Dilemma, Chase SP or Amex Everyday?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
9 posts
jasonfchen
Green Member
Green Member
 
Posts: 10
Joined: Fri Oct 23, 2015 8:53 am

Dilemma, Chase SP or Amex Everyday?

Postby jasonfchen » Fri Jul 01, 2016 2:05 pm

I just received an email from Amex that pre selected me to apply for the Everyday credit card, offering 15000 MR with $1000 spending within first 3 months, which could complement MR earning together with my PRG.

I have four accounts currently, which are listed in the signature. My original plan was to apply for the Chase SP since the new 5/24 rule Chase has. My last inquiry was Apr 17 2016 and my first one for my CC was Sep 2015. My score is around low 700.

So my dilemma is, should I stick to my plan to apply for CSP, building the UR with my freedom unlimited? Or should I go for the Amex Everyday and continue building Amex MR points?

PS, I travel international occasionally, but do not travel often in the United States.
Amex Blue Cash Everyday - 8K
Amex Premier Rewards Gold - NPSL
Chase Sapphire Preferred - 6K
Chase Freedom Unlimited - 8K
Chase Slate - 3.5K
CITI Costco - 6.5K
Discover IT - 6.8K


User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: Dilemma, Chase SP or Amex Everyday?

Postby Vattené » Fri Jul 01, 2016 4:16 pm

15,000 MR is a good offer for the ED. Since you have cards that earn both UR and MR, I'd lean towards taking that offer all else being equal.

Do you have any experience in redeeming either UR or MR, or do you otherwise have a good idea of what kind of value you can expect from them? UR can be redeemed for cash at 1 cent per point (cpp), but you take a big hit in redemption value of MR if you use them for cash. Since you already have a PRG (which presumably came with an introductory bonus), I'd bet you'd be better off focusing your earning on MR as it can take a good amount of points to be able to transfer and get the best value out of them (UR doesn't disincentivize redeeming in smaller amounts or for cash in the same way) . Your Freedom Unlimited can still be used when you want and treated as a cash back card, or you can always plan on getting a CSP later down the road and bank your UR until that point where you can transfer.
-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

jasonfchen
Green Member
Green Member
 
Posts: 10
Joined: Fri Oct 23, 2015 8:53 am

Re: Dilemma, Chase SP or Amex Everyday?

Postby jasonfchen » Fri Jul 01, 2016 9:48 pm

Vattené wrote:15,000 MR is a good offer for the ED. Since you have cards that earn both UR and MR, I'd lean towards taking that offer all else being equal.

Do you have any experience in redeeming either UR or MR, or do you otherwise have a good idea of what kind of value you can expect from them? UR can be redeemed for cash at 1 cent per point (cpp), but you take a big hit in redemption value of MR if you use them for cash. Since you already have a PRG (which presumably came with an introductory bonus), I'd bet you'd be better off focusing your earning on MR as it can take a good amount of points to be able to transfer and get the best value out of them (UR doesn't disincentivize redeeming in smaller amounts or for cash in the same way) . Your Freedom Unlimited can still be used when you want and treated as a cash back card, or you can always plan on getting a CSP later down the road and bank your UR until that point where you can transfer.


Thanks Vattene!

Those are great advice. I was gonna apply for SPG if my everyday got approved since why not scoring two with one pull. I tried Amex Everyday but got denied. Irony, right? Called and got the answer that my history with Amex is too short. I guess they are really picky with multiple new accounts within just 7 months. I did have a 25K bonus from PRG but I have already used that for a booking.

Then I tried CSP. Guess what, instant approval. Not crazy CL but enough for now. And I did bank my bonus 19K UR from CFU. I guess now it's gonna be UR > MR for me.

Anyways, I really appreciate your advice and just wanna share the story.

Cheers!
Amex Blue Cash Everyday - 8K
Amex Premier Rewards Gold - NPSL
Chase Sapphire Preferred - 6K
Chase Freedom Unlimited - 8K
Chase Slate - 3.5K
CITI Costco - 6.5K
Discover IT - 6.8K

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: Dilemma, Chase SP or Amex Everyday?

Postby Vattené » Thu Jul 07, 2016 4:07 pm

You are welcome. Sorry about the ED denial. Treat your accounts responsibly, give it some time, and you'll be able to get any Amex you want. A CSP and a CFU can be a powerful pairing. Congrats on that approval! :cheers:
-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

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

Re: Dilemma, Chase SP or Amex Everyday?

Postby takeshi » Fri Jul 08, 2016 8:42 am

Vattené wrote:Do you have any experience in redeeming either UR or MR, or do you otherwise have a good idea of what kind of value you can expect from them?

This is really what it's all about with any such rewards program. Which one can you attain best value with? And do you have enough spend to split up among multiple programs? You have to research the redemption options with each program.

jasonfchen wrote:I guess they are really picky with multiple new accounts within just 7 months.

Depends on credit profile. How many of your original 4 cards were new? Someone with a thicker and established profile may have not had any problems.

jcarte29
Centurion Member
Centurion Member
 
Posts: 183
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Re: Dilemma, Chase SP or Amex Everyday?

Postby jcarte29 » Tue Oct 11, 2016 10:19 am

jasonfchen wrote:... Chase SP since the new 5/24 rule Chase has. My last inquiry was Apr 17 2016 and my first one for my CC was Sep 2015. My score is around low 700.

.



What is the new 5/24 rule? I kept reading this thread to make sure it wasn't already explained.

Thanks!
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1157
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: Dilemma, Chase SP or Amex Everyday?

Postby Vattené » Tue Oct 11, 2016 11:40 am

jcarte29 wrote:What is the new 5/24 rule? I kept reading this thread to make sure it wasn't already explained.

Thanks!

Regardless of how strong one's credit profile is otherwise, Chase will not approve a credit card application if there are 5 new accounts opened within the last 24 months.

It is a rule that can be applied objectively and help weed out churners and bonus chasers.
-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

jcarte29
Centurion Member
Centurion Member
 
Posts: 183
Joined: Fri Jan 30, 2015 1:29 pm
Location: Charlotte, NC

Re: Dilemma, Chase SP or Amex Everyday?

Postby jcarte29 » Tue Oct 11, 2016 1:58 pm

Vattené wrote:
jcarte29 wrote:What is the new 5/24 rule? I kept reading this thread to make sure it wasn't already explained.

Thanks!

Regardless of how strong one's credit profile is otherwise, Chase will not approve a credit card application if there are 5 new accounts opened within the last 24 months.

It is a rule that can be applied objectively and help weed out churners and bonus chasers.



Great info! Thank you. I love my two Chase cards I already have, maybe I can work on a CLI? I think its been a year since I tried (and that was CSP)
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

Tubpbs
Centurion Member
Centurion Member
 
Posts: 827
Joined: Mon Oct 19, 2015 2:08 pm

Re: Dilemma, Chase SP or Amex Everyday?

Postby Tubpbs » Tue Oct 11, 2016 5:52 pm

I think there is a distinction of 5 new REVOLVING accounts.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests