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Commentaries |
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Credit Card Commentaries |
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This card has been discontinued to new cardholders. The material posted here is simply reference material. |
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Chase Secured
Issued by Chase |
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| Total Posts: 7 |
Average Rating:
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Category: Secured |
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Showing 1 - 7 of a total of 7 Commentaries |
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1-7 |
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| "A mixed bag..." |
| About a year ago I applied for a Chase MasterCard. I was declined, but offered a secured card. I accepted it and started of with $500. I gradually increased it to $1,000 with monthly payments of $100. I called one day to ask for details about their policy for converting it to a regular card. They said they have changed their policy and this will never happen! That's funny, because their original offer said it would (I still have a copy). Also, thier customer service is terrible. Not only the level of service, but the hours. They close at about 8pm and are closed on weekends too. I live on the West Coast, so it's three hours earlier then their office in New York, so that means you get NO customer service after 5 or 6pm. When you send in a check for a line increase it takes about 30 days! Payments take about 10 days to post after you make them. However, there area few good things about this card. 1) It reports as unsecured to two major bureaus. 2) It is a good brand. 3) Best of all, the deposit pays 2.5%, which is the best I have ever seen, and the rate (for me) was a modest 15.4%. |
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| Most attractive feature: Reports as a regular card to Equifax and Trans Union, good brand |
| Least attractive feature: Will not convert to unsecured, customer service sucks |
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| Posted by: Las Vegas Steve |
| Date: 2/25/2005 |
Recommend?  |
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This person does recommend this card.
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| "Card" |
| it is a great card, it has a really really really low interest rate,. it is nice to have, it is really secured well, i have lost it a few times and havent had to pay for anything that was charged. It is really nice to have, i have no mininum balance, no additional charges, i love the card i wouldnt trade it for anything, the customer service is tremendous, blah, i love his card, dont put it by a magnet, it gets extremely extremely messed up. I love this card so much i have run out of things to say about it. |
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| Most attractive feature: apr |
| Least attractive feature: nothing |
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| Posted by: Mark |
| Date: 7/20/2003 |
| Recommend? |
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This person does recommend this card.
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| "customer service" |
| I had this card from 1997-April 2003. I got it with past credit problems. Even after paying off balnce for years they refused to up the credit without additional security deposits. I cancelled with a zero balance 4/2/03. I still am waiting on return of my security deposit..customer service has always been rude and can't explain why my deposit has not been returned. They just have to keep "sending an inquiry to the bank". I have several unsecured cards now and would NEVER deal with Chase again. The customer service people don't seem to understand what that means. They are rude. My credit rating is great now and they could have kept my business if they had treated me better before that. Now I'm wondering if I will have to get a lawyer to get my security deposit back. That actually tell me the bank has no outside line so I can't even call the bank where my money is being held..tell me my only choice is to keep calling them, on hold for 10-15 minutes and deal with the rudeness. Beware...even if you follow their rules you won't gain any ground with this company..and so far I'm at a loss. |
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| Most attractive feature: none |
| Least attractive feature: customer service |
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| Posted by: Brenda |
| Date: 7/14/2003 |
Recommend?  |
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This person does not recommend this card.
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| "chase" |
| big name and very good card |
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| Most attractive feature: regular credit bureau reporting |
| Least attractive feature: none |
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| Posted by: mohamed |
| Date: 4/21/2003 |
| Recommend? |
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This person does recommend this card.
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| "good for starters" |
| This was my first credit card since I was a teenager and it has been almost a year now that I have had it. I do enjoy the fact that they have offered me this card. But I wonder when or if they will allow to change my card to unsecured anytime soon. Also, I don't like the 9 days wait after paying off my balance. I usually pay on time, in full, and I hate it when I have to wait. They do hold your deposited amount of a minimum $300 through a money market account, which builds. But the apr yearly rate of it is only 2+% I believe. I hope that was helpful for you all. |
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| Most attractive feature: offered for people with no credit or building credit |
| Least attractive feature: does not allow you to have online access and maybe more other things besides that. |
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| Posted by: Kristine |
| Date: 3/27/2003 |
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This person does not recommend this card.
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| "just so so" |
no similar as other secured card suppliers, this card can't be accessed online and doesn't has any idea to increase the limited except of puting more fund into your secured chase bank account or upgrade to an unsecured card automatically. they charge $35 per year, still don't know if they will normall upgrade the card to an unsecured automatically or have to call them for it?
anyway, if no increase or unsecured, better to cancel and look for other good benefit card.
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| Most attractive feature: it's a secured card for who has no credit history only |
| Least attractive feature: can't access card online or hasn't automatically credit increased |
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| Posted by: sw |
| Date: 1/30/2003 |
| Recommend? |
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This person does recommend this card.
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| "Good card to build credit history if your credit is new" |
| I was offered the Chase Secured Mastercard when Chase declined my application for a standard credit card because I had no credit history. The card has an average interest rate for a secured card (around 17%) and has a $35 annual fee, but no other account setup or maintenance fees like other banks charge. However, one of the bad (and insulting) aspects of the card is that even after they receive payment and take it from your checking account, they hold the amount for 9 calendar days before they release the amount as available credit. Example: $500 balance out of $1000 credit line, available credit $500. I make payment of $300, they take the money and apply it to the account, so the balance is $200, but the available credit is still $500 for 9 additional days!! After the 9 days, the available credit goes upto $800. The card does not have any options for reverting back to unsecured or any unsecured credit line increases as some other banks offer. Customer service is excellent, but Chase does not allow web access to the account since it is a secured card. Overall, if you want to build your credit, this is a good card to get. |
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| Most attractive feature: Deposit earns interest and you can build credit |
| Least attractive feature: Payments are held for 9 days before being applied !! |
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| Posted by: Amit |
| Date: 1/23/2003 |
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This person does recommend this card.
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Showing 1 - 7 of a total of 7 Commentaries
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1-7
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