Credit Cards

[FrugalRican]

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BlueHusky wrote:

Thanks! I mainly got it for cashback on gas and groceries without having to always sign up for the categories.

Why else is it good? Is it typically harder to get? Does it look good on a credit report somehow?

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AMEX, as a whole and as a positive tradeline, always looks good on a credit report.

Getting a revolver and blowing straight through the charge cards are typically harder, but congrats. You got it.

It's also good because if you spend $1000 in the first 90 days, you'll get a $100 statement credit.

And look up AMEX syncing. You can sync it up to Twitter/Foursquare for great deals.

One example: If you tweet a specific AMEX message, they will give you $5 if you go to McDonalds. So, say you buy food for $5.50... in 3 days you'll get the credit for $5, making that meal you had, just .50 cents.

Also, check out the Blue Savings Program. Great deals if you rent cars.

And you've just backdated yourself. If you apply for another AMEX in say, 2 years, even if you applied in 2014, your card will backdate to 2012.

[MsLadyRover]

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BlueHusky wrote:

BLUE CASH EVERYDAY(SM)		Approved		Congratulations! Your application has been approved and you should receive your new card within 7-10 days. If you requested a balance transfer to this card, click here to view the status of that transfer

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That's great!  CONGRATULATIONS!

[BlueHusky]

Thanks everyone! Will call today to find out CL and post it, but I'm assuming it won't be much as I'm a new customer to them.

What is backdating?

[BlueHusky]

They said it's approved but the credit limit is undecided? And interest is prime + 16% which seems ridiculous.

[FrugalRican]

I'd call again in a few minutes and see if another CSR can see it approved and what the CL is.

I applied online for the BCE and got it approved, 5 minutes later, I knew what the CL was.

The "best" rate for a BCE is about 17% more or less. I'm not worried about APR's though, I always PIF.

[LS2982]

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FrugalRican wrote:

I'd call again in a few minutes and see if another CSR can see it approved and what the CL is.

I applied online for the BCE and got it approved, 5 minutes later, I knew what the CL was.

The "best" rate for a BCE is about 17% more or less. I'm not worried about APR's though, I always PIF.

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+1

PIF and APR does not matter!

[Koop10010]

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BlueHusky wrote:

They said it's approved but the credit limit is undecided? And interest is prime + 16% which seems ridiculous.

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The interest rates on the Blue Cash cards are high, but that just means if you carry balances, the cards aren't for you.  They are really meant for those who always pay their balance in full each month.  Plus, Amex does give out lower APRs over time.  I plan on asking for my Blue APR to be reduced after having it for 6-8 months.

[BlueHusky]

I never carry a balance on my cards, but I just wondered if 19% meant they evaluated my credit lower?

[LS2982]

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Koop10010 wrote:

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BlueHusky wrote:

They said it's approved but the credit limit is undecided? And interest is prime + 16% which seems ridiculous.

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The interest rates on the Blue Cash cards are high, but that just means if you carry balances, the cards aren't for you.  They are really meant for those who always pay their balance in full each month.  Plus, Amex does give out lower APRs over time.  I plan on asking for my Blue APR to be reduced after having it for 6-8 months.

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+1

[BlueHusky]

$12,500 credit limit.

Pretty good for my first amex.