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High credit card sign-up bonuses starting to return

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The Capital One Risk Reward Credit Card launched an expanded referral offer on September 22nd. New cardholders who purchase $20000 within the first 12 months of opening an account will receive a 100000 mile bonus.
When spending $3000 in the first three months, the standard of 50000 miles also remains unchanged (if you meet these two thresholds, the maximum bonus is 100000 miles instead of 150000 miles). Cardholders earn 2 miles for each dollar purchased.
The value per mile is 1 cent when converted into travel compensation. From now until December 31, eligible transactions also include takeout, delivery, and streaming services. Cardholders can transfer it to airline partners to obtain more value, but basically, when used to “clear” eligible fees, the 100000 bonus is worth $1000.

Issuers look for quality over quantity

Previously, layered registration bonuses like this were not particularly popular among cardholders, but I believe Capital One is worth a try. Credit card companies are more than ever looking for loyal, spending the most customers, and they will return the money to them. Many people will be excluded, either because of their credit quality, income, or simply because they cannot spend enough money to receive premium rewards.
Publishers are looking for quality rather than quantity. In addition, high expense thresholds make poker players less likely to bet on bonuses. If there was ever a time when bonuses were paid by level, it is now. If you meet the standards, this is a very good choice for you, especially because there are not many high-end competitors currently.
Another offer that caught my attention is the Chase Sapphire Priority Card, which provides 60000 points for new cardholders who spend $4000 in the first three months. For travel booked through Chase, each point is worth 1.25 cents, so 60000 points is equivalent to $750 (and possibly even more if you use Chase’s transfer partner).
“For every dollar spent on a trip booked through Chase, you will receive 5 points, 3 points for meals, 2 points for other trips, and 1 point for everything else.”. Sapphire Preferred’s reward structure is not as flexible as a venture capital card, but its transfer partners are typically more profitable.
What does this mean for the credit card industry?
The card issuers essentially went into hiding last spring when the unemployment rate fell from a 50-year low in February to a near-century high in April. The credit card industry has always been sensitive to economic cycles, and that was amplified this time because the crisis moved so quickly. Banks are worried that their existing customers won’t pay them back and they don’t want to open new accounts. Many also cut their existing user’s credit limit.Equifax data shows that in the first two months of 2020, credit card initiations were up 5% from 2019 levels. By mid-July, year-to-date originations were down by as much as 48%. However, the tide seems to be starting to change direction (albeit slowly). Each week in May is down more than 50% compared to the corresponding week in 2019. New accounts opened in the second week of July are “only” down 42% compared to the same period last year. More anecdotal – and more encouraging – we’re starting to see significant marketing incentives for new cardholders. The card issuers are sticking their heads out of the storm shelters. They are certainly very selective in terms of credit quality and income, and they often offer lower credit lines. However, they are starting to extend their reach to certain customers.
THE LAST THING
Your expenses may differ from a year ago, and your income and credit score may also change. If you are fortunate to be “on track” during the K-shaped recovery process, card issuers are competing for your business.
Is there a credit card problem? Email me by address [email protected] I’m happy to help.
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