The Wall Street Journal carries a piece on millenials signing up for credit cards.
The thrust of the piece is that there’s an escalating rewards war between banks, and they’re offering ever more lucrative cards. Millenials are most likely to take advantage of all the offers that come along.
There’s no discussion about what limits there are, what downsides there are, or what strategy to employ in signing up for credit cards. Here are 20 things to know about signing up for rewards cards.
And there’s no discussion about making sure if you’re going to get into credit card rewards that this makes sense if you can avoid spending more money than you otherwise would, and pay off your cards in full each month.
Kyle Allen is the opening of the piece, he and his wife have 40 open card accounts, and he says “I keep waiting for them to decline me, it just doesn’t happen.” He’s likely not applying for cards from Chase, or being careful about which Chase cards he applies for. The Journal doesn’t make mention of 5/24 limits.
Although they do highlight a card enthusiast who was turned down for a Chase Sapphire Reserve Card. Too many new accounts in the past 24 months seems the most likely reason why.
However Mary Xu took an interesting approach. She didn’t go seek a pre-approval in-branch. And very few people have luck overcoming such rejections over the phone. Xu took a different approach — and it worked.
She was so disappointed to be rejected for the Sapphire Reserve last October that she spent hours constructing a costume of the card out of cardboard. She sent the bank a photo of herself dressed up, hoping for a second chance.
She was approved about three months later.
(HT: Joe H.)