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Credit card perks going away?

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New Contributor

Credit card perks going away?

I read a couple of articles in the today (one appeared on the WSJ), saying banks are about the cut out some of the credit card perks and bonuses this year. Has anyone seen these articles? Any thoughts?

Should folks jump on the current bonuses before they are reduced? 

AMEX Gold: NPSL | TD Cash: 10K | RBC Rewards: 25K | Citi Premier: 9.3K | Discover It: 3.4K | BCE: 0.5K | BHG World MC: 11K
Amazon Prime: 1.8K | Google: 1.5K
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Message 1 of 23
22 REPLIES 22
Senior Contributor

Re: Credit card perks going away?

You might take a peek in the "Credit In The News Section" -there are several articles/discussions posted there having to do with card benefit cutbacks and tightening lending standards.   

Message 2 of 23
Established Contributor

Re: Credit card perks going away?

I haven't seen anything about that but if it were true and affected the cards I have, I would cancel a bunch.  Lol.

Personal Cards - Total Credit Line - $170,300:


Business Cards - Total Credit Line - $61,000:

Started my journey in the high 500's 10/1/2016
Current Fico: EQ:740 | TU:757 | EX:775

Message 3 of 23
Established Contributor

Re: Credit card perks going away?

ouch, that vox article:

"Chase is considering not allowing cardholders to pool points accrued across multiple credit cards. "

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Message 4 of 23
Senior Contributor

Re: Credit card perks going away?


@FortifiedHM wrote:

ouch, that vox article:

"Chase is considering not allowing cardholders to pool points accrued across multiple credit cards. "


Chase brought up that possibility when surveying some customers in April. Nothing new, and they've not made any change yet.

 

In the same paragraph, the author says Chase and Citi stopped offering price protection (Chase eliminated it, but Citi only nerfed it a bit).

 

I wouldn't put too much faith in anything the writer has to say.

 

 

Most spend: CSR, CFU, BBP
Rewards/AAoA ballast: CF, Discover, Costco, ED, Arrival
Perks: Schwab Platinum, IHG49, Hyatt75, Brilliant, Delta Platinum
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Message 5 of 23
Super Contributor

Re: Credit card perks going away?

Yes, when the transfer UR is ended, that changes up the Chase trifecta. That’s why I transfer any Freedom / Freedom Unlimited to CSP on a regular basis. It will make my reliance on Hyatt easier to justify, simplifying number of accounts.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 23
Valued Contributor

Re: Credit card perks going away?

Wellllll

 

I'd say the smartest lender will be the one that keeps ALL their perks and scoops up all the peeps that jump ship from the companies that nerf their cards.  aaa wink & grin.gif




Message 7 of 23
Super Contributor

Re: Credit card perks going away?


@Pikaboo-icu wrote:

Wellllll

 

I'd say the smartest lender will be the one that keeps ALL their perks and scoops up all the peeps that jump ship from the companies that nerf their cards.  aaa wink & grin.gif


This. 

 

The banks opened Pandora’s Box when they started offering rewards perks. If they take them away, you can bet the credit unions will love to pick up the slack. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 8 of 23
Super Contributor

Re: Credit card perks going away?


@Pikaboo-icu wrote:

Wellllll

 

I'd say the smartest lender will be the one that keeps ALL their perks and scoops up all the peeps that jump ship from the companies that nerf their cards.  aaa wink & grin.gif


My bet is that bank is AMEX.

Their new business model includes reducing merchant fees, expanding opportunities to carry a balance (Plan It) and scoring travel-related partners to improve swipe volume ( Corporate cards, Hilton, Marriott/SPG and others ). Get a few big spenders in the fold, and those customers are a good return on advertising / customer service investment.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 9 of 23
Super Contributor

Re: Credit card perks going away?


@NRB525 wrote:

@Pikaboo-icu wrote:

Wellllll

 

I'd say the smartest lender will be the one that keeps ALL their perks and scoops up all the peeps that jump ship from the companies that nerf their cards.  aaa wink & grin.gif


My bet is that bank is AMEX.

Their new business model includes reducing merchant fees, expanding opportunities to carry a balance (Plan It) and scoring travel-related partners to improve swipe volume ( Corporate cards, Hilton, Marriott/SPG and others ). Get a few big spenders in the fold, and those customers are a good return on advertising / customer service investment.


Except reducing merchant fees means less money to pay for those programs so something has to give. Either higher AFs, lower SUBs, or both. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 10 of 23
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