Chase card services General Manager confirms that we are in the midst of aggresive credit card offers

Chase card services General Manager confirms that we are in the midst of aggresive credit card offers

Million Mile SecretsChase card services General Manager confirms that we are in the midst of aggresive credit card offersMillion Mile Secrets Team

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Update:   One or more card offers in this post are no longer available.  Check our Hot Deals for the latest offers. 

Million Mile Secrets reader Jerry (thanks!) forwarded me an article in the New York Times titled Practicing Prudence in Picking Travel Cards.  This article adds another data point to my view that marketing budgets for credit cards have been higher than usual, and that we can expect to see a reduction in the generous offers we are used to or an increased spending requirement to get those bonuses.

For example, the limited time Chase British Airways card now offers 50,000 points after your 1st purchase, and requires you to spend $10,000 within 1 year to get an additional 25,000 points and yet another $10,000 to get the last 25,000 points.  Compare this to the offer in 2009 and 2011 when folks could get 100,000 British Airways miles with only $3,000 in spending!

Similarly, the Chase Ink Bold now requires you to spend $10,000 within 3 months to get the full 50,000 point bonus.  However, you get 25,000 points after your 1st purchase and another 25,000 points after spending $10,000 within 3 months.

And we’ve seen a few 1-day American Express offers which had very high spending requirements as well.

While this is bad in comparison to what we’ve been recently used to, it isn’t all bad news.  This just marks a reversion to the level of sign-on bonuses which used to exist only a few years ago.  A 25,000 point bonus on the Chase Ink Bold or a 50,000 sign-on bonus on the British Airways card after your 1st purchase is only bad in comparison to what was available last year and early this year!

After all, why should banks give mega bonuses to ALL new customers?  It is much better for them – especially after recent regulations have cost them billions of dollars in profitability – to offer a minimum level of enticements to regular customers to get them to sign-up for the card.  But to offer further sweeteners to folks who spend lots of money on their credit cards and earn the banks fees.

The article starts by saying:

With all these frantic credit card merchants beseeching me these days, I feel as if I’m a tourist wandering the Marrakesh souk.

I know some readers feel overwhelmed about constantly reading about credit card offer, but that’s because there really ARE a lot of new credit card offers.  Here’s what the head of Chase Card Services has to say (bolding mine):

“I’ve been in this business a long time and there definitely have been times of very aggressive marketing of airline and other travel cards,” said David Gold, the general manager of Chase Card Services. “We happen to be in one of them now.”

So many of your hunches are confirmed.  We really are (or is it were?) in the midst of some great credit card offers.

He also confirmed that Chase wants to take market share from AMEX, which may explain why all the good offers seem to be only from Chase!

Meanwhile, Mr. Gold said that the new United MileagePlus Club Card was intended in part to take market share from the American Express Platinum card.

Many readers also mention that keeping track of so many credit cards can be a pain.  But don’t worry, the head of Chase card services agrees with you!

Although, as even Mr. Gold at Chase conceded, “it can all be a pain to keep track of.”

Bottom Line:  I don’t expect credit card sign-on bonuses to disappear, but it will be harder to get the full sign-on bonus on many of them.  But getting half a sign-on bonus is still better than NO sign-on bonus.  Sure it is not as good as it used to be, but it will still let us have Big Travel with Small Money!

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I am already a Chase Mileage Plus Club Card holder however I am trying to use the benefit of the LHRC hotel reservation system. I have been on hold for over one hour with various departments non of whom are aware of what this benefit is!!!!! I received my Luxury Hotel & Resort Collection directory yesterday and was trying to make a reservation for a hotel in Hawaii but had some questions and did not want to do it on line. The number listed in the cover letter that came with this directory is 1-866-973-2912, when I called it I waited on hold for 45 minutes and then the young man who answered said I did not qualify because they don't do club cards!!!! I was transferred to three other departments including I have currently been on hold with some other department for and additional 30 minutes. Does anyone there know what department or who I should be speaking with? This seems like a lot of work for me to get one free breakfast!!! I just remembered why I never use the concierge service because I believe this was the same routine. It makes you wonder if there is such a department as the Luxury Hotel and Resort Collection or if this is just another gimmick to get you to sign up for this card

If you have any insight into how to contact either of these departments please let me know. Thanks

I recently got a new MileagePlus Explorer card from Chase with the promotion of 50K bonus miles after spending $2000 in the first 3 months. As I applied for the card, the promotion got changed to 30K bonus miles after spending $1000 in the first 3 months. I tried to get numerous agents to make sure that I get the correct mileage reward upon signup, but none of them were willing to guarantee anything. After I got my new MileagePlus card, I spent more than $2000 in the first month, but got awarded only 30K bonus miles. The shortchange in the mileage meant that I was not able to get the Mileage Plus award ticket in time when I needed to book just one more ticket to travel with my family of four to Europe. I explained this to a Chase MileagePlus card agent Ruth Hayes, and got her to help me appeal for the correction in my award of bonus miles. She actually made it happen for me in 2-3 days, so that I was able to get the tickets I need. Ruth was professional and courteous on the phone and clearly someone who wanted to help out her customers. I wanted to commend her for that. People like her put out a good name for the banking industry. It is incidents like these which breed loyalty from customers, not just ads and promotions. I hope Chase bank can understand the importance of having agents like Ruth who really work hard to help their customers. Their service is invaluable.

that was a great answer darius, i never thought of it as not being able to apply to the same offer until 18months! it totally slipped my mind. thanks for the new perspective!! i applied to the chase ink bold monday with your link, and opted for the chase BA card at the same time through the flyertalk forum (the one without the spending limitations to get 100k points with $75 fee twice), but if it wasnt for the spending threshold i would have gladly used your link for chase BA as well! thanks again!

Million Mile Secrets

sash - Thanks so much for using our link for the Ink Bold! And don't worry about not using our link for the BA card - always use the link which is best for you!

hi darius, im interested in doing the churn for two browser trick for the citi AA visa / amex. without question i think citi AA will definitely be one of the cards i use the two browser trick. do you recommend doing the second application also citi AA or would you recommend the citi premier thank you card? it is also listed as a hot deal under your page and i cant seem to make up my mind on which 2 cards i should do. please help! thanks!

Million Mile Secrets

@sash - I'd definately get BOTH AA cards at the same time. Otherwise you're unable to get the 2nd AA personal card for at least 18 months. I'd do 2 Citi AA cards now and then do the Citi Thank You Premier later on. The AA cards are good for international travel while the Citi Thank You Premier will give you $665 worth of free flights without blackout dates which are good for flights within the US.

Thanks Mike and Darius, but my question was about when the banks are different. For example, an AMEX card is coming up for renewal and you also want to apply for a new CHASE card. Obviously you can't use the AMEX card as a bargaining chip with CHASE, so do you close it first? And how far in advance so it shows closed on your credit report? Thanks.

Million Mile Secrets

@DBest - I'd close it when it makes sense for me to close it. I also don't worry about it being closed on my credit report.

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