I'm more worried that they'll nerf their award points structure! OP, don't worry too much, they're a bigger bank than OCCU - they even have a big stadium/sports/entertainment venue center named after them in Milwaukee and Illinois
Just enjoy your credit success and have fun with the card or go to one of the lounges at the airport and relax.
@dilettante wrote:I'm more worried that they'll nerf their award points structure! OP, don't worry too much, they're a bigger bank than OCCU - they even have a big stadium/sports/entertainment venue center named after them in Milwaukee and Illinois
+1.
I'm interested in this card, though I won't apply till middle of next year, but that's just because of the situation I am in with Chase. I'm waiting for them to reopen my account now that BMW finally removed the inquiry and account.
From what I've found online, the card is backed by BMO Harris, which is in turned owned by Bank of Montreal. They're not a big bank compared to say Chase or Bank of America, but they're not a small bank either. If you include the parent's company assets, they're the 9th largest bank in North America, 4th largest in Canada. So one would assume that they should know better about what they're doing compared to a small credit union, such as OCCU.
But they could always backtrack as well. Larger banks have done that, but mostly with regards to the rewards structure, not the credit lines. If I already have an account with them, I wouldn't lose sleep over what may or may not happen with the credit limit however.
@enharu wrote:
@dilettante wrote:I'm more worried that they'll nerf their award points structure! OP, don't worry too much, they're a bigger bank than OCCU - they even have a big stadium/sports/entertainment venue center named after them in Milwaukee and Illinois
+1.
I'm interested in this card, though I won't apply till middle of next year, but that's just because of the situation I am in with Chase. I'm waiting for them to reopen my account now that BMW finally removed the inquiry and account.
From what I've found online, the card is backed by BMO Harris, which is in turned owned by Bank of Montreal. They're not a big bank compared to say Chase or Bank of America, but they're not a small bank either. If you include the parent's company assets, they're the 9th largest bank in North America, 4th largest in Canada. So one would assume that they should know better about what they're doing compared to a small credit union, such as OCCU.
But they could always backtrack as well. Larger banks have done that, but mostly with regards to the rewards structure, not the credit lines. If I already have an account with them, I wouldn't lose sleep over what may or may not happen with the credit limit however.
Yes, I would be more concerned over benefit reduction, but it's not clear that there is an issue there. The problem comes with a card like the Elite, if benefits were cut a lot, you might well decide that it wasn't worth the AF, and if you can't downgrade, you have to close. But these things can happen with any card.
And banks have lots of controls. They could start not approving charges as you get somewhat near say 1/2 your CL, so it's not really the whole CL they are risking!
@enharu wrote:
@dilettante wrote:I'm more worried that they'll nerf their award points structure! OP, don't worry too much, they're a bigger bank than OCCU - they even have a big stadium/sports/entertainment venue center named after them in Milwaukee and Illinois
+1.
I'm interested in this card, though I won't apply till middle of next year, but that's just because of the situation I am in with Chase. I'm waiting for them to reopen my account now that BMW finally removed the inquiry and account.
From what I've found online, the card is backed by BMO Harris, which is in turned owned by Bank of Montreal. They're not a big bank compared to say Chase or Bank of America, but they're not a small bank either. If you include the parent's company assets, they're the 9th largest bank in North America, 4th largest in Canada. So one would assume that they should know better about what they're doing compared to a small credit union, such as OCCU.
But they could always backtrack as well. Larger banks have done that, but mostly with regards to the rewards structure, not the credit lines. If I already have an account with them, I wouldn't lose sleep over what may or may not happen with the credit limit however.
Thank you guys and everyone else for helping me feel better! This forum and everyone contributing to this forum has been my saving grace in my credit journey. Without you all and my fiance I might never have embarked on this journey. again, thank you!!
BMO has $542 billion CAD in assets... I think they're a little different to OCCU.
But there's no question their CL allocation is insane. Seems to only look at FICO and not income. Their entire consumer credit operation is half baked and was launched prematurely...
I think they'll tighten up the lines in the medium term.
But there's no question their CL allocation is insane. Seems to only look at FICO and not income. Their entire consumer credit operation is half baked and was launched prematurely...
I think they'll tighten up the lines in the medium term.