Amex BCP Rewards Getting Capped Next Year

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

Postby cashback » Sat Feb 09, 2013 11:40 pm

BCP has taken a huge hit with this cap. It was one of the best cards out there before the cap, if not the best (because of gift cards). With the cap, it is merely a 4.75% grocery card. And that is if you spend exactly 6K, no more, no less.
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


Sevenfeet
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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Sat Feb 09, 2013 11:59 pm

cashback wrote:BCP has taken a huge hit with this cap. It was one of the best cards out there before the cap, if not the best (because of gift cards). With the cap, it is merely a 4.75% grocery card. And that is if you spend exactly 6K, no more, no less.


True, but to those of us outside looking in, it's still better than nothing. I spend $20k a year on groceries and the uncapped BCP card would have saved me $1200 a year. Capped, that's now down to $360 minus the AF. To that I'll supplement it with the Penfed card I hope I'm approved for (waiting right now to find out). Combined, the two cards would get me to $700, and I'll still take that over the situation I have now (money flying out of my rear). My fave grocery stores all take Amex...not a problem.
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)

silver6054
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Joined: Mon Nov 05, 2012 5:28 pm
Location: boston

Postby silver6054 » Sun Feb 10, 2013 12:14 am

I spend about the same, but if you used ONLY the Penfed, you would get $180 on that first $6K, so the BCP gives you only an extra $180, -$75 for the fee, so a total of $105 a year. So yes, better than nothing, but depending on your spending and goals, if you don't have the card, this might not be the best use of an application, with any impact on the credit score.

Bksuper
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Location: California

Postby Bksuper » Sun Feb 10, 2013 12:30 am

To be fair, avoiding a hard pull isn't worth that much money unless you were about to apply for a very important loan in the next few months. However, opening a card with an annual fee that would need to be closed if your spending habits or the cards terms change is not something I would do lightly, and certainly not for this card. And Sevenfeet, if you use the SallieMae Barclaycard instead and use that with the PenFed if you're approved (and PC your AF'ed BCP to the BCE either way, but use it instead if you aren't approved for PenFed) after you've hit the SallieMae cap, you would make more money and not pay the AF.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

Sevenfeet
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Location: United States

Postby Sevenfeet » Sun Feb 10, 2013 6:48 am

Bksuper, wasn't the Sallie Mae card discontinued when they sold their credit card business to Barclays? Why even bring that up if it's impossible to apply for it? Did I miss something?

Confused...
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)

Bksuper
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Posts: 257
Joined: Sun Oct 14, 2012 10:22 pm
Location: California

Postby Bksuper » Sun Feb 10, 2013 10:03 am

Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

FutureBillionaire
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Location: Down South

Postby FutureBillionaire » Sun Feb 10, 2013 12:35 pm

I'm going to get my 6k out of this card. I will happily take the 285 cash back. I will use my Penfed card to help manage the cap. This is still a good card, even if it isn't great. I think your calculations devalue it a bit too much.
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

Gamma
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Posts: 465
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Location: Los Angeles, CA

Postby Gamma » Sun Feb 10, 2013 2:49 pm

Bksuper wrote:To be fair, avoiding a hard pull isn't worth that much money unless you were about to apply for a very important loan in the next few months. However, opening a card with an annual fee that would need to be closed if your spending habits or the cards terms change is not something I would do lightly, and certainly not for this card. And Sevenfeet, if you use the SallieMae Barclaycard instead and use that with the PenFed if you're approved (and PC your AF'ed BCP to the BCE either way, but use it instead if you aren't approved for PenFed) after you've hit the SallieMae cap, you would make more money and not pay the AF.

BCP is far better than the Sallie Mae in terms of cashback. You forget to mention the additional perks Amex offers its costumers every now and then. Last year, I got back $255 back from the Xbox sync feature, $75 back on groceries on Small Business Saturday, $40 back for a sync offer for Best Buy, and a few others. As you can see, I've gotten more than $300 cashback since I got the card in July of last year and I still haven't included my cashback from groceries. What perks does Sallie Mae offer besides balance transfer checks? You really seem to devalue the BCP as if it were a horrible card. Maybe you should get one to better experience the true value of the card.

FutureBillionaire wrote:I'm going to get my 6k out of this card. I will happily take the 285 cash back. I will use my Penfed card to help manage the cap. This is still a good card, even if it isn't great. I think your calculations devalue it a bit too much.

Completely agree!

Randiesel75
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Posts: 84
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Location: Clark, NJ

Postby Randiesel75 » Sun Feb 10, 2013 5:09 pm

Gamma wrote:BCP is far better than the Sallie Mae in terms of cashback. You forget to mention the additional perks Amex offers its costumers every now and then. Last year, I got back $255 back from the Xbox sync feature, $75 back on groceries on Small Business Saturday, $40 back for a sync offer for Best Buy, and a few others. As you can see, I've gotten more than $300 cashback since I got the card in July of last year and I still haven't included my cashback from groceries. What perks does Sallie Mae offer besides balance transfer checks? You really seem to devalue the BCP as if it were a horrible card. Maybe you should get one to better experience the true value of the card.


Completely agree!


What are these sync features you speak of. Educate me!

Sevenfeet
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Location: United States

Postby Sevenfeet » Sun Feb 10, 2013 5:56 pm

Bksuper wrote:You can still apply for it:
https://www.salliemae.com/landing/WorldCreditCard/


Interesting. They hide it pretty well on the SallieMae site.

Still, this product is very much geared for the post-college market of people that still have student loans (i.e., getting cash back against your student loan account). The other problem with this card is that it only covers the first $250 a month spent on groceries. That's cool when you're single (i.e., the post college crowd), but I spent six times that each month (kids are expensive). It's just not worth it when I would only get to use that card once in a month and then put it away for one of my other grocery cards.
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)



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