From a reddit thread: changes coming to Amex?

[darwin_wins]

So I just read that someone spoke to CSR at Amex and they said in about 90 days there is going to be a change and at any given time a person can have only 2 credit cards (reducing it from 4).

If that's true a lot of us are going to miss out on a lot of offers. Heck if I apply in Dec I would be able to only apply for one more card because of existing Optima card. Can anyone else confirm this?

[Anonymous]

I hope its not true but then again I wonder why that would happen? 

I have 2 accounts with them already.

[Anonymous]

i wouldn't trust anything those CSRs say. they could tell me it's raining and i'd wanna see it before i believed it

[odd_dog]

Interesting, I have 4 with them right now....I just talked to CS yesterday about a new Delta gold card....wanted to upgrade to Platinum Delta, the CSR could not have been more helpful, even getting me POINTS with the upgrade...mentioned NOTHING about limits...but then again I did not ask, He did notice however that I had Six accounts with them and THANKED me for being with them for over 30 years.....interesting development if true.....

[Anonymous]

If true, it makes the 5/24 rule look like a walk in the park. Wonder if that's 2 credit cards at any given time OF THEIRS or 2 credit cards from any lender. 

[Anonymous]

I would consider that highly doubtful.  One could justify holding say a Delta card because that is their exclusive airline, a Hilton card for chosen hotel of choice, SPG, Mercedes etc. 

If they are hedging risk that is one thing, they could tighten UW if needed.  Amex is struggling (by their standards) and 2015 was its worst year since the financial crisis.

[Anonymous]

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@Anonymous wrote:

I would consider that highly doubtful.  One could justify holding say a Delta card because that is their exclusive airline, a Hilton card for chosen hotel of choice, SPG, Mercedes etc. 

If they are hedging risk that is one thing, they could tighten UW if needed.  Amex is struggling (by their standards) and 2015 was its worst year since the financial crisis.

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Like any other credit card company (if this is indeed true) they want loyal users who they can make money off of and who will use their products, they aren't looking for churners with 20+ cards just chasing bonuses. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I would consider that highly doubtful.  One could justify holding say a Delta card because that is their exclusive airline, a Hilton card for chosen hotel of choice, SPG, Mercedes etc. 

If they are hedging risk that is one thing, they could tighten UW if needed.  Amex is struggling (by their standards) and 2015 was its worst year since the financial crisis.

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Like any other credit card company (if this is indeed true) they want loyal users who they can make money off of and who will use their products, they aren't looking for churners with 20+ cards just chasing bonuses. 

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The algo can be tweeked to better identify churners.

[takeshi74]

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@darwin_wins wrote:
So I just read that someone spoke to CSR

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Be aware of the pitfalls of relying on what one CSR says with any company.  Not saying that this CSR is wrong or right but CSR's can be mistaken, misinformed, etc.

[kdm31091]

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@Anonymous wrote:

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@Anonymous wrote:

I would consider that highly doubtful.  One could justify holding say a Delta card because that is their exclusive airline, a Hilton card for chosen hotel of choice, SPG, Mercedes etc. 

If they are hedging risk that is one thing, they could tighten UW if needed.  Amex is struggling (by their standards) and 2015 was its worst year since the financial crisis.

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Like any other credit card company (if this is indeed true) they want loyal users who they can make money off of and who will use their products, they aren't looking for churners with 20+ cards just chasing bonuses. 

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Pretty much this.

Whether this particular rumor is true or not I don't know, but it's obvious that the banks are tightening the clamps on reward chasing. It's pretty clear they prefer someone to pick a product and use it for basically everything. Of course, that doesn't maximize one's rewards, but does Amex/Chase/Citi care about that? No. I don't think it's even just about "churners"...they also don't want people collecting 20 cards to use just for specific bonus categories, probably because those  3 or 5% bonus categories are loss leaders and they expect you to make a lot of 1% purchases. When that doesn't happen, well, they don't like it!