Thinking about downgrading my AMEX... Advice?

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cmnnn
 
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Thinking about downgrading my AMEX... Advice?

Postby cmnnn » Tue Nov 04, 2014 2:07 pm

First of all, hello, as this is my first post.

I have a Gold Premier Rewards card with AMEX, however I haven't been using it as much as I thought I would be. I am currently working towards paying off some big balances that i've recently incurred, and I am now spending less than $500.00 a month on my PRG card. Ususally gas, or occasional dinner out, etc. I am have been thinking of downgrading to the Green Card, which seems more suitable. Any advice on this? I wasn't sure if it was worth it to just keep my gold status?

This may sound newb, but I have had bad habits with CC in the past, and now I am paying for it... literally :ppp .


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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Nov 04, 2014 7:34 pm

How bad is your credit? Maybe you could qualify for an Amex revolver like BCE? They have a lot of the same benefits as Amex charge cards. There's more to a credit report than the associated FICO, of course, but FICOs under 675 have tough odds of getting a revolver.

If you're spending less than $500 a month on it, maybe you don't really even need a charge card of any kind? I'm not using mine much anymore and plan to close it. The signup bonus was great, but the continuing rewards don't justify the annual fee.

With more information about your history, we can get a better idea of your realistic alternatives to keeping the PRG and downgrading it.
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Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

Nixon
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Postby Nixon » Tue Nov 04, 2014 7:44 pm

CarefulBuilder14 wrote:How bad is your credit? Maybe you could qualify for an Amex revolver like BCE? They have a lot of the same benefits as Amex charge cards. There's more to a credit report than the associated FICO, of course, but FICOs under 675 have tough odds of getting a revolver.

If you're spending less than $500 a month on it, maybe you don't really even need a charge card of any kind? I'm not using mine much anymore and plan to close it. The signup bonus was great, but the continuing rewards don't justify the annual fee.

With more information about your history, we can get a better idea of your realistic alternatives to keeping the PRG and downgrading it.


+1

If you've already used up your MR points, and are okay with a small AF you PC to a Senior Green.
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takeshi
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Postby takeshi » Wed Nov 05, 2014 8:06 am

cmnnn wrote:I wasn't sure if it was worth it to just keep my gold status?

There's no "status" to retain. If you want the PRG at a later date you can PC or apply. Underwriting is the same for all charge cards so it's just a matter of selecting the AF and benefits that suit you.

Either the card is beneficial to you or it isn't. Do the MR points that you earn on your current spend make it worthwhile for you? Make the same assessment for any cards you're looking to PC to.

Brad Bishop
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Postby Brad Bishop » Wed Nov 05, 2014 9:45 am

takeshi wrote:There's no "status" to retain. If you want the PRG at a later date you can PC or apply. Underwriting is the same for all charge cards so it's just a matter of selecting the AF and benefits that suit you.

Either the card is beneficial to you or it isn't. Do the MR points that you earn on your current spend make it worthwhile for you? Make the same assessment for any cards you're looking to PC to.


Exactly. It's just a card. If you leave and apply again later, as long as you're credit-worthy, they'll happily issue you another card.

Every time I look, I can't justify the PRG. I could see other people doing it, though. That being said, it seems like that if you can't justify the PRG then it'd be tough to justify the Green or Gold.

It doesn't seem like you're getting anything with a Green or Gold except a charge card and an annual fee. You're paying $95/125 each year to not be able to carry a balance.

luvbullmarkets
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Postby luvbullmarkets » Wed Nov 05, 2014 2:00 pm

Absolutely!

I downgraded two months ago and have not looked back. If you don't charge airfare for the 3X points category the Green card makes a lot more sense. The PRG card is perfect for employees who travel frequently for business. Specifically companies that allow employees to book and pay for their own travel and reimburse them later. One could earn substantial MR points this way.
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thom02099
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Postby thom02099 » Thu Nov 06, 2014 1:07 pm

Downgrade options available:

AMEX Green at $95 AF
AMEX Senior Green at $35 AF/basic. Can add MR for additional $40, total AF $75
AMEX Gold at $125 AF
AMEX Senior Gold at $55 AF/basic. Can add MR for additional $40, total AF $95
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EQ = 846 EX=828 TU = 836 as of 02/2016

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 06, 2014 1:13 pm

thom02099 wrote:Downgrade options available:

AMEX Green at $95 AF
AMEX Senior Green at $35 AF/basic. Can add MR for additional $40, total AF $75
AMEX Gold at $125 AF
AMEX Senior Gold at $55 AF/basic. Can add MR for additional $40, total AF $95


I've heard of Amex Senior cards before but know very little about them. Can you give more detail about how they differ from their non-senior equivalents?
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

Nixon
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Postby Nixon » Thu Nov 06, 2014 2:51 pm

CarefulBuilder14 wrote:I've heard of Amex Senior cards before but know very little about them. Can you give more detail about how they differ from their non-senior equivalents?


Probably just a lower cost option.
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thom02099
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Postby thom02099 » Thu Nov 06, 2014 3:56 pm

Nixon wrote:Probably just a lower cost option.


Yes. In my post above, there is the "basic" card, which is no frills to speak of. Some of the standard benefits still apply, but there are no MR points in either basic card. They can be added as an option.

The senior cards were originally, though not very publicly, marketed to those of us over a certain age (60, I think was the original plan). I've read anecdotally of folks well under that age getting a senior card, so there likely is no longer an age requirement, but one would need to check with AMEX on that to make sure.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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