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NO AMEX Sign Up Bonus for previous card holders

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longtimelurker
Epic Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@Genkeim wrote:

I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.

Message 11 of 43
enharu
Super Contributor

Re: NO AMEX Sign Up Bonus for previous card holders

Amex has since updated their T&C. Current and previous members of a particular product will not get the sign-up bonus again.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 12 of 43
Genkeim
Frequent Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@longtimelurker wrote:

@Genkeim wrote:

I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


Not sure I can agree with that

NFCU NavCheck $15k | NFCU cashRewards $12.5k | NFCU goRewards $12.5k |AMEX SPG $10k | Citi AA WEMC $6.5k | CSP $5k | Wal-Mart MC $4.5k | US Air WMC $3.9k | Amex Everyday $2k | Amex BCE $2k | Chase Freedom $1k | Discover IT $800
Current Scores:Equifax 697 (myFICO 4/14), TransUnion 699 (Discover 5/14), Experian 754 (Amex 5/14)
Message 13 of 43
longtimelurker
Epic Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@Genkeim wrote:

@longtimelurker wrote:

@Genkeim wrote:

I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


Not sure I can agree with that


Which part do you not agree with?

Message 14 of 43
navigatethis12
Valued Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@longtimelurker wrote:


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


I can't tell if you're being serious or just joking,as most of the cards you have seem to have rewards on them.

Message 15 of 43
Burned2manybridgesB4
Valued Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@longtimelurker wrote:

@Genkeim wrote:

@longtimelurker wrote:

@Genkeim wrote:

I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


Not sure I can agree with that


Which part do you not agree with?


Isn't that why creditors are getting savvy, and issuing WMC, WEMC, Siggys more "loosely" than before, so they can recoup with higher MFs, along with the typically associated AF?

*edit: yeah, guys...I know it's an amex thread. Just using that as a general example. FWIW, I'm screwed on bonuses now too, and am deadlocked with what I have.

Message 16 of 43
longtimelurker
Epic Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@navigatethis12 wrote:

@longtimelurker wrote:


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


I can't tell if you're being serious or just joking,as most of the cards you have seem to have rewards on them.


Not joking, just pointing out an equivalence of a certain sort.   As above, it really is generally true that an abuser is someone who is doing something more than you do.  Using reward credit cards really does raise costs for everyone.  Most or all of this extra cost is returned in rewards to those that have the cards, it is the most vulnerable who pay the price.  

 

So comments about a few bad apples ruining the game seem hypocritical to me.   Extreme churners are playing by the rules (until they are changed) and benefitting (perhaps lowering rewards overall for everyone) in much the same way as reward card users are.   

Message 17 of 43
Genkeim
Frequent Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@longtimelurker wrote:

@Genkeim wrote:

@longtimelurker wrote:

@Genkeim wrote:

I think this is a case of it only takes a few bad apples (abusers) to ruin it for everyone else.


And just remember: those who use reward credit cards are driving up costs for everyone, including those most in need that don't have sufficient credit and have to pay cash.  So don't use them.


Not sure I can agree with that


Which part do you not agree with?


Why do I have a feeling I'm missing the joke?

 

Taking it at face value... My understanding is the rewards from the reward cards come form a percentage of the swipe fee that the CCC charge merchants to accept their cards. Which in turn I'm sure the merchants are passing on to their customers, so in this regard, yes it is driving up costs for everyone. However the same fee is charged if it's a reward card or not so using or not using a reward card doesn't make any difference. 

NFCU NavCheck $15k | NFCU cashRewards $12.5k | NFCU goRewards $12.5k |AMEX SPG $10k | Citi AA WEMC $6.5k | CSP $5k | Wal-Mart MC $4.5k | US Air WMC $3.9k | Amex Everyday $2k | Amex BCE $2k | Chase Freedom $1k | Discover IT $800
Current Scores:Equifax 697 (myFICO 4/14), TransUnion 699 (Discover 5/14), Experian 754 (Amex 5/14)
Message 18 of 43
Jasir
Frequent Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@longtimelurker wrote:


Depending how long the exclusion is, it will potentially impact more than the hard core churners.  ... So it may not even be a great decision for Amex.  


There's a whole lot of rationalizing a poor consumer practice in your post longtimelurker. The average person has about 3 credit cards; most people who heavily participate on these forums have 10+ credit cards and rationalize in all kinds of ways why they are absolutely essential. Amex's policy will not effect the average card user in any negative way because the average card user will keep their cards for a lifetime (baring financial difficulty), not change cards like seasonal clothing in an temperate climate region.



Amex BCE: $2600 - Bank of America Cash Rewards: $4800 - Barclaycard Rewards: Jefferson Collections - Capital One Quicksilver: CO - Chase Freedom: C0 - Merrick Bank: $1400 -
Message 19 of 43
CalAlumnus13
Contributor

Re: NO AMEX Sign Up Bonus for previous card holders


@Genkeim wrote:

Taking it at face value... My understanding is the rewards from the reward cards come form a percentage of the swipe fee that the CCC charge merchants to accept their cards. Which in turn I'm sure the merchants are passing on to their customers, so in this regard, yes it is driving up costs for everyone. However the same fee is charged if it's a reward card or not so using or not using a reward card doesn't make any difference. 


 Actually, I think rewards cards generally have a slightly higher swipe fee. Not 100% sure, though.

FICOs: EX (per Amex, 1/20/18): 830 | TU (per Discover, 1/20/18): 817

Wallet: Discover It $35.5k | Amex EveryDay $25k | Chase Freedom Unlimited $19.5k | Chase Freedom $8.5k | Chase Sapphire Preferred $8.5k | Amex BCE $7.7k

Drawer: Hella More
Message 20 of 43
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