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@Anonymous wrote:
@Icy, you don't need anymore cards. You have a great set. That's a prime example of why Chase and any other lenders want to implement these rules. I admit I was guilty of this last year.
I was thinking the same thing. I have one app to spare right now until next February but honestly I don't need anything else. My CSP and Freedom are pretty much all I want from Chase. For the average person I don't think the 5/24 matters one bit. And the average person is the customer the banks are most concerned about in the long run. Incentives are meant to create loyalty.
@-Cal- wrote:So which card are you going for FinStar? :-P
Oh -Cal- you clever you...
IDK, maybe it's just me, but I just can't see accumulating multiple Chase cards if you already have SP, ink+ and freedom. All the usage on the other cards dilute your spend for UR points that can be transferred anyway. I know there is sign-up bonuses but after awhile it's a law of diminishing return, IMO.
@Finstar - It very well could be true although I put more weight on the business cards being impacted, but I suppose both could and might happen. I guess for those on the ropes and the ones that the profiles can support it should probably get their applications in sooner than later to be safe than sorry that want a card and said bonus.
Just glad I have all the Chase cards I need/desire. A few I would like, just no deal breakers as I got all the 4 out of the way that I desired and has very little impact on me personally. I can see how others as you stated possibly should get them being the applications out of the way incase this indeed becomes true. I truly would love an Ink card on the business side with all the above being said didn't consider the business side of things .. Still will abstain as the CSP will fill the role of transferring UR's out for me
@Anonymous wrote:Sad. From a rebuilder's standpoint...you get your 3 majors and 2 store cards, there's 5. SoL for Chase with 5/24, unless your scores and report are adequate to have any of the chase line up as one of those Majors, however IMO most require Good to Excellent credit to get them. I hit "good" in Chase's definition after getting my first 5. This is all debatable and YMMV, I know, just sharing my opinion and viewpoint and angst. I enjoy using credit cards, and every card has it's specific use in my Arsenal.
Perhaps someone could clarify, but my understanding from various posts was that the 5/24 Rule specifically applied to 5 major CCs (bankcards) and not store cards or other TLs. Of course, that component might be YMMV.
@SunriseEarth wrote:
@Anonymous wrote:Sad. From a rebuilder's standpoint...you get your 3 majors and 2 store cards, there's 5. SoL for Chase with 5/24, unless your scores and report are adequate to have any of the chase line up as one of those Majors, however IMO most require Good to Excellent credit to get them. I hit "good" in Chase's definition after getting my first 5. This is all debatable and YMMV, I know, just sharing my opinion and viewpoint and angst. I enjoy using credit cards, and every card has it's specific use in my Arsenal.
Perhaps someone could clarify, but my understanding from various posts was that the 5/24 Rule specifically applied to 5 major CCs (bankcards) and not store cards or other TLs. Of course, that component might be YMMV.
IIRC, it's been a YEMV scenario but most folks who have been traditionally declined by the current 5/24 policy include the presence of store cards and loans (or a combination of either). Some individuals have managed to get approved even with the presence of those on their profiles, while others are not as fortunate (this excludes AU factors). Then, for those folks who have pursued reconsideration efforts, same mixed bag of results. Given that algorithms are the likely culprit for how some individuals get approved vs. those that do not, the main consensus still points to the 5 accounts in the last 2 years regardless of tradeline coding.
Oh wow I missed the event of the month !! I need to catch up now !!! I am glad that I don't need another Chase card !!!
@redpat wrote:IDK, maybe it's just me, but I just can't see accumulating multiple Chase cards if you already have SP, ink+ and freedom. All the usage on the other cards dilute your spend for UR points that can be transferred anyway. I know there is sign-up bonuses but after awhile it's a law of diminishing return, IMO.
I find multiple chase cards to be very valuable for the signup bonuses and benefits. I don't throw extra spend on them beyond the signup or when there is a bonus category so my spend doesn't get diluted. The benefits with free nights can offset the AF if you use them. I'm probably keeping my hyatt card another year as a result.
I am not hugely surprised by the 5/24 being extended. I don't think anyone in the "general population" will really be impacted, but it sucks for certain people/situations (rebuilding, etc).
But, at the end of the day, there's plenty of options and lenders out there so if Chase doesn't want your business, no reason to lose sleep over it. Go to a lender who does. That's all anyone can do. We may not agree with the policies/criteria, but it is what it is.
I think all my Chase cards serve a very good purpose. I don't see the below four going anywhere if I have anything to say about it as they are all keepers in my book
Hyatt - Free night a year which alone pays for the AF among other things
Freedom - 5x transfers to CSP
CSP - Main dining card and takes transfer ins of of URS and allows transfers out to travel partners which obviously could be Hyatt /Ritz among many other parnters
Ritz - 300 Airline credit making it a 95$ AF card and gold status among many other nice things
Of course I want other ones for their sign-up bonuses, but I have the main four I desired. United if the 50k came around before the possible april deadline I won't lie I would jump on it due to a possible end of an era of great bonuses. IMO although some will agree and other wont' it should be like Amex 1 bonus per product in a lifetime and then the system wouldn't be able to be abused that seems to be the most sensible compromise although they can choose the 5x24 rule as they might be doing on co-branded