Amex BCP Rewards Getting Capped Next Year

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cashback
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Location: NY

Postby cashback » Mon Oct 29, 2012 12:31 pm

FutureBillionaire wrote:You know what, I guess I never did the math again after I got my BCP. It wasn't worth it with my other cards, but I think it is with this particular card.

I forgot that department stores sell gift cards to other spots. I'm going to make the change with the Cash + and take advantage of that.


Yep, that's the plan for me too. Applied to the Cash+ a few days ago. Just applied and got approved for the PenFed card today, 15.5K CL.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


FutureBillionaire
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Postby FutureBillionaire » Mon Oct 29, 2012 12:44 pm

cashback wrote:Yep, that's the plan for me too. Applied to the Cash+ a few days ago. Just applied and got approved for the PenFed card today, 15.5K CL.


Which penfed? The rewards or the cash rewards? The rewards is probably the better overall card.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

cashback
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Posts: 793
Joined: Mon Oct 22, 2012 7:11 pm
Location: NY

Postby cashback » Mon Oct 29, 2012 12:50 pm

FutureBillionaire wrote:Which penfed? The rewards or the cash rewards? The rewards is probably the better overall card.


The cash rewards. Now that I look, the rewards is the better overall card but I plan on just using it for gas so they would be the same for me. I should have looked harder. I just saw 5% on gas and applied lol.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Postby FutureBillionaire » Mon Oct 29, 2012 1:23 pm

If you are still interested, they should be able to do the app with the same credit report. I have both of them and use them both throughout the month.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

cashback
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Posts: 793
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Location: NY

Postby cashback » Mon Oct 29, 2012 1:25 pm

FutureBillionaire wrote:If you are still interested, they should be able to do the app with the same credit report. I have both of them and use them both throughout the month.


For what reason do you use them both?
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Mon Oct 29, 2012 1:31 pm

cashback wrote:For what reason do you use them both?


I had the cash card originally. It used to earn 1% on all other purchases. Now, it earns about .25%. Also, I spread my gas purchases across multiple cards. I like to align my credit card statements to the two paychecks that I get each month. This helps me maintain a healthy cash flow and keep a large amount of cash on hand throughout the month. It's just a quirky system that I have that allows me to get what I want throughout the month without waiting on my paycheck. I keep my spending in check by paying my balances before the cycle date in full.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

cashback
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Posts: 793
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Location: NY

Postby cashback » Tue Oct 30, 2012 6:25 pm

I was on another site and came across some people saying the BCP is not going to be capped on Jan 15. They were saying it will be capped on whenever your anniversary date is after Jan 15.
So I went to the statement to check myself and the exact wording is "This change becomes effective when your account renews on OR after January 15, 2013."

Sounds to me like I have until next August to rack up some cash back :-)
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Posts: 1590
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Location: Down South

Postby FutureBillionaire » Tue Oct 30, 2012 7:19 pm

I have a long time as well. I'm going to take advantage of it too. 6k is probably going to be enough for me though since I split it between cards and my spending isn't that high.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

andrewket
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Postby andrewket » Wed Oct 31, 2012 8:40 am

andrewket wrote:On a different note, I just got my October BCP statement and it doesn't have any notices regarding lowering the cap. The account is only ~6 months old, so perhaps they are waiting for the account to age >1 year before limiting, or some other criterion.


I went back and looked again. I missed it. The change wasn't contained in the terms and conditions in the rewards section, but rather at the very end of the statement as a notice. As others have said, effective on your anniversary date after 1/15/13. Of course nowhere in the statement does it tell you want your anniversary date is.

If Amex doesn't cap BCE, then BCE becomes the better card at $12,500 grocery spend/year, taking into consideration the $75 AF. The best way to optimize may be to use your BCP until you hit the $6.5k cap, and then product change to BCE.

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Wed Oct 31, 2012 9:19 am

andrewket wrote:I went back and looked again. I missed it. The change wasn't contained in the terms and conditions in the rewards section, but rather at the very end of the statement as a notice. As others have said, effective on your anniversary date after 1/15/13. Of course nowhere in the statement does it tell you want your anniversary date is.

If Amex doesn't cap BCE, then BCE becomes the better card at $12,500 grocery spend/year, taking into consideration the $75 AF. The best way to optimize may be to use your BCP until you hit the $6.5k cap, and then product change to BCE.


I recommend getting another card that gets you good cash back on groceries and using that. I'm not giving up 6% on groceries, ever.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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