Virgin Amex Velocity Platinum card now 110k points

[Dr Ralph]

Instead of cancelling you could ask Amex to reduce the credit limit to the minimum across all your cards, they should be quite accommodating of such a request and this may make your combined credit limited look less intimating to citibank.

Wouldn't you be better of cancelling. And then when ready reapply under a new offer to score whatever sign up bonuses where available at that time?

 

[Dr Ralph]

After all, if another good Amex deal comes along, I don't think they'll be in a rush to approve people who only held this card for a few months.

I do this regularly and have never had a problem.

There's no reward for loyalty anymore.

Play the game and score the points!

 

[Formal Hall]

Yes, you could cancel, but there is no immediate advantage unless they pro-rata refund the annual fee even after using the free flight - and there are mixed reports on this.
Also, it can be good to have multiple cards on the go to maximise Amex offers, especially the upcoming shop small promo.

 

[Winston1]

Ok might hang on to it for a while then. I got my first rejection from Citibank and wonder if it was because I have so many open, and some have minimum limits of 15K so it adds up. Not fussed about my credit score when it comes to loans but would like to keep collecting points with credit cards..

I'm by no means an expert on this, but I think you want to minimise the number of rejections you receive. I was under the impression they are recorded on your credit report.

 

[Dr Ralph]

I'm by no means an expert on this, but I think you want to minimise the number of rejections you receive. I was under the impression they are recorded on your credit report.

I believe you are right. But it's hard to know when the first rejection is coming.

 

[Dr Ralph]

I got my first rejection from Citibank and wonder if it was because I have so many open, and some have minimum limits of 15K so it adds up. Not fussed about my credit score when it comes to loans but would like to keep collecting points with credit cards..

I'm yet to receive any rejections.

Have had as many as 5 cards at one time.

I know my first rejection is coming...but I don't know exactly when. It's just too tempting to keep getting such large sign on bonuses! I actually don't think it's going to be as fun spending the points.

 

[Salem]

I'm yet to receive any rejections.

Have had as many as 5 cards at one time.

I know my first rejection is coming...but I don't know exactly when. It's just too tempting to keep getting such large sign on bonuses! I actually don't think it's going to be as fun spending the points.

Super tempting!

 

[Winston1]

I guess it's just a matter of weighing up the importance of protecting your credit rating vs the importance of getting free miles. I'm not a home owner, but in the years ahead, I think I would like to get one, so I'm pretty conservative with my finances. I've had one Visa for over 10 years, one amex 1 year, and now this amex. I might close my long term visa in 6-12 months and look for a better one (with good sign up bonus), but I won't be looking to churn more than 1 card per year.

 

[Salem]

I guess it's just a matter of weighing up the importance of protecting your credit rating vs the importance of getting free miles. I'm not a home owner, but in the years ahead, I think I would like to get one, so I'm pretty conservative with my finances. I've had one Visa for over 10 years, one amex 1 year, and now this amex. I might close my long term visa in 6-12 months and look for a better one (with good sign up bonus), but I won't be looking to churn more than 1 card per year.

Yeah, understandable, good to keep your priorities in sight then

 

[psi999]

I guess it's just a matter of weighing up the importance of protecting your credit rating vs the importance of getting free miles. I'm not a home owner, but in the years ahead, I think I would like to get one, so I'm pretty conservative with my finances. I've had one Visa for over 10 years, one amex 1 year, and now this amex. I might close my long term visa in 6-12 months and look for a better one (with good sign up bonus), but I won't be looking to churn more than 1 card per year.

Smart man. IMO crazy signing up to more than 1 or max of 2 new cards a year with banks heading down the path of comprehensive credit reporting and mainstream credit providers accessing 'credit scores' to determine an applicants suitability. I personally limit myself to 1 new card a year if the sign-on bonus is worth it (although the Amex velocity 110k deal was just too good to let pass so two cards for me this year.... Naughty me).

Would be nothing worse than being marginal for a home loan in the coming years and having your credit report littered with credit applications. Keep it clean, keep it smart.

Back slightly on topic I had another 2 x 20,000 hit my AMEX account in the past week. AMEX obviously still give little regard to the 10 referral limit

 

[burmans]

I believe you are right. But it's hard to know when the first rejection is coming.

No, only applications are recorded, they have no know.edge of whether the application was accepted or rejected.

 

[burmans]

Smart man. IMO crazy signing up to more than 1 or max of 2 new cards a year with banks heading down the path of comprehensive credit reporting and mainstream credit providers accessing 'credit scores' to determine an applicants suitability. I personally limit myself to 1 new card a year if the sign-on bonus is worth it (although the Amex velocity 110k deal was just too good to let pass so two cards for me this year....
D

This doesn't quite represent how comprehensive credit reporting will work, under current negative reporting number of application affects your credit score quite a lot, under CCR the big determinant will be your payment history and total credit. As long as you are paying bills on time and are keeping total credit down (e.g cancelling cards or reducing limits) multiple CC applications will likely have less impact than today.

 

[get me outta here]

Burmans, do you have any further news on timing of CCR being up and running?

This doesn't quite represent how comprehensive credit reporting will work, under current negative reporting number of application affects your credit score quite a lot, under CCR the big determinant will be your payment history and total credit. As long as you are paying bills on time and are keeping total credit down (e.g cancelling cards or reducing limits) multiple CC applications will likely have less impact than today.

 

[burmans]

Burmans, do you have any further news on timing of CCR being up and running?

Unfortunately I no longer work in the CCR space and have given up guessing as this has just been dragging on for ages (some credit providers are ready a year ago, but the majors are, perhaps deliberately, slow). Best guess, early next year but sorry, have no real info anymore.

 

[psi999]

Not 100% true, as noted above they aren't capping at 200k but some of us have had points reversals to take points back late (and a somewhat terse letter suggesting it's our fault they didn't restrict as per the T&Cs, which says they "will" restrict from now on).

Would love to know what the trigger was on this, I ended up with 36 odd through the 2 x cards i was pushing (myself and partner). No letter, no reversals and last points posted to velocity last week.

(I did help a few friends as well, another 12-15 referrals through the middle of the promotion as i was worried about the 10 referral cut which didnt end up being a thing )

What a promotion

 

[anat0l]

Would love to know what the trigger was on this, I ended up with 36 odd through the 2 x cards i was pushing (myself and partner). No letter, no reversals and last points posted to velocity last week.

(I did help a few friends as well, another 12-15 referrals through the middle of the promotion as i was worried about the 10 referral cut which didnt end up being a thing )

What a promotion

Well you're just rolling in it now, aren't you?

That's a lot of burning to be done... or taking SQ to the cleaners...

 

[ninja-tim]

I would have thought CC applications don't really affect home loans ''much'' (i.e. secured vs unsecured debt)? Unless the CC is with the same bank you are applying for, in that case the the CC limit (what you write down on your application and what they have on file for you) will impact on how much you can borrow?

 

[GarrettM]

Hey all.
Just wondering, now that I have reached the $1000 spend threshold, and I have seen my 110k points when I look in my Amex Rewards folder, which looks like this:

[TABLE="width: 100%"]
[TR="class: transListBk2"]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding dateWidth"]29/09/2015[/TD]
[TD="class: padding descriptionWidth"]PAYPAL *BABYBLOSSOM 35314369001[/TD]
[TD="class: padding right amountWidth, align: right"]$78.85[/TD]
[TD="class: padding right basePtsWidth, align: right"]79[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]110,000[/TD]
[TD="class: padding right totalPtsWidth, align: right"]110,079[/TD]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding emptyWidthClearImage transListIcon"][/TD]
[TD="class: padding dateWidth"][/TD]
[TD="class: padding descriptionWidth"]- Velocity Cobrand Acqusition Bonus - Plat[/TD]
[TD="class: padding right amountWidth, align: right"][/TD]
[TD="class: padding right basePtsWidth, align: right"]0[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]10,000[/TD]
[TD="class: padding right totalPtsWidth, align: right"][/TD]
[/TR]
[TR="class: transListBk2"]
[TD="class: padding emptyWidthClearImage transListIcon"][/TD]
[TD="class: padding dateWidth"][/TD]
[TD="class: padding descriptionWidth"]- Referred Friend Bonus 100000 Points

[/TD]
[TD="class: padding right amountWidth, align: right"][/TD]
[TD="class: padding right basePtsWidth, align: right"]0[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]100,000
[/TD]
[/TR]
[/TABLE]
How soon am I likely to see these transferred to my Velocity account? They certainly aren't there yet, and my statement date was a few days ago.
But I am going to guess it can take a couple of weeks at least?

And I can't believe now, given how easy it was for us to spend $1000 so quickly (lots of baby stuff) that I didn't get a separate card for the missus. Would have just about given us enough for a trip to Europe. Gah!

Hoping someone can offer me a rough ETA.
Cheers,
GarrettM

 

[GalaxyNexus]

It's transferred roughly every month around the statement date.

 

[GarrettM]

It's transferred roughly every month around the statement date.

Thanks. I guess I'll see and if it appears to be problematic i will call.

Do you by any chance know what this might mean though?

[TABLE="width: 100%"]
[TR="class: transListBk2"]
[TD="class: padding dateWidth"]01/10/2015[/TD]
[TD="class: padding descriptionWidth"]Velocity Auto[/TD]
[TD="class: padding right amountWidth, align: right"][/TD]
[TD="class: padding right basePtsWidth, align: right"]-614[/TD]
[TD="class: padding right bonusPtsWidth, align: right"]0[/TD]
[TD="class: padding right totalPtsWidth, align: right"]-614[/TD]
[/TR]
[/TABLE]


It looks to me like I've lost points for some reason I don't yet understand.