topic Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card???? in Credit Cards

AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 04:05:31 GMT

So, in a practically uncharacteristic display of freewheeling card applying...I idiotically applied for and was approved for both the AMEX Green Card and the AMEX Cash Magnet Card.

I knew the Green Card was a charge card, and I realized there was a 95 dollar fee after the first year, but the more and more I research, the more it appears I was mistaken about the Green Card's real benefit--given that it reports not card limit to the bureau, and given the 'rewards' which leave something to be desired. The Cash Magnet card seems more useful, honestly.

Question: Should I simply ditch the Green Card? Can I do so now (I've only had the card 1 day and haven't used it at all) without it really impacting more credit score?

Thoughts generally? Is the Green Card really worth it??

Thanks

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

PointsBonus — Tue, 04 Dec 2018 04:15:32 GMT

Depending on which benefits you are looking for, AMEX has a lot of great options.

Green card is to really get your foot in the door with AMEX, Green is where I started.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Ardecko — Tue, 04 Dec 2018 04:45:30 GMT

There's isn't much to that card except the sign-up bonus.

I don't know how we feel as a forum about AskSebby, but I think his thoughts on the Green card are at least plausible: Get the Green after you've received all the other sign up bonuses, and hope for an upgrade offer with some other kind of bonus. This offer would get around the once in a lifetime rule.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

K-in-Boston — Tue, 04 Dec 2018 05:15:59 GMT

@Anonymous wrote:
So, in a practically uncharacteristic display of freewheeling card applying...I idiotically applied for and was approved for both the AMEX Green Card and the AMEX Cash Magnet Card.

I knew the Green Card was a charge card, and I realized there was a 95 dollar fee after the first year, but the more and more I research, the more it appears I was mistaken about the Green Card's real benefit--given that it reports not card limit to the bureau, and given the 'rewards' which leave something to be desired. The Cash Magnet card seems more useful, honestly.

Question: Should I simply ditch the Green Card? Can I do so now (I've only had the card 1 day and haven't used it at all) without it really impacting more credit score?

Thoughts generally? Is the Green Card really worth it??

Thanks

The Green Card really doesn't make sense for most people, other than perhaps someone who no longer finds value in one of the higher tier charge cards but doesn't want to lose the account age. Or bonus chasers, of course.

I'd evaluate whether the Gold Card or Platinum Card make better sense for you. If not, close the card after a year. If they do, then consider whether it makes sense to upgrade or get a higher welcome offer for a new application. Any damage to your account ages has been done, but don't close the card right away. Whatever the welcome offer was, even if you redeem Membership Rewards in a poor value situation like checking out at Amazon, you should still be able to make a net profit.

As for AskSebby, in this case that's good advice. I consider him to be like a broken clock since he is rarely right, but is usually quite wrong with the information he gives out. Unfortunately, SEO and views count for a lot more than accurate information these days.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

AverageJoesCredit — Tue, 04 Dec 2018 11:13:14 GMT

I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

UncleB — Tue, 04 Dec 2018 11:37:35 GMT

@AverageJoesCredit wrote:
I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

I'll add that even if they let you get more cards, closing one quickly definitely can impact your ability to be eligible for future sign-up bonuses, even if the card you're closing didn't have one.

I know this first-hand, unfortunately.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

kdm31091 — Tue, 04 Dec 2018 11:38:43 GMT

@AverageJoesCredit wrote:
I wouldnt close the green until you finish your first year. Closing a Amex card after only a day might leave a bad taste in Amex's mouth in regards to offering you more cards. Just a thought

This would be my thought too. Banks seem to be coming up with more algorithims (and/or creating reward abuse departments) who will frown on this behavior.

The damage is done; the card is going to report regardless. I don't know if closing it is really going to hurt you per se, but you then are taking the new account ding with nothing to show for it.

At this point, I'd just keep it for a year, and then at that point evaluate whether it's worth upgrading, or else closing it altogether.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 11:43:25 GMT

+1 on keeping it for a year. Take it from someone with a long history with Amex, who is currently on their SUB *blacklist* for, I believe, closing a card within a year of a SUB, which was prior to their new rules.

Another point - am I the only one who loves the design of the Amex green? It’s so classic! I had the Amex green student, along with the spg in college as some of my first cards. They should offer the green design on the new gold card ... I’d consider getting it lol.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 13:27:53 GMT

Sadly...I suspect the card aesthetic was in part why I got it lol

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

UpperNwGuy — Tue, 04 Dec 2018 13:51:18 GMT

OP, you got the two worst cards in the Amex lineup. Green is the worst of the charge cards, only earning 1x points. Cash Magnet is the worst of the cash cards, only earning 1.5% when most competing cards earn 2%. I recommend you do more research before applying for any more credit cards. After a year passes you might be able to upgrade Green to Gold and Cash Magnet to Blue Cash Everyday.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

K-in-Boston — Tue, 04 Dec 2018 14:35:24 GMT

@UpperNwGuy wrote:
OP, you got the two worst cards in the Amex lineup. Green is the worst of the charge cards, only earning 1x points. Cash Magnet is the worst of the cash cards, only earning 1.5% when most competing cards earn 2%. I recommend you do more research before applying for any more credit cards. After a year passes you might be able to upgrade Green to Gold and Cash Magnet to Blue Cash Everyday.

Indeed, I'd consider whether a Gold or Platinum card would serve you better since they do have credits and perks that offset the annual fee, unlike the Green. After a year you can certainly upgrade the Cash Magnet to either Blue Cash EveryDay or Blue Cash Preferred. Unfortunately, cash back and Membership Rewards cards don't typically pair well and can't be product changed across families. One thing I forgot to address earlier from your original post OP is that while the "credit line" on the Green may not help you with utilization by giving you a buffer on your overall revolving profile, with modern score algorithms any balances reporting on this card aren't calculated into your balances which can be beneficial particularly if you have a month or more of higher than normal spending.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

RicHowe — Tue, 04 Dec 2018 14:13:56 GMT

Hey now. Don't knock the Green card too badly.

Significant upgrades to the Green card are coming. (Don't ask me how I know).

Stay tuned.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

UncleB — Tue, 04 Dec 2018 14:17:00 GMT

@RicHowe wrote:
Hey now. Don't knock the Green card too badly.
Significant upgrades to the Green card are coming. (Don't ask me how I know).

Stay tuned.

At the risk of getting off-topic, this could be quite interesting...

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 14:25:18 GMT

@RicHowe wrote:
Hey now. Don't knock the Green card too badly.
Significant upgrades to the Green card are coming. (Don't ask me how I know).

Stay tuned.

How do you know?

(Sorry, obeying instructions has never been a strong point for me!)

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 22:24:48 GMT

Indeed....

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Tue, 04 Dec 2018 22:27:29 GMT

Yeah seriously...how do you know this....?

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

BH1985 — Wed, 05 Dec 2018 02:38:31 GMT

He knows because he works for Amex, guys.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Wed, 05 Dec 2018 03:39:17 GMT

Now I feel like Eric Cartman waiting for the new Nintendo Wii.

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Mon, 17 Dec 2018 00:33:10 GMT

did you upgrade from the Green Card? Did AMEX send you an offer for an upgrade after a given amount of time?

Re: AMEX Green Card and AMEX Cash Magnet--Should I just get rid of the Green Card????

Anonymous — Mon, 17 Dec 2018 02:11:16 GMT

First I'd like to echo as I've seen on these boards "Welcome to the Amex Clubhouse" and Congrats on your approvals! In my humble opinion I wouldn't be so quick to pull the trigger on the green, not just yet... My suggestion, call CS and see what options you may have with the green, ditch it with no impact on its T&C's or maybe PC into the Gold or Plat.

I have no feedback on the green since I don't have the card, and your actions were not idiotic but put simply smarter...My thoughts in general with Amex... Welcome aboard!

@Anonymous wrote:
So, in a practically uncharacteristic display of freewheeling card applying...I idiotically applied for and was approved for both the AMEX Green Card and the AMEX Cash Magnet Card.

I knew the Green Card was a charge card, and I realized there was a 95 dollar fee after the first year, but the more and more I research, the more it appears I was mistaken about the Green Card's real benefit--given that it reports not card limit to the bureau, and given the 'rewards' which leave something to be desired. The Cash Magnet card seems more useful, honestly.

Question: Should I simply ditch the Green Card? Can I do so now (I've only had the card 1 day and haven't used it at all) without it really impacting more credit score?

Thoughts generally? Is the Green Card really worth it??

Thanks