I love credit cards so much!

[Lain]

Some interesting discussions on /r/churning yesterday, including:

This thread discussing Credit card super-users take a $330 million bite out of JP Morgan’s revenue

Some highlights from the article:
- Chase reported a record second-quarter profit of $8.32 billion
- Rewards liability were reported as a $330 million reduction to revenue
- Credit card customers are redeeming (and earning? the article isn't clear) points faster than anticipated
- Apparently, Chase's spin is that this is a "good thing" because it shows how engaged customers are with Chase's products

And, I guess I can call myself a "super-user" because:

“There’s a subset of savvy credit-card users who are diligent about maximizing their usage to capture the biggest benefit they can,” McBride said.

These consumers, he said, only use the cards in categories that pay the richest points. For instance, they would whip out a Sapphire card for dining and travel but switch to Chase’s Freedom card to pay for purchases in the rotating category that’s rewarded most, such as gas stations and drug stores.

This inevitably renews some concern that Chase may become more stingy with signup bonuses or further restrict their Ultimate Rewards program. As we know, Chase recently reduced Priority Pass guest access on the CSR and eliminated price protection benefits on their cards, which most churners seem to be okay with as long as Chase keeps the broader UR program (i.e., points pooling and transferability, and redemption bonus multipliers) intact.

 

[Judique]

Congrats on the approval !


And thanks for the detail. My takeaway here for card match is be decisive and act fast... not always two of my strong suits. I think I'll leave that for hubby to do it

An additional takeaway: don't go looking for the offers unless you are ready to pounce!!!

 

[Judique]

Some interesting discussions on /r/churning yesterday, including:

This thread discussing Credit card super-users take a $330 million bite out of JP Morgan’s revenue

Some highlights from the article:
- Chase reported a record second-quarter profit of $8.32 billion
- Rewards liability were reported as a $330 million reduction to revenue
- Credit card customers are redeeming (and earning? the article isn't clear) points faster than anticipated
- Apparently, Chase's spin is that this is a "good thing" because it shows how engaged customers are with Chase's products

And, I guess I can call myself a "super-user" because:



This inevitably renews some concern that Chase may become more stingy with signup bonuses or further restrict their Ultimate Rewards program. As we know, Chase recently reduced Priority Pass guest access on the CSR and eliminated price protection benefits on their cards, which most churners seem to be okay with as long as Chase keeps the broader UR program (i.e., points pooling and transferability, and redemption bonus multipliers) intact.

They would be shooting themselves in the foot in one sense, but so long as they think the program is earning its keep, it will stay intact.

Record profits come from somewhere and its probably all those people who signed up for CSR/CSP when they were 100K offers and also who've probably never done anything with the points.

The above is also true of churners. I hear a lot about acquiring points, but some people just don't spend them.

Chase knows what their outstanding liabilities are for earned points and they hold the cards same as the hotel programs: devaluation.

 

[amalone1013]

I remember reading about a Discover Samsung Pay offer on DOC: https://www.doctorofcredit.com/targeted-get-15-when-using-discover-with-samsung-pay/

I never got the email for it, so just assumed I didn't get it because I've been using my Discover in Samsung pay all year. I used my card with Samsung Pay on 6/25 and 6/28 at grocery stores, and on 7/5 for 42 cents at Walmart… Saw today that on 7/12 I got the $15 credit. Not sure what transaction triggered it. I know a few people have Discover + Samsung Pay.

 

[amalone1013]

Ok, maybe a silly question... but I have now received both checks from our insurance for the damage they found during their appraisals, minus our deductible. One vehicle is at the shop now waiting for insurance to approve another $1200 in damage they found and the other hasn't gone yet.

Is there any reason I can't deposit the insurance checks today to sit in my savings and earn a little interest before the vehicles are fixed and the credit card payments are due? Last year when I went through this with my car and mentioned the idea to DH/his parents, they got all worked up about how I shouldn't do that because it meant I was accepting the number the insurance gave me and that then insurance wouldn't pay for any more... Is this true for hail damage?

 

[Albort]

Can you elaborate on Cathay? A friend of mine loves Cathay, and I saw that as an Alaska partner which made me lean towards an Alaska redemption for my N&F in case Japan doesn't work out,, but your comment has me worried lol.

@Albort I wasn't even thinking about Cathay, but that's great information. I was more thinking that I can use Alaska for domestic flights, or if we decide we want to do Hawaii, which really isn't on our radar right now.

Finally an article --> https://onemileatatime.boardingarea.com/2018/07/13/no-cathay-pacific-business-class-awards/

You can only refer people for cards that you hold. So you could refer him to the CSP but not the CSR. That would have to be a new application.

hehe, with exceptions... :] CI+ can refer CIP for some odd reason.

 

[striker1064]

So some good news and some bad news. First the bad, I called Amex to discuss my frustration with losing the 100k offer and after being bounced around a few places all I got was the usual wow, that's a good offer, I wish I could pull that up (I'm serious, that was the reply when calling the new application and the existing cardholder lines). To be fair, the existing cardholder rep was very professional and tried a bunch of things for me, but no go. As expected there was nothing they could do, so I did have them lodge a formal complaint on my disappointment with their random offer changes. Don't expect it to go anywhere but I was pretty frustrated at that point.

Let me tell you... The second most frustrating and awful feeling in churning is trying to get Amex to budge on points. Whether it's fighting with them on the regular bonus or asking for a match to a higher offer that came a day after you applied, it's just terrible.

 

[Haley R]

Which hotel?

I didn’t ask him lol

 

[Lain]

/r/churning also sponsored another Ask Me Anything (AMA) session with Plastiq CEO Eliot Buchanan, where he addressed a few interesting things: https://www.reddit.com/r/churning/comments/8yl8vv/im_eliot_buchanan_ceo_of_plastiq_ama_again/

On all the attention that Plastiq coding 3x UR on CIP has gotten, it sounds like Chase is aware and doesn't mind (for now): https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2bsppr/

Q: There’s a lot of worry around here that the more the media picks up on the Chase Ink Preferred card coding Plastiq as 3X, the sooner that perk will go away. Personally I can’t believe that Chase would be unaware of this. Can you confirm whether the 3X coding is intentional on Chase’s part?

A: If you look at past discussions by Chase, including their public earnings calls/transcripts, they have mentioned several times how they were intentionally aggressive with, say, the CSR card and its bonus when it came out. This was despite analysts asking them about the huge cost, which Chase more/less summarized as "not a big expense" for their longer term goal of retaining the customers as part of the overall bank (i.e. card is just an entry vehicle to relationship with Chase banking). Point is, these bonuses are a rounding error as part of a broader strategy. I can also confirm that Plastiq is 100% following VISA and Chase rules in how we are processing these payments, so there are no surprises to anyone. Of course, as we have seen in the past, many issuers change their offers/bonuses from time to time.

On the recent limitations placed on Visa consumer credit cards, it seems Plastiq was forced to process Visa consumer cards under a specific Merchant Category Code (MCC) that is the same used by Visa prepaid cards, which probably explains why some cards code as cash advance and some limited to 20% of credit line:

https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2bq6pd/

https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2btgr5/

https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2bpul4/

Interestingly,

VISA's take on business cards specifically is different and has evolved because it's a different customer type that, I believe, they find to be lower risk (more underwriting, tied to corporate EIN) and therefore do not need to be treated as the "quasi-cash" MCC that we currently treat consumer cards as. Happy to elaborate more if people want/interested? (note also that this distinction, in Plastiq's view, is not entirely clear and is part of the basis for our conversations with VISA on changing our MCC for VISA consumer cards as well - which I mentioned in another post).

So it seems Visa business cards code under a different MCC and Visa views transactions on these cards as lower risk.


On whether Amex and Visa might be open to mortgage payments again in the future: Firm NO.

https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2bptgh/

Although there may be some wiggle room with Amex to allow car lease payments, but separating those from car loan payments (paying debt with debt) is an issue that needs to be worked out.

https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2btji0/


On how to get your account flagged by Plastiq: https://old.reddit.com/r/churning/c...ot_buchanan_ceo_of_plastiq_ama_again/e2bvqvw/

Red flags: we look for things like people having duplicate accounts, people sending money to themselves, people intentionally trying to game our rules/system to get by category restrictions.

Plastiq is planning to add expedited checks sooner, tracking info later, and apparently working on some sort of loyalty program longer term.


Fun tidbit: Plastiq's CEO uses only Amex Biz Platinum, SPG, and Citi Double Cash cards.

 

[Albort]

/r/churning also sponsored another Ask Me Anything (AMA) session with Plastiq CEO Eliot Buchanan, where he addressed a few interesting things: https://www.reddit.com/r/churning/comments/8yl8vv/im_eliot_buchanan_ceo_of_plastiq_ama_again/

i went through the thread last night... i felt it was quite a lackluster AMA.

 

[Lain]

You can only refer people for cards that you hold. So you could refer him to the CSP but not the CSR. That would have to be a new application.

hehe, with exceptions... :] CI+ can refer CIP for some odd reason.

Another exception is when you generate a referral link for a card (say the CIP), before you product change it to another card (the CIC or CIU) -- but not close the card -- that referral link remains alive for some time, and you can still earn referral bonuses from that link.

 

[Lain]

i went through the thread last night... i felt it was quite a lackluster AMA.

I agree that Plastiq AMAs are like two acquaintances doing an awkward dance. I'm surprised someone asked about the CIP coding 3x. I guess, why not after FM, MMS, Business Insider, and TPG already outted it, right?

 

[Albort]

I agree that Plastiq AMAs are like two acquaintances doing an awkward dance. I'm surprised someone asked about the CIP coding 3x. I guess, why not after FM, MMS, Business Insider, and TPG already outted it, right?

haha. well, we kinda got a good answer out of it... :]

 

[StephPlum]

First redemption of UR points!!! I was looking a few of my hotels for Glacier/Banff/Jasper. Checking to see if any were lower in price and decided to check out the Chase Portal. We have a one night stay in Cranbrook, AB at the best western. Found it on the portal for a little cheaper (still refundable) and booked with points. I am thinking since I have the hotel confirmation number I should be able to look it up on the BW site and it says reservation not found. I still have my original reservation (you know, just in case). Maybe I need to wait? Looking for other data points on if you are able to see your UR points reservations on the hotel website.

 

[Judique]

Ok, maybe a silly question... but I have now received both checks from our insurance for the damage they found during their appraisals, minus our deductible. One vehicle is at the shop now waiting for insurance to approve another $1200 in damage they found and the other hasn't gone yet.

Is there any reason I can't deposit the insurance checks today to sit in my savings and earn a little interest before the vehicles are fixed and the credit card payments are due? Last year when I went through this with my car and mentioned the idea to DH/his parents, they got all worked up about how I shouldn't do that because it meant I was accepting the number the insurance gave me and that then insurance wouldn't pay for any more... Is this true for hail damage?

I would say that the parents are correct. Once you deposit the check, you've lost your bargaining chip, especially with the newly found damage. The TV lawyers say don't sign away your rights, lol!

Insurance checks that I've received usually have some language right on them.

 

[EC0323]

Ok, maybe a silly question... but I have now received both checks from our insurance for the damage they found during their appraisals, minus our deductible. One vehicle is at the shop now waiting for insurance to approve another $1200 in damage they found and the other hasn't gone yet.

Is there any reason I can't deposit the insurance checks today to sit in my savings and earn a little interest before the vehicles are fixed and the credit card payments are due? Last year when I went through this with my car and mentioned the idea to DH/his parents, they got all worked up about how I shouldn't do that because it meant I was accepting the number the insurance gave me and that then insurance wouldn't pay for any more... Is this true for hail damage?

You should be ok. But its been 10 years since I worked in autobody repair office. You can call Monday and talk to your adjuster and see how they handle supplements. Most of the time they pay the shop direct for those. All checks we received back then were labeled final payment. But the insurance companies always paid the supplement. But they can say final payment done. Never saw it happen but it could happen. I would just call and ask.

 

[kmc8826]

My first statement hasn't even closed yet on CSP. What are the odds that I contact Chase and say oops applied for wrong card, let's make this CSR?

I would say worth a shot if that’s what you really want to do. Another idea would be too have your player 2 apply. It is easy to combine points from different UR cards when you are in same household.

 

[speedyfishy]

Well I have gone off the rails. SO and I woke up this am thinking what should we do today. Well we decided at 11:30 AM that we would be getting on a 2:20 flight to Orlando for one night at Disney World. I quick booked flights used Southwest points and the companion pass. It was expensive at 26,000 points so I had to transfer some from Chase. On the Lyft ride I called Chase trying to book a hotel and tickets. They were saying there was nothing available so I just got two day park hoppers with points. I booked pop at $200 on the Disney website and I’ll get $100 back from the CSR. left our apartment at 12 and got to BWI at 1. Boarding in 7 mins. This is so reckless but man it feels great. I’m a planner and have never done something like this. It is so fun and points made it all possible. I love you all.

 

[Psychodisney]

Well I have gone off the rails. SO and I woke up this am thinking what should we do today. Well we decided at 11:30 AM that we would be getting on a 2:20 flight to Orlando for one night at Disney World. I quick booked flights used Southwest points and the companion pass. It was expensive at 26,000 points so I had to transfer some from Chase. On the Lyft ride I called Chase trying to book a hotel and tickets. They were saying there was nothing available so I just got two day park hoppers with points. I booked pop at $200 on the Disney website and I’ll get $100 back from the CSR. left our apartment at 12 and got to BWI at 1. Boarding in 7 mins. This is so reckless but man it feels great. I’m a planner and have never done something like this. It is so fun and points made it all possible. I love you all.

Have fun!!!!!

 

[Haley R]

Well I have gone off the rails. SO and I woke up this am thinking what should we do today. Well we decided at 11:30 AM that we would be getting on a 2:20 flight to Orlando for one night at Disney World. I quick booked flights used Southwest points and the companion pass. It was expensive at 26,000 points so I had to transfer some from Chase. On the Lyft ride I called Chase trying to book a hotel and tickets. They were saying there was nothing available so I just got two day park hoppers with points. I booked pop at $200 on the Disney website and I’ll get $100 back from the CSR. left our apartment at 12 and got to BWI at 1. Boarding in 7 mins. This is so reckless but man it feels great. I’m a planner and have never done something like this. It is so fun and points made it all possible. I love you all.

That’s awesome have fun! We are in the same boat. I’m a complete planner and kind of anal about things but I just said who cares let’s go next weekend since I have two days off. I really wanted to go to after hours again.