amex hates me

[zyzzus]

I plan to app for BCE.  I would benefit from the 3% cash back at supermarkets my current card lineup is 2%.

[bs6054]

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@zyzzus wrote:

I plan to app for BCE.  I would benefit from the 3% cash back at supermarkets my current card lineup is 2%.

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What is your supermarket spend?  Might be worth going for BCP for the extra 4% rather than 1%  (and interpret "supermarket spend" to potentially include gift cards if you get the BCP)

[zyzzus]

I see where you are going bs6054.... does anyone remember or can point me to where this math has been done?  I don't remember the break even point to come out ahead with the annual fee.  I could always do a joint/au account with my mother to inrease th spend...

The only thing that I do not like about the AF card is if something changes I don't want to be stuck with the decision of cancelling the card or not.  Does AMEX allow to change to non AF card afterwards?

[bs6054]

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@zyzzus wrote:

I see where you are going bs6054.... does anyone remember or can point me to where this math has been done?  I don't remember the break even point to come out ahead with the annual fee.  I could always do a joint/au account with my mother to inrease th spend...

The only thing that I do not like about the AF card is if something changes I don't want to be stuck with the decision of cancelling the card or not.  Does AMEX allow to change to non AF card afterwards?

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The BCP gives an extra 3% over the BCE (for groceries).  So $75 = 3%.  So the breakeven point is $2,500 a year

It also gives 1% more for gas, which might matter (and 1% more on certain department stores, which is less likely to be an important factor for many).

[bs6054]

And, as an aside, when credit score/history support it, Penfed Platinum Rewards is a MUCH better card than the BCE, unless you do a whole lot of spending at those "select department stores".  5% on gas, same 3% on groceries, but uncapped.

[zyzzus]

Thank you I didn't realize that it was 3% at supermarkets for that card.  I heard they were pretty difficult to get approved for CCs though.  Thanks BS you are always in the threads that perk my interest <3

(nohomo)

[bs6054]

There are two similarly named cards: Penfed Platinum Cash Rewards, and Penfed Platinum Rewards.  The latter has 5% gas/3% Supermarket/1% everything else,

the first, and older card, has 5% gas/0.25% everything else.   People who just use it for gas prefer the first as you automatically get the rebate on the bill, whereas with the Platinum Rewards you get points that you have to redeem.

[SnackTrader]

I like to think about the break even this way -

Do you spend $210 per month on groceries? Then BCP is for you!

Would you use the BCP for gas (3% on gas)?
If so, how much? $100 per month spending of gas with BCP brings the grocery break even point down to only $175 per month.

If neither of these fit, BCE probably works better. But there are only 2 people in my household and my grocery spending easily justifies the AF. However, all my spending is at qualifying stores, so if your primary grocery store happens to not qualify you should probably also get the BCE.

[SnackTrader]

Also, I fully agree with the compliment towards BS. A true MyFico superstar.

[zyzzus]

That makes it a little clearer for me as well thank you for that explanation.  Currently BCP would work for me but what if something changes for me is it possible to PC to BCE?  Clarification on this would be fantastic and definitely make my decision easier.