topic Re: Need Help Choosing Card in Credit Cards

Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 18:37:54 GMT

I went on american express website, and I did the prequal and 3 cards came back for me.

I'm not to familiar with American express cards. So I was wondering if any of you can help me out.

My ex Fico score is 671.. I have one closed account.. Student loan that I'm paying on.. Balance of $306.00

I have 11 inqs I'm using 7% of my credit.. These are the offers that came up for me. Thanks in advance.. And happy Holidays!!!! Also how accurate is the Prequal for American express

Re: Need Help Choosing Card

Anonymous — Tue, 25 Dec 2018 02:11:33 GMT

Congratulations on your pre-approvals 👏🏾

This is really a loaded question! It really just depends on your lifestyle/needs. All good cards.

If you have no other accounts, and you aren't pushing for specific rewards - IMO, you can't go wrong with an unlimited Cashback Card. So, Magnet would be my choice.

Best of luck to you!

Re: Need Help Choosing Card

Priory_Man — Tue, 25 Dec 2018 02:12:06 GMT

From my experience, pre-quals have always lead to an approval on the card I was looking at. I'm not sure what sort of SL you will get with a 671 score, but once you get in with Amex CLI's are not overly hard to come by, if you use the card wisely.
As for which card, that depends on what you want to get out of it.
The Delta gold is a good travel card if you fly delta, the others are ok for everyday stuff.
It would then depend if you want a cash back card or an MR card.

Re: Need Help Choosing Card

K-in-Boston — Tue, 25 Dec 2018 02:14:56 GMT

Amex prequalifications are generally solid, but not guaranteed. Your Experian FICO 08 score should support approval for those three, though. Just keep in mind that each of those cards earns a different type of reward. The Cash Magnet offers a fairly standard 1.5% back on your purchases. The Delta Gold SkyMiles card will earn Delta SkyMiles, of course. The EveryDay card will earn Membership Rewards, which would be best paired with other MR-earning cards such as the Gold and Platinum charge cards, both of which you would likely be approved for. Just keep in mind that the Delta card as well as the two charge cards I mentioned do have annual fees of $250 and $550. If you travel even a few times a year, both of those cards can more than pay for themselves time and time again.

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:18:19 GMT

Thanks for your response. I have a few other cards but none with American Express.. I just wanted to App for 1 last card before the new year. Then I'll garden until..
Neiman 16,00
Target red card 2,650
Discover 1,300
Cap 1 quick Silver 1,350
Uber visa 2,510
Walmart 1,500
Pay pal extras 300.. wich i'm thinking about closing.

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:20:38 GMT

I'm just really looking for a everyday card.. So I'm thinking the everyday or the cash magnet might be best. Thanks for replying

Re: Need Help Choosing Card

Anonymous — Tue, 25 Dec 2018 02:21:27 GMT

@Madyun - You were holding out on us! 😂 You should've led with this information lol...

End the year with a bang. Skip the suggested cards and go for Gold!

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:22:04 GMT

Thanks for breaking down each card for me. Because I really didn't know if these were american Express charge cards or their credit cards. This site has the best people EVER!

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:24:43 GMT

@ n_la 😂😂😂 I just might. Is it true that you can app for more than one card. And it's only 1 hard pull?

Re: Need Help Choosing Card

Anonymous — Tue, 25 Dec 2018 02:27:59 GMT

I'm an Amex Newbie aside from Corporate Cards.

I think @k-in-boston might a better person to chime in regarding same day Amex rules.

Best of luck and Happy Holidays. Let us know what you decide!

Re: Need Help Choosing Card

K-in-Boston — Tue, 25 Dec 2018 02:30:44 GMT

All three that you have showing there are revolving credit cards. The Cash Magnet is a bit redundant with your QuickSilver. The EveryDay like we said will earn Membership Rewards points. Those are best used toward travel, particularly transfers to loyalty programs of airlines and sometimes hotels. They can be used for a limited number of gift cards at 1 cent per point, and for somewhat poor redemption value of 0.6 to 0.7 cents per point for statement credit or checkout at places like Amazon, Newegg, etc. I'd peruse the entire catalog of American Express cards and see which one best fits what you want to get out of it. If cash back is what you want, even the Gold Card's 4x points for restaurants would likely be beat by your Uber card's 4%.

Edited to answer a question that came along while I typed that... You can apply for a charge card and a revolving credit card from American Express on the same day, yes, and it would generally be one HP.

Re: Need Help Choosing Card

Anonymous — Tue, 25 Dec 2018 02:30:20 GMT

Not sure if you've considered it, but the Blue Cash Everyday is 3% cashback at supermarkets, 2% gas stations and some department stores, 1% everything else.

The Cash Magnet is a good 1.5% everything card if you want something simple. Hard to go wrong.

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:34:13 GMT

@ Quantum001 I didn't see the BCE card so I didn't think I would qualify for it.

Re: Need Help Choosing Card

Madyun1982 — Tue, 25 Dec 2018 02:36:21 GMT

@K-in-boston
Thank you for all that awesome information.. Someone below mentioned the BCE should I just wait until I get a prequal offer for that card?

Re: Need Help Choosing Card

K-in-Boston — Tue, 25 Dec 2018 02:51:12 GMT

Just because it's not showing in the prequal page doesn't mean you wouldn't be approved. Their system will generally only show 3 cards. For cash back, BCE and and BCP are both good. If you have decent grocery store and gas station purchases throughout the year, the $95 annual fee of the BCP can be well worth it as those are 6% and 3% categories.

Re: Need Help Choosing Card

Anonymous — Tue, 25 Dec 2018 13:33:45 GMT

One thing to keep in mind with cashback Amex cards is that you need at least $25 worth of earned cashbak before they allow you to redeem anything. Depending on your spending habits, that could take quite a while to reach with a 1.5% card like the Cash Magnet(over $1600 spend). With a BCE, it becomes more manageable with the 3% rewards on groceries.

Re: Need Help Choosing Card

kdm31091 — Tue, 25 Dec 2018 16:26:19 GMT

AFAIK you can only be approved for one revolver at a time. Could be wrong but I think most of the time when people do the "2 cards for 1 pull" with Amex, it's a charger and a revolver.

That said, don't rush into multiple apps. Take your time and decide which cards will actually benefit you or you end up with accounts that you have little use for. Just because you can (possibly) combine HPs doesn't mean you should rush into 2 apps. If you really have no specific reward goals I would just for the Cash Magnet since it's a flat 1.5% redeemable for cash, gift cards etc. If you plan to travel, the Everyday could get you more value if you redeem the points strategically but it really depends on your goals. The Gold has a hefty AF which can be offset with the various credits, but only if you'd make use of them anyway; otherwise it's an expensive product to hold IMO.

I do see you have a QS which would make the Magnet pretty redundant. It's always possible nothing in the Amex lineup is particularly suited to you and that's okay too.