Rethinking My Amex App

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Vattené
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Rethinking My Amex App

Postby Vattené » Fri Oct 10, 2014 6:31 pm

Thanks, djrez4. You planted the seed on the Arrival+ and now it's looking more and more attractive. I've been looking into it lately and I'm thinking I could make good use of it.

I still want to get in with Amex in 2014, though. Now I am thinking I will just go for the EveryDay. This will give me access to the MR system and I can do more research on it to see how beneficial I can make it for myself. I will at least get the introductory bonus and reevaluate from there. If I don't like it, I will go for the Arrival+.

It basically functions just like the Blue Sky (about which I posted earlier), but the rewards look better to me. I was looking around in the fine print, and you can also use the "miles" for cash back. It's not the most attractive option, but it is still at 1% so it wouldn't be any worse than non-category Discover spending. This alone makes it more flexible than the Blue Sky. Assuming a 2.2% return, you just need to spend $4,045 to offset the annual fee. This should be easy enough for me, making it a good potential long-term card. In the short term, the annual fee is waived the first year and it has a good introductory bonus. Plus, if I don't want to continue with it long-term I can try to PC it to the standard Arrival.

This is looking like a good game plan to me. Any thoughts/opinions?
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now


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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Oct 10, 2014 7:01 pm

Getting an Amex sometime in 2014 is probably more important than getting the Arrival+ right away.

Until you start putting a lot of spending onto the card, the difference in the value of rewards is going to be pretty small.

If you're going to try to put a lot of swipes on the ED every month, do look at the EDP. I know it has an annual fee, but if you're making 30+ swipes and you like MR points, the rewards accrue really quickly. It might make you want to delay the A+ until you actually travel, since 1.5 MR points would beat 2.2 cents.

Deciding the value you put on MR points is important. BCE has decent cash rewards and no swipe minimum to get the 'real' value from it.

Edit: If you like Discover, how much spending do you really expect to put on an ED card? After the signup bonus, the MR points are just going to trickle in.

Although I remember you like to get groceries at Walmart, so the bonus categories don't help you much.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

MemberSince99
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Postby MemberSince99 » Fri Oct 10, 2014 7:01 pm

Just go for it. Barclay pulls TU and Amex pulls EX unless you are borderline, which you aren't. It will cost you two hard pulls. Then you get the Arrival + and you start backdating with Amex - in 20 years you'll thank yourself for that.


Not to mention those MR points can be transferred.

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Vattené
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Postby Vattené » Sat Oct 11, 2014 3:22 am

Oh I wasn't planning on going for the Arrival+ immediately. I want to get a good idea of how valuable MR points are (plus getting established in 2014 is a priority), and I wouldn't want to try spending enough to qualify for two introductory bonuses simultaneously anyway.

I realize I can't count on the Arrival+ having the same introductory bonus by the time I would apply, but it is a risk I will have to accept. I am still not sold on the EDP. Assuming I will go for the Arrival+ at some point, I am not sure if I can stomach two cards with annual fees. I'm confident I can justify the Arrival+ but again my concern comes down to how valuable MR points are. If the bonus categories did anything for me I would consider it more seriously, but at this point I am not convinced it would be beneficial. My strategy in choosing the ED over EDP also lets me hedge my bets. If I don't value MR too highly I can more or less abandon it (probably just putting Netflix through it automatically to keep the card and my MR points active) and focus on the Arrival+ "miles." Maybe I will end up loving MR and won't be as interested in the Arrival+ later...or maybe I will decide the cards can compliment each other for travel.

I do love Discover, but I won't stay loyal to them at the sacrifice of better options. (it would be nice if they introduced another travel card). I won't be sockdrawering the It card, but the credit card market is flooded with competition and there is no point in giving ALL of my spending to one company when there are other good cards to utilize.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

MemberSince99
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Postby MemberSince99 » Sat Oct 11, 2014 7:47 am

I hate to say it but you are WAY overthinking and over analyzing it. It's not trying to get humans on the moon it's just credit cards. It's not life or death just a way to pay for things.


I used to do that too, sometimes I still do go back and forth on whether to go for something, in the end just do it, seriously what's the worst that can happen? You get a new account, an inquiry or two and away you go. With all the in depth analysis and questioning and agonizing you could just do it and be done and use them and move on.


I do the same damn thing and it's a huge waste of time and energy. Just do it baby. You know you want the Arrival + and you know you want to get in with Amex what more is there? You can always PC later as well.

popamode72
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Postby popamode72 » Sat Oct 11, 2014 9:45 am

In short, if you really want the cards, stop worrying and go for it. Waiting and worrying like this aren't going to get you anywhere. I took a big chance on Amex several months ago after seeing how a lot of people on MyFico were getting in with them over the summer, not thinking I'd get approved at all because I didn't have a year of credit history nor did I have any prequalified offers (I was told strictly that I'd need to wait until a full year and then go for a charge card to get myself in) and look what happened. Huge surprises from them and instant approval on my first ever card with them, followed an instant approval on the second one just a few months later. Same thing with Barclays and how easy it was to PC my card to the Arrival that quickly.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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djrez4
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Postby djrez4 » Sat Oct 11, 2014 9:49 am

I don't know why you have to involve me in all this.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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Vattené
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Postby Vattené » Sat Oct 11, 2014 1:54 pm

I don't mean to drag you into anything, just saying you got me more interested in it. I was familiar with it before but now that I've looked into it more it is looking really good.

I know, I know. You're totally right. I really am putting too much thought and energy into what is just not that big of a decision. I don't know why either; I seriously took less time to decide on a car. Anyway, it's not like there is anything else left to learn. I just need to pull the trigger.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

MemberSince99
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Postby MemberSince99 » Sat Oct 11, 2014 5:32 pm

On the other hand, if you app, you run the risk first of AA from your existing creditors. You risk being banned from the Garden and possibly the forum for life on MyFICO for committing the terrible crime against all credit of an inquiry. You even risk having your insurance company use this as an excuse to raise your premium (that part isn't sarcasm, I can tell you that really IS possible as it happened to me), even though they might be sending you marketing letters saying they want more of your business because of your great credit (no joke, happened to me).


So, maybe there are reasons to agonize over it for weeks if not months or years.


Nah, hell no, I'd just do it anyway. That's just me.

hockeyplayr
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Postby hockeyplayr » Sat Oct 11, 2014 5:49 pm

EDIT nevermind misread the post.
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|



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