Amex shifting to lifetime bonuses not once per 12 months?

[scenery_guy]

It's all over the place, rumors of the demise of multiple bonuses for same cards from Amex. Could be true or could be an attempt to gauge responses. I have mixed feeling about this one. Several travel bloggers have quoted Amex reps using the term "hit and run" customer as someone who applies for the card, uses it to cover the terms of the signup bonus and then closes the card to start the cycle again (churning for signup bonuses). 

We could be facing a new deal - one bonus per lifetime for each Amex card. Let that sink in for a while. 

Although I consider myself a churner I have yet to do so. Well once - but it was suggested by Amex while calling in to get status of a pending application. I applied for a personal SPG card and I had 4 other Amex credit cards. The rep told me I was approved but had to close one card first. I had a business SPG card and she recommended I close that card and reassured me I qualified to receive the new card bonus. I did what she said and after the spend was made I did receive the full bonus. To me it was apples and oranges as it was a personal card and a business card. I bet that will be changing. 

I have been tempted to close my business Platinum and was planning on waiting a good year or so and reapply once the perks got better but now I see no reason to reapply if I will never qualify for a fat 75K to 100K bonus. I guess I could close to save the AF for a year but it's lost it's sparkle. 

So how will this effect your future plans? Not at all or huge impact? Add this to the low signup bonus for the new Everyday cards and we might be seeing the beginnings of a shift in rewards from Amex. 

[enharu]

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@scenery_guy wrote:

It's all over the place, rumors of the demise of multiple bonuses for same cards from Amex. Could be true or could be an attempt to gauge responses. I have mixed feeling about this one. Several travel bloggers have quoted Amex reps using the term "hit and run" customer as someone who applies for the card, uses it to cover the terms of the signup bonus and then closes the card to start the cycle again (churning for signup bonuses). 

We could be facing a new deal - one bonus per lifetime for each Amex card. Let that sink in for a while. 

Although I consider myself a churner I have yet to do so. Well once - but it was suggested by Amex while calling in to get status of a pending application. I applied for a personal SPG card and I had 4 other Amex credit cards. The rep told me I was approved but had to close one card first. I had a business SPG card and she recommended I close that card and reassured me I qualified to receive the new card bonus. I did what she said and after the spend was made I did receive the full bonus. To me it was apples and oranges as it was a personal card and a business card. I bet that will be changing. 

I have been tempted to close my business Platinum and was planning on waiting a good year or so and reapply once the perks got better but now I see no reason to reapply if I will never qualify for a fat 75K to 100K bonus. I guess I could close to save the AF for a year but it's lost it's sparkle. 

So how will this effect your future plans? Not at all or huge impact? Add this to the low signup bonus for the new Everyday cards and we might be seeing the beginnings of a shift in rewards from Amex. 

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Chase started doing that first, I think.

I won't be too surprised if all lenders eventually shift to that model for their basic / mid tier cards. 

[myjourney]

That would suck and blow my plan for the next 2 years 

I'm at the point I'm only applying for cards with Bonus pts 

[scenery_guy]

Once I get a personal card it's pretty much a long term keeper barring a few specific card (US Air once merger announced etc.). I don't really see this as an impact to me in the near future. Sure, bonuses are nice but so is a very stable and long term personal card history. 

I am super curious about how this would effect business credit cards. About 90% of my spend is business. Business cards should have a bit of ebb and flow. I like to move around and get the best offers at the time (cards and general banking). I am constantly swaying between Chase and Amex for business spend. At some point I will begin to close some of my business cards due to lack of use and redundancy (closed my Ink Cash and moved the credit line to another Ink card recently). But things change and in the future my business will change and so will my banking and credit card usage. I don't want to see this used as a penalty to business owners who are very heavy spend centric. We are clearly not "hit and run" customers. 

[370Z]

I'm not sure why all banks don't do this considering the bonus churner usually costs them money (ex. meet minimum spend, sock drawer card, cancel at 11 months). No need to reward them with more signup bonuses. One benefit I see out of this is a reduction in the sheer number of points given out resulting in slower devaluations.

[twist7d7]

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Chase started doing that first, I think.

I won't be too surprised if all lenders eventually shift to that model for their basic / mid tier cards. 

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So this means i cant get the signup bonus for the CSP and Freedom?

[Open123]

For me, it has no effect, since I've already gotten all of their good bonuses a time or two over the past several years. Not just with Amex, but with all the major issuers. I've pretty much gotten them all, even 75K in SW, and I never even use them!

Starting in 2009 and 2010, because of the unique confluence of factors, it was pretty obvious we were heading into the golden era of sign-up bonuses.  I'm from the school of thought where if everyone is selling buy, and when they're all buying, sell. Simple concept, which applies equally to the CC bonuses.  Towards that end, I've gotten all of them, which is the main reason I app for CCs.  Before sign-up bonuses, I never bothered and hadn't applied for a CC in over 15 years.

So, at this point, it wouldn't matter to me what the industry did to do away with sign-up bonuses, because I'm done. It's time to move on to the next thing, spending rewards arbitrage.

*Edited*  For Amex, will get the MB Plat for the 50K bonus, the final one.

[darkfrosty]

I read about this the other day and it really doesn't affect me because I am not a churner. I pretty much have all the cards that I want but i did last month cancel my platinum and spg because the platinum currently is not worth the fee with the lounge losses. Was planning on getting it again next year if they add more perks to the card. Would suck if I am no longer able to get a sign up bonus.

[longtimelurker]

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@twist7d7 wrote:

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Chase started doing that first, I think.

I won't be too surprised if all lenders eventually shift to that model for their basic / mid tier cards. 

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So this means i cant get the signup bonus for the CSP and Freedom?

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No, you can get both.  What you cannot do is get a Freedom, cancel it after a while, and then say 2 years later apply again and get the bonus.  (After a number of years you probably could, but the idea is a bonus is available just once for a particular card.  When there were both say Freedom Visa and Freedom MC, people got bonuses on each)

[longtimelurker]

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@darkfrosty wrote:

I read about this the other day and it really doesn't affect me because I am not a churner. I pretty much have all the cards that I want but i did last month cancel my platinum and spg because the platinum currently is not worth the fee with the lounge losses. Was planning on getting it again next year if they add more perks to the card. Would suck if I am no longer able to get a sign up bonus.

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So, from an issuer's viewpont, you ARE a churner.  Maybe not a very active one, but cancelling and then getting it again (and wanting the bonus) puts you in that camp!