Why do I have a Gold Card

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kcarter609
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Location: VA

Why do I have a Gold Card

Postby kcarter609 » Wed Sep 26, 2012 6:25 pm

Really, why do I have it? What do I get out of it besides a $125 fee each year? I use the Freedom for absolutely everything right now to gain the points on it.

I want the BCP in January, but I almost see no point in an AMEX Gold unless I'm missing something. I applied for it as my 2nd CC with 6 months of credit history and was approved instantly. I got it because it was cool and none of my friends had an AMEX (They still don't).

I just feel like it's now a waste of my money...

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)


CC Deville
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Postby CC Deville » Wed Sep 26, 2012 6:40 pm

I don't know. Why do you have it? Probably for the bling. You could either downgrade it to Zync or close it entirely when you get a BCP. The higher end charge cards are really for people who travel.

Rory
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Location: MA

Postby Rory » Wed Sep 26, 2012 9:03 pm

You have it because you wanted it and at the time $125 seemed worth it and wasn't of any concern. times change and so do attitudes. If you like having a card that none of your friends have or like having it in hopes of getting worthwhile use of it i suggest keeping it. It really comes down to what your cost/benefit analysis is personally. Perhaps Amex Green would better suit you. Maybe none at all, annual fees are either necessary costs to improve benefits received (either larger % back or perks) or marginal expenses that can be written off on your personal budget as a necessary evil. Considering your highest limit is 5k, it may be beneficially to you just knowing that should the situation arise you could charge beyond that limit (supposed you're cleared for more than 5k) and not worry about being denied or crushed by fees and such.

I think having a charge card of any type to be a necessity. They diversify your credit profile and allow spending beyond limits w/o the fear of high utilization and accumulating interest (in most cases).
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
Its not about the ending, its about the journey,
just as long as the ending is just as good :cool:

agp
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Postby agp » Wed Sep 26, 2012 9:46 pm

Drop the Gold, it's useless. Upgrade or downgrade.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

jlam572
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Location: Hawaii

Postby jlam572 » Thu Sep 27, 2012 12:02 am

agp wrote:Drop the Gold, it's useless. Upgrade or downgrade.


Agreed. Gold is useless unless you live in NYC and go to concerts every weekend. PRG is only useful if you travel and have a gas guzzler. If i wanted just a basic charge card and i didnt travel so often, id go zinc...just as cool looking as gold and way lower annual fee.
American Express Platinum
Chase Sapphire Preferred
Hawaiian Airlines BOH MC
USAA Amex
Capital One Visa Platinum
Citi Diamond Preferred MC

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djrez4
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Postby djrez4 » Thu Sep 27, 2012 7:23 am

I've been wondering the same thing since I got mine. I plan to replace it with a BCP in January and cancel before the fee comes up in August. My revolving limits are high enough as is and I will have NPSL on a couple of Visa Signatures. Gold has lost its caché, so to speak.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

kcarter609
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Location: VA

Postby kcarter609 » Thu Sep 27, 2012 8:07 am

Ok, I think I should just downgrade it to Zync. I only travel once a year at best, and I do it the cheapest way possible. I'm not worried about the perks.

So, should I downgrade now? Or should I wait until after I get BCP to downgrade? I don't want it to look bad to AMEX. The annual fee comes at the end of January. I'm gonna apply for the BCP in the beginning of January.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

Rory
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Posts: 274
Joined: Sat Aug 04, 2012 10:21 pm
Location: MA

Postby Rory » Thu Sep 27, 2012 9:03 am

kcarter609 wrote:Ok, I think I should just downgrade it to Zync. I only travel once a year at best, and I do it the cheapest way possible. I'm not worried about the perks.

So, should I downgrade now? Or should I wait until after I get BCP to downgrade? I don't want it to look bad to AMEX. The annual fee comes at the end of January. I'm gonna apply for the BCP in the beginning of January.


if you can bare to wait till january i think that would be best, because then all future amex cards would automatically back date to your first year of membership on the first month of the calendar year. It works out best that way for AAoA if and when you may possibly upgrade or downgrade between Amex cards
Amex Zync - NPSL (Cleared up to 25k)

Amex BCE - 12000 limit

Amex BCP - 4200 limit

FIA Rewards Amex- 3500 limit

Chase Freedom - 2000 limit

Chase Slate - 2000 Limit

BoA Cash Rewards Privileges- 3000 limit

Barclaycard Rewards MC - 3000 limit

Discover IT- 3500 limit

Marriott PR- 5000 limit

21 years old with alot of life to spend ;)

Its not about the ending, its about the journey,

just as long as the ending is just as good :cool:

kcarter609
Centurion Member
Centurion Member
 
Posts: 423
Joined: Thu Aug 09, 2012 7:54 am
Location: VA

Postby kcarter609 » Thu Sep 27, 2012 9:45 am

Rory wrote:if you can bare to wait till january i think that would be best, because then all future amex cards would automatically back date to your first year of membership on the first month of the calendar year. It works out best that way for AAoA if and when you may possibly upgrade or downgrade between Amex cards

Ok, I can wait. After I get approved for BCP I'll downgrade the Gold to a Zync.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

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djrez4
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Joined: Tue Jul 31, 2012 12:20 pm
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Postby djrez4 » Thu Sep 27, 2012 11:48 am

kcarter609 wrote:Ok, I can wait. After I get approved for BCP I'll downgrade the Gold to a Zync.


If I'm not mistaken, you can't PC the Gold to a Zync. You'll have to apply for the Zync and cancel the Gold. Please, though, correct me if I'm wrong.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

[/RIGHT]



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