I have had my visa black for 6 months now but debating cancelling it while it's still a new card so I can get the platinum. Since they are roughly the same annual fee it seems the platinum offers more for a little less annual fee.
My one worry is that my visa black is my highest credit limit.
Visa Black :14,900
Capital One: 4,750
Bank of America: 4,400
Fifth Third: 3,900
I don't have any extreme balances on any of my cards so my utlization will still be below 10%. I was just considering closing it while it was still only 6 months old since closing an older card has more impact. I called a credit specialist today (a service I pay for) and they informed me closing my visa black will not harm me at all even though its my highest balance. Not sure if I want to believe this.
Also. Will I even get accepted for Amex Platinum. I heard they only check experian and that score is 740 for me.
Assuming I get accepted. How will it help my credit limit utilization on my credit report since their is no preset spending limit since it's a charge card.
1. You don't get to speak to a Credit Specialist because you pay to have the Black Card - A Person that has no credit with Barclay can call and speak with these specialists (That's how we all got Barclay Cards or instant CLI on approvals and Recons on denials.)
2. If you have had the Barlay for 6 months, How long have you had these other cards?
3. Call back into this number and ask about PC to something with no AF or you are considering to close or if you can can take the INQ on TU I would apply for a different Barclay card and then move the CL of Black Card over.
4. If you have had these other credit cards more than 6 months I would call Discover, Chase (Executive offices asking for CLI with no HP to match Barclay so you could use it more) Macy's for sure now that they are reporting limits again.... I would call and ask for $6k at least (Should be SP too even though they will probably say HP)
Bank of America also use to be really good about CLI but think they HP now, Fifth Third I have not had in many years but feel like they use to be good about nice CL's.
I would apply for an Amex Revolver like Blue Cash Preferred or Delta if you travel a lot.... Lets say they started you at $5k, in 62 days especially if you started charging your black card stuff on it you could see that CL go to $15k in 62 days and then in 6 months up to $25k (Not for sure, but I would think if you did use it same way as Barclay... and if you are working on doing these things then you can decide if you even want the Platinum Charge.
Thank you for the great info. I must have worded it wrong. The credit service isn't through black card, it is through Bank of America privacy assist. It's identify theft protection and credit monitoring I pay 12.99 a month for and I have access to credit specialists that can assist me in my credit decisions etc as well as give me my credit scores every 3 months. Similar services all banks offer for small monthly fee.
I will follow what you suggested. Thanks again
While tons of us use one service or another for monitoring, that's about all I would trust out of it... Never heard of talking to a specialist, might have to look into that tomorrow and give it a whirl and see if I trust them to know anything... and scores from that monitoring service are pretty useless... those are vantage, or plus score, etc... called Fako Scores around here. You need FICO Scores suually obtained here for TU and EQ.
I believe AMEX allows you to revolve a balance on their charge card in some circumstances. Of course I am not sure about the APR or terms but I know they have the option.
APR is around 18% and the feature is called "Pay Over Time"
Large purchases and Amex travel purchases are automatically enrolled in "Pay over Time"
Its smart to PIF every time, but if you have to revolve a balance, the "Pay over Time" feature would let you do so.
Do not abuse the "Pay Over Time" feature... Amex no likieee.
I will suggest an option that no one else has suggested. Why don't you pick up a lesser Amex charge card.. Maybe one with no rewards like the Senior Green. If you decide you want to cancel Visa Black later on, then you can just ask to have your Senior Green upgraded to Platinum.
Better yet, PRG has no annual fee for the first year, and amazing rewards. If you get the PRG, you can rack up MR points and then decide later on if you want to upgrade it or downgrade it!