I have been rebuilding my credit for the past two years. During that time, I have not used my Capital One or my Wamu cards (the only "Credit Cards" I have) What I do use is my Amex "Charge" card (pay in full each month--even though they will allow you to carry some balances) Anyway, I have charged quite a bit on it each month during this process and the card went from the Gold to Plat and now they want to give me the Black card. My credit scores are far from stellar.
After reading all of the posts on Amex here and how they have cut credit lines for good, dependable paying credit card customers, I am now convinced that Amex is inching its way towards getting out of the "credit card" business and going to back to its roots with charge cards. I must say, Amex has treated me very well over the many years I have been a customer.
I'm curious, how much money a month do you run through your charge card. Maybe they stopped the mandatory $250,000 a month requirement.
well, glad they have been a good pick for you. keep up the good work and your scores are sure to follow! as far as amex "giving" you the black card- at 2500 AF or whatever it is, it's one expensive gift! (i can't remember now the black AF but it is up ther')
if you're interested make sure you quantify the cost benefit of the card.
2 things. okay 3 things!
Like someone else said if they are offering it to you I would take it!!
then to other posters:
you only get the chance of being offered the black card if you are a platinum charge card holder (personal or business)
you can upgrade from any card to black, it's by invitation only.
Again super congrats on the offer, I think it's 5k to accept and 2500 annually to keep, so $7500 to get it in hand for the first year, correct me if I'm wrong though.