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I have five secured credit cards, but I have great personal/business relationships with Chase, and Bank of America.
I'm tring to get my credit to a point, where when I do apply, I know I will be approved.
Chase's 5/24 Rule is disasterous for me, but if I can obtain comparable cards from AMEX, Discover, Capital One and BOA, then I can get those cards, garden them and try Chase in two years with a solid foundation of comparable cards with a two year history.
You never know, by that time, Chase Trifecta cards might not be the King of Cards anymore, just saying.
Understood, but after the 2008 economic collapse I used the Dave Ramsey method and paid cash for everything, and by everything I mean everything, cars, rent, travel, clothes, groceries and entertainment.
By cash I include using debit cards.
But, I honestly didn't get the bite by the credit card bug until April of 2018, as before then, i could care less, and with a ton of research I quickly came to discover that Chase had the best cards to start with and I've had a checking/savings account with Chase since 2011 and have had as much as $57K in those two accounts combine, without every writting a bad check, nor overdrafting my account and still maintain high balances with Chase a bank I love.
BUT, I had some student loans on my credit that I foolishly allowed to go into default, after Irefused to pay, because I felt the amount owed was incorrect.
So, Chase declined my for any of their cards, including the Chase Marriott card that they send me an email every three month or so, telling me I'm pre-approved, but when i apply, I get nothing and had to go into the branch to find out what's going on. So, I'm taking tghe secured credit card route, as those student loans were even more damaging to my already thin credit file, because I was paying cash/debit card for 100% of my expenses and purchases for ten years.
I agree 100%.
Chase 5/24 Rule is bad business, in my opinion, and I know its primary purpose is to stop credit card chruning, but if that's the case, make stipulations that once you satisfy Sign Up/Spending bonuses, you must keep the card at least two years and can't product change or cancel the card(with the exception of military obligation and/or death).
Don't institute a broad rule that effects everyone, including people who aren't churning.
Chase is acting like Target stores used to act back when they first started, wanting to be seen as an independent Sears/Dillard's type store and refused to sell Walmart=like items, nor attract Walmart type-customers, well after a few setbacks, Target reversed its course quickly, adding grocery store to their store and more...just like Walmart.
Chase will be force to relax its 5/24 Rule, because of growing competition from Discover/Capital One/Citi and AMEX, who have created comparable cards, are marketing those cards to Chase clients and people who couldn't obtain Chase cards due to Chase's 5/24 Rule.
I honestly beileve by this time next year, Chase will either relax its 5/24 Rule or take it away completely.
Just my opinion.
Whew, you guys are teaching me so much, my brain is starting to swell.
@Anonymous wrote:I agree 100%.
Chase 5/24 Rule is bad business, in my opinion, and I know its primary purpose is to stop credit card chruning, but if that's the case, make stipulations that once you satisfy Sign Up/Spending bonuses, you must keep the card at least two years and can't product change or cancel the card(with the exception of military obligation and/or death.
Don't institute a broad Rule that effects everyone, inclduing people who aren't churning.
Chase is acting like Target stores that when they first started wanting to be seen as an independent Sear type store and refused to sell Walmart like items, nor attract Walmart type-customers, well after a few setbacks, Target reversed its course quickly, adding grocery store to their store and more...just like Walmart.
Chase will be force to relaxthis 5/24, because Discover/Capital One/Citi and AMEX have created comparable cards, will market those cards to Chase clients and people who couldn't obtain Chase cards due to Chase's 5/24 Rule.
I honestly beileve by this time next year, Chase will either relax its 5/24 Rule or take it away completely.
Just my opinion.
Actually those banks have been moving in the same direction as Chase, adding restrictions on who they will approve or who will get a new account bonus.
There are banking regulations that cover annual fees. Banks can set incentives to encourage customers to keep accounts for several years (such as the carrots of renewal bonuses and retention offers, or the sticks of bonus clawbacks or future bonus denials) but cannot force a customer to keep an account, spend a certain amount, or commit to paying an annual fee years into the future).
@Anonymous wrote:
Actually with the 5x categories from Freedom and Ink Cash, I'd argue UR has higher point earning in general. BBP is the exception for general category, but as I said in my last post the opportunity cost of the Gold card's categories plus the US only restrictions and the caveats to the credits really are a wet blanket to the MR scheme.
But year-round 4x on restaurant and grocery plus 2x MR on everything (BBP) truly are awesome and do bring MR point earning to a truly competitive level, which is why I do think running MR is worthwhile (although, again, I think it's best to run both systems if MR makes sense rather than going all in, since if you can make MR work then making UR work, even in tandem with MR, takes next to 0 effort).
Good point with the 5x categories. The general usage of gift cards to extend those 5x from the designated categories to actual everyday spend though, can be even more of a damper than the Wet blanket that is the Amex credit system.
Not trying to be argumentative, but could you post some examples of Citi, Discover, Capital One, AMEX, U.S. Bank, TD Bank or Bank of America that's heading towards Chase's 5/24, because I have spoken to bank reps, that uses Chase 5/24 as a benefit to obtain their cards.
I'm aware of BOA's 2/3/4 Rule.
In general banks have only tightened up application policies, not relaxed them. Barclay put a 6/24 in place for the Arrival product. Amex once in a lifetime bonus rule. Citi 24 month family bonus rule. etc. So while banks may not go as far as 5/24, the general trend is aiming to stop churning and reward chasing "abusive" behaviors. Chase won't be forced to drop the 5/24 rule. Most consumers who "legitimately" want the cards will not be hurt by the 5/24 rule at all, and those are the customers Chase wants.
Make no mistake, I don't like 5/24 any more than anyone else does but it makes perfect business sense. I truly don't see Chase dropping the rule.