Happy

beltway, we need your clarification. I read it as a sarcastic comment, while RNE read it as you agree with him.

Please, do us a favor, which side you are on?

PS

I also find it very interesting that the blogger world has NOT a single word about this recent development while not too long ago, View from the Wing was hawking CSP and Ink cards basically every other day for weeks on end.
Now he is dead silent. If this is not a empirical data point of a policy change at Chase, I do not know what else could be if someone here still insists there is no policy change regardless how many fresh data points have been posted here about the new climate for getting a Chase in house card.

burroheadnebula

Some speculation.... google tells me Chase's fiscal year ends on August 31st. Could it be that they have a reason to want to slow down down their surely constantly building UR points liability before the fiscal YE? They can't really change the terms temporarily to stop us those of us with the cards from earning but they can make it difficult for people to earn those fat UR bonuses for a while.

It's such a big change in their modus operandi, I'm hoping it's temporary and then it will loosen up.

aza72

Looks like Doctor of Credit is reading the thread and has provided us with a nice summary

http://www.doctorofcredit.com/chase-...e-new-reality/
http://www.doctorofcredit.com/a-way-...ses-new-rules/

aza72

Unlike some other issuers, eg amex, Chase recognizes the cost of rewards as soon as they are recognized though:
http://files.shareholder.com/downloa...nualReport.pdf

Nothing about customer acquisition costs for credit cards.

Another interesting tidbit, that hints at a move away from purely FICO based scoring.

This makes me think that the policy is not targeted specifically at people going for the bonus, but as a way to avoid people who are starting to get into financial trouble and take out a bunch of credit cards.

snic

Could be. But then they are throwing a lot of babies out with the bath water.

I find it more plausible that some nincompoop at Chase ran a regression of their customers' profitability generated from an opened card against # of recently opened credit cards, and found a strong inverse relationship. Which makes sense, because the more cards you have, the less likely you are to use your new Chase card for your purchases. That could explain why even the Slate, which has no bonus, is subject to this new policy.

Mountain Trader

Deleted

italdesign

That's true for UR cards but not true for co-brand cards. Calling does seems to hurt.

So, co-brand apps are now like biz apps, while UR apps are infinitely worse.

italdesign

That should tell you how much to trust those bloggers on credit card advice.

Kudos to Doctor of Credit for blogging about it. Are there others who have done so?

mileshound

The bloggers must be getting nervous. AMEX now has the 1 and done rule and now Chase is getting stricter. The bloggers income is at jeopardy if churning is becoming harder.

I have been losing respect for the blogging community. They will push an AMEX card but rarely point out the one and done. By them not mentioning the new Chase revelation, even thought they are not confirmed, is a disservice. I will not even get into what appears to be planted questions just to talk about some card.

Also TPG never mentions his parent company is bank rate and creditcards.com is a sister company, yet he refers people to it and calls it a "reputable" site.

All I want is honesty and full disclosure from these guys. I do like reading the blogs but most days come away with a bad taste in my mouth.

ehchan

Just another data point... My wife was approved with a $5000 limit on Ink Plus yesterday. Her new lines over the last 2 years:

Chase:
Car Loan
Sapphire Preferred
Hyatt

Citi:
AA Executive
AA Platinum

Amex:
Blue Cash

In addition, she's an authorized user on the following recently added cards:
My Chase Sapphire (used to be preferred until last month)
Citi TY Premier
Amex PRG
Barclay Arrival+

Brugge

It makes sense for a blogger with AMEX affiliation to not mention the once per lifetime, and the "if we recognize you as having an open AMEX card", policies. Blog readers who don't qualify for the bonus will still be approved for a card. So the blogger will still get a payment for the sign up, only the applicant loses out when they don't get their expected bonus.

But why not mention the new Chase policy (yes it is a "policy", when 20 CSRs declare it as policy without being asked, and only one denies it). How does it benefit them if readers apply and get denied? Pretty sure there is no affiliate payment for failed apps.

And eventually, many of those blog readers will find out about the new Chase policy, and realize that the bloggers had encouraged them to go on a fool's errand by applying for a card they were never going to be approved for. I haven't been a blog hater up to now. But like the OP above I've lost much of my respect for even the better blogs who are constantly pimping cards that their readers either will not get, or will get approved but will not get a bonus.

Brugge

It was quite obviously sarcasm, as the at the end made clear. And RNE has a habit of purposely misconstruing comments, as was done in this case.

All of the Chase CSRs were correct, there is just a mistake in terminology. The middle ground is that it is a general policy, that will apply to almost everyone. But it's not a "rule" that can never be overcome if for some reason Chase greatly favors an applicant.

Just as Citi has been known to approve an occasional app for someone who was issued the same card 12 months earlier, but turns down 99% of apps without 18 months in between, there is the occasional post of someone not being held to the new Chase policy, as in 3770 above. Just because a policy can be ignored in an exceptional case does not mean it's not a policy, just that its not an absolute rule.

Brugge

Yes, Frequent Miler has recently linked to the Doctor of Credit post about it.

RNE

Unlikely. A simple check of one's credit utilization* distinguishes those in trouble versus the rest of us. I have umpteen credit cards and my utilization is 4%. I'm clearly not getting more cards because I'm using up all the credit on the others. Rest assured, Chase knows exactly what we are and what we're doing. The Bank is telling us to rein it in. We should heed that advice.

*"Thirty percent of your credit score is determined by your credit utilization, which is the ratio of your outstanding balances on all revolving credit (usually credit cards and home equity lines of credit) compared to the credit limits on those accounts." —Interwebz.

snic

Uh, we don't actually have any choice in the matter.