Chase credit card

Marchitiello

As per my posts in the main Chase Discussion thread (banking forum), I was the one to first report the initial mail informing me that I could be part of this initial beta testing phase. I believe that the people selected where amongst the very early adopters of the Chase current account (I was also part of the initial invite only phase) and active partecipante in the Chase community forums.

I do not usually use the purchase free cards as I rather do big ticket purchases on one of my rewards cards, and then balance transfer in order to continue stoozing, so the 18 months 0% interest on purchase is not attractive, and I have at least another three CC with zero forex. In any case, I did go ahead with the eligibility check and it concluded with a positive outcome and a fairly generous credit limit of well into a 5 digits amount, which could have been indeed good for balance transfers.

Marchitiello

poseidon1 said:

I have been with Chase since April 2022, but have no expectation of being part of their initial testing group. I don't use them as my primary banking service provider.

 However, good to see they have finally entered the credit card business  which is a significant step towards becoming a full services bank, with a view to finally  turning a profit. Once they also start offering personal loans and mortgages, they can really commence making inroads into the almost $1 billion of trading losses incurred in building the bank's UK customer base to this point.

By contrast, their American competitor Goldman Sachs with its Marcus Bank offering has done nothing more to build on its client base of UK depositors, and one wonders if they might ultimately withdraw from the UK. Certainly  they have pivoted the Marcus brand in America away from the lower end retail market to concentrate on the high net worth segment.

Goldman Sachs have purposely limited the expansions of the Marcus customer base because they do not want to impact their Investment Banking operations in the UK if the deposit book grows over a regulatory threshold (this has been covered in the press in the past). I think their initial entry was linked to have a foothold in the market in case their relationship with Apple could have expanded beyond the USA.

poseidon1

Marchitiello said:

poseidon1 said:

I have been with Chase since April 2022, but have no expectation of being part of their initial testing group. I don't use them as my primary banking service provider.

 However, good to see they have finally entered the credit card business  which is a significant step towards becoming a full services bank, with a view to finally  turning a profit. Once they also start offering personal loans and mortgages, they can really commence making inroads into the almost $1 billion of trading losses incurred in building the bank's UK customer base to this point.

By contrast, their American competitor Goldman Sachs with its Marcus Bank offering has done nothing more to build on its client base of UK depositors, and one wonders if they might ultimately withdraw from the UK. Certainly  they have pivoted the Marcus brand in America away from the lower end retail market to concentrate on the high net worth segment.

Goldman Sachs have purposely limited the expansions of the Marcus customer base because they do not want to impact their Investment Banking operations in the UK if the deposit book grows over a regulatory threshold (this has been covered in the press in the past). I think their initial entry was linked to have a foothold in the market in case their relationship with Apple could have expanded beyond the USA.

Fair point.

However, since the UK retail deposit bank has booked significant losses to date, and Marcus shows no indication of an intention to leverage its deposits client base into profit making lending activities ( credit cards, personal loans, mortgages etc) one has to wonder at what point the parent business will reconsider  sustaining this negative return on its UK investment.

Chase, by contrast is hoping to make its first profit in 2025, and one can see the direction it is taking to achieve this.

jaypers

I’ve got an iPhone. No sign of the invite in the app but just forced closed the open program (swipe up etc) and re-launched Chase app. Invitation is now on main screen for me. 

sausage_time

jaypers said:

I’ve got an iPhone. No sign of the invite in the app but just forced closed the open program (swipe up etc) and re-launched Chase app. Invitation is now on main screen for me. 

Maybe coincidence?   Certainly did not work for me on Android (long press on icon, "( i )" for info, Force stop)

jaypers

sausage_time said:

jaypers said:

I’ve got an iPhone. No sign of the invite in the app but just forced closed the open program (swipe up etc) and re-launched Chase app. Invitation is now on main screen for me. 

Maybe coincidence?   Certainly did not work for me on Android (long press on icon, "( i )" for info, Force stop)

Don’t think it was. Had been checking throughout the day since I saw the post on here this morning. As soon as I force stopped and then restarted the app, it was there. 

Volcane

Just applied.

Really quick within the app as most of it is pre-filled based on what they know about you. You also choose your own pin as part of the application like Amex. 18 months interest free on purchases. Was given £10k limit. 

stclair

Volcane said:

Just applied.

Really quick within the app as most of it is pre-filled based on what they know about you. You also choose your own pin as part of the application like Amex. 18 months interest free on purchases. Was given £10k limit. 

Excellent - do you know which credit reference agency they searched. 

jaypers

stclair said:

Volcane said:

Just applied.

Really quick within the app as most of it is pre-filled based on what they know about you. You also choose your own pin as part of the application like Amex. 18 months interest free on purchases. Was given £10k limit. 

Excellent - do you know which credit reference agency they searched. 

They use TransUnion for your Credit Score check facility so perhaps that’s who they use for applications? 

friolento

On the face of it, it’s a fairly boring card, and you must pay it from a Chase account, which wouldn’t suit me for regular use. 

However, since I have a major holiday booking coming up, and as they offered me a very decent credit limit, I decided to apply because of the interest free credit. Depending on savings rates, the credit is worth nearly £700 for me - obviously not something I could pass on! I am not planning to use it for other purposes.

The application process is impressively smooth and quick, the card is available  for immediate use (like the debit card was), and can also be added to ApplePay, and I suppose GooglePay or whatever it’s called, instantly.