WaMu Card Customers: Conversion To Chase Credit Card Coming Soon

WaMu credit-card customers will soon receive a letter in the mail notifying them that their WaMu Platinum credit cards have been converted into JPMorgan Chase cards. Some Providian cardholders, meanwhile, may not make the transition. According to someone I spoke with at Washington Mutual, Providian account reviews are still pending.

A WaMu Platinum customer relayed some of the changes that were outlined in his letter. First, the WaMu card is now officially a JPMorgan Chase card. His annual percentage rate is moving higher -- though not drastically (from roughly 9% currently to 10.24%). If your APR is being changed, you'll receive the disclosure in the letter. The minimum payment will change as well.

Update: as of March 9, 2009, you can now combine and convert your old WaMu cards. See the story here (link).

After March 6, 2009, customers will begin receiving Chase billing statements. Until then, you'll continue to receive WaMu statements. In some cases, meanwhile, the payment due dates on the account will change slightly. If that's a problem, Chase writes, customers should call Chase so that it can readjust the due date.

The only notable disclosure is this one: "If you are enrolled in automatic payments to your credit card with a fixed payment amount (e.g. $300 monthly), effective March 6, 2009, your automatic payment will be changed to your monthly minimum payment due." That's important. Make sure that you call Chase and get that rectified. Recurring bills will continue to be honored, Chase says.

What's not in the letter is this: account numbers will not change. And, until your account expires, you will continue to use WaMu-branded plastic. Once the card does expire, you'll receive Chase-branded plastic. At this point, it's not known what Chase card WaMu cardmembers will ultimately receive once their WaMu cards expire. Also, there is still no word on whether customers will continue to receive free FICO scores as part of their account benefits. UPDATE: It's official. Free FICO score is dead (see story here).

As for the Providian cardmembers, who were brought into the WaMu fold when WaMu acquired Providian in 2005, some of them will simply be allowed to "run off," meaning that their cards will not be renewed and they will not be retained by JPMorgan Chase. Chase is currently reviewing accounts, so a final decision as to who has -- and has not -- made the cut hasn't been finalized.

While nothing is in stone (and things are always subject to change), Chase currently plans to board all WaMu Platinum cardholders. In other words, if you are a WaMu Platinum cardmember you should expect to receive a letter outlining your conversion to Chase.

That's it for now. If I learn more, I will be sure to notify my readers.

UPDATE: I was able to call WaMu (after I published this story) and confirm that my WaMu account is being converted into a Chase account. I was able to do this even though I have not yet received a letter in the mail. Use the toll-free number on the back of your WaMu card to see if you're being converted. I called 866-892-9268.

UPDATE 2: Those who opt out will not be required to pay the balance in full. Customers will be able to pay the balance over time -- even after the account is closed.

Related Articles:

WaMu Cardholders Won't Be Orphaned; Will Be Able To Combine And Convert Existing Cards With Chase In March

It's Now Official: WaMu FICO Score Is Dead

FICO Score Benefit To Be Discontinued At WaMu

JPMorgan Chase To Drop Secured Card Despite Favorable Trends

WaMu Secured Card First Casualty In JPMorgan Chase Acquisition