Taking a Gamble with Multiple Chase Applications

Last week I finally decided to take the plunge and attempt the unthinkable…opening multiple credit cards with Chase to take advantage of the Continental offers prior to the merge with United next year. Personally, I think this is one of the most under-utilized and discussed offers available, and will explain our thinking and the application process.

I have mentioned for months now that we knew we would be taking advantage of any Continental credit card offers prior to the merger with United in 2012. Once the new year rolls around, in all likelihood, all Continental products will fail to exist and will be rolled into United branded products. Unfortunately, Chase and Continental have not done much to pump up the bonus offers for opening credit cards like some of their other 50,000+ mile offers with other partners. At some point though, we needed to pull the trigger with some hopefully smart planning factored in to our credit pulls.

My goal is to be able to earn as many Continental miles before the end of the year, then be able to close our credit cards with Continental and United (we currently have old United Mileage Plus versions of this card) so that neither rolls into the United Explorer card. The problem is I now have time working against me as it’s already the middle of November.

The current Chase Credit Card products can be viewed on Continental’s website.

Continental currently is offering with their personal World MasterCard 40,000 bonus miles, which breaks down to 25,000 miles after your first purchase (i.e. no minimum spend requirement), 5,000 miles for adding an authorized user, and 10,000 miles for a $25,000 calendar year spend.

In addition, the Continental World MasterCard for business offered 25,000 bonus miles after your first purchase.

Both cards are offered by Chase and come with the first year annual fee waived. Since we would be using Chase for these cards, I knew our future applications would be limited for the next 60-90 days, but we do not plan on doing anything until the details of the United Explorer card are announced earlier next year.

The Chase Application Process

Prior to applying for both cards, I called up Chase to see what process I could go through to minimize application pending or denials by applying for both cards at the same time. I was hoping they would allow me to apply over the phone for both and assist with the process. No go. They referred me to apply online and see what happens.

So I opened two separate browsers, one for the personal World MasterCard line, and another for the World MasterCard Business line. I accessed both applications directly through my Continental account. After filling out both applications and hitting submit at the same time, I received a notice that neither account was instantly approved. Darn. I knew this was going to happen. The same thing happened for both of my wife’s applications.

What kind of baffled me is that we have excellent credit and only currently have one other Chase credit line each, the United Mileage Plus cards. So to me I did not see any potential issues accept if they wanted me to reallocate some of our credit lines or because of multiple applications at the same time. So I waited 24-hours.

The Chase Reconsideration Process

The next day I called up the Chase application status line (1-888-609-7805) and was told I had three (3) applications that were denied. The agent explained I was denied for a personal Platinum card, as well as one Business World application, but was approved with a substantial credit line on another Business World application. Great, one down! The application system was giving me some problems when trying to submit multiple applications at the same time, so somehow my Business application must have gone through a couple of times.

I really wanted to get the World MasterCard approved for my personal credit line because I knew what the benefits were as outlined above. While on the phone, and not in front of a computer, I did not know what the details were for the Platinum card. For some reason, even after being connected with Customer Service, no one could tell me what the differences were between the World and Platinum products, but I assumed it could not have been as good of an offer, so I fought for the World card.

Long story short, Chase made me close down my United Mileage Plus card to be approved for the personal credit line. They would not allow me to reallocate some of my available credit, I think specially since I was just given another monster credit line on the Business account. However, even then they could not tell me whether I was applying and approved for the World or Platinum account, and would only know after my application was approved.

So after a few agonizing moments, I was finally approved for the World MasterCard for personal use with the same credit line as my United Mileage Plus card. Unfortunately, when I called, my wife was not with me, so I had to call back at a later time to handle her accounts. As of the time of this post, my wife was approved for the personal World card, but not the business card. I am still waiting on a letter from Chase on her business line to be able to call up and get the card.

Overall, in a way I was happy I had to close down my United Mileage Plus card now; note my wife did not have to shut down hers. That makes closing down the Continental cards at the end of December, depending on what Chase and United/Continental do with the products, easier since I will not be closing multiple cards other than both Continental cards (Business and Personal).

Here is the problem though. Time is working against me. Assuming I get the new cards and make a purchase within the next week, I need to make sure my statement closes as soon as possible in hopes the bonus miles post before the end of the year. This is I think the greatest obstacle that may foil the plan. We will need to wait and see what Chase and Continental/United plan to do with all their existing accounts next year and the time frame.

Something to note about the Business credit lines; I have never had a business credit card before and was not sure how much questioning I would be put through with Chase. However, they did not ask a single question to me when I called the agent and was told I was already approved. If I was not approved and had to be reconsidered, I assume it might have been a different story.

In summary, we hope to clear at least 55,000 miles each (30,0000 personal and 25,000 business) into our Continental accounts before closing down the cards. I hope to be able to update everyone with excellent news over the course of the next month or two with this process.