Reply
Frequent Contributor
OnTheRebound
Posts: 425
Registered: ‎08-05-2009

Re: Banks get upset when you PC out of AF?

Will they get upset? Who cares!

 

Do they care if you get upset if they raise your APR out of the blue? I don't think so.

 

Do they care if they upset you if they slap you with a late fee for being one minute late? I don't think so.

 

Live your life and do what is best for you and don't worry about the banks.

Mine- Citi Diamond Preferred WMC $12K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / DW's, I'm AU on most- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / Citi Simplicity MC $4.4K / GE Lowes $10K / GE CareCredit $5K

"Four out of five voices in my head told me to "go for it". I went for it."
Frequent Contributor
nyancat
Posts: 266
Registered: ‎12-21-2012

Re: Banks get upset when you PC out of AF?

This thread is INSANE. Your "relationship" with a bank is not a real relationship. They're not girlfriends breaking up with you. It's business! Either of you can leave whenever the business relationship isn't working well for either of you. What you're doing isn't abuse, and what they're doing if they cancel you isn't personal. So unless you have other needs for the card and don't want to tick them off, take them for the most they're worth (probably no more than, for example, one of the excellent Chase offers per year or so to stretch the value chain out) and when they leave you, say "thanks for all the money, bye"

 

There are other sites I won't name on here where you'll find a lot more people who aren't in a romantic relationship with their banks and have a far more realistic concept of extracting the maximum value :smileyhappy: 

American Express Costco TrueEarnings - $8,300; American Express Blue Cash Everyday - $5,000; American Express Delta Gold - $7,300; Bank of America Travel Rewards - $5,000; Capital One Cash Rewards Visa - $7,500; Citi Forward - $5,800 and $4,500; Chase Sapphire Preferred - $7,500; Discover It - $3,000
Regular Contributor
cottoncrown
Posts: 244
Registered: ‎05-08-2013

Re: Banks get upset when you PC out of AF?

This is the same thing as referring a friend for cash or opening a checking account with direct deposit for a promo 100 dollars and then closing the accounts after getting their money. It isn't something they want to have happen. They know people will try this and they have protocol for when it happens. In my opinion it would just look embarassing. I mean to the bank it looks like you are jumping through hoops to get bread crumbs and then running away.
Frequent Contributor
Woolfman
Posts: 498
Registered: ‎01-29-2009

Re: Banks get upset when you PC out of AF?

I am withe the folks that say Who cares. If the bank actually has feelings and care, They will eventually get over it.. There is a whole subset of credit card applicants that the sign up bonuses is all they go for.  My wife and i both got in two years ago on an american express gold card sign up bonus that we ulitmately wound up with 90k bonus points and 2 year no AF .. That ends next month and we cancelled the cards last month. I also applied and got citi hilton and an american express hilton in feb because they both were offering 50k hilton points with a min spend.  Spent what i needed to get the points and enjoyed that free hotel for a week in march while on vacation. Have not used the cards since.  


Starting Score: 680
Current Score: 761 From 12/11/2013
Goal Score: 800


Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011

Re: Banks get upset when you PC out of AF?

[ Edited ]

nyancat wrote:

This thread is INSANE. Your "relationship" with a bank is not a real relationship. They're not girlfriends breaking up with you. It's business! Either of you can leave whenever the business relationship isn't working well for either of you. What you're doing isn't abuse, and what they're doing if they cancel you isn't personal. So unless you have other needs for the card and don't want to tick them off, take them for the most they're worth (probably no more than, for example, one of the excellent Chase offers per year or so to stretch the value chain out) and when they leave you, say "thanks for all the money, bye"

 

There are other sites I won't name on here where you'll find a lot more people who aren't in a romantic relationship with their banks and have a far more realistic concept of extracting the maximum value :smileyhappy: 


King Solomon couldn't have said it better.

 

Banks, credit unions, CCCs...ALL use you to make money. I see nothing wrong with a reciprocal financial "relationship" where both parties benefit. After all, there is no law saying that only the CCCs themselves are permitted to gain financially. If they toss a hissy fit, ADIOS. There will be dozens waiting to take the lost business.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
Take the FICO Fitness Challenge
New Contributor
primechicken
Posts: 128
Registered: ‎03-28-2013

Re: Banks get upset when you PC out of AF?


SnackTrader wrote:
If it helps, I plan on doing the same thing with the Arrival World MasterCard. And with that card, the no AF version is basically useless when compared to many other cards out there, so who cares if they get mad and throw you out?

But I doubt it would happen. They offer both cards, you tried one and now you think you prefer the other. If they didn't want you to have a no AF card, they wouldn't offer it. Believe me, banks make money one way or another, the AF has very little bearing on that.

It still looks halfway decent. You still get 2% travel and dining, and 10% off when redeemed for travel. And that free subscription to Tripit Pro, whatever that's worth haha.

Amex BCE 6k; Amex Hhonors 4k; Quicksilver 3.5k; Chase Freedom 3k; Desert Schools 3k; Bank Americard 1.5k; Discover IT 1k; Sallie Mae 650
Lowe's 9k; Sam's Club 8.5k; Walmart 4k; Chevron 2k
New Contributor
primechicken
Posts: 128
Registered: ‎03-28-2013

Re: Banks get upset when you PC out of AF?


CreditCrusader wrote:

nyancat wrote:

This thread is INSANE. Your "relationship" with a bank is not a real relationship. They're not girlfriends breaking up with you. It's business! Either of you can leave whenever the business relationship isn't working well for either of you. What you're doing isn't abuse, and what they're doing if they cancel you isn't personal. So unless you have other needs for the card and don't want to tick them off, take them for the most they're worth (probably no more than, for example, one of the excellent Chase offers per year or so to stretch the value chain out) and when they leave you, say "thanks for all the money, bye"

 

There are other sites I won't name on here where you'll find a lot more people who aren't in a romantic relationship with their banks and have a far more realistic concept of extracting the maximum value :smileyhappy: 


King Solomon couldn't have said it better.

 

Banks, credit unions, CCCs...ALL use you to make money. I see nothing wrong with a reciprocal financial "relationship" where both parties benefit. After all, there is no law saying that only the CCCs themselves are permitted to gain financially. If they toss a hissy fit, ADIOS. There will be dozens waiting to take the lost business.


Thanks for the perspective on this guys. And for making it comical. I read this and had to laugh. How true!

Amex BCE 6k; Amex Hhonors 4k; Quicksilver 3.5k; Chase Freedom 3k; Desert Schools 3k; Bank Americard 1.5k; Discover IT 1k; Sallie Mae 650
Lowe's 9k; Sam's Club 8.5k; Walmart 4k; Chevron 2k
Senior Contributor
longtimelurker
Posts: 5,221
Registered: ‎04-22-2013

Re: Banks get upset when you PC out of AF?

Yep, the "Who Cares" attitude is generally right.  

 

They are a few cases where you may care.  One case relevant to a lot of people is Citi.  If you want a lot of American Airline miles via credit cards, over and over again through churning, Citi is the place to go.   So if this is important to you, you might not want to annoy them in other ways (see TYP 5x shutdown stories).

 

But in most cases, even if an issuer blacklists you, there are lots of good alternatives.  As said earlier, this, even with Amex (dig dig!) isn't a deep relationship, you each maximize your advantage in the best way you can.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Contributor
Radek7752
Posts: 91
Registered: ‎03-27-2013

Re: Banks get upset when you PC out of AF?

I am definitely siding with the "who cares" group. It's all a part of doing business in the highly competitive credit card market. Banks don't think twice about fleecing their customers, so why should anyone be worried about how banks feel after you cut and run with their bonuses.
BoA: Virgin Atlantic World Elite Mastercard
Chase: Sapphire Preferred (WMC)/Freedom/Amazon/Auto Loan (41k)
Citi: Thank You Preferred/Forward/Simplicity
AmEx: Zync/Blue Cash/Starwood Preferred
Discover: IT
GE: JCP/Walmart Discover
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012

Re: Banks get upset when you PC out of AF?

I'll be the lone dissenter here and say be wary of these peoples' advice regarding "who cares".

 

I don't think that lenders will blacklist you for cancelling an AF card after 11 months, or if you PC to a non-AF version. However many banks will have a relationship score, in which the depth of your relationship with them is measured. Included can be how much you have in accounts with them, loans, credit cards and overall profitability. If your score tanks too much, you may not catch as many breaks in the future as someone with a higher score has. This doesn't have to alter your action on this particular instance, but be aware that they track literally everything and have extremely long memories. Doing things they see as unfavourable may have consequences down the road.

 

There aren't that many big lenders in the rewards area (perhaps 4-5), so writing them off unecessarily is a bigger deal than others make it out to be. If you get a job which requires you to stay in hotels often and your company chooses Marriott, you might be hurting if Chase has closed its doors to you.

 

Yes banks are out to make money, and they don't care much about you beyond that. This much is true. However just think twice before doing something that might end up burning a bridge. There aren't that many bridges in the financial world, and there will be even less over time as mergers, consolidations, acquisitions and takeovers continue to reduce the playing field. Losing access to even one lender may reduce the amount of cards you have access to by up to 1/3 now and also in the future.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+