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blue cash preffered amex card

Regular Contributor

Re: blue cash preffered amex card

Do you need excellent credit to get this card? Or will they approve with a bk on file? im assuming not

Super Contributor

Re: blue cash preffered amex card


kmf5182002 wrote:

Do you need excellent credit to get this card? Or will they approve with a bk on file? im assuming not



Yes, you need excellent credit with little to no credit card balances to get approved for the Blue Cash card.  A BK may disqualify instantly, regardless how old it is. 

Frequent Contributor

Re: blue cash preffered amex card


kmf5182002 wrote:

Do you need excellent credit to get this card? Or will they approve with a bk on file? im assuming not


Yes. AMEX credit cards is even harder to get than their charge card. When I applied I make sure my credit report was clean with 2 out of 9 cards reporting a small balance.

What's in your wallet?
-Not Capital One.
New Contributor

Re: blue cash preffered amex card

We actually product changed from the regular Blue Card to this one.  It's worth 6% cash back on groceries and 3% cash back on gas, and I believe 1% on everything else. The 1% deal isn't particularly different or in most cases even as good as a lot of other cards out there, but for the parents of three kids who are constantly running to practices and feeding growing bodies, we can't beat this card.  Heck, when we did the math, we pay for $75 annual fee at 6% cashback in what we spend on milk in a year alone.  Everything in gas and groceries beyond that goes directly back into our pockets.  We also don't carry a balance, as we've basically just stopped paying for gas and groceries with a check card and started using this instead.  


Starting Score: 527
Current Score: 678
Goal Score: 800


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Regular Contributor

Re: blue cash preffered amex card

you got this card with a score in 600's?

Valued Contributor

Re: blue cash preffered amex card

I do not believe you need "excellent" credit to receive this card.

 

I forgot to add, there is no cap on rewards!!  This is different from Discover and other cards.  Smiley Happy

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Valued Contributor

Re: blue cash preffered amex card


clocktick wrote:

I do not believe you need "excellent" credit to receive this card.

 

I forgot to add, there is no cap on rewards!!  This is different from Discover and other cards.  Smiley Happy



YMMV......in the end, you don't know til you try.

Super Contributor

Re: blue cash preffered amex card

Hard to say what sort of credit one needs for Amex, since the have their own Ex proprietary score amongst other different factors in their scoring model.  During one of their investor conference calls, Ken Chenault did reveal that Fico counts for about 20% in their scoring model.

Established Contributor

Re: blue cash preffered amex card


kmf5182002 wrote:

you got this card with a score in 600's?


The person did a product change from another Amex, so it's possible that they had a higher score when they originally applied. Also, Amex does not generally use Fico scores in their credit approval process.

Member

Re: blue cash preffered amex card

I recently gotten the preffered. Two things I noticed, the price of the "reward store" and that you can only apply cash back credit to your account in $25 increments.

 

I just stumbled on this blog after searching the net wondering why the reward store is so expensive (their prices are 2-3x MSRP), so I'll just link it: http://www.thousandaire.com/blog/american-express-rewards-suck/

 

I also didn't know that you can only claim cash back to credit balance in $25 increments, that makes little sense. Otherwise it's a great card and well worth the annual fee, seeing how easy it is to make it up and gain money by spending on groceries and gas, along with all the other benefits that come with AMEX.

 

I especially like that Americans answer whenever I called customer support, instead of 100% Indians as is the case with Chase