November 2015 Garden Cult/Club

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JonE
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Re: November 2015 Garden Cult/Club

Postby JonE » Sun Nov 08, 2015 9:39 am

So what do we make of the questionnaire on the Chase Customer Panel about cash back cards? I'm wondering if the Freedom's days are numbered in return for a 2% (or higher) general card? I'm thinking Discover is the better deal than Freedom and likely will be for the foreseeable future. Discover might be my next app even before CSP or EDP since they might like my credit profile better than Amex would. Since I'm a Chase customer I could probably get away with a CSP app right around the same time.
Current Cards: Chase Freedom, Discover IT
Future: TBD


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CarefulBuilder14
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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Sun Nov 08, 2015 10:53 am

JonE wrote:So what do we make of the questionnaire on the Chase Customer Panel about cash back cards? I'm wondering if the Freedom's days are numbered in return for a 2% (or higher) general card? I'm thinking Discover is the better deal than Freedom and likely will be for the foreseeable future. Discover might be my next app even before CSP or EDP since they might like my credit profile better than Amex would. Since I'm a Chase customer I could probably get away with a CSP app right around the same time.

Freedom is a very popular Chase card, and one they market a lot. I doubt they'd get rid of it completely, since it's the everyday card (not just a bonus category card) for a lot of low-risk ordinary (non-credit-enthusiast) customers who make them steady money. Getting rid of Freedom completely would expose them to losing a lot of customers' banking and CC business.

I could certainly see Chase adding a plain cash back card, or maybe lowering the 5% cap on Freedom a little.
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

Tubpbs
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Re: November 2015 Garden Cult/Club

Postby Tubpbs » Sun Nov 08, 2015 11:17 am

CarefulBuilder14 wrote:
JonE wrote:So what do we make of the questionnaire on the Chase Customer Panel about cash back cards? I'm wondering if the Freedom's days are numbered in return for a 2% (or higher) general card? I'm thinking Discover is the better deal than Freedom and likely will be for the foreseeable future. Discover might be my next app even before CSP or EDP since they might like my credit profile better than Amex would. Since I'm a Chase customer I could probably get away with a CSP app right around the same time.

Freedom is a very popular Chase card, and one they market a lot. I doubt they'd get rid of it completely, since it's the everyday card (not just a bonus category card) for a lot of low-risk ordinary (non-credit-enthusiast) customers who make them steady money. Getting rid of Freedom completely would expose them to losing a lot of customers' banking and CC business.

I could certainly see Chase adding a plain cash back card, or maybe lowering the 5% cap on Freedom a little.



Where is the questionnaire?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

JonE
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Re: November 2015 Garden Cult/Club

Postby JonE » Sun Nov 08, 2015 2:45 pm

Tubpbs wrote:
CarefulBuilder14 wrote:
JonE wrote:So what do we make of the questionnaire on the Chase Customer Panel about cash back cards? I'm wondering if the Freedom's days are numbered in return for a 2% (or higher) general card? I'm thinking Discover is the better deal than Freedom and likely will be for the foreseeable future. Discover might be my next app even before CSP or EDP since they might like my credit profile better than Amex would. Since I'm a Chase customer I could probably get away with a CSP app right around the same time.

Freedom is a very popular Chase card, and one they market a lot. I doubt they'd get rid of it completely, since it's the everyday card (not just a bonus category card) for a lot of low-risk ordinary (non-credit-enthusiast) customers who make them steady money. Getting rid of Freedom completely would expose them to losing a lot of customers' banking and CC business.

I could certainly see Chase adding a plain cash back card, or maybe lowering the 5% cap on Freedom a little.



Where is the questionnaire?


A few customers (including me) got an email about the Chase Customer Panel which included a questionnaire that had questions about cash back cards. Not everyone got the email apparently, and even those that did, not everyone was accepted, I was.

I could see Freedom becoming something along the lines of what Sallie Mae was, or even Cash Plus, 5% on some categories, 3% on others, 2% on others, 1% for everything else. That would put it in line with the BCP or the aforementioned Cash Plus. As long as the categories are relevant, since this quarter is a major disappointment.
Current Cards: Chase Freedom, Discover IT
Future: TBD

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CarefulBuilder14
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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Sun Nov 08, 2015 11:00 pm

I've had EDP now for six months and decided to do an analysis of my spending (in the pre-EDP past vs. the last 6 months, as well as expected changes) to get a clearer picture of how well the card was working.

Observations:
1. Costco spending is up, and will likely remain high. This is good for EDP currently, but bad for EDP after the Costco switch to Visa.
2. Spending for the signup bonuses on Arrival and IHG didn't take (and Hyatt isn't taking) much in the way of gas or grocery purchases away from EDP. In other words, EDP has been working at close to full steam.
3. I am exceeding $250 in groceries every month, but not by a huge amount. The last six months had one $500+ month and one $400+ month. Mostly it's $300-$350. Before I got EDP, I was usually spending $400+. In part I'm eating less myself, and I'm cooking for a group less. I associate the value of EDP with getting some giant $150+ piece of meat for a big group, but that's really only likely to happen maybe 3 times a year in the future. Assuming Sallie hangs around and I combine it with BCE without accidentally overspending on Sallie very much...I'll still be earning conservatively 3.5% on groceries. That's pretty good for no AF.
4. My "miscellaneous" spending is pretty high, but I don't think 1.5 MRs is very much better than 1 UR.
5. The BA nerfs (MR/Avios conversion and short-haul partner rate) has to hurt my valuation of MRs, though I'm not sure exactly what value to assign to MRs now.
6. I don't terribly mind tracking my number of transactions, but the extra 50% isn't terribly lucrative compared to the alternative mix of Sallie, BCE, and UR cards. *The 50% bonus really only makes a worthwhile difference in months with a lot of groceries. The extra 50% on 1x/1.5x spending doesn't really do much since 1 UR is nearly as good.*
7. The offers I get on EDP are pretty close to what I get on BCE. The fact that I am paying an annual fee and using the card frequently isn't getting me better offers.

So my thinking is:
1. Keep the card with the AF if I can get a retention offer worth around $50. I'd use the card less, and almost certainly not get a retention bonus in spring 2017.
2. If I can't get one, try to PC the card to no-AF ED. *Maybe this should be my primary option...to drop the AF when I can.*
3. If I can't do either...I'm not sure what. Maybe I'll keep it if I get some good offers. *Closing it completely would be a last resort*.

I still think EDP is a great card for some people...it's just that I have a lot of great cards and its role is less clear as Amex, Costco, and my spending all change.
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

JonE
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Re: November 2015 Garden Cult/Club

Postby JonE » Mon Nov 09, 2015 1:30 pm

Well, I really was expecting to 'garden' until the end of the year, but decided to try a Discover application and got approved for $1400. Not a stupendous starting CL but it'll grow with time I'm sure.

Must be feeling generous over the holidays. :D
Current Cards: Chase Freedom, Discover IT
Future: TBD

Nixon
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Re: November 2015 Garden Cult/Club

Postby Nixon » Mon Nov 09, 2015 3:14 pm

JonE wrote:Well, I really was expecting to 'garden' until the end of the year, but decided to try a Discover application and got approved for $1400. Not a stupendous starting CL but it'll grow with time I'm sure.

Must be feeling generous over the holidays. :D


I was initially approved for $1,800 and now sit at $6,500.
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Tubpbs
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Re: November 2015 Garden Cult/Club

Postby Tubpbs » Mon Nov 09, 2015 3:44 pm

Nixon wrote:
JonE wrote:Well, I really was expecting to 'garden' until the end of the year, but decided to try a Discover application and got approved for $1400. Not a stupendous starting CL but it'll grow with time I'm sure.

Must be feeling generous over the holidays. :D


I was initially approved for $1,800 and now sit at $6,500.


I was approved for 5K in March and I've dragged it up to 10.5K in a very short time.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

Vermonster
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Re: November 2015 Garden Cult/Club

Postby Vermonster » Mon Nov 09, 2015 3:59 pm

CarefulBuilder14 wrote:I've had EDP now for six months and decided to do an analysis of my spending (in the pre-EDP past vs. the last 6 months, as well as expected changes) to get a clearer picture of how well the card was working.
Abbc3 Spoiler Show

I still think EDP is a great card for some people...it's just that I have a lot of great cards and its role is less clear as Amex, Costco, and my spending all change.


I would agree. EDPs value comes from hammering it with spending. I view my spending as about 30/70 category vs non. Yes a nice 6% grocery card is nice, but the real value comes from the other spending you do. It's all the little extra things that a card offers that can turn a 1% purchase into something to rival the QS and DC.

I would also prefer to have all my spending generating one type of points. Generally you get better value from larger, less frequent, redemption. Freedom has been great with the 10+10% for having a checking acct. But with that going away in '16 I'm going to look elsewhere for non-cat spend.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: November 2015 Garden Cult/Club

Postby CarefulBuilder14 » Mon Nov 09, 2015 6:49 pm

Vermonster wrote:
CarefulBuilder14 wrote:I've had EDP now for six months and decided to do an analysis of my spending (in the pre-EDP past vs. the last 6 months, as well as expected changes) to get a clearer picture of how well the card was working.

I still think EDP is a great card for some people...it's just that I have a lot of great cards and its role is less clear as Amex, Costco, and my spending all change.


I would agree. EDPs value comes from hammering it with spending. I view my spending as about 30/70 category vs non. Yes a nice 6% grocery card is nice, but the real value comes from the other spending you do. It's all the little extra things that a card offers that can turn a 1% purchase into something to rival the QS and DC.

I would also prefer to have all my spending generating one type of points. Generally you get better value from larger, less frequent, redemption. Freedom has been great with the 10+10% for having a checking acct. But with that going away in '16 I'm going to look elsewhere for non-cat spend.

EDP definitely produces a lot of MRs, but I think the value I place on URs has risen while the value I place on MRs has fallen.

I think I might be going back to Freedom/CSP for most non-category spend. I'll miss the 10% (I never had the +10 pts), but Hyatt's redemption chart is still good.

I'll probably add at least two new cards in 2017.

*I think I might raise the retention price to $95 credit or 7500 MRs. In a somewhat perverse way, I'd be more inclined to pay an AF for EDP if the BCE offers were inferior.*
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



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