I wish to caution those thinking about the Chase Ritz Carlton Rewards Card. I was enticed by the two free nights certificates good at Tier 1-4 Catagory properties. I attempted to use them on 6 (six!) different occasions and was told each time that only so many rooms are allotted at each property on any given night for these certificates. The rooms were not sold out and there was availability of the most inexpensive rooms at each property on each occasion. Ritz Carlton arbitrarily decides how many rooms to make available for the certificates, which expire in a year, are not honored by Ritz. Wow, there is an $800-1000 ripoff, at least in my book.
I've been working on building my credit back up for the last couple years after I let two retail store cards go delinquent/ultimately to collections back when I was 18. I paid the collections off three years ago and have had nothing but positive credit history since then (4 credit cards and a student loan, all never late - AAoA is at 3 years right now). When my CK showed a score of 722 for TU and 718 for EQ, I decided it was time to apply for this card. Somewhat to my surprise, I was instantly denied for the card. About an hour later, I called the recon line and was connected to a credit analyst with Chase. I asked her in a very nice manner (protip: I think that part went a long way) if I might be able to learn more about why my application wasn't approved. She reviewed my credit history and told me it was due to the two collections. Once she noticed they had been paid off, she offered to reopen my application, and after answering a few questions and being on hold for about 5 minutes, she came back on the line and told me she was able to approve me for $500. I'm happy to have been approved for a card with such awesome rewards--5% back on all amazon purchases, 2% back on restaurants/gas/drugstores, and 1% back on everything else, redeemable for credit on amazon. I see this card as having no annual fee since I'd already been a Prime member before this, but just a note that you do have to pay the $99/year Prime membership fee in order to get the 5% back on amazon (otherwise it's 3%). I plan to pay off the balance on this card twice a month, hopefully doing so will result in an auto credit line increase in the next couple months :D
They get you through the entire application process based on your estimated income and home values (that they provide to you from their system ). At the very end, they will increase the rate because the appraisal came in lower than anticipated (or whatever other reason they can find). They quickly go over the interest rate on the phone without actually explaining the increase or the reason for it. They gloss over the increase, if you do not pay close attention, you will get screwed. They will claim to go back through their records and listen to the phone call, but will not give you access to the recorded call or a transcript of what was said. BEWARE!
I had very high limits on my cards, and used them/paid them off regularly. They suddenly stopped sending me statements via email. Something told me to log on and check. Thank God it wasn't 30 days late, but it was close. I called them and asked them why they didn't tell me that I owed them money. I hadn't used the card in a few months, so I wasn't surprised I hadn't received a statement. They said they emailed it, and it was my fault. I checked all of my email, including spam, nothing there. So, the cards had been paid off in full in early April. Which means, if they weren't making any interest off of me for one billing cycle, I guess they thought they'd rip me off by not sending me a statement for some stupid Amazon prime fee so they could charge me $50 or $60 bucks in fees for a $10 charge. Gotta rip people off to make ends meet over at Chase. If you value your credit rating, do not do business with Chase. They are ripping off consumers. Good thing I was paranoid enough to check up on it, or I would have had a credit ding. Save yourself, and your credit----use another bank.