Hard Lesson Learned

[creditguy]

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

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The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

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I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008. 

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Chase is part of JP Morgan hence the reference. One big umbrella.  And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.

Chase drives me crazy at times but lets give credit where credit is due.

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I understand what you meant but you kinda missed my point, but that's ok. I'll go with your view, thanks chase!!! 

[redpat]

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@Anonymous wrote:

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@CreditCuriousity wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

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The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

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I would agree with this, just like the Ritz most people say 90-95% will cancel after the first year when sticker shock hits them after they collect the 100k ur and 600 in travel credit.

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Agreed.  And the fees add up. For example,  If you have the Ritz, Amex Platinum, Citi Prestige etc.. that alone is alot of benjamins going just to pay annual fees.

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The fees are all relative, I wouldn't pay for them if I couldn't get a great benefit from them.  I'm sad to see AA lounge and golf go on Prestige, I now have to see how many 4th nights free I can use after July 2017 to see if it's worth $200 net cost.

[Anonymous]

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

---

The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

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I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008. 

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Chase is part of JP Morgan hence the reference. One big umbrella.  And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.

Chase drives me crazy at times but lets give credit where credit is due.

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I understand what you meant but you kinda missed my point, but that's ok. I'll go with your view, thanks chase!!! 

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Noooo... You don't have to go with my view.  Point me towards your point even that is even a correct sentence formation.  I am here to learn as well.

[galahad15]

I don't churn -- the primary reason I've applied for like 10+ cards in the past 2 years was because I am always on the lookout for cards intended for long-term use that either have super-low APRs, excellent rewards programs, and/or both at the same time    If I had not done it, I would have missed out on some very nice cards that are in my current collection.  You never know when an issuer is going to offer a limited-release, time-limited card that has fantastic terms...

[creditguy]

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

---

The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

---

I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008. 

---

Chase is part of JP Morgan hence the reference. One big umbrella.  And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.

Chase drives me crazy at times but lets give credit where credit is due.

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I understand what you meant but you kinda missed my point, but that's ok. I'll go with your view, thanks chase!!! 

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Noooo... You don't have to go with my view.  Point me towards your point even that is even a correct sentence formation.  I am here to learn as well.

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My point was simply I wasn't giving chase credit for something they didn't do. JP Morgan and Chase are one in the same today of course, but back then JP Morgan had his own company which saved the government. I don't believe a company should Inherit the title for doing something they didn't do simply because they bought the company that did. History books weren't changed to say JP Morgan Chase saved the day after all. We're off topic and I apologize for steering it that way, we can agree to disagree, have a great day. 

[Anonymous]

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

---

The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

---

I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008. 

---

Chase is part of JP Morgan hence the reference. One big umbrella.  And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.

Chase drives me crazy at times but lets give credit where credit is due.

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I understand what you meant but you kinda missed my point, but that's ok. I'll go with your view, thanks chase!!! 

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Noooo... You don't have to go with my view.  Point me towards your point even that is even a correct sentence formation.  I am here to learn as well.

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My point was simply I wasn't giving chase credit for something they didn't do. JP Morgan and Chase are one in the same today of course, but back then JP Morgan had his own company which saved the government. I don't believe a company should Inherit the title for doing something they didn't do simply because they bought the company that did. History books weren't changed to say JP Morgan Chase saved the day after all. We're off topic and I apologize for steering it that way, we can agree to disagree, have a great day. 

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Ultimate decicison is done by JP Morgan and Chase is just its retail arm. Although we can't rewrite history, the bailout in 2008 was not just for Chase but the entiire "JP Morgan Chase".  And yes, let's get back on topic and will just put this here below..

The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking.

I hope you are having a good day as I enjoyed this little banter of ours.

[creditguy]

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@creditguy wrote:

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@Anonymous wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

---

The beauty of the board is having diverse opinions and that is very good.  I do agree with you on the above post and it is a good rule. I get baffled when people get upset about the rule and with Chase. There are many, many banks out there with similar products. 

I can also understand why some people don't care for them but we all have to remember, if Chase / JP Morgan didn't bail out the U.S government in 1895, we wouldn't have the financial system we have now. So lets give Chae some credit here.

Let's be even honest with ourselves, how many people on here can genuinely say they will keep the card - CSR past the one year mark? My guess is not alot.

---

I will give John Pierpont Morgan the man credit for saving the financial system in 1895, but not chase since they were not associated with JP Morgan then. And the government returned the favor to chase in 2008. 

---

Chase is part of JP Morgan hence the reference. One big umbrella.  And, yes the U.S government returned the favor yet people only bemoan how Chase got the bailout without referencing the overall picture out how the financial system survived in the first place.

Chase drives me crazy at times but lets give credit where credit is due.

---

I understand what you meant but you kinda missed my point, but that's ok. I'll go with your view, thanks chase!!! 

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Noooo... You don't have to go with my view.  Point me towards your point even that is even a correct sentence formation.  I am here to learn as well.

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My point was simply I wasn't giving chase credit for something they didn't do. JP Morgan and Chase are one in the same today of course, but back then JP Morgan had his own company which saved the government. I don't believe a company should Inherit the title for doing something they didn't do simply because they bought the company that did. History books weren't changed to say JP Morgan Chase saved the day after all. We're off topic and I apologize for steering it that way, we can agree to disagree, have a great day. 

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Ultimate decicison is done by JP Morgan and Chase is just its retail arm. Although we can't rewrite history, the bailout in 2008 was not just for Chase but the entiire "JP Morgan Chase".  And yes, let's get back on topic and will just put this here below..

The J.P. Morgan brand, historically known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking.

I hope you are having a good day as I enjoyed this little banter of ours.

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Yeah I actually did enjoy the little banter, because I came away with something I didn't know before and learning something can never be bad, plus we came away like adults without it turning childish, one thing I like about this forum is you learn things not exclusively related to Fico or credit cards as odd as it can be sometimes. Thanks!!! 

[Anonymous]

Majority of the people in here won't be able to make it a goal to stay under 5/24 lol. I'll mention PCing to the CSR and everyone on these boards freak out and say" the bonus is the best part! "...." I would never do that! 100k is too valuable". Majority of people want the card for the initial value then ditch it later, instead of actually wanting the card for its on going long term value. It's a vicious cycle people in here do getting new accounts after new accounts for the next big bonus, then say " this is the last one! I'll be in the garden" then next month apply for the next big bonus. They end up cluttering their credit profile with all these accounts or closed accounts, and then whine about the 5-24 rule all over again like its a surprise to them? lol . It's a vicious cycle. I just PC to the CSR so I wouldn't get a new account on my profile, that's my personal preference. Period. I don't mind missing out out on the bonus, I like the peace of mind my credit profit is neat and cluttery free and I don't have to sock draw or monitor useless cards and I also still get to enjoy the actual CSR and not feel like it's useless after the bonus like most people. 

[sarge12]

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@CreditCuriousity wrote:

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@driftless wrote:
Actually, I think that 5/24 is a good rule. Imagine what card rewards would be like without the churners. 5 cards in 2 years is a lot of cards. I know that I am going to catch flak for my opinion on this forum so now I am going to quietly put on my flak vest and helmet and hunker down.

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I think part of the problem with the 5x24 rule w/regards to this forum are alot of people are rebuilders on this forum including myself.  Part of rebuilding credit is getting credit and as your credit gets better getting better cards and getting rid of the not-so-good cards.  Thus the majority of this forum although not all of it are in some sort of rebuilding stage although their scores are good alot/most are over the 5x24 rule.  That is what makes its a bit painful for alot of people on this forum to swallow.  I agree 5x24 isn't a bad rule in theory, just they are also shooting down some not really bonus chasers by brushing everyone that is over 5x24 as a bonus chaser..

 I admit I am way way over 5x24 as I have alot of great cards now and don't regret it one bit the choices I have made to get my credit where it is now when I still have a year or two until the last late/baddie falls off.  A few cards I could of passed on for sure, but most of them I enjoy.  Even if I did pass on some of those cards that I no longer have I am way over 5x24 and don't regret it other than not being able to get a few nice cards Chase has.  Tis life and there will always be some sort of new card in the future with something everyone must have.

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They could just install a modified rule to approve people that are over 5/24 for the cards but without any signup bonus. In otherwords, make the 5/24 rule for the bonus only. This would allow them to approve for rebuilders while still protecting them from churners.

[Xistaben2]

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@Anonymous wrote:

Majority of the people in here won't be able to make it a goal to stay under 5/24 lol. I'll mention PCing to the CSR and everyone on these boards freak out and say" the bonus is the best part! "...." I would never do that! 100k is too valuable". Majority of people want the card for the initial value then ditch it later, instead of actually wanting the card for its on going long term value. It's a vicious cycle people in here do getting new accounts after new accounts for the next big bonus, then say " this is the last one! I'll be in the garden" then next month apply for the next big bonus. They end up cluttering their credit profile with all these accounts or closed accounts, and then whine about the 5-24 rule all over again like its a surprise to them? lol . It's a vicious cycle. I just PC to the CSR so I wouldn't get a new account on my profile, that's my personal preference. Period. I don't mind missing out out on the bonus, I like the peace of mind my credit profit is neat and cluttery free and I don't have to sock draw or monitor useless cards and I also still get to enjoy the actual CSR and not feel like it's useless after the bonus like most people. 

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I think there is more to consider than just wanting it for the 100k and ditching it.  It's a fantastic sign up offer no doubt, but there is a huge uncertainty on how long they will offer the 100k in the future, so people want to capitalize.  Plus people relate it to AMEX and that the bonus is a once per lifetime per card product.  So jump through hoops now to get 100k which is a top offer most likely and never get the offer again, or have to wait for 5/24 only to have Chase remove the 100k offer down the road and offer like 50-60k (like the AMEX Platinum) and only get that offer once.

There are tons of people here that want the AMEX Plat for the long term travel perks, but won't pull the trigger until they get that elusive 100k offer.  The whole go big or go home mentality.