rxgeek

Getting removed as an AU on Amex is not a pain. I have done it. The primary can do it with a call to Amex. It is immediately removed from your credit report.

StatusChallenged

Is it too late for people to get the CSR or Ritz and use the travel credit twice before 2017?

bbriscoe34

So I mistakenly applied early for the CSP card for my wife on Dec 1. She was approved as her previous approval for the CSP was 11/30/2014. However, it has only been about 22 mos since her previous bonus was applied.

What is the best path forward?

1 - Any chance she still gets the bonus on this? How to verify?

2 - can we cancel the card and reapply for it in 3 months to get the bonus? Would that still twice against her 5/24 limit or can one of the cards get dropped from 5/24 listing if canceled immediately?

DaveInLA

DoctorofCredit is reporting that CPC may no longer be bypass 5/24.

http://www.doctorofcredit.com/chase-......-chase-524/

What are your experiences recently?

Julie17

DH is a CPC with 10 new personal cards opened in the past 24 months. He applied online for the Reserve card last Friday Dec. 2 and initially got pending message. The automated status line said he was approved later that day. He did not have any branch pre-approvals when we asked back in September, but we have not checked for pre-approvals lately. Quite shocked that he didn't have to call recon.

I hope DoC's source is wrong. If not, I have a feeling Chase may see an exodus of quite a few CPCs and their $250k+ deposits in the coming months.

mia

The banking system is awash in money. Chase doesn't much benefit from those deposits. They set a minimum level as a proxy to screen for households that are likely to use a range of paid services over time. Chase loses money if the account is primarily used as a gateway to churn cards. They could close the accounts directly, or they could change the rules and let the customers decide.

jwgmaldives

I spoke to my banker and he says that the amount of asset under management is actually very important to the bank. Therefore, lets say 4,000 people are churners who does 250k each to get CSC, that is 1 billion that will be decreasing from their AUM. To make matter worse that is also 1 billion that will be moving to their competitors.

For companies who always boast that they have xxx in AUM, I would think that matters to them.

sdsearch

There were a lot of posts here in the Chase FT forum (this thread plus the Reserve thread) leading to that same conclusion a while ago. At first people were bypassing 5/24 by doing CPC, then a while ago many people started noticing that CPC didn't help any more, and only pre-approved in branch was consistently bypassing 5/24 any more.

aln10788

In the past 6 months I have applied for the Freedom, Preferred, Reserve and Business Ink Plus. I used my SSN as a sole proprietor for the Ink Plus card that I have had less than 1 month. I have $13,000 that I will be spending in the next month. I have read conflicting reports on whether or not my Ink Plus is going to put me at 4/24 or if it won't and I am at 3/24. I am thinking about applying for the Ink Business Preferred which would get me $10,000 out of my $13,000 and 150k UR. Basically, do I have 1 or 2 more Chase cards to sign up for and should my next one be the Ink Preferred. Thanks

jwgmaldives

Then the only thing left to do is mass exodus to teach them a lesson.

It's one thing to piss off general MSers, it's another to piss off MSers who has 250k to invest with them.

JB in AZ

Lots of info on this site, if you know where to look! It's a great site but can be overwhelming for occasional posters.

I just received an invitation for the above mentioned card with 50,000 bonus miles after $2,000 spend in 3 months...Sounds great,, but I have several other Chase cards and I have read that Chase limits the number of cards one can have (or newly opened in a specific time fame?) and also how many applications you have made in a specific time frame. Or something like that. LOL I also know these "rules" change over time.

I don't want to apply and be declined due to these restrictions. MY FICO score is ~820

Would someone be so kind as to either direct me to the thread discussing this or give me some pointers?

Thanks so very much!

(Feel free to move this thread if needed!)

sdsearch

Well, to be fair, most of the people reporting the failure here were new to CPC, I think, and may have used the "loophole" (that was publicized here and maybe elsewhere) that you have some after becoming CPC before you have to deposit all the funds, and initially people were able avoid 5/24 by applying for a Chase card right after becoming CPC but before depositing all the funds (and thus did they ever deposit all the funds, or did they walk away from CPC after getting the card approved?).

So it could be that if you're a longtime CPC, it may still bypass 5/24, but if you're fairly new to it, it no longer works.

At any rate, I doubt there's a "mass exodus" coming, because I doubt most people who use CPC are churners. The FT community is not representative of the world at large in terms of their credit card application habits.

philemer

Now that you are in the right forum you'll find all your answers in the WIKI above. Read it carefully. Just because you got a targeted offer doesn't mean you'll be approved. Or, you might be approved and not receive the bonus. Look carefully at the 5/24 rule (if you've opened 5 credit cards in the last 24 months, from any bank, you'll likely be denied for most Chase cards. A handful of exceptions are listed in the WIKI but the UA Mileage Plus isn't one of them). Going into a Chase branch might improve your chances though.

mia

Money sitting in a checking, savings or CD account is not under management. Funds where you pay them to decide how to invest the money are, indeed, very important because they are very profitable.

RedElmo

You bet money sitting in your checking and savings is under "management" you really think they just store your cash under this big mattress in the back? They use your money to invest, to loan out to others, to do whatever the heck they want till you ask for it back. That money is way more profitable than collecting 4% from your $250k and helping you make money by investing for you. Any bank would rather have your money in the checking or savings so they can use it however they please.


If everyone pulls their money out at once chase will not be able to fulfill all the withdrawals. Of course that's a slim chance.