New 2018 Marriott/SPG credit cards - Deadlines AMEX 8/25/18 and VISA 12/31/18

[jeff76543]

I also understood @Jeffrey as having upgraded rather than cancelling his old card, waiting 30 days and then applying for a new card.

 

[chunkygal]

I haven't made up my mind if there are enough benefits, I guess I should read it again. Is the anniversary certificate an upgrade?

Sent from my SM-N950U using Tapatalk

 

[dioxide45]

I haven't made up my mind if there are enough benefits, I guess I should read it again. Is the anniversary certificate an upgrade?

Sent from my SM-N950U using Tapatalk

Yes, the anniversary certificate will be good for a property up to 35,000 points vs only 25,000 points if you stick with the current version of the card.

 

[GetawaysRus]

I was able to get a new credit card account (Premier Plus) approved. Here are the steps I followed:

1. Chase has what is called a "5/24 rule." This means that for most of their credit cards, they will not approve a new account if you have had more than 5 personal credit card approvals within the past 24 months. I verified (from my records) that I was under 5/24.
2. Cancel my old Marriott Premier card. However, before closing the account, I asked the phone rep to move the existing credit line on the Premier card to another of my Chase cards.
3. I then waited a few weeks and checked my Experian credit report (using the Experian website). I saw that the old account was no longer listed as an active account at Experian. (It still shows up as a closed account if I log into my Chase account, however.) I waited about 3 1/2 weeks, but I realize now that I could have checked Experian sooner. I now believe that this is the key - the old account must no longer show as active. A 30 or 60 day wait is not crucial so long as the old account is no longer active on your credit report.
4. I had my wife refer me for the Premier Plus (which should be 20K points for her) and then I put in my app. I already had a large amount of credit with Chase so, as I expected, the application went pending. I got the "we'll let you know within 30 days" message.
5. I called the Chase reconsideration line 1-888-270-2127. Bank reconsideration numbers are available here: https://www.doctorofcredit.com/credit-cards/credit-card-reconsideration-line-telephone-numbers/. The rep told me that I could not be approved for additional credit (that is, I am already at the maximum overall credit line that Chase will allow for my income level), but it would be possible to gain approval by moving some of the credit line from one of my other Chase credit cards. After moving some credit over to make room for a new Premier Plus card, I was quickly approved.

Now the next decision will be what to do about my wife's old Marriott Premier card (upgrade or cancel and reapply)....

 

[thinze3]

How long is it taking for those who applied or upgraded to new card to get physical card in mail? DH applied 9 business days ago for Premiere plus and no card yet.

Called Chase and rep said our cards were just mailed out, and delay was because they had run out of plastic & metal card stock due to high card demand. Huh? This is the same reason given last year for the Chase Sapphire Reserve cards. Didn't they learn? Or just a pat answer? We already have an automatic $95 charge on our account for card annual fee.

It took me about 2-1/2 to 3 weeks. I was told that the delay was from waiting on Marriott to confirm the account information.

 

[NboroGirl]

I just signed up for the new card. I only want the 100,000 points. I've never had a Marriott card so I'm sure I'll be approved, and I have some very large purchases coming up soon so I believe I'll be able to spend $5000 in 3 mos.

I want to cancel the card after one year. Should I cancel just BEFORE my year is up? I don't want to get charged another $95 fee for the card - just for the first year. I don't care about the free night, so if I miss out on that, it's fine. I just want to make sure I avoid a second $95 annual fee. I've never had to pay for a credit card before so I'm not sure when next year's annual fee gets charged.

 

[VacationForever]

I was able to get a new credit card account (Premier Plus) approved. Here are the steps I followed:

1. Chase has what is called a "5/24 rule." This means that for most of their credit cards, they will not approve a new account if you have had more than 5 personal credit card approvals within the past 24 months. I verified (from my records) that I was under 5/24.
2. Cancel my old Marriott Premier card. However, before closing the account, I asked the phone rep to move the existing credit line on the Premier card to another of my Chase cards.
3. I then waited a few weeks and checked my Experian credit report (using the Experian website). I saw that the old account was no longer listed as an active account at Experian. (It still shows up as a closed account if I log into my Chase account, however.) I waited about 3 1/2 weeks, but I realize now that I could have checked Experian sooner. I now believe that this is the key - the old account must no longer show as active. A 30 or 60 day wait is not crucial so long as the old account is no longer active on your credit report.
4. I had my wife refer me for the Premier Plus (which should be 20K points for her) and then I put in my app. I already had a large amount of credit with Chase so, as I expected, the application went pending. I got the "we'll let you know within 30 days" message.
5. I called the Chase reconsideration line 1-888-270-2127. Bank reconsideration numbers are available here: https://www.doctorofcredit.com/credit-cards/credit-card-reconsideration-line-telephone-numbers/. The rep told me that I could not be approved for additional credit (that is, I am already at the maximum overall credit line that Chase will allow for my income level), but it would be possible to gain approval by moving some of the credit line from one of my other Chase credit cards. After moving some credit over to make room for a new Premier Plus card, I was quickly approved.

Now the next decision will be what to do about my wife's old Marriott Premier card (upgrade or cancel and reapply)....

The question is whether you will get the 100K Reward points bonus since you cancelled your old to get the new.

 

[NJDave]

1. Chase has what is called a "5/24 rule." This means that for most of their credit cards, they will not approve a new account if you have had more than 5 personal credit card approvals within the past 24 months. I verified (from my records) that I was under 5/24.

I thought the rule was the application would be denied if you opened 5 or more cards (versus more than 5 cards). Thus, you can only have 4 cards opened in the last 24 months.

 

[mdurette]

The question is whether you will get the 100K Reward points bonus since you cancelled your old to get the new.

Exactly.

 

[thinze3]

I cancelled my old Marriott Chase card, waited 30 days, and then got the new one. All on the advice of a Chase Sapphire Reserve rep. Once the card was issued, I called them to confirm that I qualified for the 100K points.

The remainder of my $5000 spending should post any day. I will call when it posts to confirm again that the 100k will be issued.

 

[GetawaysRus]

The question is whether you will get the 100K Reward points bonus since you cancelled your old to get the new.

I'll take the risk. My other choice was to upgrade, but my upgrade offer was zero points. Zip. Nada. Bupkis.

I should be eligible. I got my (now canceled) Marriott Premier card (and a sign-up points bonus) more than 2 years ago. Chase's usual rule is that you are eligible for a credit card sign-up bonus if you did not receive one within the past 24 months.

AmEx has a "you can only get a sign-up bonus on this product once in your lifetime" rule on many of their products. Not so for Chase.

 

[GetawaysRus]

I thought the rule was the application would be denied if you opened 5 or more cards (versus more than 5 cards). Thus, you can only have 4 cards opened in the last 24 months.

Yes, you're correct. Sometimes I type faster than I think. Mea culpa.

 

[GetawaysRus]

I just signed up for a new card....

I want to cancel the card after one year. Should I cancel just BEFORE my year is up? I don't want to get charged another $95 fee for the card - just for the first year. I don't care about the free night, so if I miss out on that, it's fine. I just want to make sure I avoid a second $95 annual fee. I've never had to pay for a credit card before so I'm not sure when next year's annual fee gets charged.

I usually wait until I get the statement with the annual fee (which is at the one year mark, not before). I then call promptly if I intend to cancel. Sometimes you may get a retention offer that is good enough that you might decide to retain the account. If there is no offer, or no tempting offer, you will still be OK. Chase allows a grace period (I think it is about 30 days after the annual fee posts) during which you can cancel and be credited for the annual fee.

I do care about the annual "free" night. Where can you find a decent hotel that charges less than $95 per night? I have always gotten more value from my "free" night than the cost of the annual fee. But I admit that I just don't know yet how valuable the free night on the Premier Plus card will be. We will learn more after Aug 1 as the full details of the new Marriott program are released.

 

[pwrshift]

Chase left Canada affecting Marriott (and Amazon). I have had a SPG Amex card for some time and when Chase pulled out of Canada, Marriott merged with SPG Amex. New 'joint' SPG and MR cardmembers got sign up points but former SPG members were disallowed the bonus even if you cancelled and signed up in the future.

Big mistake for Marriott to go Amex in Canada...few grocery stores, retailers, parking lots, taxi, etc. accept Amex in Canada there's no free night for the high annual fee, plus they add 3% exchange fee to the exchange difference if you buy American (MR Chase Canada didn't). Amex Canada is hurting big time since Cosco dropped them too.

Brian

 

[TravelTime]

We have seven credit cards, some are personal and several are business. With these 7 credit cards, we have a $400K - $500K credit line and our credit rating is still about 825-850 depending on the day. We pay off our balances every month and never carry a balance. We have 3 of the old Marriott Rewards Cards (1 personal and 2 business), a United Airline business CC, an Alaska Airline personal CC, and an American Airlines CC (1 business and 1 personal). My DH says we have too many credit cards and he thinks it hurts our credit rating to keep opening new cards for points. Yet, I only see a temporary credit rating decline and then our credit rating goes back up again. I have not been too interested in the Chase Sapphire Reserve card but The Points Guy continuously says it is the best. What are Tuggers recommendations regarding how many CCs to have and which are the best?

 

[TXTortoise]

On either my Chase or AMEX account I was able to click on a link to my credit score. That also presented me with a tool that let me play with adding new cards or loans, changing credit lines, cancelling oldest card, etc., to see the impact on my score.

My score is in the same range as yours and I think the worse impact was maybe 30 points at most. Utilization seemed to be the key factor, the lower the better. With a long credit history even cancelling my oldest card didn’t severely impact score.

 

[Dean]

On either my Chase or AMEX account I was able to click on a link to my credit score. That also presented me with a tool that let me play with adding new cards or loans, changing credit lines, cancelling oldest card, etc., to see the impact on my score.

My score is in the same range as yours and I think the worse impact was maybe 30 points at most. Utilization seemed to be the key factor, the lower the better. With a long credit history even cancelling my oldest card didn’t severely impact score.

The largest impact we had on our credit score was when we paid our MF for Marriott due to the higher than normal charges. I think it was about 50 pts lower which makes sense since usage is one of the 3 high impact areas.

 

[GetawaysRus]

We have seven credit cards, some are personal and several are business. With these 7 credit cards, we have a $400K - $500K credit line and our credit rating is still about 825-850 depending on the day. We pay off our balances every month and never carry a balance. We have 3 of the old Marriott Rewards Cards (1 personal and 2 business), a United Airline business CC, an Alaska Airline personal CC, and an American Airlines CC (1 business and 1 personal). My DH says we have too many credit cards and he thinks it hurts our credit rating to keep opening new cards for points. Yet, I only see a temporary credit rating decline and then our credit rating goes back up again. I have not been too interested in the Chase Sapphire Reserve card but The Points Guy continuously says it is the best. What are Tuggers recommendations regarding how many CCs to have and which are the best?

Those are 2 enormous questions and somewhat off topic for this thread. Here's a quick answer:

1. You are correct. Getting more credit cards approved usually leads to an increase in your total available credit line. If you do not change the total amount you charge per month, your % credit utilization will fall and as a result your credit score will rise. There will be an initial dip of a few points when a new account is approved, but within a few months your credit score will recover. Your husband is thinking too logically - it's a bizarre system. I also doubt that the business credit cards show up on your personal credit report. (You can easily obtain a free credit report and verify that.)
2. The "best" credit cards for you simply depend on your needs and how you plan to redeem your credit card awards. If you are satisfied with what you are doing, fine. Yes, my wife has a Chase Sapphire Reserve and we make heavy use of it for a large number of reasons.

 

[Dean]

We have seven credit cards, some are personal and several are business. With these 7 credit cards, we have a $400K - $500K credit line and our credit rating is still about 825-850 depending on the day. We pay off our balances every month and never carry a balance. We have 3 of the old Marriott Rewards Cards (1 personal and 2 business), a United Airline business CC, an Alaska Airline personal CC, and an American Airlines CC (1 business and 1 personal). My DH says we have too many credit cards and he thinks it hurts our credit rating to keep opening new cards for points. Yet, I only see a temporary credit rating decline and then our credit rating goes back up again. I have not been too interested in the Chase Sapphire Reserve card but The Points Guy continuously says it is the best. What are Tuggers recommendations regarding how many CCs to have and which are the best?

I don't think it hurts your credit rating but it could affect your interest rate and other loans. If you do carry a balance they can often just jack up to the max interest based not their perception of your risk. Opening new cards and other debt increases can trigger this. It can also lead to loan calls and increased rates on insurance and the like.

While FICO keeps how they arrive at the score secret, Credit Karma says that the % of debt you use compared to what you have, payment history and any neg marks (bankruptcy and the like) are major impact areas. Moderate impact would be how old the credit history is and low impact would include the total number of accounts and hard inquiries. So new cards would hurt the credit age and hard inquiries. We swapped out a Marriott Rewards Chase card to my wife along with changing our MVC rewards # to get the status upgrade since I am lifetime Platinum, it dipped a little I'm thinking it was 20-30 points, it dropped more when we paid the fees the turn of the year.

 

[barryaz1]

Not for me, the new card. My current one is the only card I keep a balance on. A very low rate that was supposed to be guaranteed forever, but they now will apply a higher rate for new purchases. I'm keeping for the annual Certificate. If that goes away or it's value reduced I'll downgrade to a standard card for that balance, since it's the law that I can't lose the rate unless I miss paying.

 

[TravelTime]

I don't think it hurts your credit rating but it could affect your interest rate and other loans. If you do carry a balance they can often just jack up to the max interest based not their perception of your risk. Opening new cards and other debt increases can trigger this. It can also lead to loan calls and increased rates on insurance and the like.

While FICO keeps how they arrive at the score secret, Credit Karma says that the % of debt you use compared to what you have, payment history and any neg marks (bankruptcy and the like) are major impact areas. Moderate impact would be how old the credit history is and low impact would include the total number of accounts and hard inquiries. So new cards would hurt the credit age and hard inquiries. We swapped out a Marriott Rewards Chase card to my wife along with changing our MVC rewards # to get the status upgrade since I am lifetime Platinum, it dipped a little I'm thinking it was 20-30 points, it dropped more when we paid the fees the turn of the year.

We do not have any loans or debt. When I first took out the new MR credit cards, my credit rating dipped below 800. Now it is back up to 825-850. However Chase will not give me new CCs due to the 5/24 rule. That's okay bc we have more CCs than we can use.

 

[thinze3]

Well, it looks like this new card that gives you 35k points toward a room will no longer get you a Cat 5 room starting in 2019.
It's going to take 40k points according to this chart I just received via email.

 

[Steve Fatula]

Well, it looks like this new card that gives you 35k points toward a room will no longer get you a Cat 5 room starting in 2019.
It's going to take 40k points according to this chart I just received via email.

Correct, 40,000 for peak season, 35,000 for standard, 30,000 for off-peak. For any specific hotel that is currently cat5, could be cheaper or more depending on the new mapping.

 

[jpa2825]

Well, it looks like this new card that gives you 35k points toward a room will no longer get you a Cat 5 room starting in 2019.
It's going to take 40k points according to this chart I just received via email.

But remember, the properties are being recategorized on AUG 1 as well. So the current Cat 5 hotel might become a Cat 4 hotel in the new scheme (which would make it 20/25/30k and basically in line with the prior value).

 

[dioxide45]

Well, it looks like this new card that gives you 35k points toward a room will no longer get you a Cat 5 room starting in 2019.
It's going to take 40k points according to this chart I just received via email.

They want you to upgrade to the new card that will guaranty a cat 5 night.