BLUF: Downgrades of Chase products take 24 to 48 hours to take effect. I got too eager for the 2nd Ritz card that I was denied in branch because it showed I still had it. An O-3 reader got approved online today despite being over 5/24. The Ritz card is still a good non 5/24 restricted churn with MLA fee waivers.
I downgraded via phone last night around 10 pm on the phone, and when I logged into the Chase site it did not show the Ritz Card, but rather the Marriott Card. My plan was to go in branch today and get the Ritz card before it gets shut down or if it becomes 5/24 restricted. I called the next morning and made an appointment so get the new card.
My CPC banker had become a valuable resource into the practice of approvals at Chase bank. I stopped in and they looked at my account for some pre-application vetting. Nowhere on her computer did it say I had the Ritz-Card. We prepared a plan to shift credit from my unused accounts such as my IHG and United Club Card.
I also verified that I had gotten the first Ritz card bonus over 3 years ago meeting the no bonus within 24 months rule that I ran into with the British Airways Card. I also verified that I do not have the card currently.
She called in the credit department and and they recommended I apply on my own laptop and call the bank back if there was any problems. Sure enough I applied and got this message:
Despite all of my preparation, I just got denied in branch as a CPC! We called in and sure enough they gave me the reason is their system still had my original Ritz card as being active, she explained the shift takes 24 to 48 hours. The credit department also assured the application didn’t even go past pulling credit.
So I am going to try to apply in about two days. On the flip side, one of the O-3s here went right online and got this message:
So there you go! If you downgrade anything, just wait a few days to make sure it doesn’t show as active when you apply for the product again.