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First I'll start with my back story. I have been lurking through the forum for about a 2 years learning as much as I can to improve my credit score. When I started 2 years ago to rebuild my credit I had a FICO score of 530. Since then I have raised my scores to TU 770, EQ 725, and EX 710. So thank you to everyone on the forum! Without this forum and the community I would not be in the position I'm in!
One of my credit goals has always been to get an Amex. Well, that day happened yesterday when I applied for the Amex Blue Cash Everyday, and was approved with a starting limit of $13,600. I was more than ecstatic for this accomplishment! After getting the approval I decided to use the trick I learned on here to apply for another Amex on the same day, and not get a second hard pull. I decided to try for the Amex Platinum, thinking it would be out of my reach. Low and behold, I was approved. I was not expecting that!
So here is my dilemma, I only travel 3 to 4 times a year and it's from SFO to Vegas, and maybe LA. The card has a $550 AF, which is a lot! The sign on bonus I received is 60k MR points as long as I spend $5k in 3 months. I have no problem being able to spend the $5k needed for this bonus. My question is should I keep this card? Being that I travel 3 times a year, is it worth having the card?
Thanks again, to everyone on the forum!
You should have asked the same question before you applied for this card. It you seldomly travel, this is the wrong card for you. You need to get the benefits more than the $550 AF you pay. Keep the card for a year to see if it is the right one to keep.
I keep my AmEx Platinum card.
Congratulations on the platinum!
I thought about signing up for the platinum myself, but opted for the gold which better matched my spending habits. Now if I were in your shoes, I'd reach that spend bonus and rake in that 60k MR. Then, feel the platinum out for a while. Right before the AF comes around, either keep the platinum if you find that you are traveling enough, or PC to Amex Gold. You may find that you gain more points gradually with the gold than using the platinum a few times on travel.
You are correct I should of done the math for the long term. I just didn't think I would be approved for the Platinum. I was utilizing the 1 hard pull for 2 apps. I can definitely utilize the benefits of the card for the first year, and then downgrade before the next AF if I don't feel I will benefit from the Platinum. Thanks for the advice!
I feel it's worth applying for a new PRG with a 50k sub instead of PCing. You only earn those generous points once so it's worth waiting for good offers