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Just got this offer in the mail. The points seem pretty enticing, but the $175 AMF is kind of off putting. Does anyone here have this card? What are your thoughts on it?
Great for big spenders and travellers. Not so much for everyone else.
But the annual fee is waived for the first year, so there's no harm in trying it out to see if fits your lifestyle (pretty much the only reason I have a PRG).
That's what I figured. The gas + groceries category is enticing, but I wouldn't spend nearly enough (I don't think) to make it worth the $175 AMF. I hate to open and close a card within a year.
@SomeGuyOnTheWeb wrote:Just got this offer in the mail. The points seem pretty enticing, but the $175 AMF is kind of off putting. Does anyone here have this card? What are your thoughts on it?
Look at the everyday preferred card. Unless you spend a ton of money on groceries, it can typically yield higher point accumulations with about half of the annual fee.
I was recently approved for mine, and I like the 1st year waived because as originally posted it's kind of like a trial period. I've already ran 2K through the card in about week and half, kinda with I would've took the platinum instead. For me I use mine for my customers, it's not a business expense and I don't get reimburse but I spend money on them and they spend a lot more with me. I wanted the PGR though so I made sure I PIF'd it. On my freedom I got into a bad habit of carrying a balance when I used to PIF so this card kind of makes me more strict with my finances.
Also it's gold and amex
I applied for this card pretty much solely to add another old tradeline to my credit report. Since the $175 AF is waived the first year there's nothing to lose, plus it won't hurt to increase my internal scoring at Amex by adding another card to my rotation of spending with them.
Amex preapproval site offered me the Gold and Platinum.. thought hard about it lol, but had to admit in the end I would just be paying them to carry their logo around. If you find it useful for your expenses, why not? I may apply in future once I start traveling more.
@SomeGuyOnTheWeb wrote:That's what I figured. The gas + groceries category is enticing, but I wouldn't spend nearly enough (I don't think) to make it worth the $175 AMF. I hate to open and close a card within a year.
Getting in with AMEX even with a card you expect to close is worth the entrance price of $0 and one HP, AMEX charge cards are one of the easiest way to get in the front door with AMEX, so today it doesn't make sense to pay an AF, but 3, 5, or even 10 years down the road, you decide to open another AMEX card it could be back dated and that can be a big boost in your AAoA, Who knows at that point your spending may justify having an AF or you may choose to get a revolver with $0 AF. See other posts that people have gotten there AMEX accounts back dated many years back. Wish I would of openned up an AMEX card when I was 18 and SD'd it for a year and closed it in good standing a year later i could have 3 AMEX cards back dated to 1985.
@Involver wrote:I applied for this card pretty much solely to add another old tradeline to my credit report. Since the $175 AF is waived the first year there's nothing to lose, plus it won't hurt to increase my internal scoring at Amex by adding another card to my rotation of spending with them.
I wanna know more about how they do their internal scoring. I'm pretty happy with my revolver but was wondering what other benefits of having that kind of charge card would be.