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