I am running out of banks for credit cards

[wasCB14]

I wonder how valuable a new credit card customer is to a bank vs. a hotel or airline on a cobrand. Banks may not be incentivized to offer big cash back bonuses, but hotels and airlines may want to keep bonuses big if it helps them get a customer to book a few revenue rooms or flights over the next few years.

[Anonymous]

Gotta catch em all!

http://www.spotterswiki.com/emv/index.php

[sarge12]

@aim_high said....

 I have never applied for a card purely for the SUB and I never will for a couple of reasons.  It's a lot of trouble to go through IMO to open an account just to close (or have it closed for inactivity) later.  It causes a hard inquiry or two on my credit reports and I value those hits on my credit more than I value a couple of hundred dollars in SUB.  And, of course, I know it's not the intent of the bank to just give out free money to anyone and everyone.   So my personal feeling is that applying for cards just for SUBs alone feels dishonest.  

I was with you until you said that...dishonest against who? The credit card issuers that charge 29.99% interest to some poor person that just lost their job? Or maybe you mean the credit card issuer who issued a card to my brother, who had a less than zero net worth, and when he died at 49 from a massive heart attack called my Mother less than a week after the funeral to say this>>>Don't you think you would be dishonoring your sons memory to not pay off your sons debts? I am not joking, they said that, which caused her to cry again. Is that the ones people should feel loyalty to and not open a card for the SUB alone? Not me, I am quite happy to create a loss for these predatory credit card issuers using the rules they set up. I might would lose sleep for taking advantage of some people...but credit card issuers, I am quite happy, and proud to hand them a loss. Now I know that it is not the same issuer that had the nerve to say that to my greiving Mother, but most of these issuers are just like that. I will save my loyalty to my family or friends who have some struggles.

[Aim_High]

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@sarge12 wrote:

        @aim_high said....   " ... So my personal feeling is that applying for cards just for SUBs alone feels dishonest." 

"I was with you until you said that...dishonest against who?  ... I am quite happy to create a loss for these predatory credit card issuers using the rules they set up.  ... I know that it is not the same issuer that had the nerve to say that to my greiving Mother, but most of these issuers are just like that.  I will save my loyalty to my family or friends ..."

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I realized that statement might touch a nerve with some people but it is honestly how I feel.   That is why I stated it is my personal feelings. 

Keep in mind that I am not defending every single lender or every single circumstance, and as you pointed out they can be heartless and cruel sometimes.  I don't defend that in the least.  But I also know that this a business relationship I'm cultivating with them, not a personal relationship, so I don't expect my banker to bring me chicken noodle soup when I am ill like I might a neighbor or friend.  Lol. 

Moreover, if I have no grudge or issue or past relationship with Bank X and they offer me a SUB as an incentive to open an account in an honest effort to gain customers and compete in their industry, I don't feel the need to "stick-it-to-the-man" by targeting the industry as a whole.  I don't believe all banks are evil at their core; they are just trying to thrive in business and create profits for their management, employees, and shareholder's benefit just like every industry in America. 

[SouthJamaica]

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@Aim_High wrote:

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@sarge12 wrote:

        @aim_high said....   " ... So my personal feeling is that applying for cards just for SUBs alone feels dishonest." 

"I was with you until you said that...dishonest against who?  ... I am quite happy to create a loss for these predatory credit card issuers using the rules they set up.  ... I know that it is not the same issuer that had the nerve to say that to my greiving Mother, but most of these issuers are just like that.  I will save my loyalty to my family or friends ..."

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I realized that statement might touch a nerve with some people but it is honestly how I feel.   That is why I stated it is my personal feelings. 

Keep in mind that I am not defending every single lender or every single circumstance, and as you pointed out they can be heartless and cruel sometimes.  I don't defend that in the least.  But I also know that this a business relationship I'm cultivating with them, not a personal relationship, so I don't expect my banker to bring me chicken noodle soup when I am ill like I might a neighbor or friend.  Lol. 

Moreover, if I have no grudge or issue or past relationship with Bank X and they offer me a SUB as an incentive to open an account in an honest effort to gain customers and compete in their industry, I don't feel the need to "stick-it-to-the-man" by targeting the industry as a whole.  I don't believe all banks are evil at their core; they are just trying to thrive in business and create profits for their management, employees, and shareholder's benefit just like every industry in America. 

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Agreed, but I am expecting some of my credit unions to bring me chicken soup when I'm ill.

[Aim_High]

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@SouthJamaica wrote:

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@Aim_High wrote:

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I don't expect my banker to bring me chicken noodle soup when I am ill like I might a neighbor or friend. 

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Agreed, but I am expecting some of my credit unions to bring me chicken soup when I'm ill.

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Lol ... exactly!  My credit unions are more friendly and personal. 

[sarge12]

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@Aim_High wrote:

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@sarge12 wrote:

        @aim_high said....   " ... So my personal feeling is that applying for cards just for SUBs alone feels dishonest." 

"I was with you until you said that...dishonest against who?  ... I am quite happy to create a loss for these predatory credit card issuers using the rules they set up.  ... I know that it is not the same issuer that had the nerve to say that to my greiving Mother, but most of these issuers are just like that.  I will save my loyalty to my family or friends ..."

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I realized that statement might touch a nerve with some people but it is honestly how I feel.   That is why I stated it is my personal feelings. 

Keep in mind that I am not defending every single lender or every single circumstance, and as you pointed out they can be heartless and cruel sometimes.  I don't defend that in the least.  But I also know that this a business relationship I'm cultivating with them, not a personal relationship, so I don't expect my banker to bring me chicken noodle soup when I am ill like I might a neighbor or friend.  Lol. 

Moreover, if I have no grudge or issue or past relationship with Bank X and they offer me a SUB as an incentive to open an account in an honest effort to gain customers and compete in their industry, I don't feel the need to "stick-it-to-the-man" by targeting the industry as a whole.  I don't believe all banks are evil at their core; they are just trying to thrive in business and create profits for their management, employees, and shareholder's benefit just like every industry in America. 

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I agree with all that, but credit card issuers started using the SUB to try and lure customers to obtain their cards to eventually make a huge profit. It was done for their own self interest. The SUB is bait that is counting on the fish they hook being good for them. It did however create opportunities for those who take only the bait leaving them with an empty hook with no bait. I fail to see any dis-honesty in it though. Their offer says for instance get the card, put 1000 dollars spend on it to receive the SUB. Having fulfilled the conditions laid out in the agreement they wrote, I never agreed to use the card afterward, when I have other cards that have higher rewards. I never would agree to use it in such a way as to make them a profit. Don't take my post as me being upset or angry, I just have the opinion that are different. I have a general negative opinion of credit card issuers. Due to that, I get some measure of satisfaction in using the SUB they created to lure people into their credit card trap against them.

[Aim_High]

@sarge12 wrote:

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Don't take my post as me being upset or angry

Not at all.  We're all friends here and we're just having an open discussion.

credit card issuers started using the SUB to try and lure customers to obtain their cards

Yes, the business has become trememdously more competitive than it was just a decade or two ago, to the consumer's benefit!  As I said, it would be unfortunate for us to not have those opportunities that we used to not be able to enjoy.

Having fulfilled the conditions laid out in the agreement they wrote, I never agreed to use the card afterward

Absolutely!  As I said in my first post, you followed the rules the banks sat down and reaped the rewards.  I don't fault you for that.  The dishonesty I spoke of was that while it's not part of the written agreement, there is an implicit understanding that if you are applying for a credit card, a lender normally expects a person to keep the account open and to use it.  But, no, since they technically don't spell that out, you are perfectly justified following the SUB requirements and then SDing or closing it. It's just a gray area, a legal loophole that I choose not to exploit.  My choice. 

when I have other cards that have higher rewards. I never would agree to use it in such a way as to make them a profit

Agreed 100% and I honestly don't think the banks expect most consumers to just blindly give them business  that isn't smart.  Except for meeting SUB requirements, I would never continue to put spend on a card paying 1% when I can get more elsewhere!  (But I do think about the longer-term when I apply for a card and what benefit I get beyond that SUB.)

I have a general negative opinion of credit card issuers.

Obviously!  Lol ... I've had them stick it to me also sometimes, but as I said, they are just trying to make a living and grow their business like everyone else.  I don't think banks are any more evil or greedy than any large for-profit corporation.  So I try to let it go and not feel the need for revenge.  Besides, they know full well that some people will do exactly what you are doing and they allow for that, or else they change or cancel their offering so as not to lose too much money on it.   So in my opinion, we aren't really hurting them anyway because they already allowed for that!

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[kdm31091]

It's kind of a double edged sword. On one hand, banks created the monster of SUBs, so responsibly going for the benefits of SUBs in moderation doesn't seem dishonest to me. There's no requirement that you continue to use the card indefinitely once you get the bonus. Having said that, I think banks are catching on to this behavior which is why SUBs are slowly shifting towards "use for a year" type of bonuses and, for example, Amex has algorithims that would put you on their "naughty" list if you continually do these behaviors. Over the years requirements have tightened and banks have come up with more anti churning policies, so it's not as easy as it used to be.

Because of that, it kind of makes sense to consider the long term rewards too. Of course, this isn't foolproof since the reward market is fluid and things change. The Quicksilver from Capital One was considered pretty market leading at one time, paying a whole 1.5%! cash back on all purchases when almost every card was a base of 1%. Now 1.5% is just considered average. Rewards get nerfed on cards sometimes, or your lifestyle and spend habits shift and the card you were using doesn't make as much sense, so it doesn't need to be a lifetime commitment.

[Anonymous]

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@FinStar wrote:

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@Anonymous wrote:

@sarge12... what a situation to be in

You could pursue City National Bank's Crystal Visa Infinite and bump with the big time rollers in the event, you would find that of interest

Got'ta keep your interest so you stay in the loop!

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But, isn't this counterintuitive to the OP's goals?  Based on the CC lineup, there doesn't appear to be any indication that the OP is interested in high AF travel-type of CCs. It was mentioned upthread that the OP drives ~1,000 miles annually. 

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There was nothing intutive about it! I was needling sarge12 ... since he had the cards he needed. Not everything is scientifically laid out in life. It is fun to have a sense of humor in 2019 and often this site allows for people to share things in a broader sense and even have a chuckle now and then!