Card 'invitations' in the mail - CO and Amex

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CarefulBuilder14
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Card 'invitations' in the mail - CO and Amex

Postby CarefulBuilder14 » Sat Jul 26, 2014 10:41 am

Today I got 'invitations to apply' for the Amex Platinum and Capital One Quicksilver in the mail. Previously, I had been getting the same for the Amex PRG (which I now use) and the Capital One Platinum.

I don't really travel enough to justify the PRG AF, let alone the Amex Platinum, so that will have to wait for another time. And as I've been using the card for a lot of little purchases and paying regularly, it makes some sense they they'd at least try to up-sell me.

What I found more interesting is that CO is improving their offer right after I got a CLI (EX and TU pulls) on my Chase Freedom. Or maybe this was the first time they saw in a soft pull that I had gotten an Amex.

I've never been a customer with CO in any way and only got my first credit of any kind in November 2013.

I read many people stay loyal customers and regularly use their CO Platinum for years and never get a CLI or rewards program, just an occasional waived or reduced AF. But if I just throw out their ads for a few months and get better treatment through an improved offer, it's probably safe to say that loyalty is not what they are rewarding.

As always, I know YMMV, but this is another experience in which CO seems to be best to people who open and use cards of their competitors. From what I've read on here, having a great credit history with CO matters very little. Showing that a competitor of CO will offer you credit seems a generally effective way to go.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May


MemberSince99
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Postby MemberSince99 » Sat Jul 26, 2014 12:29 pm

You're past CO so I don't know why you even care about them or what they think or do. Heck when they were my only card I barely cared about them.

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Postby CarefulBuilder14 » Sat Jul 26, 2014 2:05 pm

MemberSince99 wrote:You're past CO so I don't know why you even care about them or what they think or do. Heck when they were my only card I barely cared about them.


I am certainly not interested in the Quicksilver or any other CO card. My message was directed more to people who have a CO card, excellent credit, and for whatever reason want to keep their relationship with CO - just with a higher CL and a rewards program included, too.

People in that situation might do well to apply for a card like Amex Green/PRG, Discover It, or Chase Freedom - showing CO that you know you can get better terms elsewhere and are willing to give up on them. From the anecdotes I've read, that seems a somewhat effective (but not guaranteed) way to make CO quickly make a reasonably generous offer like a rewards card with a limit of a few thousand.

On the other hand, calling CO constantly talking about how you use the card all the time and have a 750ish FICO usually does very little.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

MemberSince99
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Postby MemberSince99 » Sat Jul 26, 2014 4:09 pm

Yep. It did nothing for me. I pleaded with them for a CLI or to PC me to a card I could actually use, and got absolutely nowhere. They were HAPPY to see me go. When a lender is happy to see you leave, don't ever second guess dumping them - do them that favor and move on.


And it's not like I lost ANYTHING. I actually felt having no cards was better than CO, so that's what I had, and to be honest, if CO was the only game in town, I would still have exactly 0 cards today. That's what I think of them. Of course it was a 500 limit card that was NEVER going to grow, so, no biggie.


Anyway I got you, but I can't imagine why anyone who could do better would want those clowns. They are pretty much a joke as far as a lender goes. Now that I have prime, to look at CO is like me having a prime rib, and someone offers me a dog turd covered in flies. Um, yummy.

yfan
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Postby yfan » Sat Jul 26, 2014 9:19 pm

Granted, CO is still one of my lowest limit cards, but for a long time, I didn't ask them for a CLI because I didn't think I could get one. I was at $500 CL. Then earlier this month, I got in touch with them via online chat and asked them if they would upgrade my Platinum MC to a QS so that I could earn the 1.5% cashback, because otherwise I wasn't using the card at all (since I have other cashback cards). I was surprised that the online chat agent was rather helpful immediately upgraded me to to QS. Then the next day, I went into my account, and said, what the hell, I'm gonna ask for a CLI. It was a soft pull, and they bumped me up to $3500. Not in bad time either, since this is the time of the year I renew my car registration and pay for my yearly auto insurance premium - and I put both on that card for a nice chunk of cashback change.

But the OP might be onto something. I did this after I received several QS offers, which started arriving right after I got approved for my Discover IT card. I'm not complaining. I have given up on corporate loyalty a long time ago. No financial corporation is loyal to me, and I'm loyal to none. I'm only as valuable to them as I can earn them in swipe fees, and they are only as valuable to me as they can make me in cashback.

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Postby CarefulBuilder14 » Sat Jul 26, 2014 9:47 pm

yfan wrote:But the OP might be onto something. I did this after I received several QS offers, which started arriving right after I got approved for my Discover IT card.


And among the people who report getting a CL above $500 on a Platinum, many of those CLIs happen automatically the same day the cardholder gets approved for a card like Discover It. Of course, I don't see how CO would know if Discover had approved or denied an applicant as the new card wouldn't start reporting for a month or so. Maybe it's seeing a competitor is doing a hard pull on someone with a 700+ FICO that makes CO suddenly want to compete for business.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

yfan
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Postby yfan » Sat Jul 26, 2014 10:51 pm

CarefulBuilder14 wrote:And among the people who report getting a CL above $500 on a Platinum, many of those CLIs happen automatically the same day the cardholder gets approved for a card like Discover It. Of course, I don't see how CO would know if Discover had approved or denied an applicant as the new card wouldn't start reporting for a month or so. Maybe it's seeing a competitor is doing a hard pull on someone with a 700+ FICO that makes CO suddenly want to compete for business.

And that's fine by me. CO has been pretty aggressive with the QS program - and they do seem to be targeting it to customers who already have other options on cashback. I for one like them competing for my business. :-)



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