topic Re: Chase restricting Sapphire SUBs from 24mo to 48mo in Credit Cards

Chase restricting Sapphire SUBs from 24mo to 48mo

marmaladepie — Mon, 27 Aug 2018 21:49:57 GMT

What a bummer. Was hoping to down grade CSR to Freedom at the end of the year when it hits 24mo and then reapply to get the SUB again but that might not be possible anymore.

From DOC:
https://www.doctorofcredit.com/chase-increases-chase-sapphire-preferred-reserve-sign-up-bonus-wait-period-from-24-to-48-months/

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

gdale6 — Mon, 27 Aug 2018 22:17:19 GMT

The biggest bank in America, last quarter making over 8B in pure profit and they shaft a few trying to make a living off SUBs. Thats all Im going to say before I violate board rules.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

Anonymous — Mon, 27 Aug 2018 22:24:30 GMT

@gdale6 wrote:
The biggest bank in America, last quarter making over 8B in pure profit and they shaft a few trying to make a living off SUBs. Thats all Im going to say before I violate board rules.

Somehow I doubt that will cause the average person in the street to set up barricades. Churning is not exactly considered honest work by the masses (once you explain what it is). "they shaft a few trying to use a trick who drive up costs for all" would be another view!

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

K-in-Boston — Mon, 27 Aug 2018 22:27:48 GMT

Ouch. While I have no plans to give my CSR up, that puts a damper on later having DW downgrade her CSP to Freedom and apping for a CSP or CSR.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

FinStar — Mon, 27 Aug 2018 22:29:00 GMT

Not surprising news, though. The timing is interesting. Most FIs are already aware of SUB behavior since there's dedicated staff monitoring a variety of blogs and other sources.

It's also worth noting that a variety of them, regardless of competitive products in the marketplace, co-share a variety of industry practices to stay ahead of the curve, as best as they can ¯\_(ツ)_/¯

Well I suppose I'll have to PC CSP to CSR 😁 since that'll put me way out of reach!

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

simplynoir — Mon, 27 Aug 2018 22:29:46 GMT

Well, bleep, I'm sure glad the GF double-dipped on the CSP/CSR before this happened.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

MrDFinance — Mon, 27 Aug 2018 23:00:07 GMT

Churners are ruining the SUBs for the traditional card holder... And these companies are caring less and less about regular users getting caught in the cross fire as they try to stop churners.... ....

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

Ardecko — Mon, 27 Aug 2018 23:36:06 GMT

Regular users are quite oblivious to the entire game, that's what makes then regular users.

This has very little effect on them, as the typical credit mindset either leaves them with lots of high util cards (which no SUB would ever lead to positive ROI), with one to two cards that they got years ago and are content with, or zero cards (because usury! or credit is the devil's toy, or I don't need no stinking credit cards).

I expect very few regulars(percentage wise) have ever PC'd a card or are aware that SUBs exist.

This change only affects churners. If you think it affects you, see previous sentence. (I'm sorry you didn't know you were a churner. It happens.)

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

Anonymous — Mon, 27 Aug 2018 23:55:49 GMT

I understand the angst here and also the industry attempt at thwarting churners. As I sit here, I have a CSP and have considered whether I should’ve attempted a CSR. However, that’s a moot point, and I am WAY over 5/24 until March 2020. So based on the “new” rule I’ll have to wait an additional 21 months to PC my CSP and apply for a CSR and be eligible for a SUB. At the end of the day is that tragic? Absolutely not. It isn’t as if we have been blacklisted from EVER getting a SUB on those products again. And while we bemoan Chase, the Sapphire line of products must me doing something right as they are still one of the most desired travel reward/point cards available. So while I take a moment to sigh a little disappointment, it’s only 21 months and for the vast majority of people it’ll have absolutely zero impact at all.

Thank you for sharing the story and info, it’ll probably help my future planning but will not likely alter my ultimate goals!

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

SBR249 — Mon, 27 Aug 2018 23:52:48 GMT

@Ardecko wrote:
Regular users are quite oblivious to the entire game, that's what makes then regular users.

This has very little effect on them, as the typical credit mindset either leaves them with lots of high util cards (which no SUB would ever lead to positive ROI), with one to two cards that they got years ago and are content with, or zero cards (because usury! or credit is the devil's toy, or I don't need no stinking credit cards).

I expect very few regulars(percentage wise) have ever PC'd a card or are aware that SUBs exist.

This change only affects churners. If you think it affects you, see previous sentence. (I'm sorry you didn't know you were a churner. It happens.)

I disagree, I think there are a large proportion of CC saavy people who would not repeatedly close and open the same CCs to get SUBs which is the standard definition of CC churning that I'm aware of. Sure, SUB chasing is a thing but I'm sure most people would either keep/SD the card or close it after getting their SUB rather than repeatedly doing the same thing.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

Anonymous — Tue, 28 Aug 2018 00:12:17 GMT

@SBR249 wrote:
@Ardecko wrote:
Regular users are quite oblivious to the entire game, that's what makes then regular users.

This has very little effect on them, as the typical credit mindset either leaves them with lots of high util cards (which no SUB would ever lead to positive ROI), with one to two cards that they got years ago and are content with, or zero cards (because usury! or credit is the devil's toy, or I don't need no stinking credit cards).

I expect very few regulars(percentage wise) have ever PC'd a card or are aware that SUBs exist.

This change only affects churners. If you think it affects you, see previous sentence. (I'm sorry you didn't know you were a churner. It happens.)
I disagree, I think there are a large proportion of CC saavy people who would not repeatedly close and open the same CCs to get SUBs which is the standard definition of CC churning that I'm aware of. Sure, SUB chasing is a thing but I'm sure most people would either keep/SD the card or close it after getting their SUB rather than repeatedly doing the same thing.

You are right most people are too lazy to sign up for a card, meet the required spend, use the points and then cancel the card with never carrying a balance. A lot of people will even carry balances and pay crazy interest on the cards. I get it us chutneys are not profitable and they want to increase their profits. I don't have a Saphire card so this doesn't effect me.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

redpat — Tue, 28 Aug 2018 00:40:26 GMT

No big deal if you have one, it’s either 48 months or no transfers from freedoms or business cards to CSR, I hope. I’ll take the 48 months since i have no reason to close my CSR.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

MrDFinance — Tue, 28 Aug 2018 00:48:19 GMT

Churners open cards for the Subs and close them before the annual fee and try rinse repeat with anything they can get their hands on....

I'm no churner... I recognize good opportunities and use them to my benefit if it suits my needs and keep My cards open long term........

I consider myself a educated consumer that doesn't put me on the same plain as the people purposefully trying to game the system ....

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

SBR249 — Tue, 28 Aug 2018 00:51:53 GMT

Oh boy, I may have opened that can of worms. My point originally was that knowing how to PC a card and what a SUB is does not a churner make. Churning is what makes a churner...

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

simplynoir — Tue, 28 Aug 2018 00:58:15 GMT

@MrDFinance wrote:
I consider myself a educated consumer that doesn't put me on the same plain as the people purposefully trying to game the system ....

Don't forget the *an there for your education.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

redpat — Tue, 28 Aug 2018 01:02:39 GMT

There is so much churn going on in this thread its turned to butter.

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

MrDFinance — Tue, 28 Aug 2018 01:11:18 GMT

Proper grammar on the internet is so 2005

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

Anonymous — Tue, 28 Aug 2018 03:17:29 GMT

I think this thread still has room for more generalizations about "regulars."

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

iced — Tue, 28 Aug 2018 11:43:07 GMT

@Anonymous wrote:
@gdale6 wrote:
The biggest bank in America, last quarter making over 8B in pure profit and they shaft a few trying to make a living off SUBs. Thats all Im going to say before I violate board rules.
Somehow I doubt that will cause the average person in the street to set up barricades. Churning is not exactly considered honest work by the masses (once you explain what it is). "they shaft a few trying to use a trick who drive up costs for all" would be another view!

Can I kudo this twice?

Re: Chase restricting Sapphire SUBs from 24mo to 48mo

redpat — Tue, 28 Aug 2018 12:11:15 GMT

@gdale6 wrote:
The biggest bank in America, last quarter making over 8B in pure profit and they shaft a few trying to make a living off SUBs. Thats all Im going to say before I violate board rules.

May I suggest you add the stock to your portfolio......If you can't beat'em then join'em.