Originally Posted by
garykung
You should re-read what I have said and construct them liberally before pointing fingers.
You should know a brief history about the credit card industry. In the past, there was virtually no restriction on churning. At that time, I was able to churn M+ from First USA bonus per every 6 months.
Then Chase imposed a lifetime limit per product. I thought that was the game.
But the policy changes since M+ Explorer was introduced.
That's how I knew churning will never die. It will exist in this form or another form.
Actually, the long term trend doesn't look good. Other countries (and the US for debit) have capped interchange fees for cards, resulting in a dramatic decline in the rewards and bonuses available to cardholders. They were able to do this because security improvements (and subsequent drop in fraud rates) meant that the fees that were being charged before were increasingly unjustifiable to the authorities.
If the retailers have their way, the same thing could happen with credit cards in the US as chip becomes more commonly used.
The upside is that American Express doesn't seem to be affected by those caps--for now anyway.