News about Nathan and Heather Straz

Monday, 8 September, 2008
Chase Adjusts My Rates
by nate

While I was checking on my credit card spending for the month I noticed an understated attachment to my online statement, Global Change in Terms. In it they state that effective in October my rates will be going up to the max. I can refuse the change in terms, but then they will close my card. So I guess it's time to shop for new credit cards after enjoying the Chase customer experience since 2005.

My top priority was to transfer my high balance card, one that won't be paid off in the next 12 months, to something with good balance transfer terms. About half of it is at a 4% promotional rate which won't change, but the other half could change from 8% to 26%. I settled on American Express Blue which approved me online and accepted the whole balance transfer with a $99 fee and a new interest rate of 4.99% for the life of the balance.

Next I need to replace my month-to-month rewards card. I already maxed out my $300 rebate for the year so I was going to look for another one anyway. Time to find one so I can ditch Chase. I liked getting cash back and I liked getting a high percentage from gas and groceries. I'm open to recommendations for my next card.


andy said on Sep 8 at 12:02 p.m.:

Go with Amex Blue Cash

We switched to Amex Blue Cash last fall for the cash-back rewards. Up to the first $6500/year spent, 1.5% on "everyday" purchases (gas, groceries, drugstore) and .5% on everything else. After $6500, it's 5% on everyday stuff and 1.5% on everything else.

You don't get "cash back" but on your anniversary the amount you've accumulated is applied as a credit to your balance.

Given that my wife & I spend over $500/month on gas alone, we're getting a nice credit when October 20 (our account anniversary date) rolls around - at least twice the amount we ever accumulated in one year on Discover (our previous "bonus" card).