topic Re: Bored w/ lack of new card launches. in Credit Cards

Bored w/ lack of new card launches.

ztnjpv — Sun, 09 Jun 2013 15:44:43 GMT

Maybe the timing of my re-entry into the credit card market is the issue....but I am bored with the lack of new offerings. I started rebuilding my credit in the fall of 2011 and got my first card in years (Cap1 Plat...later PCed to Cash Rewards). From Spring '12 to Summer '12, I got almost all my card. Just added 2 Amex Biz last month. First cards since last summer.

Now?? Bored. Barely anything new has come out besides the IT, which isn't really that new....just a warmed over and impoved Discover rewards card. But where's the new stuff? Does most new stuff come in waves every 5 years or so? I looked back at news archives and it seems most cards I have or have looked at launched in like 2009-2010. Before that, I am not sure. OR, are truly new cards a rare thing? I'm bored. I am waiting for the "next big thing" but I guess I shouldn't hold my breath.

Re: Bored w/ lack of new card launches.

Express — Sun, 09 Jun 2013 15:49:57 GMT

I feel the same way Waiting on the next new must have card!

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 15:58:54 GMT

I'd bet Amex will have some new launches in Q4. Some double rewards spending in multiple categories.

Re: Bored w/ lack of new card launches.

ztnjpv — Sun, 09 Jun 2013 16:04:35 GMT

Open123,

That would be nice.

One of the only interesting moves I can still make with the current offering of cards out there is to get a personal Amex. Since I was recently backdated to 1993 (don't know how or why and I am not going to inquire about it), getting a personal Amex to boost my AAoA is the only really interesting thing I can do right now. But even there, the offering of cards are all flawed or lacking to me for one reason or another (non-useful rewards and/or annoyingly high AF). I want something better. I was considering just settling for no AF card to put in my drawer and boost my credit report.

Re: Bored w/ lack of new card launches.

Creditaddict — Sun, 09 Jun 2013 16:10:05 GMT

I almost think banks have taken a backseat for a minute on being the new "GO TO EVERYDAY CARD" and now just go for the bonus with spend or BT.

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 16:14:03 GMT

If you wait, you might see an Amex card that appeals to you.

I speculate it'll be an MR based card with the following: (1) some kind of sign-up bonus; (2) charge card class; (3) double MR rewards points in multiple categories, e.g. restaurants, shipping, department stores. But, being Amex, it'll likely have an annual fee, but waived during the first year.

Also, depending on how AA handles the Citi relationship, you may see a new launching of a Citi AA/US Air card with "charter" member sign-up bonus and perks.

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 16:16:09 GMT

@Creditaddict wrote:
I almost think banks have taken a backseat for a minute on being the new "GO TO EVERYDAY CARD" and now just go for the bonus with spend or BT.

Unless interest rates rise, the "everyday" card at "x%" is unsustainable, especially given the amount of potential manufactured spending perk abuse. I'd imagine we'll see the everyday bonus cards begin to reduce their rewars structure, such as Priceline now at 1% instead of 2%.

Re: Bored w/ lack of new card launches.

NonSufficientFunds — Sun, 09 Jun 2013 16:26:48 GMT

@ztnjpv wrote:
I am waiting for the "next big thing" but I guess I shouldn't hold my breath.

Stay tuned: I have noticed that many cards (including new product offerings) seem to get a heavy marketing push in mid-to-late summer.

I don't know what the exact rationale is for chosing this time of year, but you will begin to see many more TV commercials for credit cards in the months of August and September.

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 16:36:44 GMT

@NonSufficientFunds wrote:
I don't know what the exact rationale is for chosing this time of year, but you will begin to see many more TV commercials for credit cards in the months of August and September.

When interest rates are at 0, it makes much more sense for a company to allocate excess cash for client acquisition in the form of a sign-up bonus rather than paying higher taxes, especially if they have high enough retained earnings and no pressure to increase the dividend yield.

PS - Especially effective since the sign up bonus is a 100% write off for the CC company, while the bonus is "tax-free" for the consumer if a purchase is a pre-requisite for the bonus. In essence, a $500 sign up bonus costs only $250 for the company, while the consumer receives a full $500 value. This is only good business when interest rates are so low.

Re: Bored w/ lack of new card launches.

LS2982 — Sun, 09 Jun 2013 18:19:33 GMT

@Open123 wrote:
I'd bet Amex will have some new launches in Q4. Some double rewards spending in multiple categories.

I would like to see some new AMEX products!

Re: Bored w/ lack of new card launches.

webhopper — Sun, 09 Jun 2013 18:30:34 GMT

@LS2982 wrote:
@Open123 wrote:
I'd bet Amex will have some new launches in Q4. Some double rewards spending in multiple categories.
I would like to see some new AMEX products!

I would like to see Amex have a card similar to the BCE that earns MR points instead of cash back. They have the Blue, but 1 MR point per $1 is not exciting... reward me for catagories, please amex

Re: Bored w/ lack of new card launches.

528491 — Sun, 09 Jun 2013 18:35:32 GMT

Count me in for wanting another Amex card. I'm still going after the BCE, but honestly, it is of little use to me, as I get 5% back from Target where I do almost all of my grocery shopping.

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 18:35:33 GMT

@webhopper wrote:
@LS2982 wrote:
@Open123 wrote:
I'd bet Amex will have some new launches in Q4. Some double rewards spending in multiple categories.
I would like to see some new AMEX products!
I would like to see Amex have a card similar to the BCE that earns MR points instead of cash back. They have the Blue, but 1 MR point per $1 is not exciting... reward me for catagories, please amex

I'm almost certain they will.

Re: Bored w/ lack of new card launches.

HiLine — Sun, 09 Jun 2013 18:43:37 GMT

How about:

Barclays Arrival

Barclays Priceline

BofA Travel Rewards

BofA Better Balance Rewards

US Bank Cash +

US Bank Club Carlson

Each of these is arguably better than the Discover It.

Re: Bored w/ lack of new card launches.

ztnjpv — Sun, 09 Jun 2013 20:43:24 GMT

Yes, HLine.

Those are kinda new. I did jump on the Cash + myself. The others were such yawners to me that I didn't even think of them. I guess I was thinking of a real game changer from a major issuer that makes headlines.....like the Freedom or Blue Cash P or E did.....something that makes me go.....ooooh.

Re: Bored w/ lack of new card launches.

09Lexie — Sun, 09 Jun 2013 21:05:56 GMT

I would luv to see a new Amex with better rewards. That would definitely get me out of the garden.

Re: Bored w/ lack of new card launches.

Open123 — Sun, 09 Jun 2013 21:14:06 GMT

@09Lexie wrote:
I would luv to see a new Amex with better rewards. That would definitely get me out of the garden.

Pure speculation, but it's nontheless fun, especially on a Sunday afternoon.

I think we'll see a new Amex charge MR card with a 25K sign up bonus offering 2X points in restaurants, shipping, drugstores and supermarkets with an annual bonus if a certain spend threshold is reached.

Re: Bored w/ lack of new card launches.

ztnjpv — Sun, 09 Jun 2013 21:32:44 GMT

Open123,

What you are describing is only negligibly different from a PRG. Personally, I don't see why Fidelity (via FIA) can offer a flat 2pts/2% card on the Amex network but Amex, themselves, will not.

But what would really make me jump at a new Amex is something that flat out beats the reward potential of any competitor. Why Amex, of all companies, is not the king of rewards is beyond me.

Re: Bored w/ lack of new card launches.

09Lexie — Sun, 09 Jun 2013 21:34:10 GMT

I agree- Amex seems to be dragging its heels for some reason.

Re: Bored w/ lack of new card launches.

ztnjpv — Sun, 09 Jun 2013 21:38:31 GMT

As I told an Amex Survey person once with regard to my Plum Card when they called me after my survey:

Amex should not be getting beat by Capital One's Spark on Cash Back rewards. PERIOD. Capital One gets a lower swipe fee and has to share it with Visa while charging a lower annual fee. Amex, with the Plum, has a direct advantage on every one of those areas. Amex should be beating the Spark's rewards potential. Plain and Simple. No excuses.