Help Me Convince Myself!

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
16 posts
ajacks108
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Help Me Convince Myself!

Postby ajacks108 » Tue Nov 19, 2013 2:12 pm

Hi guys new to the forum Love all the information previously posted on here. A little about myself I'm in my early 20's. Credit Score of 760. I started with a Chase college card my freshmen year and have been building it up ever since. I really want a Amex gold card. I think i have a good chance of getting it. I think the real reason why I'm hesitating is do I really need it?

TBH i just want it because of the Prestige and the customer service/refund/extended warrenty benefits. In most people's opinion is that worth it? I'm stuck between the Amex Gold and the Blue Cash Preferred (because i do buy a lot of groceries and gas) or Chase Saphire Preferred. I already have a Chase Freedom, Chase United Mileage Explorer, Chase Slate (college +1 card turned into slate), Target and Banana Republic Card. 8k, 4k, 2k, 1k, 2k, Limits in that order. Am I just being conceited and shallow with wanting a prestigious card haha.
[size=80]Amex Premier Gold
Chase Freedom - CL $8,000
Chase United Mileage Explorer card - CL $6,900
Banana Republic - CL $4000
Chase Slate - CL $3,000
Target - CL $2000
Ann Taylor Loft - CL $1000[/size]


robbrock11
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Postby robbrock11 » Wed Nov 20, 2013 1:34 am

I say go for it all depends how much traveling you do in order to take advantage of the perks..I had zync for a year then gold and plat the next year..All depends how you use it but I love having the prestige my dad has been with amex forever so i have grown up with using the rewards and customer service no other company that can match their service.
Experian 785

Amex Platinum
Chase Sapphire 10K
Discover It Card 10K
BofA Cash Back 10K
Capital One Venture 10K

MemberSince99
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Postby MemberSince99 » Wed Nov 20, 2013 6:59 am

It sounds like credit wise you could get it. The only question would be income. Don't lie as that can come back to haunt you. Otherwise you sound good.

But if all you want it for is "prestige" then you are wasting an annual fee. And if you think that Gold comes with great customer service, take it from a current Gold card holder - you thought wrong. It's a coin flip but you are as likely to get someone in India as the US, and there is quite a big difference (not trying to be a bigot here it's just the truth based on personal experience I've had). The US service is as good as any other prime lender, the offshored help, not so much.

But as far as prestige goes, I've used it a lot of places and no one really gives it a second look or has ever said a word about it. And I am not talking a rich area where Centurions are pulled out either like LA or something. My CSP on the other hand has gotten a number of comments usually about how heavy it is.

Anyway it's your life and your credit and things might be different there but the only important thing is whether YOU feel it's worth it. Amex does tend to be on your side in disputes. On the other hand some places do not accept Amex. It does have some nice perks but you pay for those in your annual fee (and then some most likely). If you are shallow then maybe I'm just as guilty as I figured all the chicks would be impressed when I whip it out (the Gold card, not something else) but they couldn't care less how I pay around here. So it's totally your call just weigh whether it's all worth the annual fee and you will use it. If so, go for it.

And nothing stops you from having a charge AND a revolver like Gold and BCP as you mentioned. I have both. You COULD app for Gold and if you get that go for BCP since it will be a SP only if you are declined (HP if you are approved). I'd say and then they age together but that doesn't matter in the case of Amex due to backdating - you could apply in 3 years and have it backdate (assuming they still do that then). You might consider that. My only question would be income/assets in your case.

takeshi
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Postby takeshi » Wed Nov 20, 2013 8:19 am

ajacks108 wrote:In most people's opinion is that worth it?

Worth is always highly subjective and you can't poll to determine if something is worth it to you. The Gold isn't worth it to me or else I'd have it. That said, you need to decide based on your needs and preferences.

ajacks108 wrote:Am I just being conceited and shallow with wanting a prestigious card haha.

It's not really a prestigious card IMO but if you think it is and that makes it worth it to you then by all means go for it. Personally, I'd look at my spend, the rewards I want and what offer me the best rewards, benefits, etc overall. Based on the cards you're considering and the reasons you've supplied it sounds like you just need to determine which is the biggest priority for you: prestige and benefits or rewards?

ajacks108 wrote:I'm stuck between the Amex Gold and the Blue Cash Preferred (because i do buy a lot of groceries and gas)

Their charge cards are supposedly easier to get than their revolvers so you could get the Gold now and get the BCP later. Getting an AmEx earlier can be helpful for backdating as mentioned above.

Sevenfeet
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Postby Sevenfeet » Wed Nov 20, 2013 8:39 am

Looking for a "Prestige" card is basically a crap reason to get a card. Credit cards are like investments...if they aren't working for you, they aren't worth having. I'd much rather be getting 10% return on my investment vehicle at a Schwab office than 3% at a private bank.

When you look to get a credit card, do the math. Is this product going to be working for you? Will it give you benefits you truly need? If it is a cash bank card, is it truly better than other products? Let's look at your choices, all of which have annual fees.

1. Amex Gold. Nice benefits with this card (it was one of my first). But will you actually the benefits as offered against the annual fee? And you already carry another travel based card.

2. Amex BCP. A great product, but you must calculate your annual spending on gas and groceries, your estimated cash back versus the annual fee. For a family of 4 like mine, its a easy decision. If you're single in your 20's, it may not be as cut and dry.

3. Sapphire Preferred. Again, a popular card around here, but even for me it was one of the lesser cards in my conquest list. If you apply, will you spend enough on it to get the 40K bonus points? Will the $95 AF be ok for you in a year, especially when you already have another travel card? This card may be good for you in restaurants and to combine points you are already getting on your Freedom card, but you have to do the math and figure out if this card is right for you and your situation.

Again, don't app for cards just for the thrill of it or that you need that blingy product. These are financial products. Keep them only if they make sense and save you money.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

GoCreditGo!
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Postby GoCreditGo! » Wed Nov 20, 2013 12:40 pm

I know how you feel. Get what works best for you.

GoCreditGo!
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Postby GoCreditGo! » Wed Nov 20, 2013 12:44 pm

There's definitely some wise overtones here.

Sevenfeet wrote:Looking for a "Prestige" card is basically a crap reason to get a card. Credit cards are like investments...if they aren't working for you, they aren't worth having. I'd much rather be getting 10% return on my investment vehicle at a Schwab office than 3% at a private bank.

rockyrock
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Postby rockyrock » Wed Nov 20, 2013 1:59 pm

I have the Amex Plat and only keep it year after year for the travel benefits. Each year I seriously have to consider paying the renewal...

I get much more mileage out of my BCP and CSP.

Prestige is nice but like others have mentioned the customer service experience varies. I have NEVER been disappointed by Chase or Discover CS; Amex has let me down a number of times--mostly when someone from outside the US answers. YMMV

Good luck!
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

DavidNY
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Postby DavidNY » Wed Nov 20, 2013 2:19 pm

ajacks108 wrote: do I really need it?


I don't see much point to it.

Robrus1
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Postby Robrus1 » Wed Nov 20, 2013 10:35 pm

Most of us around here aren't in it for prestige, but for benefits/perks, however, I suppose you could consider feeling prestigious a perk. If you're willing to pay $125 a year for something that makes you happy for this reason, it's not like it's a sin or anything. It's the same reason a lot of people buy luxury cars. They could buy a Honda Accord and save a bunch of money, but it's worth the money for them to feel prestigious and such. Knowing approximate income and what your biggest expenses are and average monthly spend would make it easier to recommend or suggest cards that are worth looking into as far as benefits are concerned. Personally, I say go for it, because the first year is free and you can enjoy the prestige of the card during that time. By the time you've been using it for a year, you'll most likely be over the prestige factor, but until you are, just get one, enjoy it, and let that flame burn out.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K



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