topic Cheated the System! in Credit Cards

Cheated the System!

FabulousDtheBruin — Sun, 21 Apr 2013 21:40:58 GMT

So opened up my Gold Delta AmEx in January (because it was the easiest revovler to get), got my bouns 30,000 miles. Just cashed them in today, and just got off the phone w/ AmEx to switch my card to the BCE card. Ain't nobody got time to pay an annual fee.

Re: Cheated the System!

myjourney — Sun, 21 Apr 2013 21:42:15 GMT

Lol congrats

Re: Cheated the System!

LS2982 — Sun, 21 Apr 2013 21:43:31 GMT

@FabulousDtheBruin wrote:
So opened up my Gold Delta AmEx in January (because it was the easiest revovler to get), got my bouns 30,000 miles. Just cashed them in today, and just got off the phone w/ AmEx to switch my card to the BCE card. Ain't nobody got time to pay an annual fee.

CONGRATS!!!

I'd watch yourself doing that with AMEX tho, if they see a pattern they will do AA.

Re: Cheated the System!

migliogiorni — Sun, 21 Apr 2013 21:48:18 GMT

Nice, congrats.

Re: Cheated the System!

FocusedAndDetermined — Sun, 21 Apr 2013 21:51:21 GMT

Slick - congrats!

Re: Cheated the System!

armbenderc — Sun, 21 Apr 2013 22:15:50 GMT

@FabulousDtheBruin wrote:
So opened up my Gold Delta AmEx in January (because it was the easiest revovler to get), got my bouns 30,000 miles. Just cashed them in today, and just got off the phone w/ AmEx to switch my card to the BCE card. Ain't nobody got time to pay an annual fee.

lol pro, careful with amex.

Re: Cheated the System!

nada9188 — Sun, 21 Apr 2013 23:01:30 GMT

I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.

Re: Cheated the System!

FinStar — Sun, 21 Apr 2013 23:06:51 GMT

@nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.

It's well known that playing with fire or cheating the system only hurts consumers in the end.

Re: Cheated the System!

navigatethis12 — Sun, 21 Apr 2013 23:19:42 GMT

@FinStar wrote:
@nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end.

They could have easily said no, as I am sure they saw that the miles were just awarded and now it was being closed. Chase is abused far more than this.

Re: Cheated the System!

nada9188 — Sun, 21 Apr 2013 23:21:01 GMT

They don't have much control. On the delta card the miles are out of their hands once earned.

Re: Cheated the System!

nada9188 — Sun, 21 Apr 2013 23:21:18 GMT

But you are right, it's their rules.

Re: Cheated the System!

09Lexie — Mon, 22 Apr 2013 02:17:22 GMT

Couldn't even wait 6 mos.....Shaking my head!

Enjoy your new card!

Re: Cheated the System!

fittiger — Mon, 22 Apr 2013 02:37:22 GMT

"nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end."

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.

Re: Cheated the System!

LS2982 — Mon, 22 Apr 2013 04:01:47 GMT

@fittiger wrote:
@"nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end."

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.

OK but that doesn't make it right to do it. It is cheating the system.

Re: Cheated the System!

FinStar — Mon, 22 Apr 2013 04:20:27 GMT

@LS2982 wrote:
@fittiger wrote:
@"nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end."

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.
OK but that doesn't make it right to do it. It is cheating the system.

Clearly an internal system "gap" that failed to flag the individual from redeeming the bonus sign up on a fairly new account and turning around and PC'ing to avoid the fee. So, yes this one fell into AMEX's crack, literally speaking. At the end of the day, it could be argued that the OP still kept the AMEX relationship albeit exploited their reward/annual fee product structure. But, as with anything, everyone's values are different.

Re: Cheated the System!

Anonymous — Mon, 22 Apr 2013 04:34:08 GMT

@fittiger wrote:

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.

Yes, it's playing within the rules. Just like when one little league team beats another by 50 points. Well within the rules, but who really wins?

Credit card companies create silly numbers of tiers of cards because EVERYONE wanted a gold card. Then suddenly, they realized the real high rollers had platinum, so THEY needed platinum. Now it's a black card. They offer crazy amounts of reward points to lure customers hopefully with the idea of creating an actual customer, and the "churners" do nothing but sign up, take the points and run. All well within the rules. The card companies pass those losses onto the merchents who pay the fees for those points. The merchants then have to raise prices to cover the new fees. And the consumer pays. Even the ones who aren't benefitting from the reward point game.

What I don't understand, is why it's not simply good enough to apply for the cards you'll actually use, build up points, and use the points? What's so bad about that? What drives people to apply for card, after card, after card? Take the points, jettison the cards, and then complain when card companies start to devalue the points. Is it the thrill of the chase? Is it the idea that many have had trouble getting credit and now that they can get it, are pushed to feast on it? Is it a vendetta against a system that has denied people in the past? Or is it just pure greed? I truly don't know and I just watch in amazement.

I firmly believe that cards should come in three tiers. Tier 1: Classic Visa, MC, Discover, AmEx with no rewards and aimed at people with dicey credit. Tier 2, with basic rewards and perks, annual fees of about $150, and you pay the AF upon acceptance and the rewards can't be spent for 1yr. And Tier 3, aimed at those with credit of 750+, annual fees in the $300 range, generous rewards and perks, and rewards can't be used for 6 months. I would totally support a system like this, merchants wouldn't get hamstrung having to changing pricing to meet the rewards fees, etc., and maybe consumers would settle down with a couple cards and call it a day.

Re: Cheated the System!

navigatethis12 — Mon, 22 Apr 2013 04:53:03 GMT

@FinStar wrote:
@LS2982 wrote:
@fittiger wrote:
@"nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end."

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.
OK but that doesn't make it right to do it. It is cheating the system.
+1

Clearly an internal system "gap" that failed to flag the individual from redeeming the bonus sign up on a fairly new account and turning around and PC'ing to avoid the fee. So, yes this one fell into AMEX's crack, literally speaking. At the end of the day, it could be argued that the OP still kept the AMEX relationship albeit exploited their reward/annual fee product structure. But, as with anything, everyone's values are different.

I still don't see it that way. Recently my mom did the $1000 for $3000 spend on the Platinum card. She sold the points and cancelled the card afterwards. The woman asked why and pointed out that she redeemed the points already but still cancelled it. She even said since it was withint ninety days, they would refund the full annual fee. They could have easily not refunded the fee at all.

People seemed to be all for people using the 5% bill category on the Cash+ to the tune of thousands per month, and then getting upset at US Bank for getting rid of it. People sign up for credit cards for the bonus and never touch them again; how is that any different?

I got the Premier Rewards Gold and Delta cards for the bonus and plan on cancelling them both before the annual fee comes up. They could easily stop people like this, because Chase will block you from getting bonuses if they determine you are just opening cards for the bonuses.

Lenders know rewards programs have the potential to cost them money, which is why the rates on the cards are high. Some lenders either have terrible rewards (credit unions and smaller banks) or have none at all.

Re: Cheated the System!

scenery_guy — Mon, 22 Apr 2013 05:04:03 GMT

@FinStar wrote:
@LS2982 wrote:
@fittiger wrote:
@"nada9188 wrote:
I'm happy you got the points, honestly. But it's no wonder cc sign up bonuses are shrinking and harder to get.
+1

It's well known that playing with fire or cheating the system only hurts consumers in the end."

You're looking at this wrong. It's not cheating the system, but playing by the rules; rules set up by the companies and credit industry. The businesses need to earn our business, hence the sign up offers. They will only make money if they can keep our business so its fine for consumers behave this way.
OK but that doesn't make it right to do it. It is cheating the system.
+1

Clearly an internal system "gap" that failed to flag the individual from redeeming the bonus sign up on a fairly new account and turning around and PC'ing to avoid the fee. So, yes this one fell into AMEX's crack, literally speaking. At the end of the day, it could be argued that the OP still kept the AMEX relationship albeit exploited their reward/annual fee product structure. But, as with anything, everyone's values are different.

How is this different than the OP keeping the unused Delta card for 11.5 months then calling to PC the card? Same end result but shorter time span. In fact the OP could have waited 11 months and a few days, called to cancel and been offered a retention bonus is the form of more miles or credit to cover AF. Once that bonus posted then call and PC the card - BEFORE the AF actually hits. By doing it how it was done it actually saved AMEX money.

In reality the bonus miles or points are earned. They offer 30,000 for $500 spend. We spend $500 and therefore have earned the 30,000. Period, end of business deal (its an agreement brethren a business and a consumer in writing by the way. Read the T&C of the card to see no mention of what the OP did).

I suggest the OP wait 13 months and app for the Gold Delta again. Even money they give you the signup bonus again.

Re: Cheated the System!

indiolatino61 — Mon, 22 Apr 2013 05:13:13 GMT

@FabulousDtheBruin wrote:
So opened up my Gold Delta AmEx in January (because it was the easiest revovler to get), got my bouns 30,000 miles. Just cashed them in today, and just got off the phone w/ AmEx to switch my card to the BCE card. Ain't nobody got time to pay an annual fee.

Well...since you didn't technically do anything wrong...as you said they could see you had just cahsed in your miles...I wouldn't call it "cheating the system" as much as "taking advantage of the system." I suppose it's just symantics, but it would help me rationalize it if I did it...lol...

Re: Cheated the System!

FabulousDtheBruin — Mon, 22 Apr 2013 05:38:09 GMT

Whatevs; I got what I wanted. AmEx will never ever make anyyyyy $$$ off of me. No bank will for that matter.