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About LinkBacksSo my first AMEX card - the Blue from American Express - has in recent times become eligible for a variety of upgrades including the Blue Cash Preferred and Blue Cash Everyday.
Depending on the terms of the potential upgrade - whether I get to keep my current APR and whether or not I need a hard pull versus a soft pull (the rep told me that I shouldn't need a hard pull but told me to check with AMEX's credit bureau anyways to be sure) - I may or may not spring for it.
Any suggestions and reasons for a yay or nay?
Thanks in advance!
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Platinum Member
- Join Date
- Aug 2011
- Location
- USA
- Posts
- 63
AMEX wants to upgrade me - should I spring for it?
Personal Collection:
AMEX: Blue, Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)
Business Collection:
AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash
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Centurion Member
- Join Date
- Aug 2011
- Location
- Pleasanton, CA
- Posts
- 143
The first think is: do you want to go for the upgrade?
If so, then, what are you looking for as an upgrade, any particular benefit? any particular service?
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Centurion Member
- Join Date
- Aug 2011
- Location
- Michigan
- Posts
- 305
4Runnder is on point, it will be a soft pull but the above two concerns should be your determining factors.
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Centurion Member
- Join Date
- Aug 2011
- Location
- Phoenix
- Posts
- 393
It is an upgrade that they are offering you; so they pretty much used your updated scores that they get monthly to determine the upgrade. The main thing to remember is that Blue Cash Preferred has a $75 annual fee. This pays for itself if you are a chronic grocery store shopper spending several hundreds a month. If you do not shop enough in the catagories that earn the most cash back then I would go with BC Everyday instead.
I get the same Pre Approved offers on my Blue...Blue Cash Preferred and Blue Sky Preferred. I used to be Pre Approved for all the charge cards too, but every time I log in now, only the upgrades are offered to me.
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Platinum Member
- Join Date
- Aug 2011
- Location
- South Bend, IN
- Posts
- 64
Just remember, groceries from Walmart or Sam's Club are not eligible for any cash back points. I buy most of my items in bulk from the warehouses so the Preferred does not make sense for me. It all depends on your budget.
Originally Posted by CC Deville
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Platinum Member
- Join Date
- Aug 2011
- Location
- USA
- Posts
- 63
Thanks everyone for your input!
Maybe the better question at this point is: If I don't need a hard pull for the upgrade and if I am allowed to keep my awesome APR... why -wouldn't- I simply upgrade for the heck of it?
And yes, I would go the 'Everyday' avenue rather than 'Preferred'.Personal Collection:
AMEX: Blue, Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)
Business Collection:
AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash
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Centurion Member
- Join Date
- Aug 2011
- Location
- Pleasanton, CA
- Posts
- 143
I'm going to keep it simple, do you want to go for the upgrade? If so, what are you waiting.
If you are not sure or have second thoughts, leave it pass.
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Centurion Member
- Join Date
- Dec 2010
- Location
- Florida
- Posts
- 209
Hard vs. soft inquiry is the last of my concerns when determining if I want to apply for a credit product. The first should be "Do I need it?," or "Does this card benefit me more than the one I'm upgrading from?"
Unless you are dropping applications all over the place the inquiry won't be a problem. Inquiries become a problem when you have several per year because the ratings agencies see you as a 'credit seeker'. One every few months won't hurt a thing.Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan
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Centurion Member
- Join Date
- Aug 2011
- Location
- Phoenix
- Posts
- 393
Yep, on my pre-approvals they say my APR (9.24%) and credit line would stay the same. Which is pretty cool since a new applicant would get a higher APR. But as for me, I am allergic to annual fees...... Originally Posted by JNK
Thanks everyone for your input!
Maybe the better question at this point is: If I don't need a hard pull for the upgrade and if I am allowed to keep my awesome APR... why -wouldn't- I simply upgrade for the heck of it?
And yes, I would go the 'Everyday' avenue rather than 'Preferred'.
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