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Just received a letter from Chase advising they are switching to Chase Visa card instead of Chase MasterCard. Will require a lot of changes with companies that I have recurring bills being paid by my Chase masterCard.
Must be a financial advantage to Chase to make this change.
It will only require action on your part if they change your account number.
I would think that is a certainty. MasterCard/Visa don't share a common first 4 digits... Or is there some other reason that when I enter my CC info a website will choose which card I am using as soon as I type the 4th digit? LOL
The letter indicates change from MasterCard to Visa, change in account number, card's expiration date and security code. No change in terms, features and rewards. I have to change all accounts using my current MasterCard to their Visa or I can change those to another card I have.
My big question is why is Chase making this change. has to be something in it for them.
Last year Chase Ink'ed a deal with Visa where Transaction can be routed thru Chase network, (Chase getting a fee from the stores for transaction processing.)
As part of that deal I'm sure there was a requirement for Chase to give up its MasterCard Franchise. Visa get million more card holder, and the transaction fees that come with each use. Chase get the lower interbank rates and get to sell its Transaction processing.
Last year Chase Ink'ed a deal with Visa where Transaction can be routed thru Chase network, (Chase getting a fee from the stores for transaction processing.)
As part of that deal I'm sure there was a requirement for Chase to give up its MasterCard Franchise. Visa get million more card holder, and the transaction fees that come with each use. Chase get the lower interbank rates and get to sell its Transaction processing.
Ya, I got this letter from Chase, too! I already have a Visa card that I like (and don't need another one). I've kept my Chase Mastercard because Sam's Club doesn't accept Visa. Now that Chase changed to Visa, I started looking around for another Mastercard and was surprised how few of them there are compared with Visa.
I'm a daily user of my Chase MasterCard. I've had the SAME MasterCard number for over 20 years! Now Chase just mails me a Visa, with a new number, and expects me to switch everything. Bad form. They will lose my business.
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