Consumer complaint received 2017-05-20
Company: JPMORGAN CHASE & CO.
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
On  XX/XX/XXXX  I responded to an email from Chase inviting me to apply for the  Southwest Rapid    Rewards Plus    Visa   Card  ( {$69.00} annual fee ). I applied for the card and was approved for a Visa Signature card with a credit limit of {$35000.00}. A welcome email alerted me to the fact there was actually a  Chase   Southwest Rapid Rewards  Premier  Visa   Card  with a ( {$99.00} annual fee ) that had rewards benefits which were superior to the  Plus  Card. The email indicated you can upgrade to th e Premier Ca  rd.      On  XX/XX/XXXX , I called Chase and asked to upgrade to t he Premier ca rd and was told this was not allowed due to the  CARD Act . I was told by a  Chase  representative I would need to close/reject my newly opened account and apply for the  Premier C ard. I asked if there would be any issues regarding applying for a new account shortly after opening an account and was concerned about having multiple inquiries on my credit report. The representative told me " many customers apply for multiple Chase cards in the same day and are approved. '' Having excellent credit, I assumed this would n't be a problem for me.     I closed/rejected the Plus Card and applied online for the  Chas  e Southwest Rapid Reward s Premier Vi sa C  ard.  I received a message that my application could not be approved at this time. I called Chase and was told they could not extend any additional credit to me. This was my logic : opened Plus account ( + {$35000.00 } ) and  closed Plus account ( - {$35000.00 } ) so m y net credit with Chase is at  XXXX . Why could they not extend any more credit? I was told that was due to the fact I could re-open the card I had just closed. The only way for me to obtain th e Premier card  would be to shift credit from another existing Chase credit card account. The rep told me he could move {$2000.00} from an existing account and approve me for the  Premier C ard.     I could then re-open the Plus  Card  and move the {$35000.00} credit line to the n ew Premier  Card and then close the Plus  Card.  The rep performed the action of moving the {$2000.00} from an existing card and approved me for the  Premier  Card.     I received a letter in the mail informing me I have been approved for a  Chase   Southwest Rapid Rewards   Visa Platinum   Card.  At no point was I told that I would be applying for a Visa Platinum Card. My intent was to have the Visa Signature.     Chase is telling me because the new account was approved for a {$2000.00} credit line that it can not be a Visa Signature ( even though the credit limit is at {$35000.00} after performing the actions described above ). They say it can not be changed for  12  months.     Even though I have excellent credit and will be paying a {$99.00} annual fee, I will be receiving a level of benefits inferior to th e Visa Signature because I was not informed that by only moving {$2000.00} in credit instead of {$5000.00} would result in a Visa Platinum  Card.

Company response to consumer: Closed with explanation