topic Re: AMEX Gold... in Credit Cards

AMEX Gold...

Anonymous — Thu, 06 Dec 2018 21:15:25 GMT

Seems to be a popular cards on this board. I had the regular gold card, was always on the fence about closing it, then I was given an offer to upgrade to the Premeire version which came with a sign-up bonus so I jumped at it. Enjoy the rewards system, but the rewards redemption process is a little disappointing. What are some of the best ways you all are redeeming points with this card?

Re: AMEX Gold...

jbsilva21 — Thu, 06 Dec 2018 22:01:25 GMT

I use the points to either make Amazon purchases or book travel through Amex portal. You can use them for statement credits but its not the best use for them.

Re: AMEX Gold...

Loquat — Thu, 06 Dec 2018 22:22:51 GMT

I tend to use MR points to try and score an awards seat on an airline...and that can be a task in and of itself. Outside of that I use them to top off hotel points from time to time.

Re: AMEX Gold...

mongstradamus — Thu, 06 Dec 2018 23:28:34 GMT

@Anonymous wrote:
Seems to be a popular cards on this board. I had the regular gold card, was always on the fence about closing it, then I was given an offer to upgrade to the Premeire version which came with a sign-up bonus so I jumped at it. Enjoy the rewards system, but the rewards redemption process is a little disappointing. What are some of the best ways you all are redeeming points with this card?

You really should look at how you will be using MR before applying or using their cards. Best use case are J or F class flights overseas in general.

Re: AMEX Gold...

wasCB14 — Fri, 07 Dec 2018 00:38:00 GMT

MRs to British Airways Avios during two +40% promos. I use them on AA flights.

Re: AMEX Gold...

PointsBonus — Fri, 07 Dec 2018 04:01:26 GMT

The new Gold card now has higher MR awards as well.

Re: AMEX Gold...

UpperNwGuy — Fri, 07 Dec 2018 04:27:39 GMT

You are asking the right question. I had to learn the hard way. I earned a bunch of MRs and couldn't figure out a way to redeem them. I travel often, but not on the airlines that partner with Amex, and I rarely stay in chain hotels. I finally dumped all my MRs into Jet Blue Airlines at a 1:0.8 transfer rate and then closed my Amex cards.

If I lived in a city with good service by Delta Airlines, I would have kept the Amex cards. The Amex-Delta partnership is a good one, but it wouldn't work for me because of where I live.

Re: AMEX Gold...

mkhan1093 — Fri, 07 Dec 2018 04:34:32 GMT

There’s no doubt that the best redemption value for MR points is international flights in business or first class. If that’s not your thing then the next best thing I can see is you applying for Charles Schwab version of the Platinum, which allows you to cash out at.a rate of 1.25cpp, as opposed to the paltry 0.6cpp which you’d otherwise be able to do. But that comes with its own high AF.

Re: AMEX Gold...

CBartowski — Fri, 07 Dec 2018 05:17:34 GMT

@Anonymous wrote:
Seems to be a popular cards on this board. I had the regular gold card, was always on the fence about closing it, then I was given an offer to upgrade to the Premeire version which came with a sign-up bonus so I jumped at it. Enjoy the rewards system, but the rewards redemption process is a little disappointing. What are some of the best ways you all are redeeming points with this card?

So I just recently entered the MR ecosystem for literally one reason...the Schwab Platinum that gives an extra 25% value to points you redeem for cash into a Schwab Brokerage account. To me, that is straight up money on the table. Tho I need to run some more numbers to see if it makes sense and how much I need to spend to make the AF worth it, it is my little experiment.

Now I have the Gold to amass the 4x on food and groceries, soon I will get the schwab plat once I meet the whole $1,000 of min spend for my 50k MR then will decide when to get the Schwab Plat. I currently have the CSR and love it. I will likely cash out most of my points from UR to cash at 1:1 and send them into Schwab as well, tho that is still a decision point. Need to make sure it's 1:1.

Long winded, my apologies, but it's my take, hope it helps.

Re: AMEX Gold...

UncleB — Fri, 07 Dec 2018 11:42:50 GMT

@CBartowski wrote:
@Anonymous wrote:
Seems to be a popular cards on this board. I had the regular gold card, was always on the fence about closing it, then I was given an offer to upgrade to the Premeire version which came with a sign-up bonus so I jumped at it. Enjoy the rewards system, but the rewards redemption process is a little disappointing. What are some of the best ways you all are redeeming points with this card?
So I just recently entered the MR ecosystem for literally one reason...the Schwab Platinum that gives an extra 25% value to points you redeem for cash into a Schwab Brokerage account. To me, that is straight up money on the table. Tho I need to run some more numbers to see if it makes sense and how much I need to spend to make the AF worth it, it is my little experiment.

Now I have the Gold to amass the 4x on food and groceries, soon I will get the schwab plat once I meet the whole $1,000 of min spend for my 50k MR then will decide when to get the Schwab Plat. I currently have the CSR and love it. I will likely cash out most of my points from UR to cash at 1:1 and send them into Schwab as well, tho that is still a decision point. Need to make sure it's 1:1.

Long winded, my apologies, but it's my take, hope it helps.

I agree that the Schwab Platinum is a good option for cashing-out MRs, but the irony is that most people who would have a use for a Platinum to begin with would also have a use for the MRs, and wouldn't need/want to cash-out. This is because the Platinum card benefits are geared towards people who travel, and MRs are usually valued the highest when used for travel (as was mentioned earlier).

Some people have talked about getting a Schwab Platinum when they are planning to exit the MR system (to "cash out") which can be a good option for some as well.

Re: AMEX Gold...

Anonymous — Fri, 07 Dec 2018 17:32:46 GMT

I initially got the card because as a young man I thought if you had an AMEX gold card, then you have arrived. Largely just meant I had a large annual fee each year.

I don't fly overseas much so I will struggle to find value there. Wish the travel partners were similar to Chase's with United and Southwest.

Is it 1:1 at Amazon with MRs? Everytime I click the Amazon link it just takes me to Amazon's website.

On the Charles Schwab note, if I get the Schwab CC then I can transfer those points to that card, which could then be trasnferred into the potential to buy stock? Not a bad idea, but my 50,000 won't translate to much of a stock buy -- would have more fun if I could transer it to Southwest or something.

Might just use it to buy gift cards -- some of them are 1:1 and I can use those as Christmas gifts I suppose, or just keep them.

Re: AMEX Gold...

NRB525 — Fri, 07 Dec 2018 21:31:23 GMT

Amazon redemptions of MR in volume are terrible. Some get an occasional targeted offer to redeem any (small) number of MR for a discount on an Amazon purchase, but that is not consistent.

There was a transfer offer to Hilton for something like 1 MR to 2.4 Hilton points, which isn’t too bad.

If your destination for points is United and Southwest, it would seem your better card might be CSR. Transfers or the 1.5cpp travel rate should get nearly same value as cash redemptions from MR.

Re: AMEX Gold...

Anonymous — Fri, 07 Dec 2018 21:37:54 GMT

@jbsilva21 wrote:
I use the points to either make Amazon purchases or book travel through Amex portal. You can use them for statement credits but its not the best use for them.

if you gonna use for travel, make sure to check airline website first to see if its cheaper to transfer points then buy at airline with points there.

At least for my travel, amextravel website's price has been very inflated.

Re: AMEX Gold...

Anonymous — Fri, 07 Dec 2018 22:42:24 GMT

I put them directly into my Charles Schwab index funds, 1.25 conversion. CS has some excellent options. Personal goal is to see how high I can get this "CC bonus retirement account". DW will be doing the same, as she starts our next round. We've become obsessed with building up assets.

Re: AMEX Gold...

CBartowski — Sat, 08 Dec 2018 01:13:41 GMT

@Anonymous wrote:
I initially got the card because as a young man I thought if you had an AMEX gold card, then you have arrived. Largely just meant I had a large annual fee each year.

I don't fly overseas much so I will struggle to find value there. Wish the travel partners were similar to Chase's with United and Southwest.

Is it 1:1 at Amazon with MRs? Everytime I click the Amazon link it just takes me to Amazon's website.

On the Charles Schwab note, if I get the Schwab CC then I can transfer those points to that card, which could then be trasnferred into the potential to buy stock? Not a bad idea, but my 50,000 won't translate to much of a stock buy -- would have more fun if I could transer it to Southwest or something.

Might just use it to buy gift cards -- some of them are 1:1 and I can use those as Christmas gifts I suppose, or just keep them.

Makes sense, it's definitely not for everyone. I just travel so much for work sometimes I don't want to do a ton of personal travel.

If you did go with the CS plat you would have about 110k just from SUB (assuming AMEX doesn't deny pts like some folks have mentioned, 50k from gold and 60k from plat). That would translate into about $1,375 just from SUBs. Tho it may not be huge depending on which stocks, there's a ton of ETFs, etc that are much cheaper. This would also technically covers 2 years of AFs if you look at it that way, with no spending.

Re: AMEX Gold...

mongstradamus — Sat, 08 Dec 2018 01:58:30 GMT

Charles Schwab has some of the best index etf expense ratio wise. Just drop money into schb, Schwab's total market etf, and be done with it. That's if you are fairly young.

Re: AMEX Gold...

CBartowski — Sat, 08 Dec 2018 02:00:25 GMT

If you have a little extra and can make the $5k min investment...use their robo advisor Intelligent Portfolios if you really dont want to be bothered with it.

Re: AMEX Gold...

Anonymous — Sat, 08 Dec 2018 22:38:46 GMT

@CBartowski wrote:
If you have a little extra and can make the $5k min investment...use their robo advisor Intelligent Portfolios if you really dont want to be bothered with it.

Careful with these, the expense ratios can be much higher than a good index fund or etf. Will make little difference for a small investment, but with a decent sized portfolio the difference in cost becomes significant over time. I alse see these carry a 6% minimum cash position -- not a fan of this. Generally its much better to set up a simple 3 fund portfolio and just rebalance once a year.

All that said, CS does appear to have some cheap options as far as "robo" advisors go, cheaper than Betterment. I haven't looked into it, but if it does tax loss harvesting for you, it could be worth the higher expense ratio. Edit: I see it does tax loss harvesting for 50 K+ investments, that's not bad.

Re: AMEX Gold...

mongstradamus — Sun, 09 Dec 2018 06:28:43 GMT

@Anonymous wrote:
@CBartowski wrote:
If you have a little extra and can make the $5k min investment...use their robo advisor Intelligent Portfolios if you really dont want to be bothered with it.
Careful with these, the expense ratios can be much higher than a good index fund or etf. Will make little difference for a small investment, but with a decent sized portfolio the difference in cost becomes significant over time. I alse see these carry a 6% minimum cash position -- not a fan of this. Generally its much better to set up a simple 3 fund portfolio and just rebalance once a year.

All that said, CS does appear to have some cheap options as far as "robo" advisors go, cheaper than Betterment. I haven't looked into it, but if it does tax loss harvesting for you, it could be worth the higher expense ratio. Edit: I see it does tax loss harvesting for 50 K+ investments, that's not bad.

If i were going that route i would just use a schwab target index fund. its a really diversified fund and its relatively cheap depending on which you get. The one i was looking at has expense ratio of .08% which is pretty good if you ask me. The only issue is its in a taxable account so a diy fund with schb and whatever municiapal bond fund is probably just as good.