joer1212

I'm dismayed over the recent changes made by Chase (24/5 rule) and American Express (one bonus per lifetime). They have put a severe damper on our hobby, and I expect it to get worse.
Let's face it, it won't be long before the remaining holdouts (Citibank and Bank of America) will follow with restrictive rules of their own. Once that happens, the era of credit card churning will be effectively over. To compound the problem, opportunities for manufactured spending (which I was going to try for the first time) have also dried up (correct me if I'm wrong).

As a result of the new cc rules, my most recent app-o-rama was the worst one ever. Three of the 4 cards I applied for 3 were denied. The one I was approved for (from Citibank) was granted only after calling their reconsideration line and staying on the phone for over half an hour.

Questions:

Do you think this is just a marketing phase, or are these new cc rules permanent? (If not, do you ever see the rules going back to where they were 3 years ago?)

Have the cc rules ever been this strict before?

Where do you guys see this game in the next 3-5 years?

Joshy119

Being in the game since 2012 makes you a veteran. While you may have missed out on the mint just now thinking about MSing means you missed out on a ton of opportunities

canyoncar

You just have to be selective about which cards you apply for. Do you already have too much credit with that bank? How much credit limit do you have over all your cards? Is that very high compared to your income? Maybe the banks don't like your AAoA.

There's some reason you're getting straight up denied for 3 cards. I know it's frustrating to have that happen, but perhaps you need to let your current cards age a little bit.

For me, the real MS downer was the loss of Kate. I'm not so worried about the CC app rules (yet.)

dethkultur

Each bank has its own priorities - invest in customer acquisition sometimes, cut expenses sometimes, increase fees sometimes, etc, etc. For public companies, their priorities are often out there in annual reports or shareholder meetings. Amex in particular went from aggressively acquiring customers to increasing their efficiency ratio, ie regrouping and cutting costs, increasing some fees, and focusing on retention. Chase too, it is the trend du jour at a bunch of Banks lately. There are exceptions - Discover and Cap 1 especially still see opportunity in acquiring juicy customers.

When a Bank wants new customers, offering incentives is a great way to get them (credit cards, checking bonuses, etc.) Every bank will dip their toe in the pool when they need to. It works. Chase and Amex will get there again at some point once this current phase gets the results they want. Now, there probably won't be as many suicidal techniques allowed like signing up for 9 of the same card on the same day, but Amex will certainly embrace old customers again when they are ready to focus on that.

lumangoy

Did you ask why you were rejected?

My credit score is pretty good, but was recently denied for a credit card and when I asked my, it was because of the debt in my credit report!

I'm waiting to get that cleared and I will apply again!

so... check your credit report if you haven't.

ibleed0range

Well, I started later than you and while I haven't accrued as many points and miles as some, I have made a decent chunk of change. By sitting on the sidelines you really missed out.

craz

There are several cards worth keeping and even paying the ann fee for(Its a YMMV issue per person) Sure its nice to get that bonus but there are plenty of cards that I find worthwhile even w/o the bonus.

Now as more and more places make GCs ca$h only its getting harder but still Im left with enough meat on the bone, how much longer I dont know.But as long as its still giving me a nice yield for what I want I'll continue to play the game

1st time bonuses is only only 1 part of it, being able to earn miles or pts at a good rate is another

joer1212

Chase sent me a letter stating that I have made too many inquires in the past (5/24 rule). This means that in the future, I will be ineligible for any Chase cards (unless I am targeted for an offer) because I apply for more than 5 credit cards in a 24-month period.

Bank of America denied me because I "already have an account" with them (I waited over 90 days between applications).

My credit score is 781.

joer1212

I didn't exactly sit on the sidelines, I've been regularly doing AOR's since late '12, but, I never learned about MS.

joer1212

I sure hope your prediction is right.

joer1212

I'm not asking for a full tutorial, but just how many miles/points can a person reasonably expect to accrue with MS annually? Are there still opportunities, or have the loopholes been closed?

joer1212

When Chase and Amex effectively bar you from their cc bonuses, it's no longer a question of being "selective". You are just s**t out of luck. And, unless I somehow learn to MS, I will never see substantial Ultimate Rewards, Membership Rewards, or United miles again.

I do have several older cards (~2003) with BOA, and about 7 Alaska Airlines cards.
I also have a couple of old (~2001) Citi Dividend cards.
Not sure what formula the cc companies use to determine if my income is proportional to my request for credit, but my hunch is that it is within reason.

I was thinking the exact opposite. I wanted to close down my useless older Citi and BOA cards because they may be a hindrance to qualifying for additional credit. I know this is considered sacrilege on this forum, as the average age of your accounts contributes to your credit score, but my reasoning is that the credit hit would only be temporary.

joer1212

If MS proves to be lucrative, I may abandon my strategy of cancelling cards before the annual fee is due.
For example, the Chase Sapphire Preferred is a great card to keep, especially paired up with the Chase Freedom (with quarterly bonus categories).

ff.volker

Think about the people that started after that? I don't know any hard working MS'er that started in 2015 or 2016 who is throwing a pity party.

You are 3-4 years ahead of the new generation, nothing to cry about...

250k easily just with the Ink+. Technically manageable in a month (but I wouldn't). And if you read the MS beginner thread you will see that there are a lot of opportunities out there.

hamokmonky

You should probably REALLY learn how your credit score is calculated before deciding how you want to modify your credit profile, as once you close the cards, you cant reopen them with the same age. Theres a lot of wrong information out there and most people don't really understand how things affect their credit score.