topic Re: Amex Platinum Pre-Qualify in Credit Cards

Amex Platinum Pre-Qualify

Anonymous — Fri, 03 Apr 2020 01:22:38 GMT

Hello,

Hope everyone is safe during this time.

This morning, I opened Amex pre-qualify page and typed in all the information that is required. I saw three cards are listing on the page and one of them is Amex Platinum. Despite the offer that Amex offer (75K), I figure I have less than a year's credit history with 719 FICO (shown on BOA). Should I apply it? Or I should wait longer due to my short credit history.

Currently have:

BOA Cash rewards platinum plus (start from 08/2019) $400

Chase Freedom student (start from 11/2019) $1000

Thanks in advance.

Re: Amex Platinum Pre-Qualify

NRB525 — Fri, 03 Apr 2020 02:00:54 GMT

Does that offer require $5,000 spend to get the 75,000 MR?

Regarding scores and age of accounts, it is possible your file could be approved. The $550 fee is due on the first statement, and with travel shut down for a while, it will take some time to realize the benefits.

Re: Amex Platinum Pre-Qualify

Anonymous — Fri, 03 Apr 2020 02:19:58 GMT

Hello,

1. Yes, the offer requires $5,000 spend to get the 75,000 MR.

2. I am just too worried about my short credit history. If this card got approved it will be my very first Amex card!!!!

Re: Amex Platinum Pre-Qualify

NRB525 — Fri, 03 Apr 2020 11:21:12 GMT

Yes, it seems it would be your first AMEX

The question then becomes, how do you feel about paying $550 per year for the AF for several years?

Some people want just the bonus MR points, intending to redeem those plus what they earn, and then close the card after a year. When building a relationship with AMEX long term, if you start a pattern of getting bonus then closing, this can result in future cards being denied the SUB. Starting right out with a $550 card may fit in with your long term plans, but at that level, to get the most out of the card, it's best to be travelling quite a bit. That means spending a fair amount on travel, either through work/reimbursed or personal travel.

You'd proobably also qualify for the EveryDay, which also earns MR points, and sets a baseline of a no-AF card that might be useful longer term. There aren't the same high-end travel benefits, and the SUB is much smaller, but there's also no pressure to spend a bunch on travel. And with the ED, you build the relationship with AMEX by showing good payment history.

The caveat is, that 75,000 MR points offer is likely related to this being your first AMEX. Having had other AMEX, I never saw the 100,000 MR offer when I started looking for the Platinum, so I ended up taking the 60,000 MR SUB when it was related to the Corporate Advantage sign up. But the commonly available offer is 60,000 MR, so not much less, and will probably be available to you later on for the same Platinum card.

Switching to pure speculation now: It is also possible that with the COVID-19 impacts to travel spend, the 75,000 MR offer becomes more common as AMEX tries to maintain market share.

Re: Amex Platinum Pre-Qualify

Anonymous — Fri, 03 Apr 2020 22:04:22 GMT

Hello,

Thank you for the detailed response. As you said, is 550 AF worth it to pay for as my age for now? I feel a bit pressure for it. So I might just start with BCE and work the way up and see if I am lucky enough to get targeted offers in the future.

Re: Amex Platinum Pre-Qualify

Anonymous — Fri, 03 Apr 2020 22:24:08 GMT

You'll get it.

I got one with a 646 FICO and less than a year's history.

Just apply. Be sure to include ALL income.

---

I have to add my $0.02 that I soon regretted getting the Platinum over the Gold. The rewards align so much better with my spending. Especially since my travel is 100% domestic 😂

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 01:50:21 GMT

Hello,

Thanks for the reply and it sounds promising.

There is one problem about my income though. I just graduated from college and about to launch my business which makes my personal income less than 10,000. However, I do have some saving and finicial support from my parents. Is there support counts as personal income?

Thanks.

Re: Amex Platinum Pre-Qualify

EAJuggalo — Sun, 05 Apr 2020 02:18:13 GMT

If you pre-qualed for the Plat, you would more than likely be approved for the Gold or Green also. I would skip the Plat unless you are really going to be using the benefits. Personally I love my Gold, that is one card I'm not giving up anytime soon. Once your business launches, there is a plethora of business card led by the Blue Business Preferred to strongly consider.

Re: Amex Platinum Pre-Qualify

Citylights18 — Sun, 05 Apr 2020 03:26:24 GMT

There is no reason to have Platinum unless you are flying cross country once a month and buying flights with it.

With a lot of layovers you'd get value out of priority pass. A $35 dollar priority pass visit times 12 is $420 a year of value.

Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.

AMEX Green at $150 AF requires a 5,000 a year spend on restaurants/travel as its break even point. The break even point for the Chase Sapphrie Preferred is 4,750 so while it earns less points it has a corresponding lower AF. You might want to pick up the CSP if you already have the Freedom to leverage travel partners.

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 05:22:21 GMT

Hello,

Thank you for your reply. The reason why I did not go for gold and green is that I do not see the offer from Amex. Otherwise, Amex gold will be my first pick since the benefit fit me more at the current phase. Is it possible for me to use to referral link to apply Amex gold?

Re: Amex Platinum Pre-Qualify

NRB525 — Sun, 05 Apr 2020 10:59:50 GMT

I think the BCE is the better way to go for a first AMEX. EveryDay as the second choice because it earns MR points. Both are no-AF. Both bonus grocery spend.

The general opinion is the underwriting requirements for Platinum, Gold, and Green are basically the same. They are charge cards, so you don't get a Credit Limit like a revolving CC. That means AMEX has more direct ability to adjust ( limit or expand ) your ability to spend on the charge cards, thus same initial underwriting.

Also, those appealing bonuses for signing up for a new AMEX are "once per lifetime". So you want to try to get the best level possible. For the Gold, that means the frequent 50,000 MR points offer, not just the 35,000 point offer. For the Green, 45,000 point offer, not the 30,000 point. Each of those cards sees increased offers periodically. Using an incognito browser session is often the best way to check, although if I recall, my 50,000 point Gold and 45,000 point Green SUB offers were regular offers, not tricks of the browser.

Anyhow, the no-AF cards are good places to start in your income level. The credit limit on the revolving credit AMEX is likely to be $1,000 or $2,000 but that can be grown quickly in several months of good payment history. Search the Applications forum for the Definitive AMEX 3x CLI guide for the details.

Re: Amex Platinum Pre-Qualify

EAJuggalo — Sun, 05 Apr 2020 13:17:05 GMT

@Citylights18 wrote:
There is no reason to have Platinum unless you are flying cross country once a month and buying flights with it.

With a lot of layovers you'd get value out of priority pass. A $35 dollar priority pass visit times 12 is $420 a year of value.

Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.
You might want to pick up the CSP if you already have the Freedom to leverage travel partners.

I'm assuming you aren't figuring the Gold credits into your equation. If you can use them they reduce the AF drastically. The $10/month dining credit cuts the AF in half, if you fly a particular airline the $100 airline credit can be useful, although much harder to use effectively now than it was a couple years ago.

I mainly fly two airlines, Delta and Southwest. Delta transfers from AMEX, SW from Chase. Look at who the travel partners you plan to use are and see if they are included. My Gold card SUB got me and my family of four plane tickets to Disney World on Delta for free.

I don't think the pre-approval link will work for the Gold, but if you view the Gold on their site it may show a good offer. I've never heard of anyone Pre-approved for a Plat that didn't get the Gold when they applied for it.

Re: Amex Platinum Pre-Qualify

kdm31091 — Sun, 05 Apr 2020 13:28:08 GMT

@Citylights18 wrote:
Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.

AMEX Green at $150 AF requires a 5,000 a year spend on restaurants/travel as its break even point. The break even point for the Chase Sapphrie Preferred is 4,750 so while it earns less points it has a corresponding lower AF. You might want to pick up the CSP if you already have the Freedom to leverage travel partners.

The problem with these calculations is they ignore opportunity cost. Once you spend $6,250 on groceries/dining on the Gold, you have technically outweighed the annual fee (assuming you are getting at least 1 cent per point). But you could have already been ahead by $187 by putting the same spend on a no fee 3% dining card. If you are getting more than 1 cent per point out of MR than the threshold would be lower. But it's not just about negating the fee - it's about earning rewards over and above what you can get with no/ lower annual fee elsewhere. These cards do not exist in a vaccuum and there are many options out there. I'm not knocking the Gold, just saying you do have to compare it to everything else available.

To be honest OP with your credit history and somewhat limited spending/income, I'm not sure the Platinum, Gold or Green make much sense for you. I would start off with something with no fee. If you want to stick with Amex there's the Everyday, Blue Cash Everyday, or Cash Magnet.

Re: Amex Platinum Pre-Qualify

Remedios — Sun, 05 Apr 2020 14:04:25 GMT

@Anonymous wrote:
Hello,
Thanks for the reply and it sounds promising.
There is one problem about my income though. I just graduated from college and about to launch my business which makes my personal income less than 10,000. However, I do have some saving and finicial support from my parents. Is there support counts as personal income?
Thanks.

You cannot include savings as income.

Whether you may be able to include parental support depends on your age.

If you're under 21, you may not.

Over the age of 21, you may include it.

However, with Amex, I wouldn't.

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 22:37:48 GMT

@NRB525 wrote:
I think the BCE is the better way to go for a first AMEX. EveryDay as the second choice because it earns MR points. Both are no-AF. Both bonus grocery spend.

The general opinion is the underwriting requirements for Platinum, Gold, and Green are basically the same. They are charge cards, so you don't get a Credit Limit like a revolving CC. That means AMEX has more direct ability to adjust ( limit or expand ) your ability to spend on the charge cards, thus same initial underwriting.

Also, those appealing bonuses for signing up for a new AMEX are "once per lifetime". So you want to try to get the best level possible. For the Gold, that means the frequent 50,000 MR points offer, not just the 35,000 point offer. For the Green, 45,000 point offer, not the 30,000 point. Each of those cards sees increased offers periodically. Using an incognito browser session is often the best way to check, although if I recall, my 50,000 point Gold and 45,000 point Green SUB offers were regular offers, not tricks of the browser.

Anyhow, the no-AF cards are good places to start in your income level. The credit limit on the revolving credit AMEX is likely to be $1,000 or $2,000 but that can be grown quickly in several months of good payment history. Search the Applications forum for the Definitive AMEX 3x CLI guide for the details.

Hello,

BCE is definitely what I will go for, and because a lot of people saying apply one charge card and one credit card on the same day can be combined in one hard pull and higher odd to approve. As for gold, I open the Amex page today did not see I pre-qualify for it, however, I see the bounces is 50000MR/$2000 which is really appealing tho.

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 22:37:11 GMT

@Remedios wrote:
@Anonymous wrote:
Hello,
Thanks for the reply and it sounds promising.
There is one problem about my income though. I just graduated from college and about to launch my business which makes my personal income less than 10,000. However, I do have some saving and finicial support from my parents. Is there support counts as personal income?
Thanks.
You cannot include savings as income.
Whether you may be able to include parental support depends on your age.
If you're under 21, you may not.
Over the age of 21, you may include it.
However, with Amex, I wouldn't.

Hello,

I am over 21 now, can you please inlight me why wouldn't for Amex?

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 22:39:14 GMT

@EAJuggalo wrote:
@Citylights18 wrote:
There is no reason to have Platinum unless you are flying cross country once a month and buying flights with it.

With a lot of layovers you'd get value out of priority pass. A $35 dollar priority pass visit times 12 is $420 a year of value.

Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.
You might want to pick up the CSP if you already have the Freedom to leverage travel partners.
I'm assuming you aren't figuring the Gold credits into your equation. If you can use them they reduce the AF drastically. The $10/month dining credit cuts the AF in half, if you fly a particular airline the $100 airline credit can be useful, although much harder to use effectively now than it was a couple years ago.

I mainly fly two airlines, Delta and Southwest. Delta transfers from AMEX, SW from Chase. Look at who the travel partners you plan to use are and see if they are included. My Gold card SUB got me and my family of four plane tickets to Disney World on Delta for free.

I don't think the pre-approval link will work for the Gold, but if you view the Gold on their site it may show a good offer. I've never heard of anyone Pre-approved for a Plat that didn't get the Gold when they applied for it.

Hello,

I see Amex gold offer 50000MR/$2000 today, not pre-qualify though.

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 22:40:34 GMT

@kdm31091 wrote:
@Citylights18 wrote:
Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.

AMEX Green at $150 AF requires a 5,000 a year spend on restaurants/travel as its break even point. The break even point for the Chase Sapphrie Preferred is 4,750 so while it earns less points it has a corresponding lower AF. You might want to pick up the CSP if you already have the Freedom to leverage travel partners.
The problem with these calculations is they ignore opportunity cost. Once you spend $6,250 on groceries/dining on the Gold, you have technically outweighed the annual fee (assuming you are getting at least 1 cent per point). But you could have already been ahead by $187 by putting the same spend on a no fee 3% dining card. If you are getting more than 1 cent per point out of MR than the threshold would be lower. But it's not just about negating the fee - it's about earning rewards over and above what you can get with no/ lower annual fee elsewhere. These cards do not exist in a vaccuum and there are many options out there. I'm not knocking the Gold, just saying you do have to compare it to everything else available.

To be honest OP with your credit history and somewhat limited spending/income, I'm not sure the Platinum, Gold or Green make much sense for you. I would start off with something with no fee. If you want to stick with Amex there's the Everyday, Blue Cash Everyday, or Cash Magnet.

Thank you for your opinion!

Re: Amex Platinum Pre-Qualify

KJinNC — Sun, 05 Apr 2020 22:49:57 GMT

Hi, I think there are a few things to mention with this situation.

1 - Amex prequalification is not a guarantee you'll get the card, and lack of prequalification is not a guarantee you'll be rejected. Prequalification is a marketing tool based on partial data about whatever info they've data-mined about you. It is usually right due to correlations, but if your profile is different than the norm, it could be totally wrong.

2 - (Not helpful yet for you, but once you have one Amex card, you can check preapprovals for other Amex cards on their site. Preapprovals, as opposed to prequalifications, are very solid.)

3 - The Platinum card is not that hard to get as far as credit qualifications. I think your score and your length of credit history are fine for it. I got my Amex Gold (similar underwriting) with three months of history on Experian. I got my Platinum Card with eight or nine months of history on Experian. I am not sure how they'd react to your income, though. The Platinum Card doesn't make sense for most people without good income, and even at that, it only makes sense if you travel quite a bit.

I have a six-figure income and I travel a fair amount, but even so, I only got Platinum because I got a $150 statement credit due to being in the Corporate Advantage Program. Even so, I wonder sometimes if it's worth it for me.

I will echo the advice others have given, which is to give serious consideration to Cash Magnet, Blue Cash Everyday, etc. Good luck. Amex is great!

Re: Amex Platinum Pre-Qualify

Anonymous — Sun, 05 Apr 2020 23:25:55 GMT

@KJinNC wrote:
Hi, I think there are a few things to mention with this situation.

1 - Amex prequalification is not a guarantee you'll get the card, and lack of prequalification is not a guarantee you'll be rejected. Prequalification is a marketing tool based on partial data about whatever info they've data-mined about you. It is usually right due to correlations, but if your profile is different than the norm, it could be totally wrong.
2 - (Not helpful yet for you, but once you have one Amex card, you can check preapprovals for other Amex cards on their site. Preapprovals, as opposed to prequalifications, are very solid.)
3 - The Platinum card is not that hard to get as far as credit qualifications. I think your score and your length of credit history are fine for it. I got my Amex Gold (similar underwriting) with three months of history on Experian. I got my Platinum Card with eight or nine months of history on Experian. I am not sure how they'd react to your income, though. The Platinum Card doesn't make sense for most people without good income, and even at that, it only makes sense if you travel quite a bit.

I have a six-figure income and I travel a fair amount, but even so, I only got Platinum because I got a $150 statement credit due to being in the Corporate Advantage Program. Even so, I wonder sometimes if it's worth it for me.

I will echo the advice others have given, which is to give serious consideration to Cash Magnet, Blue Cash Everyday, etc. Good luck. Amex is great!

Hello,

Thank you for your advice and I will think it through again to see if the card really fit me for the current phase.