Need some input with AmEx!

[JagerBombs89]

Ok so I decided to join the AmEx family about 3 months ago... instantly approved for the gold card.  I am mainly keeping it so that I will be able to backdate my future cards.  Anyways, I run all my cards through USAA World Cash card because I thought the rewards were good.  I just realized that USAA's cash back is only approx 0.79% for the first $17,000 and 1.25% for everything after that, plus a $135 bonus.  I spent roughly $27k so far and my cash back is only at about $260 + $135.  I am thinking that I need a better cash back card and saw that the AmEx Blue has some good incentives and hits 1.25% on everything else after the first $6,500, so my questions are:

• Should I apply for the AmEx Blue or should I wait till just before my 1 year mark and switch from my Gold to avoid the anual fee?
• What is the approval criteria needed for AmEx Blue Cash?
• Will I have a hard or soft pull if I try to PC from Gold to Blue, if they even let me?

Some background info on myself:

• Oldest Account: 3.2 Years
• AAoA: 1.7 Years ( 1 Year )
• Utilization: 1%
• Approved for AmEx gold 3 months ago
• Current Scores Below

ETA:

Finally applied and after verifying identity... APPROVED FOR $9,000 @ their best rate of 17.24%!  Couldn't be happier!

[haulingthescoreup]

I think you saw this, but I got a bit tangled in your post --it's Blue Cash that has the high rewards that kick in after $6500. And remember that it's not retroactive. But it's a good card for those who are willing to use one card for everything. I think you'd qualify.

If you're near a Costco and ever shop there, the Costco True Earnings card is my preferred AmEx rewards card, but it's a toughie to get.

Whichever you do, you can get the second card (wait until January! wait until January!!!) and keep the Gold open until right before the fee is due, or close it after getting the other, whichever floats your boat.

[JM-AM]

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@JagerBombs89 wrote:

Ok so I decided to join the AmEx family about 3 months ago... instantly approved for the gold card.  I am mainly keeping it so that I will be able to backdate my future cards.  Anyways, I run all my cards through USAA World Cash card because I thought the rewards were good.  I just realized that USAA's cash back is only approx 0.79% for the first $17,000 and 1.25% for everything after that, plus a $135 bonus.  I spent roughly $27k so far and my cash back is only at about $260 + $135.  I am thinking that I need a better cash back card and saw that the AmEx Blue has some good incentives and hits 1.25% on everything else after the first $6,500, so my questions are:

• Should I apply for the AmEx Blue or should I wait till just before my 1 year mark and switch from my Gold to avoid the anual fee?
• What is the approval criteria needed for AmEx Blue Cash?
• Will I have a hard or soft pull if I try to PC from Gold to Blue, if they even let me?

Some background info on myself:

• Oldest Account: 3.2 Years
• AAoA: 1.7 Years ( 1 Year )
• Utilization: 1%
• Approved for AmEx gold 3 months ago
• Current Scores Below

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You can not PC from a charge card to a CC. You would still have to apply for the CC. 

The discussion of waiting or not waiting has always been an ongoing topic. IMO I do not believe you have to wait. 

[TheCreditKid]

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You can not PC from a charge card to a CC. You would still have to apply for the CC. 

The discussion of waiting or not waiting has always been an ongoing topic. IMO I do not believe you have to wait. 

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That's correct! AMEX will not let you PD from Charge cards to Revolvers.

The 1 year mark is recommended for a better chance of approval but it's not necessary.

I only had my Zync for 4 months when I decided to apply for the Blue Cash and got instantly approved.

With your CR I'm pretty sure AMEX would approve you.

[JagerBombs89]

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@haulingthescoreup wrote:

I think you saw this, but I got a bit tangled in your post --it's Blue Cash that has the high rewards that kick in after $6500. And remember that it's not retroactive. But it's a good card for those who are willing to use one card for everything. I think you'd qualify.

If you're near a Costco and ever shop there, the Costco True Earnings card is my preferred AmEx rewards card, but it's a toughie to get.

Whichever you do, you can get the second card (wait until January! wait until January!!!) and keep the Gold open until right before the fee is due, or close it after getting the other, whichever floats your boat.

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I remember hearing something about this on here but I do not remember the reasoning behind it...  What was the benefit to waiting???

Also, are they sensitive to inquries?  I only have 1 inquiriy from the last 12 months (from getting the Gold) but about 11 in the last 2 years ( 3 of which were from a getting Mortgage last year and 4 of the inquries should drop off by March 2011)

[JM-AM]

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@JagerBombs89 wrote:

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@haulingthescoreup wrote:

I think you saw this, but I got a bit tangled in your post --it's Blue Cash that has the high rewards that kick in after $6500. And remember that it's not retroactive. But it's a good card for those who are willing to use one card for everything. I think you'd qualify.

If you're near a Costco and ever shop there, the Costco True Earnings card is my preferred AmEx rewards card, but it's a toughie to get.

Whichever you do, you can get the second card (wait until January! wait until January!!!) and keep the Gold open until right before the fee is due, or close it after getting the other, whichever floats your boat.

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I remember hearing something about this on here but I do not remember the reasoning behind it...  What was the benefit to waiting???

Also, are they sensitive to inquries?  I only have 1 inquiriy from the last 12 months (from getting the Gold) but about 11 in the last 2 years ( 3 of which were from a getting Mortgage last year and 4 of the inquries should drop off by March 2011)

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My assumption is the wait until January is because it will be 2011 and your AAoA will have less of an affect. I personally do not understand the major difference in 30 days or less and hopefully some one will chime in and explain this much better.

IMO I do not see you having a problem applying for CC with Amex.

[GQ-007]

For what it's worth, from September to December 2010, I applied and recieved the Zync, SPG, Platinum and Gold Premier cards. IMO there is likely no hard criteria that requires you to wait.  The Zync and SPG app was within 72 hrs. in Sept. The Plat was November and the Gold last week.

[Ron1]

IN my own opinion, Costco True Earning Amex is better than Blue Cash.  It is because Costco Amex doesn't have tier rate like Blue Cash and it gives you 3% dining, Gas and 2% travel and 1% on other purchases. You can redeem rewards check for cash/ credit towards the Costco purchases.  You need to be a Costco Member to have the card. I heard it is tough to get.  I don't like Blue Amex because it has tier rate. You have to spent a lot for 5% cash back tier (over $6500). It doesn't give you cash back like Costco Amex and they only gives you statement credit.

Ron.

[Anonymous]

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@JagerBombs89 wrote:

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@haulingthescoreup wrote:

Whichever you do, you can get the second card (wait until January! wait until January!!!) and keep the Gold open until right before the fee is due, or close it after getting the other, whichever floats your boat.

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I remember hearing something about this on here but I do not remember the reasoning behind it...  What was the benefit to waiting???

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The reason why you want to wait for January, as the ever wise HTSU has suggested is because, in the future, should you be inclined to open additional Amex products, you'll want maximum backdating for your AAoA. When Amex backdates cards, they use the month opened, and your oldest opening year. If you've been a member since 2005, for example, your cards will get backdated for 2005. BUT, the actual month that your card was issued will be reflected as well. For example, your first Amex card was a Green, opened in July of 2005. You apply for Blue Cash in January of 2011. Amex will backdate your Blue Cash to *January 2005*. But, if you open that Blue Cash now, Amex will backdate it to December 2005. <-- Your account will be 11 months younger than it would be if you just waited three weeks and opened in January.

[JM-AM]

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@Anonymous wrote:

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@JagerBombs89 wrote:

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@haulingthescoreup wrote:

Whichever you do, you can get the second card (wait until January! wait until January!!!) and keep the Gold open until right before the fee is due, or close it after getting the other, whichever floats your boat.

---

I remember hearing something about this on here but I do not remember the reasoning behind it...  What was the benefit to waiting???

---

The reason why you want to wait for January, as the ever wise HTSU has suggested is because, in the future, should you be inclined to open additional Amex products, you'll want maximum backdating for your AAoA. When Amex backdates cards, they use the month opened, and your oldest opening year. If you've been a member since 2005, for example, your cards will get backdated for 2005. BUT, the actual month that your card was issued will be reflected as well. For example, your first Amex card was a Green, opened in July of 2005. You apply for Blue Cash in January of 2011. Amex will backdate your Blue Cash to *January 2005*. But, if you open that Blue Cash now, Amex will backdate it to December 2005. <-- Your account will be 11 months younger than it would be if you just waited three weeks and opened in January.

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Thank you for that great explanation. Makes excellent sense now