SPG Credit Card Promotion Problem? (30,000 Bonus Points)

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RM4PointRewards
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SPG Credit Card Promotion Problem? (30,000 Bonus Points)

Postby RM4PointRewards » Wed Aug 03, 2011 10:47 am

Hello Everyone,

This is first personal Amex and my first post! I have been reading some of the posts and find them to be very insightful! I was approved yesterday for the Amex SPG credit card. To my shock, my credit line is only $1,000! I even told the customer service rep that the initial credit line for my other credit cards when I applied was $1,000's higher!

My question is this: The Starwood credit card has a promotion to earn up to 30,000 starpoints (10,000 immediately after the first purchase) and then 20,000 on $4,500 spent in the first 3 months of having the card. My quandary and fear is that even if I max the card and zero it out every month I will not make the $4,500 mark (on the card) in time to get the additional 20,000 points. The rep on the phone told me to request a credit line increase in 60 days of having the card. So now I feel I have two options and I would love some insight from all of you please:

1. Use my card for up to $1,000 by mid-month. Zero out the balance and then use it for another $1,000 till the end of the month. This should get me about $2,000 / mo. And at that rate I should hit $4,500 in no time (all of course if this is possible and those points even count!)

2. Use my card and rack up $2,000 total for 60 days and then request an increase and hopefully charge $2,500-$3,000 in the 3rd month to get the $4,500 + threshold.

3. Speak to a customer rep and see if they can extend the 3 month threshold if options 1 & 2 fail or are not viable.

4. Get suggestions from you all and execute :)

Please let me know what you all think. I am new to the Amex Personal Cr. card world and as I told the rep, my ultimate goal is the Platinum card and/or in some distant dreams the Centurion! :) - we can all dream.... :)

Thank you for your help!

Best,

RM


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Postby Money card » Wed Aug 03, 2011 8:22 pm

are you asking me what I think about the card? are you asking which American express card should you get?

sticf
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Postby sticf » Thu Aug 04, 2011 6:04 am

Congrats on the card.

Having a $1000 limit is going to make the promotion rough. However, if you follow plan (1) you might be able to make it. On my Amex accounts if I post a payment on Friday morning, it will process that day and my full amount of credit is available on Saturday, your millage may very on when payment post.

My word of caution:
Chasing promotional points is not a bad thing if you are already going to spend the money on things you need. Or if you were holding off some bigger purchases until you received the card. However, spending money just to make the promotion numbers does not seem the way to go. If you are close and you need to spend some small amount ($150 or less) I can see that, but spending $1000 on something you did not plan to buy to "make the number" is a bit crazy IMO.

RM4PointRewards
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Postby RM4PointRewards » Thu Aug 04, 2011 3:53 pm

I was going to use this card for my everyday purchases. So I had and have been budgeting about $2,500 a month on cards and then paying it off in full. I would not make a purchase just to get the promotions. I figured with my everyday spending and in 3 months I would easily pass the spending threshold for the promotion. With the lower limit they provided I guess I will have to go with option 1.

I spoke with Amex Customer support yesterday and they said that they are fine if I go about with option 1. Or simply as the rep to increase my credit limit as I pay my balances off every month and I would like to be able to avail of the promotions. I hope the latter works! Will let you guys know.

RM4PointRewards
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Postby RM4PointRewards » Thu Aug 04, 2011 3:54 pm

Hello!

I was just asking about certain loop-holes I might be able to use in order to avail of the promotions seeing how they gave me a low starting limit. But if Amex approves my credit limit increase on receipt as the customer rep suggested then I should be ok!

Thank you for your reply!

LTomBerry
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Postby LTomBerry » Thu Aug 04, 2011 9:34 pm

60 days is the standard wait for your first CLI from AmEx. There should be a menu option on the website for CLI, you have to put the amount of increase you want. The rule of thumb for your first CLI is to put down 3x your current limit so $3k for a total of 4k new limit.

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Postby Money card » Sat Aug 06, 2011 4:47 pm

Rm4pointrewards do you travel on business? it seems to me you use the card the same as what my friend and accountant uses the card for every day purchases. so you have other credit cards that's good. you can alternate the less you use your card, your line will go up. it works with all cards.

Now if you travel on business and you use this card you need to tell your supervisors this.

RM4PointRewards
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Postby RM4PointRewards » Wed Aug 10, 2011 2:21 pm

Thank you! I did not know that. I will do that in about 60 days. I thought putting less of an increase would help my chances. I will try what you suggested!

RM4PointRewards
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Postby RM4PointRewards » Wed Aug 10, 2011 2:25 pm

Hello sir,

I see what you are saying. I am actually a CPA by profession like your friend. I use my Bank of America cash rewards card for all my spending requirements except bills that need to be paid in cash eg. utlities, car notes, mortgage payments etc. I was planning to go close to my credit limit and wash it out in about 15 days and then repeat so as to be able to meet the promotion that this card was offering. At such a low credit-limit this is the only option that I have. I will have to use my other BoA card for the time being but was hoping to increase my credibility with Amex and move up the ladder slowly.
You are saying to not use it very much and zero it out at month-end? I actually do that with one of my other cards on which I have a $6K limit. I put about 100 on it every month and zero it out.

Please let me know what you think. I am new to the Amex world and am open to suggestions :)

Best,

RM

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Postby RM4PointRewards » Wed Aug 10, 2011 2:26 pm

I forgot to mention that I do travel to Germany twice a year on business and was planning on using this card for airfare and hotel costs. My boss actually has the exact same card so I will ask her if it is advisable for me to use it as well. She paid for both of us this last trip and prob racked up some serious rewards points in the process !

Best,

RM



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