topic Re: How impulsive are you with CC applications? in Credit Card Applications

How impulsive are you with CC applications?

KLEXH25 — Sat, 17 Feb 2024 20:15:33 GMT

Do you carefully plan out your applications, weighing out the pros and cons of an application? Or do you apply for cards on a whim? Or maybe it's a combination of both? Have you had any really large regrets?

It's been 2 years and 7 months since I last applied for a credit card (my CSP was the last). I have been intentionally gardening because I thought I would be applying for a mortgage, but with the market being how it is, I really don't see that happening any time soon (at least another year or more). I have been getting "itchy," wanting to apply for something in the past year, but there haven't really been any cards that I really wanted to apply for until now. I'm looking at the IGH Premier card, since I've stayed at a few IHG properties recently and think I can get some use out of it, and the SUB looks pretty nice right now. I don't HAVE to have it....but I kinda WANT it. I've only regretted one app (AMEX Gold), and that was mostly because the pandemic happened about 6 months after I applied for it. That and I've found that I value UR points more than MR points, so I canceled it when I got my CSP.

So what do you think? Should I be impulsive or think about it some more? I have an IHG stay coming up next weekend, but I don't know if I'll get the card in time for this stay...help talk some sense into me (or not) lol.

Re: How impulsive are you with CC applications?

SouthJamaica — Sat, 17 Feb 2024 21:08:58 GMT

@KLEXH25 wrote:
Do you carefully plan out your applications, weighing out the pros and cons of an application? Or do you apply for cards on a whim? Or maybe it's a combination of both? Have you had any really large regrets?

It's been 2 years and 7 months since I last applied for a credit card (my CSP was the last). I have been intentionally gardening because I thought I would be applying for a mortgage, but with the market being how it is, I really don't see that happening any time soon (at least another year or more). I have been getting "itchy," wanting to apply for something in the past year, but there haven't really been any cards that I really wanted to apply for until now. I'm looking at the IGH Premier card, since I've stayed at a few IHG properties recently and think I can get some use out of it, and the SUB looks pretty nice right now. I don't HAVE to have it....but I kinda WANT it. I've only regretted one app (AMEX Gold), and that was mostly because the pandemic happened about 6 months after I applied for it. That and I've found that I value UR points more than MR points, so I canceled it when I got my CSP.

So what do you think? Should I be impulsive or think about it some more? I have an IHG stay coming up next weekend, but I don't know if I'll get the card in time for this stay...help talk some sense into me (or not) lol.

You only live once. And you've shown a lot of restraint, earning great scores along the way. My vote is... go for it.

I just read up on it, and it looks like a good card.

I'm assuming you've researched what the IHG points are worth to you, and other things. E.g., this article says the IHG points expire in 12 months. https://www.lendingtree.com/credit-cards/guides/ihg-rewards/ If that's true that would be a red flag for me. But it doesn't appear to be completely true, as the Chase site says "Points expiration: The points transferred to your IHG One Rewards account will not expire as long as there is IHG One Rewards program activity for 12 consecutive months, depending on your status. " Not exactly sure what that means.

Re: How impulsive are you with CC applications?

KLEXH25 — Sat, 17 Feb 2024 21:26:06 GMT

@SouthJamaica wrote:
I'm assuming you've researched what the IHG points are worth to you, and other things. E.g., this article says the IHG points expire in 12 months. https://www.lendingtree.com/credit-cards/guides/ihg-rewards/ If that's true that would be a red flag for me. But it doesn't appear to be completely true, as the Chase site says "Points expiration: The points transferred to your IHG One Rewards account will not expire as long as there is IHG One Rewards program activity for 12 consecutive months, depending on your status. " Not exactly sure what that means.

The points don't expire for Elite members, and the card gives you automatic Platinum Elite Status (as long as you have the card), so I'm good there. I read all the TPG evaluations and redemption articles, so I have an idea of how it could work to my benefit. Worse case is I don't love it, so I cancel after 2 years and use the points I earn from the SUB I guess.

Re: How impulsive are you with CC applications?

SouthJamaica — Sat, 17 Feb 2024 21:32:33 GMT

@KLEXH25 wrote:
@SouthJamaica wrote:
I'm assuming you've researched what the IHG points are worth to you, and other things. E.g., this article says the IHG points expire in 12 months. https://www.lendingtree.com/credit-cards/guides/ihg-rewards/ If that's true that would be a red flag for me. But it doesn't appear to be completely true, as the Chase site says "Points expiration: The points transferred to your IHG One Rewards account will not expire as long as there is IHG One Rewards program activity for 12 consecutive months, depending on your status. " Not exactly sure what that means.
The points don't expire for Elite members, and the card gives you automatic Platinum Elite Status (as long as you have the card), so I'm good there. I read all the TPG evaluations and redemption articles, so I have an idea of how it could work to my benefit. Worse case is I don't love it, so I cancel after 2 years and use the points I earn from the SUB I guess.

I think you will love it

Re: How impulsive are you with CC applications?

TekkenQQ7 — Sun, 18 Feb 2024 00:02:00 GMT

@KLEXH25 wrote:
Do you carefully plan out your applications, weighing out the pros and cons of an application? Or do you apply for cards on a whim? Or maybe it's a combination of both? Have you had any really large regrets?

It's been 2 years and 7 months since I last applied for a credit card (my CSP was the last). I have been intentionally gardening because I thought I would be applying for a mortgage, but with the market being how it is, I really don't see that happening any time soon (at least another year or more). I have been getting "itchy," wanting to apply for something in the past year, but there haven't really been any cards that I really wanted to apply for until now. I'm looking at the IGH Premier card, since I've stayed at a few IHG properties recently and think I can get some use out of it, and the SUB looks pretty nice right now. I don't HAVE to have it....but I kinda WANT it. I've only regretted one app (AMEX Gold), and that was mostly because the pandemic happened about 6 months after I applied for it. That and I've found that I value UR points more than MR points, so I canceled it when I got my CSP.

So what do you think? Should I be impulsive or think about it some more? I have an IHG stay coming up next weekend, but I don't know if I'll get the card in time for this stay...help talk some sense into me (or not) lol.

Same here a little over 2 years didn't apply for anything, because i was going for a mortgage. After the hibernation I was able to score few good cards. I had the IHG it's a good card, but I am still fighting my way in with chase, and IHG in my radar. Good luck if you decided to apply.

Re: How impulsive are you with CC applications?

CorpCrMgr1 — Sun, 18 Feb 2024 05:34:09 GMT

In my humble opinion you are not being impulsive. You have great scores. You have thought this out. Good luck on your application!

Re: How impulsive are you with CC applications?

Aim_High — Sun, 18 Feb 2024 20:48:58 GMT

@KLEXH25 wrote:
@SouthJamaica wrote:
... this article says the IHG points expire in 12 months. https://www.lendingtree.com/credit-cards/guides/ihg-rewards/ If that's true that would be a red flag for me ...
The points don't expire for Elite members, and the card gives you automatic Platinum Elite Status (as long as you have the card), so I'm good there...

This is true, @KLEXH25. Elite status membership (even through a credit card) keeps points active indefinitely. This is just one more benefit of hotel travel cards. Otherwise, for base-level ("Club") memberships, points expire after 12 months of no activity on the account, defined as either earning or redeeming points. Per IHG.com

Point Expiry: Club-level membership Points (see Member Benefits, including levels of membership, here) will expire if your membership account point balance becomes inactive, meaning there was no “earn” or “redeem” transactions, for any period of twelve (12) months or longer, which means your Points will be removed from your account and will no longer be available for redemption. To maintain your account points balance and avoid points expiry, you must have at least one “earn” or “redeem” transaction posted to your account every twelve (12) months. Use of the one night per year provided to IHG One Rewards credit card holders does not constitute an “earn” or “redeem” activity to prevent Point expiration. Elite Members’ Points do not expire as long as Elite level membership is maintained.

Re: How impulsive are you with CC applications?

Aim_High — Sun, 18 Feb 2024 20:52:06 GMT

I agree with the above @KLEXH25, that you aren't being impulsive at all. I have the IHG Premier and think it's a great hotel card. Go for it! Waiting on your approval post ...

Re: How impulsive are you with CC applications?

KLEXH25 — Sun, 18 Feb 2024 23:28:30 GMT

@Aim_High wrote:
I agree with the above @KLEXH25, that you aren't being impulsive at all. I have the IHG Premier and think it's a great hotel card. Go for it! Waiting on your approval post ...

I thawed my credit in preparation, but I'm still hesitant to pull the trigger... I like my little diamond from gardening lol. I had also hoped I'd hit 800 by now, and this will set me back. Although it might be because I have balances reporting on 6 of my 7 cards, plus my auto loan is paid up. Not sure.

Re: How impulsive are you with CC applications?

SouthJamaica — Mon, 19 Feb 2024 04:31:27 GMT

@Aim_High wrote:
@KLEXH25 wrote:
@SouthJamaica wrote:
... this article says the IHG points expire in 12 months. https://www.lendingtree.com/credit-cards/guides/ihg-rewards/ If that's true that would be a red flag for me ...
The points don't expire for Elite members, and the card gives you automatic Platinum Elite Status (as long as you have the card), so I'm good there...
This is true, @KLEXH25. Elite status membership (even through a credit card) keeps points active indefinitely. This is just one more benefit of hotel travel cards. Otherwise, for base-level ("Club") memberships, points expire after 12 months of no activity on the account, defined as either earning or redeeming points. Per IHG.com

Point Expiry: Club-level membership Points (see Member Benefits, including levels of membership, here) will expire if your membership account point balance becomes inactive, meaning there was no “earn” or “redeem” transactions, for any period of twelve (12) months or longer, which means your Points will be removed from your account and will no longer be available for redemption. To maintain your account points balance and avoid points expiry, you must have at least one “earn” or “redeem” transaction posted to your account every twelve (12) months. Use of the one night per year provided to IHG One Rewards credit card holders does not constitute an “earn” or “redeem” activity to prevent Point expiration. Elite Members’ Points do not expire as long as Elite level membership is maintained.

Thanks @Aim_High , that is much clearer than the language on the Chase site. And completely reasonable.