My first post and my first Gold Card

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
10 posts
ragermac
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My first post and my first Gold Card

Postby ragermac » Wed Jul 27, 2011 7:54 am

Hello all.

I am excited and it little scared. I was just approved for a Gold Card. I use to have an AMEX years ago when I was in my 20s and I screwed it up big time. I paid it off and I thought AMEX would never accept me again.

I received an invitation letter in the mail and thought, what the heck, I will try it. I have been working hard to improve my credit and I guess it paid off. I was instantly approved! Now I am over 40 and I want to make sure that I do not screw it up again. I am much wiser but I still want to be careful. I read the info posted here about the Gold Card. Do you all have any additional advice?


jeffysdad
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Postby jeffysdad » Wed Jul 27, 2011 4:19 pm

Set the account up for autopay where Amex will automatically debit your checking account for the full amount due on the same date every month. You can usually pick the date; pick one you will remember.

Monitor your account on line and review your spending ever few days and make sure you have a good idea of what you owe.

Make sure you always have enough money in your checking account to cover the bill when it is debited. Consider setting up an overdraft line of credit. ING Direct will let you do this for free and won't charge you anything for accessing it. With Chase, you can link one of your credit cards to your checking account as a backup, but they will charge you a fee if they have to dip into your credit line to cover an overdraft. This should not be a problem, though, because you will always have enough money in your checking account to cover full payment of your credit card balance, right?
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

ragermac
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Joined: Wed Jul 27, 2011 7:48 am
Location: Washington, DC

Postby ragermac » Wed Jul 27, 2011 9:26 pm

Thank you, I am listening, and I will follow the advice.

Money card
Centurion Member
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Location: New York state

Postby Money card » Wed Jul 27, 2011 9:53 pm

first of all congratulations on getting your gold card. advise I would say use it responsiblely.

will you be using the card for personal use or do you travel on business?

when I was in my mid 20's I got turned down for the Gold card when the annual fee was both 65 and 75.00 congratulations on getting the gold card.

sticf
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Postby sticf » Thu Jul 28, 2011 6:19 am

Congratulations on the new card!

Only advice I would give is leverage your Internet access to manage your card. It is much easier now than 20+ years ago too:
1. Check your current balance
2. Make a payment mid month
3. Ensure you are not over spending or forget charges

Keeping an eye on your spending online has helped a few people (me included) realize some of our bad spending habits. Perfect example is a co-worker did not realize she put almost $2k on her Amex until she checked the balance Wednesday. Really opened her eyes to what she did over the weekend. :D

ragermac
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Postby ragermac » Thu Jul 28, 2011 7:55 am

Thank you all.

I will be using the card for personal use and travel. My wife and I travel quite a bit. So I plan to use the card for car rentals, hotels etc...

It was so embarrassing early in our marriage since my credit was bad and she had to use her card for everything. So I was determined to improve my credit.

LTomBerry
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Postby LTomBerry » Thu Jul 28, 2011 8:33 am

Here's another lesser known perk with AmEx. If they are able to look up your old account info, they can backdate your current card so the "member since" date on your card is the date you opened up the original card 20 years ago. Best of all, they report that date to the credit bureaus so it looks like your AmEx has been open for decades. It'll do wonders for your credit score by improving your average age of accounts!

DoingHomework
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Location: Arizona

Postby DoingHomework » Thu Jul 28, 2011 5:55 pm

jeffysdad wrote:Set the account up for autopay where Amex will automatically debit your checking account for the full amount due on the same date every month. You can usually pick the date; pick one you will remember.


Be careful with this. Amex will debit the minimum due not the full statement balance. They let you carry a balance from large purchases. If you only pay teh minimum due you will build up debt and pay a lot of interest.

ragermac
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Postby ragermac » Fri Jul 29, 2011 1:07 pm

Thanks, I will remember that.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Aug 03, 2011 12:03 am

Congrats, but don't screw it up this time, ha!

:ppp
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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