Apply for AMEX PRG?

[CreditMENA]

Hey all,

I recently checked my AMEX special offers and have been pre-selected for the PRG with a 75,000 MR sign-up bonus. I thought I was done app'ing for a little bit (received the CSP and Southwest RR Premier a few months ago), but this sign-up bonus sounds too amazing to pass up. I use the CSP as my every-day purchase card, and got the SW card for the 50,000 signup miles. I will probably be buying a car in the next 6 months - 1 year, so I don't want to get to INQ crazy before that happens.

Should I app for it? I don't purchase THAT much and with the annual fee of $99 for the SW, $95 for the CSP, is it worth the $175 for the PRG? Since I'll be financing a car in the-near distant future, would an extra INQ hurt that bad?

Thank you ahead of time!

[djrez4]

Is that 75k on the first purchase or is there a minimum spend?

I would snag that in a heartbeat!

If the $175 is too much, downgrade it before the second year starts.

Also, Amex pulls Experian.  Chase does too (at least around here).  When I went loan shopping last month, out of the 16 total inquiries I took, only 4 were Experian.  You can ask the lender up front who they plan to pull if you're scared.  I ended up getting a great rate from a lender who pulled a TU report that had nothing but auto loan inquiries over a 10-day period.

[CreditMENA]

Spend $1,000 in the first 3 months - which would be no problem.

How does the MR rewards program compare to that of the CSP (namely for flights/travel)? 

[djrez4]

I like UR better than MR, mainly because I fly United a lot and can't transfer MR points to them.  The other major advantage to UR points is that you can transfer them to other people like you're handing them cash.  People estimate the average value of UR points to be about 1.8 cents per point.  MR points come in at about 1.6 cents.  

Still - 75k points is 75k points!  If you redeem it well, it's easily a business class ticket to Europe for the annual fee.  How else can you fly that far in that much comfort for $175 plus taxes and fees?

[CreditMENA]

Very true. If I get the PRG and PC before the AF hits, will I still maintain the points?

Also, if I get denied, it counts as a SP, correct?

[Anonymous]

I would jump all over that.  I don't think 1 extra inquiry 6-12 months old at the time is going to have a major effect on your auto loan; I think it is definitely worth the risk.

[djrez4]

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@CreditMENA wrote:

Very true. If I get the PRG and PC before the AF hits, will I still maintain the points?

Also, if I get denied, it counts as a SP, correct?

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If you already have an Amex and they deny you it's a soft pull.

The AF for the PRG is immediate.  They don't waive the first year, unless your offer states differently.  If you have another card that offers MR, you don't lose the bonus.  If you have no other way off accessing MR (Zync doesn't count) the balance will stick around, but you won't be able to use it until you get another Amex card with MR.

[CreditScholar]

I have that same offer (among others) and it's a good one. I think my AF is waived though. I've decided to pass on it because virtually none of Amex's products work for me, but if you can use the MR points then you should probably go for it.

[CreditEd]

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@CreditScholar wrote:
I have that same offer (among others) and it's a good one. I think my AF is waived though. I've decided to pass on it because virtually none of Amex's products work for me, but if you can use the MR points then you should probably go for it.

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Register your card with Amazon and ENJOY ENJOY ENJOY!!! I bought a big boy Primo Ceramic grill with the points for FREE.

With the ability to search for used/nearly new products that are also discounted through Amazon the points could turn out to be super valuable. IMHO

[CreditScholar]

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@CreditEd wrote:

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@CreditScholar wrote:
I have that same offer (among others) and it's a good one. I think my AF is waived though. I've decided to pass on it because virtually none of Amex's products work for me, but if you can use the MR points then you should probably go for it.

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Register your card with Amazon and ENJOY ENJOY ENJOY!!! I bought a big boy Primo Ceramic grill with the points for FREE.

With the ability to search for used/nearly new products that are also discounted through Amazon the points could turn out to be super valuable. IMHO

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I'm not going to take the offer. While the points would be nice, the PRG doesn't suit my needs. I only spend 6 weeks each year inside the US (my vacation), and the other 10.5 months I'm overseas for work. The forex fee on the PRG would negate any benefit of having the card. I passed on a 100k offer for the Amex plat last month as well. There will come a time when I might use Amex, but that will be only once I spend more time state-side.