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Established Contributor
Posts: 734
Registered: ‎02-01-2012
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Bored w/ lack of new card launches.

Maybe the timing of my re-entry into the credit card market is the issue....but I am bored with the lack of new offerings. I started rebuilding my credit in the fall of 2011 and got my first card in years (Cap1 Plat...later PCed to Cash Rewards). From Spring '12 to Summer '12, I got almost all my card. Just added 2 Amex Biz last month. First cards since last summer. 

 

Now?? Bored. Barely anything new has come out besides the IT, which isn't really that new....just a warmed over and impoved Discover rewards card. But where's the new stuff? Does most new stuff come in waves every 5 years or so? I looked back at news archives and it seems most cards I have or have looked at launched in like 2009-2010. Before that, I am not sure. OR, are truly new cards a rare thing? I'm bored. I am waiting for the "next big thing" but I guess I shouldn't hold my breath.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Frequent Contributor
Posts: 440
Registered: ‎01-27-2012
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Re: Bored w/ lack of new card launches.

I feel the same way Smiley Indifferent  Waiting on the next new must have card! Smiley Surprised

CL $257,600
Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: Bored w/ lack of new card launches.

I'd bet Amex will have some new launches in Q4.  Some double rewards spending in multiple categories.

Established Contributor
Posts: 734
Registered: ‎02-01-2012
0

Re: Bored w/ lack of new card launches.

[ Edited ]

Open123,

 

That would be nice. 

 

One of the only interesting moves I can still make with the current offering of cards out there is to get a personal Amex. Since I was recently backdated to 1993 (don't know how or why and I am not going to inquire about it), getting a personal Amex to boost my AAoA is the only really interesting thing I can do right now. But even there, the offering of cards are all flawed or lacking to me for one reason or another (non-useful rewards and/or annoyingly high AF). I want something better. I was considering just settling for no AF card to put in my drawer and boost my credit report.

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Epic Contributor
Posts: 29,100
Registered: ‎10-23-2007
0

Re: Bored w/ lack of new card launches.

I almost think banks have taken a backseat for a minute on being the new "GO TO EVERYDAY CARD" and now just go for the bonus with spend or BT.

Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: Bored w/ lack of new card launches.

If you wait, you might see an Amex card that appeals to you.  

 

I speculate it'll be an MR based card with the following: (1) some kind of sign-up bonus; (2) charge card class; (3) double MR rewards points in multiple categories, e.g. restaurants, shipping, department stores.  But, being Amex, it'll likely have an annual fee, but waived during the first year.

 

Also, depending on how AA handles the Citi relationship, you may see a new launching of a Citi AA/US Air card with "charter" member sign-up bonus and perks.

Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: Bored w/ lack of new card launches.


Creditaddict wrote:

I almost think banks have taken a backseat for a minute on being the new "GO TO EVERYDAY CARD" and now just go for the bonus with spend or BT.


Unless interest rates rise, the "everyday" card at "x%" is unsustainable, especially given the amount of potential manufactured spending perk abuse.  I'd imagine we'll see the everyday bonus cards begin to reduce their rewars structure, such as Priceline now at 1% instead of 2%.

Frequent Contributor
Posts: 332
Registered: ‎04-09-2013
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Re: Bored w/ lack of new card launches.


ztnjpv wrote:

 I am waiting for the "next big thing" but I guess I shouldn't hold my breath.


Stay tuned: I have noticed that many cards (including new product offerings) seem to get a heavy marketing push in mid-to-late summer.

 

I don't know what the exact rationale is for chosing this time of year, but you will begin to see many more TV commercials for credit cards in the months of August and September.

 

 

Super Contributor
Posts: 6,236
Registered: ‎02-23-2011
0

Re: Bored w/ lack of new card launches.

[ Edited ]

NonSufficientFunds wrote:

I don't know what the exact rationale is for chosing this time of year, but you will begin to see many more TV commercials for credit cards in the months of August and September.


When interest rates are at 0, it makes much more sense for a company to allocate excess cash for client acquisition in the form of a sign-up bonus rather than paying higher taxes, especially if they have high enough retained earnings and no pressure to increase the dividend yield.

 

PS - Especially effective since the sign up bonus is a 100% write off for the CC company, while the bonus is "tax-free" for the consumer if a purchase is a pre-requisite for the bonus.  In essence, a $500 sign up bonus costs only $250 for the company, while the consumer receives a full $500 value.  This is only good business when interest rates are so low.

Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
0

Re: Bored w/ lack of new card launches.


Open123 wrote:

I'd bet Amex will have some new launches in Q4.  Some double rewards spending in multiple categories.


I would like to see some new AMEX products! Smiley Happy




EQ FICO 548 3/3/16

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