Apped for the AmEx Platinum

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onion
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Apped for the AmEx Platinum

Postby onion » Sat Aug 09, 2014 10:23 pm

I called up AmEx to ask a couple questions about the American Express Platinum card since I planned on travelling more this year. I ended up biting the bullet and applying. As expected, I got the decision pending message. I've had two statements on each of my AmEx cards since I got them, always PIF, etc. With a bit of luck I'll get a prompt response and it'll get approved!

Very excited to finally be out of the lower tier credit cards and keep on enjoying premium benefits! The Blue Cash and Everyday cards are great, but a Platinum card would be awesome! :cool:
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000


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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Aug 09, 2014 11:37 pm

Have you had an Amex charge card before? Or you jumped right to the credit cards?
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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onion
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Postby onion » Sat Aug 09, 2014 11:41 pm

CarefulBuilder14 wrote:Have you had an Amex charge card before? Or you jumped right to the credit cards?


Nope, that'll be my first charge card. I was instantly approved for the Blue Cash and had a decision pending on the EveryDay but got an email the next morning with an approval and an even higher credit limit, so I guess they like me. Worst comes to worst, I figure I can negotiate my other two cards for that Platinum and lower my limits a bit or something.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Aug 09, 2014 11:53 pm

Then I'd be very surprised if you were declined. Amex usually has stricter standards for credit cards than charge ones. The charge cards (at least PRG and below) are often an intermediate step to getting a credit card with Amex as I am doing (probably in an overly conservative way in terms of hard pulls).

If they are getting their $450 up front, and you already pay your other Amex cards in full, it's hard to imagine a decline. But, then again, YMMV.

Possibly they may feel you're opening too much more credit too quickly.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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onion
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Postby onion » Sun Aug 10, 2014 12:02 am

CarefulBuilder14 wrote:Then I'd be very surprised if you were declined. Amex usually has stricter standards for credit cards than charge ones. The charge cards (at least PRG and below) are often an intermediate step to getting a credit card with Amex as I am doing (probably in an overly conservative way in terms of hard pulls).

If they are getting their $450 up front, and you already pay your other Amex cards in full, it's hard to imagine a decline. But, then again, YMMV.

Possibly they may feel you're opening too much more credit too quickly.


That's what I've heard, so hopefully it all goes smoothly. The only thing that I'm worried about is your final point, opening too many lines too quickly.

I've got to pay for tuition this coming month so I wanted a card that'll give me a hefty bonus for meeting spend requirements. I got the regular 40k points for $3,000 in 3 months offer and I've already met the $1,000 requirements on my new Blue and Everyday cards, so I didn't want to just let potential points go to waste. All the travel benefits are more than welcome as well since I'll be studying abroad in January and traveling quite a bit.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

Darrvao777
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Postby Darrvao777 » Sun Aug 10, 2014 8:38 am

CarefulBuilder14 wrote:Then I'd be very surprised if you were declined. Amex usually has stricter standards for credit cards than charge ones. The charge cards (at least PRG and below) are often an intermediate step to getting a credit card with Amex as I am doing (probably in an overly conservative way in terms of hard pulls).

If they are getting their $450 up front, and you already pay your other Amex cards in full, it's hard to imagine a decline. But, then again, YMMV.

Possibly they may feel you're opening too much more credit too quickly.


Hmm why is that? Are the charge cards considered less desirable than their credit cards?
- Fidelity Visa
- Citi Double Cash
- Amazon Prime Store Card
- Chase Sapphire Reserve

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onion
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Postby onion » Sun Aug 10, 2014 11:41 am

Darrvao777 wrote:Hmm why is that? Are the charge cards considered less desirable than their credit cards?



From what I've heard, they're easier to get because the balance must be paid in full every month, so they're considered less risky. Also, I'm sure they're more willing to hand out charge cards because of the money they make on the annual fees. I'm sure someone at AmEx has done the math for the amount of risky accounts and potential money lost vs profit from annual fees and swipes.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Aug 10, 2014 3:55 pm

onion wrote:From what I've heard, they're easier to get because the balance must be paid in full every month, so they're considered less risky. Also, I'm sure they're more willing to hand out charge cards because of the money they make on the annual fees. I'm sure someone at AmEx has done the math for the amount of risky accounts and potential money lost vs profit from annual fees and swipes.


One thing about Amex charge cards (and some credit cards) is that the MR and perks system varies widely as far as how useful it is. Some people can make great use of the travel benefits and airline selection, but others can't (and make do with gift cards that can be bought elsewhere more cheaply). Giving a cardholder $1 cash back costs Amex $1, but giving 100 MR points to a cardholder may cost Amex (I suspect, on average) much less than $1. Amex is still making a nice fat swipe fee on a large transaction volume. That can do a lot in mitigating the risk of having a very high or flexible credit limit.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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onion
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Location: Jacksonville, FL

Postby onion » Sun Aug 10, 2014 4:16 pm

CarefulBuilder14 wrote:One thing about Amex charge cards (and some credit cards) is that the MR and perks system varies widely as far as how useful it is. Some people can make great use of the travel benefits and airline selection, but others can't (and make do with gift cards that can be bought elsewhere more cheaply). Giving a cardholder $1 cash back costs Amex $1, but giving 100 MR points to a cardholder may cost Amex (I suspect, on average) much less than $1. Amex is still making a nice fat swipe fee on a large transaction volume. That can do a lot in mitigating the risk of having a very high or flexible credit limit.


That makes sense. I can see why they gave me $2000 more on my Everyday card than they did on my Blue Cash. They probably love me right now, I've been giving them 40-50 swipes a month.
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

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CarefulBuilder14
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Posts: 3930
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Postby CarefulBuilder14 » Sun Aug 10, 2014 4:48 pm

onion wrote:That makes sense. I can see why they gave me $2000 more on my Everyday card than they did on my Blue Cash. They probably love me right now, I've been giving them 40-50 swipes a month.


If someone just wants 2 or 3 cards and can make good use of MR points, then the EDP could be great. I don't have enough total transactions where I can't get a better deal elsewhere to consistently make 30 swipes each month on an EDP to get the 50% bonus.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May



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