Credit card prophesies for 2015

For just about anything you want to get off your chest about credit cards.
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Apr 14, 2015 9:51 pm

Nixon wrote:First shut down already reported. ;)


What is the borrower's credit like? Does it look like a case of an overwhelmed issuer, or a questionable initial approval?

There may be a deluge of closures soon, but for now we don't know if there are some borrower-specific factors involved.
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Postby Ghoshida » Wed Apr 15, 2015 1:17 am

Nixon wrote:First shut down already reported. ;)


Ok went through almost 100 posts and found nothing :(

Irony: the one who opens approval mega-thread is the one who reports first shut-down.

As if the credit gods are punishing for talking too much !
AMEX BCE | PRG || Barclaycard Sallie Mae || Capital One QuickSilver | Venture || Chase Freedom | Sapphire Preferred || Citi Dividend || Discover It || UFCU Great Rate || US Bank Cash+ #1 | Cash+ #2 | Club Carlson Plat | REI || Total CL $144.2k + PRG NPSL, not counting AU

Nixon
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Postby Nixon » Wed Apr 15, 2015 11:43 am

Ghoshida wrote:Ok went through almost 100 posts and found nothing :(

Irony: the one who opens approval mega-thread is the one who reports first shut-down.

As if the credit gods are punishing for talking too much !


Yep.

Good thing they wanted EX pull when mine was frozen. ;)
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Postby amex007 » Wed Apr 15, 2015 11:51 am

:lift:
Nixon wrote:Yep.

Good thing they wanted EX pull when mine was frozen. ;)


Frozen reports are the way to go. :lift:
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Nixon
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Postby Nixon » Wed Apr 15, 2015 12:01 pm

amex007 wrote: :lift:

Frozen reports are the way to go. :lift:


Unfortunately EX isn't as clumsy as the other two reports and inquiries stay right where they are for 25 months.
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Postby Ghoshida » Wed Apr 15, 2015 1:20 pm

Nixon wrote:Unfortunately EX isn't as clumsy as the other two reports and inquiries stay right where they are for 25 months.


As they rightfully should :P Don't be a B* :D

But I like one thing about EX: I can view the full report for free every month (or week, if you so prefer).

EQ lets me do that but in a slightly clumsy manner. TU is bonkers.

Freeze freeze freeze !!
AMEX BCE | PRG || Barclaycard Sallie Mae || Capital One QuickSilver | Venture || Chase Freedom | Sapphire Preferred || Citi Dividend || Discover It || UFCU Great Rate || US Bank Cash+ #1 | Cash+ #2 | Club Carlson Plat | REI || Total CL $144.2k + PRG NPSL, not counting AU

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CarefulBuilder14
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Re: Credit card prophesies for 2015

Postby CarefulBuilder14 » Wed Dec 30, 2015 8:28 pm

otter wrote:Since I have become fully immersed in the Garden Cult, I have been filled with the spirit of 09. Okay, maybe it's just voices in my head, but they tell me if I share my predictions- they will go away. So thus saith Otter:

  • Merchants will struggle to meet the liability shift. By the second half of the year, merchants will be scrambling to meet the October deadline. Most big companies will have chip and pin (or sig) terminals by the end of the year. The vast majority of smaller ones will not.
  • Barclaycard will come out with a unique card. To me, Barclays' has the most interesting line-up of cards and sees themselves as innovators (both Sallie Mae and the Arrival are among the best rewards cards out there and then there's the ring which doesn't appeal to me but still has pretty neat features). I look for them to come out with a card which offers some unique way of earning rewards and it will become the new "big" rewards card.
  • Amex will do something different. I could see Amex trying to shake things up this year. Either turning the charge cards into "hybrid revolvers" or maybe coming out with a new card(or bringing back an old card Zync?!)
  • US Bank will nerf the Cash+ even more. US Bank is the nerfing king, so this isn't really a stretch. Look for the Cash+ to become the new "Citi Dividend"- a once worthwhile card which becomes increasingly worthless with each passing year.
  • Chase will do something to increase CC profitabilty once again. Either increase the AF on the CSP (for everyone) or reducing rewards. They could possibly pull the "Citi Dividend" trick and make their categories weaker on the Freedom, but that would be in 2016.
  • Wells Fargo and Citi will become increasingly marginalized. Even with the WF Amex and Double Cash cards, look for WF and Citi's market share to go down.
  • myfico will have an even bigger card craze than OCCU/NASA/Diners Club combined. Someone (credit union, non-profit, etc) will come out with a card with very liberal underwriting (ie. "fixmycredit" will even get 5 digit CL) and myfico will go absolutely bonkers with everyone there leaving the garden en masse.
  • B & T (and family) will go on an even bigger spending binge and will file bankruptcy. For real this time... someone will (unwisely) issue several of the B&T family members a card with a huge limit(perhaps the myfico card mentioned above) and they will live like kings and queens (and no... I'm not talking about the fact that royal families are all inbred). 70' tv's in every room, new kitchen appliances, and (of course) "the clapper" for everything which plugs into an outlet in their house. They will then embark on a giant cruise of the Carribean staying in five star hotels in every port. Sometime on the journey home, they'll realize they spent too much and file for a family bankruptcy.

So what dost thou prophesieth for 2015?

EMV chip acceptance is still limited.
Barclaycard and Amex haven't done anything too special. CashForward is very dull, and the Schwab Amex cards are still under wraps.
I don't think there have been any actual announcements of nerfing from Chase or US Bank...the nerfs were 2014 news.
Amex Green and Gold nerfs I think were all announced in 2014.
Wells Fargo has been further marginalized, but not Citi.
Venture and NBA were big crazes.
I think someone mentioned a B&T BK.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Nixon
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Re: Credit card prophesies for 2015

Postby Nixon » Wed Dec 30, 2015 9:20 pm

Frankly, I don't think BT had enough credit to even get into a BK7 situation that he couldn't have paid his way out of (Lawyers ain't cheap MKay)
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Re: Credit card prophesies for 2015

Postby Vermonster » Wed Dec 30, 2015 11:57 pm

CarefulBuilder14 wrote:EMV chip acceptance is still limited.
Barclaycard and Amex haven't done anything too special. CashForward is very dull, and the Schwab Amex cards are still under wraps.
I don't think there have been any actual announcements of nerfing from Chase or US Bank...the nerfs were 2014 news.
Amex Green and Gold nerfs I think were all announced in 2014.
Wells Fargo has been further marginalized, but not Citi.
Venture and NBA were big crazes.
I think someone mentioned a B&T BK.


EMV is a joke, and will be for 6+months, or until the first major data breach like what Target had a few years ago.
I mean, Amex did lose a lot this year, not the "big changes" that I think were expected, but losing Costco, Jetblue, and Fidelity are pretty big.
Chase Freedom loses the 10+10% after tomorrow. That was a sort of hidden perk, but one that I will really miss.
Don't forget Sportsman's and Ducks cards!
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Re: Credit card prophesies for 2015

Postby kdm31091 » Thu Dec 31, 2015 6:02 am

Venture was probably the biggest craze I saw people going after, and the Duck card. Don't forget the NBA card, too!

I agree Barclay's certainly did not come out with anything innovative or great. Cashforward is middle of the road at best, and all they did otherwise was make arrival+ pretty much not worth anyone paying for.

As far as nerfs, the only big change that sticks out in my head that everyone was really upset over was the discontinuation of Sallie Mae and the resulting 10 pages of arguments where they feel they will keep that 5% until 2050. :rolleyes: There will be another 10 pages of people saying how horrible Barclay is and how they'll never do business with them again when (when, not if) the 5% is taken away.



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