Amex shutting down accts en mass...

[AverageJoesCredit]

Im sorry guys. It all my fault. I hardly use my Amex cards and i feel my failure has turned their attention from me to others .

[coldfusion]

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@Mv350 wrote:
I'm just so grateful to get let into the Amex family. I'd be pretty bummed to get the ax.


But I also wouldn't be playing games with them either.

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The people that do this (or ride the grAAvy train, or buy $50,000 worth of money orders at a time at WM, etc. etc.) accept that eventually getting the spigot shut off is part of the game. Grab and dash, then move on to discover the next loophole to exploit.

Their only real regret is in losing the revenue stream, and they couldn't care less what anyone else thinks.

[Anonymous]

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@coldfusion wrote:

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@Mv350 wrote:
I'm just so grateful to get let into the Amex family. I'd be pretty bummed to get the ax.


But I also wouldn't be playing games with them either.

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The people that do this (or ride the grAAvy train, or buy $50,000 worth of money orders at a time at WM, etc. etc.) accept that eventually getting the spigot shut off is part of the game. Grab and dash, then move on to discover the next loophole to exploit.

Their only real regret is in losing the revenue stream, and they couldn't care less what anyone else thinks.

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Seems to me that sooner or later that bunch is gonna run through the roster of banks that have bonuses lucrative enough to churn, and may find themselves tossed out on their collective butts in the cold with just subpar cards and no-bonus offerings. Blacklists don't only exist for people who burned banks in BK. Wonder if they've considered that. 

[Anonymous]

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@redpat wrote:

And a big thank you goes out to Amex to get rid of the rif raf /Ham and Eggers.

I’d rather have improved cards and MR structure and get rid of abuse than nerf things.

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Well, I'm sure that every cent saved will be ploughed back into increased rewards!   Or maybe not,

[coldfusion]

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@Anonymous wrote:

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@coldfusion wrote:

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@Mv350 wrote:
I'm just so grateful to get let into the Amex family. I'd be pretty bummed to get the ax.


But I also wouldn't be playing games with them either.

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The people that do this (or ride the grAAvy train, or buy $50,000 worth of money orders at a time at WM, etc. etc.) accept that eventually getting the spigot shut off is part of the game. Grab and dash, then move on to discover the next loophole to exploit.

Their only real regret is in losing the revenue stream, and they couldn't care less what anyone else thinks.

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Seems to me that sooner or later that bunch is gonna run through the roster of banks that have bonuses lucrative enough to churn, and may find themselves tossed out on their collective butts in the cold with just subpar cards and no-bonus offerings. Blacklists don't only exist for people who burned banks in BK. Wonder if they've considered that. 

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The pros and serious hobbiests are about 10 steps ahead of you.

[Anonymous]

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@Anonymous wrote:

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Seems to me that sooner or later that bunch is gonna run through the roster of banks that have bonuses lucrative enough to churn, and may find themselves tossed out on their collective butts in the cold with just subpar cards and no-bonus offerings. Blacklists don't only exist for people who burned banks in BK. Wonder if they've considered that. 

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Generally MS has little to do with SUBs, and more to do with features of the rewards systems.   And while it is surprising, issuers seem to regularly introduce cards with exploitable features, perhaps marketing comes up with a great idea that isn't thought through.

And, if at the end of the day people do get fully shut down everywhere, it can still be a net win  if the profit has been large enough, as rewards on "real" spending is so small that losing it may not matter.

[Anonymous]

True enough @Anonymous and @coldfusion - I don't doubt it on the pros.

[AverageJoesCredit]

So true @coldfusion

Does this really bother them in the end, especially if they already cashed in or out however it may be. One xhurn and burn today, somewhere there will be another for tomorrow. Like anything in this world, the bad guys will always try and find the easy route. For every Superman there will be a Lex Luthor!

*at least Amex is trying to stop it which is better than doing nothing.

[simplynoir]

Don't think that this will stop people either there are more loopholes to take advantage of but for obvious reasons people won't disclose them because then it'll be on every blog/website to get closed shortly after

It happened with Sallie Mae, OBC, Redbird, Serve and the list goes on and on...

[CreditCuriosity]

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@simplynoir wrote:

Don't think that this will stop people either there are more loopholes to take advantage of but for obvious reasons people won't disclose them because then it'll be on every blog/website to get closed shortly after

It happened with Sallie Mae, OBC, Redbird, Serve and the list goes on and on...

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Agreed the best MS'er are the ones that don't share their secrets and keep their mouths shut so they don't get shut down.  I am certain there are MS'ers out there that pull in alot of cash being basically a full-time job by their methods and they will last for quite some time as long as not shared on their methods.