Invitation to apply for Platinum

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
23 posts
kelvSYC
Platinum Member
Platinum Member
 
Posts: 52
Joined: Fri Jan 25, 2013 3:10 am
Location: San Bruno

Invitation to apply for Platinum

Postby kelvSYC » Mon Nov 03, 2014 8:26 pm

I recently received an invitation to apply for the Platinum card. I find it interesting that this only came up after my creditworthiness took a hit (I bought a new car recently and of course took out a car loan, and I had a slightly unpleasant experience with Capital One that caused my account to report as 30 days late instead of on time), but I'm sufficiently baited.

The problem is that I'm not too sure whether my profile really fits the person who can afford to pay $450 a year. I probably travel once or twice a year, but even with the $200 bag credit and lack of foreign transaction fees, I don't really feel that the perks are worth the annual fee. (I don't usually book my flights to have wiggle room to use an airline lounge on a stopover, I don't really travel to places where I have to book a hotel, and American Express doesn't cover NEXUS even though they cover Global Entry and TSA PreCheck, which is covered by NEXUS.)

Of course, this is all assuming that I'd actually get approved if I apply. How likely is it that a credit card issuer would send an invite to someone with good odds that, should they apply, would be denied?

Having said all that, I do plan on travelling soon, and this card, if only temporarily, makes for a good travelling companion. According to the folks who are more experienced in applying for credit, given my scenario, is the Platinum worth it?
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD


User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3929
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Mon Nov 03, 2014 9:04 pm

Platinum is not that difficult to get - Amex credit cards (like the BCE we both have) generally have stricter credit requirements. Keep in mind that with Platinum, Amex can make your 'real' limit whatever they want it to be - without notifying you. And unlike a credit card where you can make small payments, Amex charge cards usually have to be paid in full within a month - so there's less risk for them. They sacrifice interest income but get a higher proportion of the bills paid by customers.

Yes, I know some charge cards have a pay-over-time feature...but the effective APR is like 30%.

I'm not sure how severe the one late payment will be to your FICO scores. So while you probably would have qualified at the time you got the BCE, it is possible you would not qualify now.

If you'd want to use certain airport lounges and stay at certain high-end hotels, the card can be well worth it. But not everyone can make good use of the benefits. In a lot of airport terminals, with many airlines, and with many hotels, the card has no real benefit. It helps in some places, but not others.

It's a perks/upgrades card, not a high-earning rewards card.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

kelvSYC
Platinum Member
Platinum Member
 
Posts: 52
Joined: Fri Jan 25, 2013 3:10 am
Location: San Bruno

Postby kelvSYC » Mon Nov 03, 2014 9:34 pm

Actually, it only made me eat about $2 in interest, and a quick CK report check since my first post suggests that Cap One didn't really bother reporting it as 30 days late (so it still looks as if it was paid on time). But it was on the account with the lowest credit limit and the highest interest rate, so I'm really desperately trying to cut spending on that card (which I only use for PSN purchases, which isn't difficult). Plus, it was the principle of how the matter was handled that was teeing me off.

I guess I'm not sure if the perks are really worth it for me, and whether I can change my lifestyle to be worth the perks.

Having said that, I guess I'm pretty much going to hold off on any new credit. The way I see things, the Arrival+ (even if terms suggest that the rewards got nerfed recently) is worth more to me if approved. CK is also overestimating my FAKOs lately (I got an auto CLI since my last Discover statement), so I'm not high on getting approved for that.
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3929
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Mon Nov 03, 2014 9:47 pm

kelvSYC wrote:I guess I'm not sure if the perks are really worth it for me, and whether I can change my lifestyle to be worth the perks.


Many Amex Platinum customers don't make good use of the Platinum perks. That helps Amex be more profitable.

Credit card companies love it when people get high-AF cards with benefits they aren't going to use. The AF is then pure profit. Some people get the cards for the high-status image, and others get them with the expectation that they will soon be travelling a lot for business or pleasure - making and spending more money. The 'heavy users' who make the most of the benefits are a fairly small subset.

Amex wouldn't make any money if they were giving out flight upgrades, free hotel nights, and expensive booze to every customer all the time (assuming people use other cards for non-travel purchases).
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Nixon
Centurion Member
Centurion Member
 
Posts: 1087
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Postby Nixon » Tue Nov 04, 2014 3:01 am

CarefulBuilder14 wrote:Many Amex Platinum customers don't make good use of the Platinum perks. That helps Amex be more profitable.

Credit card companies love it when people get high-AF cards with benefits they aren't going to use. The AF is then pure profit. [color="Red"]Some people get the cards for the high-status image[/color], and others get them with the expectation that they will soon be travelling a lot for business or pleasure - making and spending more money. The 'heavy users' who make the most of the benefits are a fairly small subset.

Amex wouldn't make any money if they were giving out flight upgrades, free hotel nights, and expensive booze to every customer all the time (assuming people use other cards for non-travel purchases).


The ironic thing here is, The PRG stands out much more than the Platinum does.. :)
Image

Brad Bishop
Centurion Member
Centurion Member
 
Posts: 138
Joined: Sat Jul 12, 2014 7:38 am
Location: Atlanta, GA

Postby Brad Bishop » Tue Nov 04, 2014 5:11 am

Correct me if I'm wrong, but you can buy your way into the Delta lounges if your flying with them and, I suspect, other airlines will let you do the same. I think Delta is $50/person/entry or, with their Amex Delta card, it's $30/person/entry. $450/50 gets you 9 entries /year without the Delta Gold SkyMiles card. 12 with it (subtracting 3 to make up for the $95 AF).

I've been in them a few times compliments of someone else and while it was nicer/quieter, it really didn't seem to be that big of a deal. If I traveled all the time on business I could definitely see the benefit of getting away from it all in a quiet area and I'd definitely get the Platinum card.

I had both a Platinum and a Diners which both offer lounge access and I don't ever remember using either. I remember looking up Diners lounges and it was something silly like two places in the USA (NY and LA and, of course, you had to be flying into a specific airport).

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Nov 04, 2014 8:27 am

kelvSYC wrote:How likely is it that a credit card issuer would send an invite to someone with good odds that, should they apply, would be denied?

There isn't the causality that you're assuming. It's just marketing. Countless people get denied when they apply for offers that they receive. Countless people also get approved. Don't just respond to offers. Select the cards you need/want and apply for them.

Preapprovals, on the other hand are based on soft pulls but even so they're not guaranteed approvals either since one's credit can change between the time the SP is performed and the person applies.

kelvSYC wrote:According to the folks who are more experienced in applying for credit, given my scenario, is the Platinum worth it?

Nixon wrote:The ironic thing here is, The PRG stands out much more than the Platinum does.. :)

Worth is highly subjective on this just as it is with any topic. The people that find the Platinum worthwhile are the ones that can make use of its travel benefits and are not concerned about earning rewards with this card. If rewards are more important than the PRG may be a better fit. Some find both useful.

Nixon
Centurion Member
Centurion Member
 
Posts: 1087
Joined: Mon Nov 03, 2014 11:12 am
Location: Great Southwest

Postby Nixon » Tue Nov 04, 2014 10:51 am

takeshi wrote:Worth is highly subjective on this just as it is with any topic. The people that find the Platinum worthwhile are the ones that can make use of its travel benefits and are not concerned about earning rewards with this card. If rewards are more important than the PRG may be a better fit. Some find both useful.


I get what you mean and I guess i should have phrased it better.
I personally feel the PRG looks better aesthetically than the Platinum. :)
Image

User avatar
nismoZtuner
Centurion Member
Centurion Member
 
Posts: 1105
Joined: Thu Jun 27, 2013 12:39 pm
Location: EARTH -CA

Postby nismoZtuner » Tue Nov 04, 2014 12:31 pm

Funny thing in my case is that I have the PRG and have been getting invitations to apply for the green or the normal gold Amex card through mail and emails every now and then. when I sign into my online account I am greeted with an "upgrade to platinum" message tho.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

Brad Bishop
Centurion Member
Centurion Member
 
Posts: 138
Joined: Sat Jul 12, 2014 7:38 am
Location: Atlanta, GA

Postby Brad Bishop » Tue Nov 04, 2014 1:09 pm

I remember back in the day when the Platinum Card really was invite only. There were no applications for it floating around in stores and there was no online presence. Now, it's just another card, granted, an expensive one with perks some people use.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests