Odd Credit card question

[britfish]

I have two Chase CC and one Amex. I have had the original Chase card for about 11 years. I recently got the second because it is a Southwest card and that is the only card I use, and I pay ift off monthly. My original Chase has a annual fee and I want to switch it to a no fee card. I just got the Disney $200 gift card offer from Chase. Do you think I can just switch to this card or will I have to close out the original Chase card and open a new account? What order should I do that in? I don't want to show a bad mark on my credit by closing and opening and I really don't understand how and if either will effect my credit.

 

[A Mickeyfan]

You have to close it, or just get another (adding another Chase card ). I know when I did it, I closed it out.. then later found out I never should have done that. The card I closed out, I had since 1980! From a credit stand point, I would have been better off keeping the card I had for a long time. Don't ask why, I have no clue, but that is what they told me after the fact. I asked if I could have it back.. same account & they said no.. so I now have a different Chase... the Disney one and have had that since "Day 1" as my card states.

 

[dd50]

You use to be able to switch cards and maybe now. Things are so different now so I would suggest that you call them and ask. If they won't let you switch you should keep your old card because it has age and helps with FICO and just use it once every three or four months to keep it active.

 

[disneychrista]

I am guessing the offer is for new card memebers which means you would have to apply for a new card. you might be able to switch but not likely to get the $200 offer.

 

[sookie]

you will probably be able to switch to a basic card - maybe one with rewards, maybe not, but one without a fee. i
if you call asking straight up for the disney card, they will probably have you close the old account (bad idea if you can avoid it because you want old open accounts for as long as possible to help your history component on your credit report) and then will get you to apply for the new disney.
why don't you call and just ask to have the fee waived? a lot of times in this economy they are doing that especially if you are a long time customer.

 

[MomToOne]

I recently tried to convert my Chase UAL card which had an annual fee to any of their cards that did not have an annual fee. They refused to let me convert it to anything. The only option they gave me was to close the UAL account, then "take my chances" applying for a new one without a fee.

On the other hand, I have in the past converted another no-annual fee Chase card to the Disney card (which also does not have a fee - I suspect that was a key element in them allowing the conversion). I did NOT however, qualify for any promotion at the time offered to folks for opening a new account. Converting an account like this was not considered opening a new one. The good news, though, is that your card history is maintained on your credit report.

 

[britfish]

thank you all for your input, I am going to give them a call next week to see I they will allow this or not alhtough I don't have my hopes up!

 

[michellelovesthemous]

How I understand it is if you close your oldest cards, the "trade lines" on you credit report reflect that you no longer have long credit history accounts any longer. So when a creditor looks at your credit report the card you have had next longest becomes your oldest "trade line" that they may base credit history upon. How is that for a bunch of gobbildy-gook?!?!?!