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Established Contributor
Posts: 504
Registered: ‎08-28-2012
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Planning ahead

When January rolls around, I have a few apps planned.  I wanted the board's thoughts on my plans and any suggestions anyone may have that could alter them.  Here are my thoughts:

 

I've not been impressed with my Amex Gold (non-PRG) and am considering getting rid of it when the fee comes due.  If I had applied for the PRG instead, I think I'd enjoy the sign-up bonus and points bonuses, but I don't have them.  I just don't really see the value of having the Gold Card.  At this point, I think I'd get more value out of dropping it and replacing it with a BCP and CSP.  I look at those two, in combination with my Freedom and the Chase Trifecta, as a much better alternative.  

 

The fee would be slightly higher than the Gold Card, but lower than the PRG.  I'd get 6% on groceries and 3% on gas (when not getting 5% with Freedom or More) with BCP, and 2x on restaurants and travel with CSP.  PRG gives me 3x on airfare only (not other travel expenses) and only gives me 2x on groceries and gas.  But, I'm generally a United flier, so I can't transfer my MR points in any useful way.  I still get Amex service with the BCP, but I gain Chase US customer service and Visa Concierge with the CSP.  Gold Card doesn't have a concierge.

 

So, in summary, I'd go from a wallet of Gold Card, Freedom, and More to a wallet of BCP, CSP, Freedom and More.  My grocery rewards would multiply by a factor of 6.  My travel and restaurant rewards would double.  The Chase Trifecta would be in effect.  I get Visa Concierge.  My annual fee would drop from $125 to $75 for the first year and then rise to $170, but I'd get $150 in bonus cash with the BCP and 40k bonus points with the CSP (assuming those offers stand) that would offset the difference until year 14 of holding the cards ($650 bonus/$45 higher AF per year).   Then the annual fees would offset the bonuses and surpass the Gold Card fee.

 

I'm also planning to apply for the US Bank Cash+, but that's a no fee card, so I haven't factored it in.

 

Thoughts?  Criticisms?  Gratuitous mud-slinging?  Am I nerding out a bit too much on this like my wife claims?

Super Contributor
Posts: 5,471
Registered: ‎12-11-2011
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Re: Planning ahead

Definitely sounds like you've thought this out, and while i'm not cool enough to qualify for any of those cards ( :smileytongue: ) they seem to fit perfectly in the plan you've devised. 

 

 

So long as you can think of a way a card can benefit you (as opposed to simply getting the card for the hell of it) then I think the plan is great :smileyvery-happy: 

 

You're also not the only one to not be thrilled with the Gold card from amex, from what I've read it's basically a green card with a higher annual fee and a different color . 

 

 

;
Established Contributor
Posts: 504
Registered: ‎08-28-2012
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Re: Planning ahead

[ Edited ]

The Gold Card was sort of a family tradition.  Not the greatest tradition, though, I've discovered.  I may come back to it in the future, but it doesn't make sense right now.

 

Any other thoughts?  I know replacing the Gold with a BCP in January will actually increase my AAoA, but will dropping the charge card for another revolving change my scores?

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Planning ahead


djrez4 wrote:

The Gold Card was sort of a family tradition.  Not the greatest tradition, though, I've discovered.  I may come back to it in the future, but it doesn't make sense right now.

 

Any other thoughts?  I know replacing the Gold with a BCP in January will actually increase my AAoA, but will dropping the charge card for another revolving change my scores?


Closing the charge card won't hurt your FICO score, since the balance is ignored ( except for the TU98 FICO model sold here at myFICO ).      It will still be factored into your AAoA even as a closed account.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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