Does the PRG make sense for a 20 year old college student?

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safwaan41
 
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Does the PRG make sense for a 20 year old college student?

Postby safwaan41 » Wed May 22, 2013 2:02 am

So I was offered the PGR, but I'm a 20 year old college student, and I don't know if I need that with the $175 annual fee. They are waiving it the first year, and giving me a bonus sign up offer. I was debating between that or just applying for the green card. Any suggestions?


benhollberg
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Postby benhollberg » Wed May 22, 2013 1:24 pm

Take the offer assuming they are giving you a sign up bonus. Since they are offering first year no annual fee then if you don't want to keep after a year you can downgrade the same account to Green or Gold.
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swipe_masta
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Postby swipe_masta » Wed May 22, 2013 1:52 pm

I don't think any college student needs a card that has an annual fee IMO. That is just another expense you don't need right now... I suggest looking into some quality student cards like Citi's Forward or Discover's student card. Yeah you can try it out then cancel it before the annual fee is due, but do you really want to waste a credit inquiry on a card that you're gonna cancel? Do you really want to cancel your first credit card? Ditto for the Green card too.

safwaan41
 
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Postby safwaan41 » Wed May 22, 2013 1:59 pm

Well I already have a discover It card, and I'm an additional card on the delta gold. I was excited about the offer because I wanted to use the rewards program, and having a charge card vs a credit card would help limit my spending. Also when I called them to inquire about downgrading after the first year, the customer service rep said I'd HAVE to pay the $175 fee if I wanted to downgrade. I'm not sure if he's right or not.

mdl28
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Postby mdl28 » Wed May 22, 2013 2:03 pm

If you plan on staying with Amex for years to come just start off with a credit card with no annual fee, amex blue cash everyday would fit that profile. Then once you have established yourself after you finish your education, call up amex and upgrade to whichever card fits you then. You will at least get your foot in the door with Amex and save the annual fee plus be earning cash back. Dont get caught up in the "status" of having a gold card. If you have to think about the annual fee and if its worth it to you right now, it's not for you.
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MemberSince99
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Postby MemberSince99 » Wed May 22, 2013 3:06 pm

Really depends on your situation. If money is really tight or you have little income, I would not do it now, and would wait until you are done with school and have a job in your field with a comfortable living.

It's good to get your foot in the door with Amex as soon as you can but make sure it's the right time to do it, and that would be if you aren't putting yourself in jeopardy with the fee and have a decent income.

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Postby Bksuper » Wed May 22, 2013 5:44 pm

Personally, I don't think any of the amex charge cards are that great except Platinum, if you travel a lot (Typical Student would not, but YMMV). If you want a good sign up bonus and have good enough credit to get approved, there are plenty from cards without an annual fee. If you want to get into amex, try for the Costco amex if you already shop there enough to justify the membership, or or the bce otherwise. The bce has no AF AND a good $100 sign up cash bonus. I think the Citi Forward and 1fbusa platinum are some of the best credit cards for students personally.
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1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

benhollberg
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Postby benhollberg » Thu May 23, 2013 9:54 am

I was and am still a student right now and have the PRG and don't know why people think students shouldn't have it. I'm 22, have a good job and just trying to finish school also. I think I took a good path and would recommend it to others, in high school got the Costco AMEX, then at 21 I got the PRG, will upgrade the PRG to Platinum later this year after the 13 month period. I would also recommend something that'll give a high limit so you could put your whole tuition on the card and earn the benefits.
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FutureBillionaire
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Postby FutureBillionaire » Thu May 23, 2013 10:45 am

I'm on record as saying that Amex charge cards are over valued, generally speaking. There are much better cards out there that have cheaper or no annual fees that net your more rewards, particularly for college students.

Having said that, I firmly believe that it's a good idea to get on with American Express as soon as possible.
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Bksuper
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Postby Bksuper » Thu May 23, 2013 2:41 pm

benhollberg wrote:I was and am still a student right now and have the PRG and don't know why people think students shouldn't have it. I'm 22, have a good job and just trying to finish school also. I think I took a good path and would recommend it to others, in high school got the Costco AMEX, then at 21 I got the PRG, will upgrade the PRG to Platinum later this year after the 13 month period. I would also recommend something that'll give a high limit so you could put your whole tuition on the card and earn the benefits.

IF your school will take tuition by CC without charging you a surcharge or convenience fee that negates rewards (mine wants $0.30+2.9% tacked on), then use a 2% card which will get you more value than 1 membership reward point per dollar. If the limit isn't high enough, send the check in to the CC company beforehand to have a negative balance of that amount, it won't affect the rewards, you just don't get the float. The problem that I see is that the only way the charge card is worth the AF comparatively to what other cards offer with or without an annual fee is to travel alot, and fewer students do that because there are no business trips and less time or money on average for personal vacations. If you want to get in with amex, bce or costco is the best choice.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012



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