There has been recent discussion on Reddit about Chase shutdowns. These have been around for some time but are picking up a little bit of momentum lately so I'll relay what I've seen over there so anyone around 4/24 hitting Chase can evaluate for their own needs. Most people hit 5/24, 6/24 with Chase and don't get shut down but apparently some people have recently and here is some data I've seen on it:
How it works: Chase cards just stop working. A person calls and is told they are under financial review and no there is nothing that they can do and Chase will get back to them in a couple weeks. A couple weeks later their cards either start working or they receive a letter stating their cards have been shut down. (People's points aren't being revoked, I think they have a time to cash them or spend them.)
Why: Reddit is trying to figure this out.
-For sure matters: people recently applied for a Chase card and had at least 4 other Chase cards. Opening lots of Chase cards in a short period of time; opening lots of Chase cards and then other cards and then another Chase card.
-Things that don't seem to matter: being a Chase Private Client, high credit scores, good credit history, making lots of money, banking relationships with Chase.
Here are two people's recent data points. #1 was reinstated after a supervisor called during the review process and admonished the person for opening so many accounts recently. #2 was not reinstated (they had a lot of accounts, I don't think the supervisor could look the other way there)
1) 4/24, 4/12 at time of shutdown (5/25, 5/12 w/ biz cards). Had CSR, CSP, CIP, SW Plus, SW Premier. Applied SW Biz Premier end of Nov. App before that was early Oct. They (as opposed to early data points from a year or 2 ago) had no MS.
2) 19/12 at time of shutdown. Chase: 12/15
Amazon, 4/16 CSP, 8/16 United, 5/17 Hyatt, 10/17 IHG, 12/1/17 applied BA, 12/8/17 shutdown. $400 MS, 2 bank accounts funded on CSR
I'm not trying to scream fire! fire! here, but I want everyone to be as informed as possible. As I said these are un-common but have come up in very recent discussion on Reddit.
ETA: for clarity