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Abandoning 5/24

dthaha
Valued Member

Abandoning 5/24

As of right now, I am at 3/24. I am definitely applying for the CFF, but I don't know another Chase card that could fit what I need right now, as the CSP isn't right for me now, and if Amazon jumps ship to Amex in the near future, I want to get that SUB, not the Chase one. I would love to apply for the Discover IT Student or the Citi Custom Cash right now, but 5/24 is holding me back. What choice seems smarter?

Venmo Visa (Synchrony) [SD]: $2000
Apple Card (Goldman Sachs): $2000
Chase Freedom Unlimited: $500
American Express Gold: NPSL, $1750 POT
Citi Costco Anywhere Visa: $5000
American Express Schwab Platinum: NPSL
Citi Wawa Gas [AU][SD]: $1200
TD Cash [AU][SD][No longer reports, much appreciated TD]: $25K
EX8 (07/14/21): 712
EQ8 (07/12/21): 732
TU8 (07/12/21): 721
6% utilization
Goals: Citi Custom Cash, Citi Double Cash, Chase Freedom Flex (under 5/24 03/31/2022)
Message 1 of 14
13 REPLIES 13
coldfusion
Community Leader
Super Contributor

Re: Abandoning 5/24

Chase is not the end-all-be-all, and there are a lot of members here who successfully manage a good portfolio without any Chase cards. 

 

If there is a card that you can efficiently leverage now I'd lean toward targeting it and allowing your profile to age and grow a bit.    That would still leave you at 4/24 so if Amazon jumps ship to AMEX you can decide then if you want to pursue that card or hold out for a different one. 

 

Just from a quick look at your signature IMO your profile should probably age a bit anyway before applying for a CSP. 

 

 



(4/2021)
FICO 8 (EX) 815 (TU) 822 (EQ) 808
FICO 9 (EX) 827 (TU) 826 (EQ) 832

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 14
SouthJamaica
Super Contributor

Re: Abandoning 5/24


@dthaha wrote:

As of right now, I am at 3/24. I am definitely applying for the CFF, but I don't know another Chase card that could fit what I need right now, as the CSP isn't right for me now, and if Amazon jumps ship to Amex in the near future, I want to get that SUB, not the Chase one. I would love to apply for the Discover IT Student or the Citi Custom Cash right now, but 5/24 is holding me back. What choice seems smarter?


The smart choice is to apply for the CFF first.

 

As to additional cards I can't say what's smarter unless I know what kind of features you would most value.

 

It you're looking for cash back, the Citi Custom Cash and the City Double Cash are good cards.

 

If you're looking for low interest and no fees, a credit union non-rewards platinum card is the best.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 3 of 14
SoCalGardener
Frequent Contributor

Re: Abandoning 5/24


@coldfusion wrote:

Chase is not the end-all-be-all, and there are a lot of members here who successfully manage a good portfolio without any Chase cards. 

 


Me! Me! *waving*

 

I don't know why, but I've just never applied for a Chase card. I receive offers from them in the mail quite frequently, but I shred them. I'm not sure why Chase is held in such high esteem. If someone would enlighten me, I'd appreciate it. I feel that I have a very nice collection of cards as it is, without Chase.

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardAmerican Express Platinum CardBank of America Cash Rewards CardCapitalOne Quicksilver MastercardCapitalOne Quicksilver Visa CardCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards CardSynchrony Home Card
Message 4 of 14
dthaha
Valued Member

Re: Abandoning 5/24


@SouthJamaica wrote:

@dthaha wrote:

As of right now, I am at 3/24. I am definitely applying for the CFF, but I don't know another Chase card that could fit what I need right now, as the CSP isn't right for me now, and if Amazon jumps ship to Amex in the near future, I want to get that SUB, not the Chase one. I would love to apply for the Discover IT Student or the Citi Custom Cash right now, but 5/24 is holding me back. What choice seems smarter?


The smart choice is to apply for the CFF first.

 

As to additional cards I can't say what's smarter unless I know what kind of features you would most value.

 

It you're looking for cash back, the Citi Custom Cash and the City Double Cash are good cards.

 

If you're looking for low interest and no fees, a credit union non-rewards platinum card is the best.


I'm pretty much just cash back at this point. I only PIF and I'm not reliant at all on credit. I really don't spend ~that much~ to warrant an extra 0.5% on non-category spend, but the Custom Cash is definitely on my list. I might pick up one credit union card, specifically the Alliant Platinum Rewards, but that's for just in case.

Venmo Visa (Synchrony) [SD]: $2000
Apple Card (Goldman Sachs): $2000
Chase Freedom Unlimited: $500
American Express Gold: NPSL, $1750 POT
Citi Costco Anywhere Visa: $5000
American Express Schwab Platinum: NPSL
Citi Wawa Gas [AU][SD]: $1200
TD Cash [AU][SD][No longer reports, much appreciated TD]: $25K
EX8 (07/14/21): 712
EQ8 (07/12/21): 732
TU8 (07/12/21): 721
6% utilization
Goals: Citi Custom Cash, Citi Double Cash, Chase Freedom Flex (under 5/24 03/31/2022)
Message 5 of 14
Taurus22
Valued Contributor

Re: Abandoning 5/24

I am one of those people who have never held a Chase card, and honestly I've never really understood the hype. I guess their structure has never really suited my needs. I would say....If Chase is something you don't feel you can be without long-term, then do your diligence and enjoy the garden until your 3/5 wears off. But if you can sit down and justify being without it for 2-3 years, then finish your other portfolio needs. You can strike many more birds with that stone.

 

Best of luck with whatever you decide!

Current Wallet
Sock Drawered

On Deck:
Message 6 of 14
KJinNC
Valued Contributor

Re: Abandoning 5/24

My original plan was to build toward getting a CSR. Then they raised the annual fee, and it occurred to me that other options were as good or better for my spend. At this point, the only Chase card I have at least moderate interest in is the Amazon card. I have posted here many times that I think 5/24 is a disservice to cobrand partners such as Amazon. It's fine for Chase core cards, but it runs counter to the purposes of a cobrand. Normally when I say this, someone comes along to assure me that Chase has all the answers and if it didn't work, they wouldn't do it. But Amex, Citi and others do different things, Chase is the outlier here. And business history is full of examples of companies with all the resources that make mistakes. Blockbuster, Sears, Kmart, if their way wasn't the best way, why would they do it? I digress. Message in a bottle if someone from either Chase or a cobrand happens to read this board. And I will acknowledge that I'm referring to a somewhat niche situation, not the average applicant for Chase cards.

I will fall below 5/24 next year naturally, because I am really low on cards I want to apply for. If Chase still has the Amazon card then, I'll probably get it, but that's about all they have that I'm interested in.


FICO Resilience Index: 69. Cards: 10/24, 3/12, 3/6. Accounts including loans: 12/24, 4/12, 4/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)


Authorized user / Corporate / Auto loans / Personal loan

Card CLs total $151,100, not counting the AU card. The AU card brings the total to $177,600. In 03/19, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, joined 1987, direct deposit; PenFed, joined 2019; Navy Federal, joined 2020; USAA, joined 2020; Chase Bank, joined 2020. Best: Coastal, worst: NFCU. I have had weird Keystone Kops customer service problems with NFCU several times, despite their reputation here.

Closed but still on reports: American Express Gold, NPSL, 08/19-06/21 | American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 7 of 14
JLRDC909
New Contributor

Re: Abandoning 5/24

I would do the CFF if that card meets your short and long term goals. The good thing about Chase is that they have had the same CC lineup for years. They don't come out with new cards often. 

but keep in mind that although Chase has 5/24, all issuers have some quirky rule in place to discourage churning. This is a fun game, but I hold My cards for the long haul. 

JR
Message 8 of 14
dthaha
Valued Member

Re: Abandoning 5/24


@KJinNC wrote:

My original plan was to build toward getting a CSR. Then they raised the annual fee, and it occurred to me that other options were as good or better for my spend. At this point, the only Chase card I have at least moderate interest in is the Amazon card. I have posted here many times that I think 5/24 is a disservice to cobrand partners such as Amazon. It's fine for Chase core cards, but it runs counter to the purposes of a cobrand. Normally when I say this, someone comes along to assure me that Chase has all the answers and if it didn't work, they wouldn't do it. But Amex, Citi and others do different things, Chase is the outlier here. And business history is full of examples of companies with all the resources that make mistakes. Blockbuster, Sears, Kmart, if their way wasn't the best way, why would they do it? I digress. Message in a bottle if someone from either Chase or a cobrand happens to read this board. And I will acknowledge that I'm referring to a somewhat niche situation, not the average applicant for Chase cards.

I will fall below 5/24 next year naturally, because I am really low on cards I want to apply for. If Chase still has the Amazon card then, I'll probably get it, but that's about all they have that I'm interested in.


What made you choose the Plat over the CSR? Face value to me, it doesn't seem all that better.

Venmo Visa (Synchrony) [SD]: $2000
Apple Card (Goldman Sachs): $2000
Chase Freedom Unlimited: $500
American Express Gold: NPSL, $1750 POT
Citi Costco Anywhere Visa: $5000
American Express Schwab Platinum: NPSL
Citi Wawa Gas [AU][SD]: $1200
TD Cash [AU][SD][No longer reports, much appreciated TD]: $25K
EX8 (07/14/21): 712
EQ8 (07/12/21): 732
TU8 (07/12/21): 721
6% utilization
Goals: Citi Custom Cash, Citi Double Cash, Chase Freedom Flex (under 5/24 03/31/2022)
Message 9 of 14
Aim_High
Senior Contributor

Re: Abandoning 5/24

@SoCalGardener wrote:

@coldfusion wrote:

Chase is not the end-all-be-all, and there are a lot of members here who successfully manage a good portfolio without any Chase cards. 


I don't know why, but I've just never applied for a Chase card ...  I'm not sure why Chase is held in such high esteem. If someone would enlighten me, I'd appreciate it. I feel that I have a very nice collection of cards as it is, without Chase.

 = = = = = = = = = = = = = = = = = = = = = = =

@Taurus22 wrote:

I am one of those people who have never held a Chase card, and honestly I've never really understood the hype. I guess their structure has never really suited my needs ...


I have a large Chase lineup, so I'll try to answer your questions, @SoCalGardener & @Taurus22.   I agree with @coldfusion that Chase (or any other lender including the ever-popular AMEX as well as Citibank, or Bank of America) are not necessary to build a "good portfolio" or "nice collection of cards."   No lender is essential and no single lender is a good choice for everyone's profile.  

 

I know some members have never seriously considered Chase due to 5/24, but as pointed out by @KJinNC, that is more of a niche situation for serious card enthusiasts like us that doesn't affect the average consumer's card application patterns.  It's unfortunate that lenders have had to set these barriers due to abuse of SUBs by a few, but that is the environment.  Possibly, the 5/24 rule has made Chase appear even more desirable to some of our members since one must 'garden' and plan to qualify. Smiley Tongue  And I think most of our members will agree that Chase is among the more selective lenders in terms of profile.  It's much easier to get a card with sub-700 scores with many other lenders than with Chase. 

 

Still, for those who qualify and are looking thoroughly, it's hard to completely ignore Chase's lineup.  While size isn't everything, they are currently the largest issuer of cards in the US by a wide margin with 16.6% of the market and 98,580 issued cards.  Citibank is second with 11.6% of the market and AMEX is a close third at 11.3%.    While American Express had slightly more sales (Purchase volume) on their network than Chase of $754 Billion versus $739 Billion, that statistic is a little misleading in terms of card share since it includes all sales on the AMEX purchase network, not just AMEX-issued cards (Nilson Report, 2018.)  

 

Card_Market_Share_2020.jpg

https://www.cardrates.com/advice/credit-card-issuer-market-share/

 

Why do I mention size?  As pointed out in the linked article from US News & World Report,

 

"Issuer size is a fairly reliable indicator of a credit card company that can deliver a good experience for cardholders.  But consider other factors when you decide which credit card issuers you want to work with. Even major issuers could lack the products you want or fail to meet your customer service priorities ...   Large issuers can offer more products and may have more advanced risk assessment practices. That means you're likely to get considerably larger credit limits from a Citibank or Chase card than you are with a local credit union or small bank.  Rewards and benefits can vary based on the issuer, too. The rewards programs and member perks of cards issued by smaller banks or credit unions aren't in the same hemisphere as those issued by a major issuer like American Express or Discover."

https://creditcards.usnews.com/articles/what-are-the-largest-us-credit-card-companies

 

So the largest lenders are more likely to offer a good overall card experience including a wide, quality card lineup with competitive features and rewards, reliable 24/7 US-based customer service, good fraud support, higher credit limits, and excellent tech support (websites/mobile apps.)  I say this not just from web reviews but also from my own personal experience with Chase as well as other lenders over a few decades in credit.  As the largest card issuer, I believe they are also under constant pressure to stay competitive, and consumers benefit from that competition. 

 

Chase has been generous with credit limits for me, and I'm not a Chase Private Client wealth management customer.  My TCL with Chase alone is over $138K.   There are a limited number of lenders who will give credit limits that high without a special relationship or exceptionally high income/spend.  I have neither. 

 

JD Power ranks Chase's consumer satisfaction in the top four with Discover, AMEX, and Barclays.  (2018.)   I've been very pleased with my Chase customer service interactions.   Hold times are rare and brief.  Reps are always helpful and friendly. 

 

https://www.jdpower.com/business/press-releases/2018-us-credit-card-satisfaction-study

 

As by far the largest bank in the US, the statistics make it evident that Chase has continued to invest heavily in their card programs. Chase is much larger than the other "Top 5 banks" including Bank of America, Wells Fargo, Citibank, and US Bank.   A quick check of their website shows about 29 current personal or business cards available.  That's a very wide selection.  For someone who likes the simplicity of combining their banking accounts and their cards with one of the largest US banks with a large geographic footprint, Chase can be an attractive choice.   Chase has over 4700 US branches.   That's something you can't do with AMEX or Discover, for example.

 

Banking size by assets:

https://www.mx.com/moneysummit/biggest-banks-by-asset-size-united-states/

 

Comparison of banking footprints for largest banks:

https://ficoforums.myfico.com/t5/Credit-Cards/Citi-Custom-Cash-Card/m-p/6350265#M1781231

 

My personal belief is that Chase's travel card lineup is best-in-class, bar none including AMEX.  While AMEX Platinum excels at maximizing value for airfare redemption and airport lounge access, Chase Sapphire Reserve has a much wider definition of travel that includes even cruises, tolls, parking, campgrounds, and airfare or hotels regardless of where purchased.  CSR pays well on a wider range of travel plus pays well on dining out.  Chase's travel insurances and protections are much more complete than anything offered by other card issuers including AMEX, with primary rental car coverage, roadside assistance (not just dispatch), AD&D coverage up to $1 Million, and much more.   CSR's $300 annual travel credit is easier to obtain than some other premium travel cards.  Like a small handful of other major travel providers, Chase has a solid network of airline and hotel partners.  (I believe that AMEX and Citibank are the only other lenders in the same league.) 

 

Travel Card Protections Comparison:

https://ficoforums.myfico.com/t5/Credit-Cards/What-is-BoA-s-niche-market-for-the-Premium-Rewards-car...

 

The hidden value of the Chase's core travel cards is the ability to use the bi-fecta, tri-fecta, or quad-fecta of Chase cards to magnify the value of Ultimate Rewards points by pooling them on Sapphire Reserve or Sapphire Preferred.  CSR allows redemption of URs at 50% more value for travel booked through Chase.  The 3 URs earned on CSR or CFF or CFU for dining are worth 4.5% in travel booked through Chase.  The 3 URs on CSR for travel is worth 4.5% in additional travel.  The 1.5% earned on CFU in cash back or URs on uncategorized spending is worth 2.25% in travel.  And the 5% on CFF or Ink Cash is worth 7.5% in travel.  The CSP allows similar magnification but only at 25% added value. 

 

Chase also has a large selection of excellent affiliate travel cards with airlines (United and Southwest; British Airways, Iberia, Aer Lingus) and hotels (Marriott, Hyatt, IHG.) 

 

From a cash back perspective, Chase has some competitive cards but their utility might depend on your other cards as well as your spend.  No, they don't offer a flat-rate 2% card like Citi, but they recently upped their game on the Freedom Unlimited to include not only 1.5% cash back on uncategorized spend but also 3% on all dining and drugstores plus 5% on travel booked through Chase.   For someone spending heavily in the 3%-5% categories, it could be possible to exceed 2%.  The Freedom Flex offers 5% in rotating categories and INK Cash also offers 5% on office supplies, cable TV-internet, and phone bills.  Amazon Prime offers 5% back at Amazon with a Prime membership.  All of those cash back cards have no annual fee. 

 

Like any major issuer, you could replace Chase cards with comparable offerings from their competitors and probably fare pretty well.  While no lender is indispensable, I believe that Chase is worth a serious look for those who qualify under 5/24 and overall underwriting. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 10 of 14
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