3% rebate which could be applied to my balance. I evidentaly didn't look look in the right spot on the application when I enrolled in the CHASEFREEDOM plan and I evidently was interested in their "cheapo plan" ... you know, the one that lets you simply apply your "points" to your credit card balance?

So the specialist evidently did her job because after a few weeks I received a REJECTION LETTER from CHASE Bank stating that I was denied access to their "Visa Signature credit program" because I have too many loan accounts opened. This is hilarious to me since I have practically no debt and an 880 credit score. This is from the same company that approved me immediately with no questions asked 6 months ago when I didn't realize that I was enrolling in the plan that offered 3% back on overpriced items from vendors that CHASE bank has an advertising revenue stream with.

I am just glad I found out early that CHASE FREEDOM visa card program is a joke. Do yourself a favor and get a (((competitor's name redacted))) Visa Card where you get straight talk and a 1% rebate that you can simply apply to your balance.

Fort Wayne, Indiana

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This report was posted on Ripoff Report on 12/23/2008 10:30 PM and is a permanent record located here: http://www.ripoffreport.com/reports/chase-bank/wilmington-delaware-19886-5077/chase-bank-freedom-3-visa-card-rebate-program-wilmington-delaware-404522. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment


AUTHOR: Flynrider - (U.S.A.)

I had forgotten about the credit bureau's challenge to FICO. I recall when Vantagescore was announced a couple of years ago. It has not seen much acceptance, even in the mortgage market that they targeted. Fair Isaac's FICO score is still the overwhelming favorite among lenders because it has a familiar track record. It'll be interesting to see if Vantagescore flies. I look forward to a higher score :-))))
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#2 Consumer Comment

Here it is, its called "Vantage Score", and I was wrong on the range, it is 501 to 990.

AUTHOR: Steve - (U.S.A.)

VantageScore ratings will range from 501 to 990. The top end is slightly higher than scores currently in use.

In a separate statement, Experian said the new scores will be grouped on "the familiar academic scale." Experian gave these groupings, with A and B being the best potential borrowers and D and F being the weakest:

A 901-990

B 801-900

C 701-800

D 601-700

F 501-600

Colleen Tunney, spokeswoman for TransUnion, told a conference call with reporters and credit industry representatives that the new score was created by looking at millions of consumer files at the same time to ensure consistent readings across the three bureaus' data.

David Rubinger, spokesman for Equifax, said the new score was expected to reduce the variance in a consumer's scores by about 30 percent compared with what it was under the old system.

He said the score would reflect a consumer's frequency of borrowing, delinquency in paying bills and other "file content." But Rubinger and other credit bureau spokesmen said it was too soon to provide the specific weights for the components.

VantageScore is being independently marketed and sold separately through each of the three national credit reporting companies through licensing agreements with VantageScore Solutions LLC, the joint announcement said. The spokesmen said that VantageScore was jointly owned by the three credit bureaus. They said it did not yet have a headquarters, although an informational Web site had been set up at .

The credit reporting agencies are operated by Equifax Inc. of Atlanta, Experian Information Solutions Inc. of Costa Mesa, Calif., and TransUnion LLC of Chicago.

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#3 Consumer Suggestion

Actually, there is a NEW credit scoring system that SOME use. It is confusing.

AUTHOR: Steve - (U.S.A.)

Actually, the NEW credit scoring system that is being phased in will start at 350 and go to 999.

Under the old system, the highest you could get was 850.

Under the NEW scoring system, an 880 would be equivalent to about a 750 on the old system.

As far as I know so far the "new" system is only being used in the mortgage industry. That is what I read.

I will try to find the article I read and post it here.

Although, I did see a friend of mine that actually had a copy of a scored credit report under the new system. His score looked too high based on the credit history I knew he had.
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#4 Consumer Suggestion

Nice Point....880

AUTHOR: ColumbusConsmerReports - (U.S.A.)

Not to mention if you go to www.chase.com and click on contact us & then by phone, it gives you the phone number that you need to call. Took me about 2 seconds to find it.
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#5 Consumer Comment

Nice credit score.

AUTHOR: Flynrider - (U.S.A.)

Just an FYI, there's no such thing as a FICO score of 880. Maybe that's why the bank didn't approve you.
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