topic Re: Too Many Amex - Probably need to Clean House in Credit Cards

Too Many Amex - Probably need to Clean House

sammyfire2001 — Fri, 05 Apr 2019 19:32:38 GMT

I have:

Amex Everyday - Opened Oct 2018 - Limit 2500

Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)

Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)

Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)

Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Re: Too Many Amex - Probably need to Clean House

RicHowe — Fri, 05 Apr 2019 20:23:34 GMT

Close an AMEX?

Re: Too Many Amex - Probably need to Clean House

Anonymous — Fri, 05 Apr 2019 20:25:07 GMT

Makes no sense to have all those cards. Close em up.

Re: Too Many Amex - Probably need to Clean House

AverageJoesCredit — Fri, 05 Apr 2019 23:26:08 GMT

Why have any credit cards? Sheesh, Charlie Brown. Just go to the darkside, close all but one Amex and go with a Credit One 1% CB Visa, all your worries will fade away😏

Re: Too Many Amex - Probably need to Clean House

wasCB14 — Sat, 06 Apr 2019 00:29:21 GMT

Considering how new they all are, beware of bonus clawbacks if you close any.

I'd just stop applying for a bit and see what you like in terms of perks and rewards.

Re: Too Many Amex - Probably need to Clean House

pinkandgrey — Sat, 06 Apr 2019 01:16:41 GMT

I would close any you don’t use. However, keep in mind that Amex will frown upon closing such recent cards.

Re: Too Many Amex - Probably need to Clean House

sammyfire2001 — Sat, 06 Apr 2019 03:10:50 GMT

I'm not really considering closing a card. I think I'm just going to downgrade the BCP card after the year mark

I was just wondering if anyone saw any other redundancies.

Re: Too Many Amex - Probably need to Clean House

Anonymous — Sat, 06 Apr 2019 04:17:00 GMT

@sammyfire2001 wrote:
I have:
Amex Everyday - Opened Oct 2018 - Limit 2500
Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)
Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)
Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)
Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Just curious, how does this Corporate Advantage Program work? And for people already have the cards does it work on top of them as well?

Re: Too Many Amex - Probably need to Clean House

wasCB14 — Sat, 06 Apr 2019 04:38:17 GMT

@sammyfire2001 wrote:
I'm not really considering closing a card. I think I'm just going to downgrade the BCP card after the year mark

I was just wondering if anyone saw any other redundancies.

If you're actually going to spend on BCP, it doesn't take much spend at 6% back (vs. 3%) to merit a reduced $45 AF (vs. no AF). Many people happily pay $95 for BCP.

If you go the MR route, then put your grocery spend on Gold. I keep my BCE only for history and the very infrequent useful offer. ED is for whenever my limited supermarket spend doesn't go on Freedom or Discover.

So are you pretty committed to MRs over cash back?

Re: Too Many Amex - Probably need to Clean House

NRB525 — Sat, 06 Apr 2019 04:46:43 GMT

Congrats on the new cards with the Corporate Advantage AF rates.

Prolly a good idea to keep your same job, so you get those AF waivers

Re: Too Many Amex - Probably need to Clean House

sammyfire2001 — Sat, 06 Apr 2019 06:07:38 GMT

@wasCB14 wrote:
@sammyfire2001 wrote:
I'm not really considering closing a card. I think I'm just going to downgrade the BCP card after the year mark

I was just wondering if anyone saw any other redundancies.
If you're actually going to spend on BCP, it doesn't take much spend at 6% back (vs. 3%) to merit a reduced $45 AF (vs. no AF). Many people happily pay $95 for BCP.

If you go the MR route, then put your grocery spend on Gold. I keep my BCE only for history and the very infrequent useful offer. ED is for whenever my limited supermarket spend doesn't go on Freedom or Discover.

So are you pretty committed to MRs over cash back?

So when I started back in the credit card reward game, I was going for cash back but I've since transitioned to the points/travel. So yea, I committed to MR points over cash back

Re: Too Many Amex - Probably need to Clean House

sammyfire2001 — Sat, 06 Apr 2019 06:10:37 GMT

@Anonymous wrote:
@sammyfire2001 wrote:
I have:
Amex Everyday - Opened Oct 2018 - Limit 2500
Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)
Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)
Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)
Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Just curious, how does this Corporate Advantage Program work? And for people already have the cards does it work on top of them as well?

I actually don't know if it works if you already have the card. I'll guess that you need to app for the card through the program but that's truly a guess. I'm sure someone has a more concrete answer.

Re: Too Many Amex - Probably need to Clean House

CreditInspired — Sat, 06 Apr 2019 10:25:55 GMT

@sammyfire2001 wrote:
I have:
Amex Everyday - Opened Oct 2018 - Limit 2500
Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)
Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)
Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)
Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Just out of curiosity—why did you apply for that many in that short span of time?

Re: Too Many Amex - Probably need to Clean House

UpperNwGuy — Sat, 06 Apr 2019 12:09:15 GMT

I would do nothing for the rest of 2019 (no apps, no closures, no PCs, no CLIs -- with Amex or with any other lender). In myFICO lingo, go to the garden. At the end of the year, evaluate the benefit you have gotten from each card and close the ones that have helped you the least. I think your goal should be to have no more than three cards with Amex.

Re: Too Many Amex - Probably need to Clean House

sammyfire2001 — Sat, 06 Apr 2019 14:19:58 GMT

@UpperNwGuy wrote:
I would do nothing for the rest of 2019 (no apps, no closures, no PCs, no CLIs -- with Amex or with any other lender). In myFICO lingo, go to the garden. At the end of the year, evaluate the benefit you have gotten from each card and close the ones that have helped you the least. I think your goal should be to have no more than three cards with Amex.

Yup, this is basically where I was going with this. I don't need any more cards at the moment or CLIs. Thx for the guidance.

Re: Too Many Amex - Probably need to Clean House

sammyfire2001 — Sat, 06 Apr 2019 14:21:35 GMT

@CreditInspired wrote:
@sammyfire2001 wrote:
I have:
Amex Everyday - Opened Oct 2018 - Limit 2500
Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)
Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)
Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)
Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Just out of curiosity—why did you apply for that many in that short span of time?

Honestly, this came from not knowing exactly what I wanted in terms of rewards. This is definitely a cautionary plan of mapping out your goals before apping.

Re: Too Many Amex - Probably need to Clean House

CreditInspired — Sat, 06 Apr 2019 15:17:22 GMT

@sammyfire2001 wrote:
@CreditInspired wrote:
@sammyfire2001 wrote:
I have:
Amex Everyday - Opened Oct 2018 - Limit 2500
Blue Cash Preferred - Opened Oct 2018 - Limit 5000 - Annual Fee $45 (Corporate Advantage Program)
Platinum - Opened Jan 2019 - Annual Fee 400 (Corporate Advantage Program)
Gold - Opened March 2019 0 Annual Fee 150 (Corporate Advantage Program)
Delta Gold Opened March 2019 - Limit 7,5000 - Annual Fee 95 (First year waved)

So I have a few Amex and I'm thinking I want to downgrade the BCP to BCE. I can keep the Everyday card because there's no annual fee.

Any thoughts?

Just out of curiosity—why did you apply for that many in that short span of time?
Honestly, this came from not knowing exactly what I wanted in terms of rewards. This is definitely a cautionary plan of mapping out your goals before apping.

So, so true. Well lesson-learned, which is always a good thing.