@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Chase is a bit odd in that they don't have any problem with people churning their bank account bonuses. Discover, by way of contrast, will only give you one bonus for each type of account during your life. Thus with Discover it's a nice plan to wait until they are offering the bonus at its highest historic rate.
I wouldn't go that far. I usually get flagged by Early Warning system if I try to open an account online. I have to go into a branch and somehow I'm able to open the account.
I am unsure what you mean by "I wouldn't go that far." You wouldn't go as far as to say that Chase lets people get their bonus once a year? Or you wouldn't go as far as to say that Discover only lets you do it once?
I'm confused! :-)
It means there is a point where Chase will say "enough" with account churning, because Early Warning Systems (owned by Chase and others) will flag you.
You may be right, of course, but I doubt it. The Chase Checking/Savings accounts are well known as the best bank accounts for churners (meaning opening them, getting the bonus, and closing them -- every year). Many people have been churning these for years and years. I am kinda late to the game.
The fine print for the offer specifies that you are ineligible if you have closed your Chase savings or checking in the last 90 days. 90 days! That's an incredibly liberal window. It's basically giving a massive green light to churners. You can open, get the bonus, close in 6 months, wait 90 days, and do it all again year after year -- and many people do just that.
Contrast that, as I mentioned earlier, with the fine print Discover includes, which specifies that you can only get the bonus once in your life. Chase could write their offer that way, but they don't, because for some reason they judge that they get something out of having people churn. They may be right -- I have three Chase credit cards and no Discover cards.
PS. Even if Chase didn't have a special relationship to EWS, I don't think they'd need it to identify churners of their deposit accounts. It's easy for Chase to create an internal database of all its past customers and what accounts they have opened and closed. I could set that up for them in MS Access it's so easy! I'd be surprised if they don't have something like that. But for some reason they don't use it to prevent churning of bank accounts or cards.
