jsk1973

Sure, but allowing a person to have multiples of a CC also doesn't make sense. For 99 people out of 100, there's no reason for it whatsoever.

flyer4512

I am sure it's on the site somewhere but given the recent news I feel I may get answer faster by asking.

What are the Chase rules for applying for cards, how many and how often for co branded cards ( before the new 5/24 rule)

I have never done an app o rama but may as well know as My wife, myself and my dad will all be shut out for years

We have CP for 2016 ( wifes name) but may as well renew it now ( If I can) for 16/17 plus Marriott and United

Thanks

anime333

Reminder that the old 5/24 rule did not apply to business cards.

flyer4512

NO 5/24 rule Yet. Applied and IA for Marriott 80K and Premier personal 50K

Will do the same for my wife and dad later or maybe tomorrow


Are business cards subject to the Chase 5/24 rule also ?


Update, Dad approved for Sw Premier, I am pending on a Premier business Card

anime333

I had a very interesting conversation with a rep about my SW Premier application (approved).

I asked about this specific rumor, and she denied it. She said that there are no plans to expand the rule beyond Chase-branded cards, and that a lot of the terms rely on the partner. Basically, the 5/24 rule exists to weed out people who are getting cards for the award points; it isn't a credit liability issue. If the partners want to give out reward points even for people who are higher-risk to cancel the card, that is their business. Chase might still deny if you are seen as risky, but the whole "going after rewards" does not bother them.

I also asked about the business cards, but she said that is a different department and that she wasn't familiar with their rules, but she thinks the rules would be same for both. We know this is false since the current 5/24 rule doesn't apply to Chase business cards.

flyer4512

IMO You will get MUCH better information here and on other blogs than listening to reps

jsk1973

That might be true in general, but it seems highly unlikely that all of Chase's 10 or 15 (or whatever the number is) co-branded partners all agreed to have 5/24 apply to their cards.

flyer4512

Feel free to wait and see how it plays out, I plan on having 6-9 new cards by Sunday between myself, my wife and my dad who doesn't travel. Now we will have 2 CP's towards the end of 2016. If we wait we may have missed CP for 2017. Basically nothing to lose except that we don't MS so I need to buy about 10 grand in Costco gift cards if we get 9 approvals.

4 approvals, 1 pending so far.

The co brands I use are United, Marriott, Hyatt, SW and IHG. I didn't even know they had 10 -15 partners

fayjaimike

Does the 2 cards in 30 days rule apply for co branded cards? I applied for the Ink plus end of January, still pending, but I want to get SW plus and premier, hopefully same day..

flyer4512

Are you thinking 2/65 for Citi ? I never heard of a 2 card 30 day rule for Chase but it could be as before today I never tried for more than 2.

I would wait for the pending application to clear.

TMM1982

Agreed once this goes into effect, it it hasn't already, I'm essentially done with Chase for 2 years. This really, really sucks. But I'll probably alter my game plan to only chase HUGE bonuses on the major AMEX and Citi cards. No more minor cards.

Depends on the language. And business cards can be churned every 12 months.

Agreed. If Chase decided to do this without consulting partners, they are going to lose a tremendous amount of business when contracts are re-negotiated.

kdm31091

I don't know that they will "lose a tremendous amount of business" over this. The majority of people who are applying for many cards aren't profitable customers anyway. They apply for the card, get the bonus, and either cancel or barely use the card. So I doubt Chase or the partners really care about these customers.

They want loyalty, not just occasional/bonus use. They exist to make money, not to just hand out lots of points so we can travel for free.

I'm sure Chase didn't just "do this without consulting their partners" because I'm sure any such thing HAS to be divulged to the partners, just like how suddenly the Marriott card has an APR range. I'm sure it was planned. It helps mark "riskier" vs "less risky" customers.

I don't see a bunch of the partners suddenly moving to Amex or Citi over this. None of these banks like/want churners. Chase is just being more proactive about it at the moment, but who's to say other banks won't follow suit eventually?

Agree with the above about entitlement, in general, being a bit much. You aren't entitled to get a certain CC whenever you feel like it just because you want it. If you want an IHG card, chances are you just have to wait until your accounts have aged sufficiently, and guess what? Life goes on in the process. We all have to deal with whatever policies the company extending credit wants to have.

I'm not trying to sound all pro-Chase's decision here; I just think people extrapolate "they're losing unprofitable churner customers" into "they're gonna go under because of this!".

TMM1982

KDM, welcome to FT!

kdm31091

Thanks!

serpens

I need to be educated. How does a sign-up bonus keep new customers? I understand the get, but not the keep.

If I were running a credit card program, I would de-emphasize the sign-up bonus and emphasize a retention bonus. It seems to me that loyalty means sticking around, not showing up every xx months.

And I don't mean to pick on jsk1973; this thought has been running around my head for some time. On the hotel side, I had HHonors reps tell me that HHonors was a loyalty program, and I could get status by being loyal to its competitors and then asking for a match. (Background: I was going to spend about 150 nearly consecutive days at a site. I asked HHonors if I could get any enticement, like complimentary diamond for the number of days it would take to earn diamond. No way, I was told, unless I had been loyal to its competition. Very well, I stayed with Hyatt the whole time, and never regretted it.) It illustrates the mindset that businesses would rather poach to get a new customer than retain existing customers. I don't understand.