Good evening everyone. 1 month ago, Chase sent out letters announcing that they would be converting all Chase Ink Bold Charge Cards into credit cards with a stated credit limit and cash advance limit. Those changes are not effective as of August 31, 2015 and all changes are now live. Here is a summary of the changes:
Currently, the Chase Ink Bold is a charge card, meaning you must pay your balance in full, otherwise you will be charged a fee.The new Chase Ink Bold will allow you to pay your balance over time (instead of being charged a fee, you will instead pay interest on any balance that is not paid in full by your payment due date). Currently, the Chase Ink Bold has a flexible spending limit whereby you are allowed to go over your preset spending limit.The new Chase Ink Bold will have a stated credit access line (aka a credit line/limit) that will be shown on your monthly statement.
This evening when I logged into my Chase online account, I noticed the stated credit limit of $12,000 on my Chase Ink Bold Business Card.
When I look at the account details, it also shows a cash advance limit of $2,400, which is 20% of my $12,000 credit limit.
Just to clarify, I also have a Chase Ink Plus Credit Card and this is what my online account looks like with a $5,000 credit limit:
Like my Chase Ink Bold Business Card, the Chase Ink Plus Credit Card has a cash advance limit equal to 20% of the total credit limit. If you want, you can call or send Chase a Secure Message (SM) to lower your cash advance limit to $0.
This change does not really mean anything to me, so it will be interesting to see if any other changes are made to the Chase Ink Bold or if any changes will be made to the Chase Ink Plus.
If you have any questions, please leave a comment below. Have a great evening everyone.