Applying For Both Amex Everyday & Amex SPG

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luvbullmarkets
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Applying For Both Amex Everyday & Amex SPG

Postby luvbullmarkets » Wed Feb 18, 2015 8:16 pm

Hello Everyone,

I am considering applying for both Amex Everyday and Amex SPG on the same hard pull. As the tax filling deadline rapidly approaches I am in a position to take advantage of the current bonus point promotions.

My strategy is to hopefully get both cards on the same hard pull. Perhaps calling AMEX and applying over the phone. Then using the new AMEX Everyday card to pay State Taxes of approx. $3K. The AMEX SPG will be used to pay Federal Taxes of slightly over $7K. This will make me eligible for 10K MR points after $1K spend within 3 months plus 25K Starwood points after $5K spend within 6 months. From there I plan on transferring most of the non-paid outstanding balance from SPG to Everyday and take advantage of 15 month 0% APR interest. This leads me to my first question.

1. Will AMEX double charge me the balance transfer fee? Moving a balance from SPG to Everyday costs 3%. However, will I also be charged 3% on the Everyday for taking on this additional balance from SPG?

2. Should I look applying for other more bountiful promotions? Such as CSP, Chase Marriott Rewards card, Chase United MileagePlus Explorer, etc.

Appreciate all thoughts, critiques, and suggestions.
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Battery111
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Postby Battery111 » Wed Feb 18, 2015 8:30 pm

luvbullmarkets wrote:Hello Everyone,

I am considering applying for both Amex Everyday and Amex SPG on the same hard pull. As the tax filling deadline rapidly approaches I am in a position to take advantage of the current bonus point promotions.

My strategy is to hopefully get both cards on the same hard pull. Perhaps calling AMEX and applying over the phone. Then using the new AMEX Everyday card to pay State Taxes of approx. $3K. The AMEX SPG will be used to pay Federal Taxes of slightly over $7K. This will make me eligible for 10K MR points after $1K spend within 3 months plus 25K Starwood points after $5K spend within 6 months. From there I plan on transferring most of the non-paid outstanding balance from SPG to Everyday and take advantage of 15 month 0% APR interest. This leads me to my first question.

1. Will AMEX double charge me the balance transfer fee? Moving a balance from SPG to Everyday costs 3%. However, will I also be charged 3% on the Everyday for taking on this additional balance from SPG?

2. Should I look applying for other more bountiful promotions? Such as CSP, Chase Marriott Rewards card, Chase United MileagePlus Explorer, etc.

Appreciate all thoughts, critiques, and suggestions.


I doubt they'll double charge you, but I'm sure they'll charge you once.
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thom02099
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Postby thom02099 » Wed Feb 18, 2015 9:46 pm

luvbullmarkets wrote:Hello Everyone,

I am considering applying for both Amex Everyday and Amex SPG on the same hard pull. As the tax filling deadline rapidly approaches I am in a position to take advantage of the current bonus point promotions.

My strategy is to hopefully get both cards on the same hard pull. Perhaps calling AMEX and applying over the phone. Then using the new AMEX Everyday card to pay State Taxes of approx. $3K. The AMEX SPG will be used to pay Federal Taxes of slightly over $7K. This will make me eligible for 10K MR points after $1K spend within 3 months plus 25K Starwood points after $5K spend within 6 months. [color="red"]From there I plan on transferring most of the non-paid outstanding balance from SPG to Everyday and take advantage of 15 month 0% APR interest. [/color]This leads me to my first question.

1. Will AMEX double charge me the balance transfer fee? Moving a balance from SPG to Everyday costs 3%. However, will I also be charged 3% on the Everyday for taking on this additional balance from SPG?

2. Should I look applying for other more bountiful promotions? Such as CSP, Chase Marriott Rewards card, Chase United MileagePlus Explorer, etc.

Appreciate all thoughts, critiques, and suggestions.


Let me make sure I understand this correctly: You want to balance transfer from the SPG to the Everyday card, correct?

If so, you need to read this post:

http://creditcardforum.com/blog/american-express-balance-transfer-offers/


Remember you can’t use 0% interest credit card offers within the same bank. For example, even if there were some nice AmEx balance transfer offers available, you still would not be able to use them if the balance you’re transferring comes from another AmEx card.

If I'm NOT reading your post correctly....Nevermind...!

My presumption here was similar to the situation with Chase -- can't do it. With Chase, one can't transfer a balance from, say, a CSP to a Slate, because both cards are from the same issuer.
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PlyrStar93
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Postby PlyrStar93 » Wed Feb 18, 2015 9:57 pm

You cannot transfer the balance from SPG to Everyday directly or reverse, since both accounts are from same issuer. Also, balance transfer that is greater than the lesser of (7.5k or 50% CL) will not be processed.

If balance is being transferred, then the transfer-out account will show as a regular payment. e.g. you have account 1 with $5000 balance to be transferred to account 2 with 0 balance, then when you request the transfer, account 2 will have balance 5k+3% fee, account 1 shows as 5k payment.

If you are able to get some balance transfer checks from Amex Everyday, you might be able to deposit these checks to a checking account, and the Everyday account should have a balance transfer + fee showing up. You then should be able to use the funds to pay off SPG account. I am not sure if this is risky, especially with Amex who likes FR-ing people, and they may be able to detect the nature of your action; and also I am not quite sure if you are able to get balance transfer checks from them.
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luvbullmarkets
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Postby luvbullmarkets » Wed Feb 18, 2015 9:58 pm

thom02099 wrote:Let me make sure I understand this correctly: You want to balance transfer from the SPG to the Everyday card, correct?

If so, you need to read this post:

http://creditcardforum.com/blog/american-express-balance-transfer-offers/


Remember you can’t use 0% interest credit card offers within the same bank. For example, even if there were some nice AmEx balance transfer offers available, you still would not be able to use them if the balance you’re transferring comes from another AmEx card.

If I'm NOT reading your post correctly....Nevermind...!


Yes that was my intended plan. Pretty much places a damper on my plan.
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popamode72
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Postby popamode72 » Wed Feb 18, 2015 10:26 pm

I kind of thought that would only work if you were trying to do a revolver and a charge card in the same day.
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takeshi
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Postby takeshi » Thu Feb 19, 2015 8:42 am

luvbullmarkets wrote:Should I look applying for other more bountiful promotions? Such as CSP, Chase Marriott Rewards card, Chase United MileagePlus Explorer, etc.

All depends on what's useful to you. Don't just sign up for promotions based on the offer. Make sure you look at rewards redemptions and can make the best use of any rewards program you're considering.

I'd also suggest considering the long term benefit of each card versus just the sign up offers. Where does the majority of your spend go and which card(s) maximize rewards on that spend?

luvbullmarkets wrote:Yes that was my intended plan. Pretty much places a damper on my plan.

You might also want to verify whether or not those tax payments are subject to card processing fees which would place another damper on the rewards.

ingramjuan
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Postby ingramjuan » Thu Feb 19, 2015 4:55 pm

Hope you post if you receive both cards with one hard pull? Didn't know that could be done? I would assume you would have to call CS to make this happen?
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luvbullmarkets
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Postby luvbullmarkets » Thu Feb 19, 2015 7:24 pm

ingramjuan wrote:Hope you post if you receive both cards with one hard pull? Didn't know that could be done? I would assume you would have to call CS to make this happen?


I called customer services and CSR provided me the phone number to American Express Credit Bureau Unit. Unfortunately they are now closed for the evening.

(800) 874-2717 hours 9:00am - 5:30pm EST.
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luvbullmarkets
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Postby luvbullmarkets » Thu Feb 19, 2015 7:47 pm

takeshi wrote:All depends on what's useful to you. Don't just sign up for promotions based on the offer. Make sure you look at rewards redemptions and can make the best use of any rewards program you're considering.

I'd also suggest considering the long term benefit of each card versus just the sign up offers. Where does the majority of your spend go and which card(s) maximize rewards on that spend?


I have considered a few Chase cards such as CSP, Marriott Rewards, and United Mileage Plus Explorer. This is mostly due to the fact of my existing Marriott Rewards and Mileage Plus accounts. I view these cards as an opportunity to top off these rewards accounts.

You might also want to verify whether or not those tax payments are subject to card processing fees which would place another damper on the rewards.


The "convenience fee" for tax payments ranges from 1.5 - 2%. This is another incentive to look long and hard for a generous bonus offer when applying for a new credit card.
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