We go off on a rant about the state of the hobby, bring you a fantastic Credit Cards primer, reveal my own New Year Resolutions and not much more.
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Well, the day after I announce I was going to take a day off blogging this past Saturday all hell broke loose with the rampant BB shutdowns. For a while, I thought I was done, 4 for 4. But someway somehow Mrs. TBB’s BB account survived the massacre. Laying low for now but the writing is on the wall. The easiest way to pump up your miles/points bank is OVER. I could not stay away of course and had to participate in my own comments with a review of the best blog posts on the subject.
Here is my take on it, I’ll try to keep it simple and short. If you have been a long time reader nothing I will say here will surprise you at all. The situation has changed completely over the past several years. The industry consolidation, the continued mega devaluations, the non slowing path to revenue based earning AND (soon) burning, the fee imposition barrage, the dwindling award seat availability, the steady picking off of the Elites, the dramatic and accelerating killing of our deals…I am starting to get depressed now. Anyways, the only bright and shining light was the fairly easy way to “manufacture” spending on credit cards to earn loads of miles & points to continue living the life. And that now IS pretty much over. The ending was swift and sudden. What was so surprising was not that it came but how this baby lasted for so long, almost four years which is an eternity!
There is NO doubt the increasing popularity of this hobby by so many mainstream commercial blogs has contributed to its continued demise. And make NO mistake that this is done primarily to line up the pockets of these credit card sales representatives “bloggers”. I mean, how many “ten best credit cards for _____” posts can humans tolerate? Sheeesh! Some are STILL pumping posts outlining it all for you, including how to BB, unbelievable hey!
This whole space is just an arena for these pumping machines to sell a deceptive lifestyle and get anyone who breathes to apply for a credit card in their sites. Dear newbie, you who never had a travel rewards credit card, you who are so easily impressed by First Class you always dreamed of, you ARE the target! And usually the victim. Most people in this country are totally inept in money management and have serious issues handling debt. “Credit is your most important asset” some even say to sell more product which is a bunch of baloney. CONVERSIONS is all that matters in this BUSINESS. That means getting you to click on the DIRECT affiliate credit card links! It’s like giving heroin to heroin addicts. Yikes! I better stop myself before I let loose.
Before some blog haters jump and tell me how hypocritical I am for pumping (lol) my own INDIRECT dinky credit card links. Ok, I just had to pick myself up off the floor after having a laugh seizure. Anyways, at the end of the day, YOU choose which blog to read. And YOU choose which blog to support with your clicks. THINK and choose responsibly.
Okay, I went off and need to get back to the point of where this hobby is going. Actually, it is not going anywhere. I don’t see myself getting into reselling, this always seemed like a real job to me and it is my life philosophy not to do anything that has the characteristics of, cough, a real job. If it becomes a real job it has serious implications of messing with the fun factor. And life is too short for that! What this hobby needs to be saved is a sudden and severe recession. Other than that, I just don’t see any real “scores”. Just a whole lot of traveling in coach, plastic churning in ever increasing tightening ways and some quick hits before they get publicized and killed swiftly by those bloggers who are starving for traffic and hits (and therefore, credit card customers!!!). For Pete’s sake (who the hell was Pete?), I do not advocate such recession for the sake of all of us, come on!
Ok, I better stop.
This article is a MUST read: “How Credit Cards Tax America“. You will really understand a whole lot about the industry and how the bank lobbies have managed to keep this gravy train for so long. And in a way this hobby too! But make no mistake, the present conditions are costing all of us. And it hurts me to even think of some poor soul who discovers this hobby in an article in CNN or Rolling Stone, gets bit by the bug, goes all in without doing their homework and then gets clobbered/buried in a horrific cycle of debt. Because, make no mistake about it, this is what this industry does so well. I make this point repeatedly: If you do NOT pay off the full balance of your credit card statement EVERY time, this is NOT for you, stay the hell away! Please take some time to read this article, it is well worth it. When the costs finally get under control this hobby will die. And then we will have to take another hobby. Basket-weaving or tai chi. Until then, enjoy the ride I guess.
Every year I do New Year resolutions or have “themes”. The difference with many is that I actually do keep most of them! I post this in my bathroom mirror so I see it often and try my best to adhere to it.
The 2016 theme is: More and Less
More: Delegate, (Get) On the Cloud, Travel, Play.
Less: Whining, Eating, Red Meat, Facebook
Enjoy the rest of your weekend.
And I leave you with this…
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Just back from my trip. Anything new to talk about?
Oh. Sorry.
Great post, Buzz-one for the ages. So many good thoughts in that rant: Hobby going nowhere, future in coach using hard-won sign up bonuses, reselling being way too much like work.
It’s a real comfort to know that when things are bleak, TBB is there to tell us: “You’re damn right it’s bleak. And just wait until you see what’s coming tomorrow.” Speaking truth to power. Or at least to the bloviating BSers.
One suggestion-move that list from the mirror to a place at eye level on the wall about 4 feet to the left. Fewer distractions.
I should have added in the end:
“Things change. Fast. So, there is always that hope of the next mega hit. Just keep it quiet and among trusted friends who don’t blog and bloggers committed not to kill deal. Like moi”
I’ll consider your suggestion. 🙂
IN the meantime, we are being pummeled with a snowstorm!
Back indoors after my morning strong coffees, shirtless on the balcony overlooking SJO, about 80F, light breezes.
Sorry for y’all in “The Hobby” — I can imagine it is a gut-wrenching, mind-numbing event. As an ex-pat for 15 years, whose credit report shows “lack of credit history”, I’ve never been able to be a “Hobbyist” and have only watched the game from afar as an entertainment. The pendulum ALWAYS swings both ways and, for now, it appears to be headed back in my direction, favoring those of us who put our butts-in-seats, heads-in-beds, etc.
At least we live in interesting times…
Third, comme d’habitude
Or maybe that is second? Sais pas.
OK, TBB Board met and decided to award you sliver. Past behavior helped 😉
heroine is a female hero. I think you meant heroin.
Fixed, thanks!
I really do think this is all for the best, but it will take a few years for the dust to settle. BB shutting down is bound to have an impact on the number and rate of credit cards people get. Credit cards are the entire foundation of this hobby.
The only way this does not have an effect on the rest of the miles and points ecosystem is if something as easy takes its place. Like Apple Pay going peer to peer and taking credit cards. Otherwise this event will definitely help cull the herd. It may take 5 years for us to see the net benefit. The next few years are going to suck no doubt. As I said in my blog post, we are at critical mass with the number of people playing this game. We need something to give so the pendulum can start swinging back the other way.
So we slowly burn the stash in economy over the next few years and here and there pickup a card and use slower methods like Buxx or whatever appears. I must admit it is like losing a job with a hangover however with my 45 credit cards it may be time to take a step back. I’m even reconsidering changing my current flights to economy and I still haven’t gone to Mecca – Cathay flat bed. I admin it was easy to get used to decent hotel rooms for minimum $. My Simon – Walmart runs were entertaining with 3 Simon Malls and 3 Walmarts within short distances…Lets see what is next!
Can’t wait until what is next…until MMS kills it 🙂
Buzz, different subject – now that tax season is coming up, are there any debit cards (left) that I can sign up for that might grant miles for making tax payments?
I think I saw reference to one lately but it was too much trouble. I just sent mine in today…I sent a check, gulp. I miss those awesome MVD card days.
Due to the need to hit every possible available M.O. outlet today (before they get overrun and say no more for you) to get rid of these hundreds of vgc’s in my drawer I will not be commenting and annoying the readers of TBB today. Thank you for understanding……………………………..Did any of the Titans acknowledge the demise of Bluebird yet? Such contempt for their loyal reader!
MMS did plus he came out with a how to on M.O. Never stops.
Never stops pumping the cards while I am sure does nothing of what his ghost writers blogs about lol.
Scott, not sure why you think MMS may close, given that it could lose 90 per cent of its readers and still leave the owners in the top couple of percent of US income earners.
I was just thinking about what I would like to do to those Titans for killing BB, when you shot that picture of me Buzz. PS It’s been 2 years since you paid me, WTF!
I quit
No please don’t leave me. We are soooooo close. That mega offer to buy TBB out is just around the corner. I ‘ll give you…stock options to stay please. Stock tips? The groupies? You name it, please don’t go now…tax season is coming up, don’t want to let TBB die, who will entertain/’educate/inspire the readers here.
Retainer bonus perhaps? You get ALL of Amazon revenue for a whole…week! #THINKBIG
My prediction – an explosion of “travel seminars” and other events. $300/person LOL
Very similar to photography. You might not know, but photography as a business is dead.
The only way to make money now is to organize photo trips for other photographers,
“teach” them and charge them as much as possible. Antarctica photo trips for $15,000
are not that uncommon today. Safaris for $10,000 or more.
Our dear bloggers will try everything to survive. And of course TPG television, how can I forget!
Thanks for the info on the photography business.
I can’t wait for TPG TV not!
Great rant, TBB!
As with anything, there’s an exponential growth phase, slow at first, then more and more rapid, and then like Wile E. Coyote, they realize they ran off the cliff and plummet.
That’s what stock market bubbles look like, that’s what civilizations historically look like, that’s what suddenly introduced non-native animal populations look like. That’s-a life!
Thanks for the kind words.
I am living the life here 🙂
Burn your miles and points, enjoy it!
Why so sad? When U.S Mint went down, VGCs and Blue Bird did not exist. When Savings Bonds sales to CCs ended, U.S. Mint Was not yet selling coins. When Amex stopped selling Travelers checks for free on Amex CCs, well Amazon Payments did not exist. A little optimist would me nice, so much doom and gloom, like the CNBC in 2009.
Just fund a few bank accounts with CCs, buy some MOs at non-WMT locations and enjoy 2016.
Optimistic,
PedroNY
Heh. This comment reminds me of how I chuckle when someone goes on an overblown rant about newbies and bloggers killing the golden goose on FT… and they are: “Member since 2013.”
And it’s on to the next one, on to the next one….
You are like the eternal optimist.
Actually, I am a hard core optimist as well. It just does not happen…with this hobby. There is a cost (there always is a cost!) of $$/time vs value. At this rate I just can not be as optimistic as you.
I am going to burn my fast devalued stash and reinvent myself here posting crap like “The Best 5 Ways the CSP card can get you laid”. Just kidding.
I stand by what I wrote.
I am not quitting the hobby. At least not yet.
Thanks Buzz.
Thanks Pedro.
Thanks everyone.
🙂
De nada.
Volaris and Hawaiian Airlines thanks you 🙂
Chill people.
I mean ….. I run a thriving FF site in the UK. Every business class redemption my readers book comes with $750 of BA surcharges. There is no MS opportunity AT ALL. And yet the hobby carries on just fine.
Because you never got addicted to crack.