Does "preferred" really mean anything?

Mattopotamus · ‎02-29-2016

@UncleB wrote:
@galahad15 wrote:
@takeshi74 wrote:

Why? Are you carrying balances? If so, work on getting out of that.
Definitely consider total cost/benefit and not just AF. With sufficient spend it's certainly possible to have rewards that greatly exceed AF. All of my cards do so or else I wouldn't have them.
As far as the question on carrying balances, the answer would probably be both yes and no. Some cards with lower APRs, especially non-promo single-digit APRs, I usually tend to revolve a balance on. There are a few cards I PIF, mostly rewards cards. Then there are cards with higher APRs that have some good 12-15-18 month 0% APR promos, that I am carrying balances on.

I guess in the end, maybe it all comes down to personal preference -- IME, I would rather pay small amounts of interest on a revolving balance with a card with a super-low APR than pay an AF on a card with no balance or that is PIF. YMMV.
+1000

There is nothing wrong with occasionally carrying a balance; sometimes I do myself, and it's not a cause for concern or 'introspection' of any kind. It's simply a difference in priorities and goals. I never judge those who feel differently, and I expect the same - especially on here.

That being said, I feel it's a shame this seems to somehow repeatedly get injected into threads that are regarding completely different topics.

Since I only allow one of my cards to post a balance, I sometimes take a 0% offer and make that the single card that post a balance each month. For example, instead of letting my amex post 3% utiliaztion monthly I may PIF and let the 0% card post and pay the monthly payments accordingly.

UncleB · ‎02-29-2016

@galahad15 wrote:
@UncleB wrote:

+1000

There is nothing wrong with occasionally carrying a balance; sometimes I do myself, and it's not a cause for concern or 'introspection' of any kind. It's simply a difference in priorities and goals. I never judge those who feel differently, and I expect the same - especially on here.

That being said, I feel it's a shame this seems to somehow repeatedly get injected into threads that are regarding completely different topics.
Oops sorry my bad, I didn't mean to threadjack I will be sure to refrain from further commentary about carrying balances, on this thread, thanks for the helpful reminder.

You weren't thread-jacking, my friend... my post was 100% in agreement with yours.

It's the shaming/judgement for carrying a balance that I was complaining about in my 'rant'... LOL

Kevin86475391 · ‎02-29-2016

It's certainly true that "Preferred" is used to refer to enhanced versions of basic cards in the case of the Chase Sapphire and Amex Blue Cash - and perhaps/probably others - but first and foremost I definitely think it's just a marketing thing. As others have said it's like the gradual devaluation of Gold and Platinum cards and the Visa Signature and Master Card World and World Elite categories.

Indeed "Preferred" reminds me of one of my grocery store 'membership' programs - not really a membership, I just carry a little scannable piece of plastic that anyone can sign up for and use to get discounts...and more coupons/marketing sent to them. There's not really anything 'preferred' about it. It's open to absolutely everyone. They just figure it sounds nice calling people 'preferred customers.'

Likewise I routinely get junk mail and spam that goes something like, "As a preferred customer..." or "As one of our most valued members..." And it'll be for somewhere I've literally never shopped or only bought something from once. "Oh really, I'm a preferred customer? That $3.17 I speant 8 months ago earned me your undying loyalty?"

So yeah, in this case the "Preferred" designation on credit cards has some slight meaning, but it's mostly just marketing IMO.

galahad15 · ‎02-29-2016

@UncleB wrote:
@galahad15 wrote:
@UncleB wrote:

+1000

There is nothing wrong with occasionally carrying a balance; sometimes I do myself, and it's not a cause for concern or 'introspection' of any kind. It's simply a difference in priorities and goals. I never judge those who feel differently, and I expect the same - especially on here.

That being said, I feel it's a shame this seems to somehow repeatedly get injected into threads that are regarding completely different topics.
Oops sorry my bad, I didn't mean to threadjack I will be sure to refrain from further commentary about carrying balances, on this thread, thanks for the helpful reminder.
You weren't thread-jacking, my friend... my post was 100% in agreement with yours.

It's the shaming/judgement for carrying a balance that I was complaining about in my 'rant'... LOL