First Amex Card, some noob questions

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Lasers
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First Amex Card, some noob questions

Postby Lasers » Wed Sep 24, 2014 1:10 pm

Hey all,

I've spent much of my morning reading from this forum. There are a lot of terms I've learned today (PRG / BCE / Centurion...)

I've spent the last several years rebuilding my credit. Messed it up pretty bad from 18-22, but now it's all but perfectly clean.

I was actually surprised to get approved on this. Over the last year I was approved for my first credit card (that wasn't one of the high fee "rebuild credit" cards) since the rebuild. Capital One started me with $500 and now has me up to $2500 (haven't asked for any increases).

Then the company I work for set me up with a corporate Amex. It's in my name and I pay the bill, but they also back it.

I'm guessing my history on that card (charging between 10-20k month and paying it all off) and my income (now at 110k) got me into the Amex Gold....and my scores were probably not held to the same standard... at least that's my guess

I'm wanting to make sure I'm not missing out on anything with this card. The promo is for the bonus 25k points after 2k spending. I'll do that in the first month.

When, if at all, should I go for the Gold PRG?

What is "Backdating"?

I called and was told that I was setup on the no preset spending limit, that's standard on gold cards I believe, right?


Anything else I should know?

I'll run my scores again soon and get my signature built so I can hopefully contribute to the information available here.


Lasers
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Postby Lasers » Wed Sep 24, 2014 1:53 pm

Update, I looked at the approval email again, seems like I did apply for the PRG. Woot?

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Vattené
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Postby Vattené » Wed Sep 24, 2014 7:00 pm

Welcome and congrats on making such progress on your personal credit situation. I myself am not an Amex cardmember, but I can help with the more basic stuff.



Lasers wrote:I called and was told that I was setup on the no preset spending limit, that's standard on gold cards I believe, right?

Correct. This is the case on all charge cards. It is not that you have an unlimited credit line, but there is just no hard dollar amount set. It can change over type based on your spending.



Lasers wrote:What is "Backdating"?

Backdating is a perk exclusive to Amex that will help your average age of account (AAoA) when you apply for new Amex cards, and therefore help out your FICO score. If you opened this card and became a member in 2014, that is the year Amex will report any future cards as being opened (the month stays the same). Let's say you're approved for an EDP this coming January - instead of 1/15 Amex will report it as being opened in 1/14; if you go for a BCP in October of 2020 it will be reported as being opened in 10/14. It will boost your FICO score; the longer a card is backdated the better it is on your AAoA. (An analyst going over your profile in detail will be able to tell an account has been backdated by a lack of activity, but it is still good for your FICO).



Lasers wrote:It's in my name and I pay the bill, but they also back it.

I don't know too much about corporate cards, but if it is in your name and you are responsible for the account I would guess backdating would apply for the year you got this card.



Lasers wrote:I'm wanting to make sure I'm not missing out on anything with this card. The promo is for the bonus 25k points after 2k spending. I'll do that in the first month.
...
Update, I looked at the approval email again, seems like I did apply for the PRG. Woot?

This is confusing me. Are you sure you have the corporate card and not a personal card? There are Green, Gold, and Platinum cards in both the personal and corporate lines. The PRG (Premier Rewards Gold) is special type of gold personal charge card that earns more rewards than the standard personal gold, and it and has a 25,000 bonus point introductory offer. Just looking at the corporate cards, however, I'm only seeing a gold. No PRG
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Lasers
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Postby Lasers » Thu Sep 25, 2014 7:31 am

Vattené wrote:I don't know too much about corporate cards, but if it is in your name and you are responsible for the account I would guess backdating would apply for the year you got this card.


Do I need to call Amex? I received my company card in December '13, and the gold card just this week.


Vattené wrote:This is confusing me. Are you sure you have the corporate card and not a personal card? There are Green, Gold, and Platinum cards in both the personal and corporate lines. The PRG (Premier Rewards Gold) is special type of gold personal charge card that earns more rewards than the standard personal gold, and it and has a 25,000 bonus point introductory offer. Just looking at the corporate cards, however, I'm only seeing a gold. No PRG


Sorry, to be clear:

I already had a business card that my company had me apply for when I started. My score at the time was in the mid 600's, but I think with them sharing payment responsibility, Amex can be more lenient.

Just this week I decided to go for getting my first personal Amex. Thinking I had applied for gold, I had asked about trying to switch to the PRG... only to re-read my approval email and see that I applied for/was approved for the PRG.

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Vattené
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Postby Vattené » Thu Sep 25, 2014 9:45 am

My apologies, I understand now. You should call Amex, they can give you an authoritative answer. Some other forum members could tell you, though, if anyone wants to bite...

EDIT: At the very least, your PRG will get you 2014 backdating. Another year would be nice, of course.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Lasers
Green Member
Green Member
 
Posts: 4
Joined: Wed Sep 24, 2014 12:51 pm
Location: West Coast

Postby Lasers » Thu Sep 25, 2014 2:10 pm

My apologies, I understand now. You should call Amex, they can give you an authoritative answer. Some other forum members could tell you, though, if anyone wants to bite...


Sorry again, so I just call Amex, and they'll know what I mean if I ask them if they can backdate my gold card to my business card open date?

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Vattené
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Postby Vattené » Thu Sep 25, 2014 5:47 pm

Correct. If the PRG isn't automatically backdated to 9/13 (you applied for it in September, and the year is backdated to 2013) the answer may be no. It is still worth a call to find out for sure, though.

Basically, you want to ask if your "member since" year is 2014 based off of your personal PRG or if your corporate card in your name can be used to establish this date. If it is the latter, your PRG should be backdated to 2013.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

credit-utopia
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Postby credit-utopia » Wed Oct 22, 2014 4:13 pm

OP, Any updates on the backdating for your new card? I too just applied, and got approved for my own Amex card, but haven't received it yet. I have a corporate Amex with my name on it that says "Member Since 09." That would be awesome if they used that date.



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