New Amex Product, input?

armbenderc · ‎03-03-2014

Looks like clear card. 20% extra point if you use more than 20 times? 2x point on grocery, 1x everything else.

What do you guys think about it? Sorry if someone already post it.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%

Ron1 · ‎03-03-2014

It was post two days ago. The card is like Blue from Amex with extra bonus. I think BCE is better. Cahs Back is better than membership points.

Ron.

colinstu · ‎03-03-2014

Really don't see why anyone cares about this card. 3% on Groceries with the BCE is always going to beat out this new card at 2% with a possible 20% increase on the current rewards.

$100 spent on grocery @ 2x points = $2. and with extra 20% bonus new total would be $2.40. Now sure if the 20% was applied to the original $100, that would be awesome... it's not though.

$100 spent on grocery @ 3% = $3 with no hoops to jump through.

Not only that but BCE also gives 2% on gas.

And for a $95 AF, OoooOoooo they'd bump you up to 3% on grocery and still no extra % on gas... lol I just don't get it. $75 AF for BCP = 6% on Grocery, 3% on gas.

Sure they're MR points instead of rewards dollars... still doesn't make up the difference IMO.

Sure stick an EMV chip on it and create some special smartphone app... really don't see what's special about this new card. It's better than the classic Blue card, that's about it.

Creditaddict · ‎03-03-2014

The card is Blah, basic BCE is just better but I think a lot of people will rush for it because it's new, it's got a lot of hype, and the app makes it very interactive and people will be confused that it's lower than the current rewards out... I wish they would bring out a new charge card or something!

takeshi74 · ‎03-03-2014

@armbenderc wrote:
What do you guys think about it?

Doesn't really matter what others think of it. For example, it's a nonstarter for me since I have no use for MR points and I get better rewards on my BCP. That said, it might not suit me but it will suit others. You have to determine if the card suits you -- same as with any other card.

Leadberry · ‎03-03-2014

See active thread here:

http://ficoforums.myfico.com/t5/Credit-Cards/New-American-Express-credit-card-confirmed-Amex-EveryDa...

FICO Scores 800+

longtimelurker · ‎03-03-2014

@Ron1 wrote:
It was post two days ago. The card is like Blue from Amex with extra bonus. I think BCE is better. Cahs Back is better than membership points.

Ron.

Well, for you! For those that can use MR, 2.2 points on groceries is better than 3% cash, and 1.2 points on everything is certainly better than 1%.

longtimelurker · ‎03-03-2014

@Creditaddict wrote:
The card is Blah, basic BCE is just better but I think a lot of people will rush for it because it's new, it's got a lot of hype, and the app makes it very interactive and people will be confused that it's lower than the current rewards out... I wish they would bring out a new charge card or something!

As always, it comes down to you needs and wants. For some, this is an amazing development, basically removing the need for most Amex charge cards. A free card, with full transferability to partners. Why would you pay for the green, for example, unless you really needed the NPSL feature.

And, as on the other thread, if you can use MRs well, the 1.5 points on non-category spending on the Preferred beats Fidelity Amex and most other cards. But if you can't use MR other than as 1c, right, these cards aren't special.

enharu · ‎03-03-2014

+1 to what longtimelurker said.

It all depends on how well you can utilize MR points. If used right, they can be worth at least 1.5 ccp. With the bonus points coupled in, the card is better than the fidelity Amex.

However if all you are going to do with MR points is to buy gift cards or get statement credits, then the BCE / BCP is going to be better.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

Open123 · ‎03-03-2014

@enharu wrote:
+1 to what longtimelurker said.

It all depends on how well you can utilize MR points. If used right, they can be worth at least 1.5 ccp. With the bonus points coupled in, the card is better than the fidelity Amex.

However if all you are going to do with MR points is to buy gift cards or get statement credits, then the BCE / BCP is going to be better.

+2

Right, if one has no need or value for UR, MR or SPG points, then none of the cards earning these points can compare to straight out no-fee cash rewards.

In the cashback arena, the hiearchy is simple and are as follows:

1) US Bank Cash + in first $2,000 of 5% with $25 bonus - 6.25% cashback.

2) Any 5% rotating category.

3) JCB 3%, if available.

4) Fid Amex 2%

5) Quicksilver/Fid Visa - 1.5% - Fid 2% post $15K spend.

That's it. Objective, black and white and no room for obfuscation. Unless one can derive a value from MR, UR or SPG that exceeds the above values, it wouldn't make sense to even use the card for free, let alone pay a fee for the privilege.

*Edited* - The BCP, as good as it is, is capped at the max 4.75% cashback, given the $6k limitation and $75 fee. Still good, but not as compelling as other options.