A cynical thought on "exclusive" cards

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I've seen a lot of threads that fit the following pattern:

"Only X months ago I had really bad credit and started rebuilding. Now I have the highly exclusive card Y."

What's not discussed so much is that many people manage to get approved for most Y cards after a little rebuilding. So...maybe they're not really that exclusive?

Groucho Marx once said, "I don't want to belong to any club that would have me as a member." Have any rebuilders ever had a moment like that?

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Funny thought. 

How are you liking your amex EDP? I am going to be doing some math in 6 months to see if its worth upgrading and 86ing my PRG but I highly doubt it, as my PRG is mostly used for Restaurants. 

I was shocked to find out how easy it was for people to get amex PRG and platinum. Crazy.

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1. jb and CS, I was thinking mostly of the Amex Platinum (in the USA), Ritz, Prestige, Barclaycard's Black/Luxury, and cards of that type. Centurion and AUM-based cards are different.

2. TrialByFire, I can see how getting unsecured credit again would be a big deal.

3. jfriend, I will be downgrading EDP to ED and SDing it. I have a Sallie Mae, and my food purchases have shifted more towards Costco. That, combined with Costco going Visa, means I'll be spending less on EDP and would likely have to "manufacture" transactions to hit 30. I prefer to not think about the number of transactions I have on the card, and I'd feel uneasy about paying an AF for it (even though I will likely recoup the AF through offers). That's how things are while I'm using it frequently, and I think I'd feel uneasy when the spending on it drops. *With the Costco warehouse, gas station, liquor store, occasionally the food court or pharmacy...those transaction counts add up but hitting 30 would be a hassle without those.*

Last month, I got 50k Delta SkyMiles for 7 minutes of work in a Fidelity promotion. I can get another 50k in late 2016. Compared to that, breaking a grocery *trip* into multiple transactions or buying a bunch of $1 Amazon balance reloads to hit 30 transactions each month on EDP (for 50% more rewards on what will be reduced base spend) just seems insane.

I hadn't used Avios before the various MRs-to-flights devaluations, but I was hoping to find some creative use for MRs as Avios. Now I'll probably use MRs for Delta partner flights.

So, basically I'll downgrade it if there's no retention offer of 7500 MRs or more. *With a retention offer, I'd spend less on it (mostly just buying groceries), not care about my transaction count, and then downgrade in 2017.*

[Anonymous]

to me, exclusive is just another word, another gimmick, another marketing angle.

but it is one we all know too well.

sometimes, it does play out to be exclusive, sometimes--it falls flat on the retailer's face. it depends on supply and demand--and the right balance.

when it comes to credit cards though, shouldn't there be a point where the rebuilders are no longer "rebuilding" and have graduated?

I don't understand... if someone with scores around 500 was getting CSP or American express everyday card...I would understand your point.

Fact of the matter is, with technology allowing people to spread the good news like wildfire--stuff is getting passed around more frequently and therefore may no longer seem "as special".

and because credit card doesn't cycle through like a top, bottom or pair of shoes--i understand you might get a bit bummed that a card you once hold as "exclusive" no longer seems so because more folks are toting the card (like when everyone and their mama got a speedy from LV or a pair of seven jeans..)

As long as the card works for you though, and is giving you what you want out of it, that should be enough.

i do understand your frustration though; as I'm looking for new brands/labels to purchase from and new spots to shop online as most places I know these days are blown up and now everyone and their mama is on it. I blame the progress in internet + social media + instagram/twitter/snapchat.

[Anonymous]

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@Anonymous wrote:

to me, exclusive is just another word, another gimmick, another marketing angle.

but it is one we all know too well.

sometimes, it does play out to be exclusive, sometimes--it falls flat on the retailer's face. it depends on supply and demand--and the right balance.

when it comes to credit cards though, shouldn't there be a point where the rebuilders are no longer "rebuilding" and have graduated?

I don't understand... if someone with scores around 500 was getting CSP or American express everyday card...I would understand your point.

Fact of the matter is, with technology allowing people to spread the good news like wildfire--stuff is getting passed around more frequently and therefore may no longer seem "as special".

and because credit card doesn't cycle through like a top, bottom or pair of shoes--i understand you might get a bit bummed that a card you once hold as "exclusive" no longer seems so because more folks are toting the card (like when everyone and their mama got a speedy from LV or a pair of seven jeans..)

As long as the card works for you though, and is giving you what you want out of it, that should be enough.

i do understand your frustration though; as I'm looking for new brands/labels to purchase from and new spots to shop online as most places I know these days are blown up and now everyone and their mama is on it. I blame the progress in internet + social media + instagram/twitter/snapchat.

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I'm a lot more focused on value than image. My point is that cards often touted as exclusive aren't.

Example: I got my Amex PRG with 6.5 months of total credit history. Two weeks after I had a FICO score, I had a PRG. The conclusion shouldn't be that I somehow got into some elite club. The conclusion should be that Amex has loose-ish standards.

[longtimelurker]

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@Anonymous wrote:

I've seen a lot of threads that fit the following pattern:

"Only X months ago I had really bad credit and started rebuilding. Now I have the highly exclusive card Y."

What's not discussed so much is that many people manage to get approved for most Y cards after a little rebuilding. So...maybe they're not really that exclusive?

Groucho Marx once said, "I don't want to belong to any club that would have me as a member." Have any rebuilders ever had a moment like that?

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Yes, I posted a similar observation a while back after seeing someone post almost exactly what you "quote", like "I didn't have any credit a year ago and now I have an Amex Platimum..  Wow....." without the correlation that if it is so easy its not very surprising.

But to be fair, others outside forums might still be impressed by an Amex Plat, so it gave her a sort of exclusive status

[jeffery581]

One "exclusive" card might not be to someone else. It is all perspective and needs/wants. Personally my journey with credit cards is part of my credit improvement that I started 5 years ago. Thanks in part to myfico.com

[Anonymous]

I think, to many, an 'exclusive' card is symbolic to a card you can only have with good (or excellent) credit. To a lot of builders and rebuilders, having excellent credit can very well feel like an exclusive membership, with these wonderful benefits that otherwise would not have been available to a person. Because of this, that nice card you can only get with good or excellent credit can feel very exclusive, especially if you started at the very bottom with the likes of predatory lenders (e.g. First Premier, Credit One).

Another 'exclusive' factor that builders and rebuilders may feel is certain credit milestones, such as their first VS/WMC/WEMC, or their first card that trusts them with $5k, or their first APR-range card where they were offered a better rate than the worst, or the best rate. Those are not exclusive to one card, but cards that provide those milestones as a standard (such as cards that are $5k minimum, or provide one decent APR, or is VS/WMC/WEMC-only) will often be seen as exclusive. Cards with certain benefits (like those that provide membership or status to something), and cards with an income requirement will sometimes be included. Lenders well-known to be relatively-conservative will find that their cards often hold an exclusivity with some because, when someone has managed a decent limit with them, they probably have gone through some hurdles to convince the lender to trust them enough.

All in all, outside of marketing, I believe that when someone says 'exclusive' card, they often mean a good/excellent card that, while not technically exclusive, has a few more requirements than what an average card may have (such as score, income), and make the user believe that they have become a better-looking debtor to future lenders--it's all relative. To some, an unsecured card is exclusive. To some, an Amex. To some, the CSP, and to some, the Centurion.

[takeshi74]

Always consider your sources.  Anyone worrying over exclusivity is doing it wrong and/or trying to impress the wrong people.  Exclusivity doesn't come from a card given out to a large number of consumers.  It also doesn't come from purchasing mass produced products regardless of branding.

It's also a matter of perspective and how relative things are.  If you have poor and/or thin/new credit then, yes, cards that those with decent credit can qualify for can seem exclusive.  I guess technically they are exclusive since they exclude those that do not qualify but with a definition like that even the predatory credit products would be exclusive since not eveyone can qualify for them either.

[Anonymous]

I dont know why but the one card that I have always wanted is the Chase Sapphire card.

[Anonymous]

Amen.  Exclusive is in the eye of the beholder.  Thank you Internet for bringing the world to an open space for communication. 

AmEx has to be hurting now. I wonder what their plans are now that Citi is in bed with Visa and Costco and then there's also Barclays with Jet Blue (and not to mention that Visa Black card is now a World MasterCard).

VIP. Exclusive.  All relative terms to me. Just let me configure a way to max out rewards and stockpile a retirement plan and I'm happy as a clam. Screw labels. 

[pizza1]

agree that Amex has kind of lost its appeal. I remember years ago, wanting an Amex green card, from growing up and seeing my Dads.

When I finally obtained one in 2002 on my own, I felt like I had hit the lottery, and so proud to "show it" off when paying for things. I felt like I had "arrived" in life, LOL..

Now, since have finding these forums, and learning more about rewards/structures/fees etc...Even for someone like me who doesn't carry balances, and PIF, there are better cards out there for folks like me who do that, rather than the Amex charge cards.

Amex is now just a "challenge" for me to get back in with, and would actually like to have one day the ED card. But I don't really consider their cards to be "exclusive" anymore, except for the obvious Centurion.