WWYD: Re: Chase Visa

[Disneefun]

I have the Disney Visa, pay it in full every month, so no debt on it -- actually, we have no debt at all. It is my primary card and the only one solely in my name (I'm a user on DH's Discover Card). Chase's raising rates and minimum payments doesn't concern me, however, I'm afraid that they will close my card. I've seen a lot of people get their card shut down, for seemingly no reason. I'm just afraid that they're going to pull the plug.

So, I've been thinking about getting another card in my name, but wonder if it's the right thing to do. As long as Chase keeps my card open I have no need for another card so I don't know if it's worth the ding on my credit report. But if they close it, it would be harder (I imagine) for me to get another card, since it would show up as a negative on my report, even though it's not my fault. However, I wonder if opening another card would be the trigger Chase would need to shut me down, since I've seen many people say that the reason Chase shut them down (real or not) was too many open lines of credit.

So I don't know what to do. Do I take out another card, put the ding on my credit report and hope it doesn't cause Chase to shut me down, or do I stand pat and hope that if Chase shuts me down that I can get another card in my name.

 

[akcire]

If you have monthly activity, and decent credit it is unlikely Chase will close this card. Chase makes a percentage of every purchase and return charged to the vendor as a service charge. Chase knows exactly how much money each account is worth to them (this is a factor when deciding to waive fees or do special things for customers).

That said, you should always have two cards just in case you need a credit card and can not use this one (lost, stolen, dispute). On an everyday basis, having one is good enough, but traveling etc you should have a second. Do some research, I would go outside of the Chase card family, and find a card that works for you (no one outside the USA takes Discover).

BTW--I have had the Disney Visa since they created it, I always pay in full, and do not worry it will be closed.

 

[dis-happy]

OP, I'm in the same shoes as you are (Chase VISA is the only card I have under my own name, we pay it off each month) and I'm really not concerned about it getting it closed. And as long as you haven't been doing things to really mess up your credit you should have no problems getting a new card somewhere, even if it's just a dept. store card (and your bank will probably have some sort of VISA you can sign up for if necessary, I know I'm always having to turn offers like that down).

 

[addicted_to_WDW]

Chase has been closing former WAMU cards, but I haven't heard much about closing the Chase Disney.

That said, I'd never have just 1 card because you never know what could happen (fraud, perhaps) that would cause that card to be closed down even temporarily. I'd hate to be on vacation with my one and only credit card and have a problem with it. Personally, I have a Visa, MC, Amex, and Discover and figure my bases are covered. I use my Amex as my primary card and my Chase Disney as the secondary.

 

[Sleepingbooty]

The only problem I could see with adding another card is that you might use it! Its so tempting! But, since you pay off your Disney card every month, it sounds like you have good self control and budgeting habits, so that probably wouldn't happen. Try going to cardweb.com and you can look for a card based on different criteria, like what kind of rewards it has, annual fee or not, etc. and apply right there. Thats what I did when we were re-doing our kitchen, and I found a card that paid 3% rewards on home improvement purchases.

 

[mizliz]

I work in the lending industry, and I can tell you the "ding" on your credit when you apply for another card is nothing to worry about. Seriously.

It's an issue if you apply for credit excessively. Having 2 cards in your name is absolutely not excessive.