Amex newbie questions.

Anonymous · ‎04-02-2016

Good morning, Happy Saturday!
I have some questions about American Express cards in general. I have never had one. Plan is to app for one in the next couple of days as soon as Barclay and Capital One update my utilization and my new credit limit. I am wanting to basically get a foot in the door because my bankruptcy fell off my Experian several years early and it may come back. If my bankruptcy comes back, I would love to have an Amex out of the whole situation. I've been wanting an Amex forever and didn't realize that they arent fond of bankruptcies, until after I applied in January.

So I applied for the Blue Cash everyday in January. My denial letter stated the only reason was bankruptcy. I really want the Blue Cash preferred after researching but what I'm wondering is is the Blue Cash preferred or any other Preferred Card harder to get in general? I know that they have the annual fees tacked on, but I wasn't sure if they are harder to get as well. I am wondering if underwriting a bit less stringent on likely a standard Everyday or Blue? Also, Do they PC their cards?

Also want to know what a red flag is for Amex? Are they ok with BT? Are they ok with large transactions, multiple small transactions etc. I noticed someone on here this morning got a letter from Amex wanting info, etc after only 2 small purchases. Is this kind of thing normal? If I'm approved, I want to do everything correctly if possible.

Also, how much is a point equal to dollar wise? Which bonus is better between BCE and Everyday? Meaning which one has a higher dollar value? Thank you in advance!

TURNERHOOVER · ‎04-02-2016

I app'd for BCP and was approved, also had existing relationship w/AMEX ED eight months before app. Every profile is different so I hope this helps.

jbsea · ‎04-02-2016

@Anonymous wrote:
Good morning, Happy Saturday!
I have some questions about American Express cards in general. I have never had one. Plan is to app for one in the next couple of days as soon as Barclay and Capital One update my utilization and my new credit limit. I am wanting to basically get a foot in the door because my bankruptcy fell off my Experian several years early and it may come back. If my bankruptcy comes back, I would love to have an Amex out of the whole situation. I've been wanting an Amex forever and didn't realize that they arent fond of bankruptcies, until after I applied in January.

So I applied for the Blue Cash everyday in January. My denial letter stated the only reason was bankruptcy. I really want the Blue Cash preferred after researching but what I'm wondering is is the Blue Cash preferred or any other Preferred Card harder to get in general? I know that they have the annual fees tacked on, but I wasn't sure if they are harder to get as well. I am wondering if underwriting a bit less stringent on likely a standard Everyday or Blue? Also, Do they PC their cards?

Also want to know what a red flag is for Amex? Are they oI wk with BT? Are they ok with large transactions, multiple small transactions etc. I noticed someone on here this morning got a letter from Amex wanting info, etc after only 2 small purchases. Is this kind of thing normal? If I'm approved, I want to do everything correctly if possible.

Also, how much is a point equal to dollar wise? Which bonus is better between BCE and Everyday? Meaning which one has a higher dollar value? Thank you in advance!ma

I will answer what I can I love Amex but I do handle them with kid gloves. I've never heard before about getting FR after two days, that is new. We would have to wait till they get back to us to find out what triggered that. As far as large and small transactions I've done both with no problems. I've done them on all my cards so there seems to be no difference between a revolver or charge. I do pay both in full all the time. But many have said that they don't have had no problems.

As far as BCE or ED.... Depends on what you like. I like the MR points so I have the ED card. If you like cash then the BCE card is the one for you.

Over all Amex is been very good to me. They are my go to card and my favorite. Good luck with which ever you decide on.

Amex Gold / Amex Platinum / Amex Marriott Brilliant/ Amex BCP/ Capital One Venture (AU) / Capital One Savor One/ Discover / NFCU Cash Rewards / BOA Unlimited Cash Rewards / NFCU GO Rewards (AU) / Amex EDP / NFCU Flagship Rewards / Chase Freedom (AU) / Capital One QuickSilver / Citi Costco (AU) / Amex Delta

Anonymous · ‎04-02-2016

I'll also answer what I can. I know you can downgrade a BCP to BCE (or EDP to ED) at any time and get a pro-rated refund of annual fee. But you can't go the other way (due to the CARD act). I got the BCP last April, later I decided to switch from cashback to MR so I got the EDP. I then downgraded the BCP to BCE and was told I couldn't have gone the other way (and I've read it here too.) I believe the card must be 13 months old to switch from non-AF to an AF version and then it's okay. (But I'm not certain about that.)

I have read of others with issues with BT or with carrying a balance. I've never done a BT, but with their 0% for the first X months, I've just 'moved' balances over from another card by charging new stuff on the new Amex and paying the old card instead of paying the Amex in full. So in effect, it allows me to transfer a balance (if I have enough spending to do so) without having to do a BT. This is also helpful if you have bonus spend to meet. (If this is unclear, let me know.)

Anonymous · ‎04-02-2016

Thanks guys. Good info! I just chatted with the Amex lady for an hour. She gave me a lot of info also. She asked about all of my expenses. She asked how much I spend on groceries, gas, and other items and did the math for all three cards then I'm interested in. To be honest I would take anything at this point, but I'm more interested in the blue cash preferred. I guess we'll see in a couple days.

Anonymous · ‎04-02-2016

BCE and BCP should have similar underwriting criteria

Anonymous · ‎04-04-2016

I would opt for the BCE...I have it and it is superior to the AMEX Everyday card. The benefits are just amazing...just my two cents worth.

Anonymous · ‎04-04-2016

@Anonymous wrote:
I would opt for the BCE...I have it and it is superior to the AMEX Everyday card. The benefits are just amazing...just my two cents worth.

It's only superior to the ED card if you're looking for a cashback card. If you're looking for a travel card the the ED is superior. Two completely different types of rewards cards.