topic Re: Amex Gold Card - Advise in Credit Cards

Amex Gold Card - Advise

Anonymous — Tue, 26 Oct 2021 15:40:09 GMT

Hi everyone! I was just approved for my first Amex Card, the Amex gold card.

My plan is to spend $4000 over my first 6 months to get the 60,000 points offer.

Since this is is my first Amex card and membership rewards point card I really don't want to mess it up somehow and need some advice.

I already made my first purchase a $2000 purchase, which I can pay right away. My question is should I let this balance carryover the first billing cycle? Or I can pay it off now before billing cycle ends? Would paying it off before the end of the cycle count against me/earning points?

any help or future advice/tips on this card is greatly appreciated. Thank you!

Re: Amex Gold Card - Advise

M_Smart007 — Tue, 26 Oct 2021 15:54:32 GMT

Paying off early would not make you lose points. In fact AmEx likes charge and pay right away. JMO

Re: Amex Gold Card - Advise

Anonymous — Tue, 26 Oct 2021 17:42:57 GMT

Thank you! Will do!

Re: Amex Gold Card - Advise

IntegerIntrovert — Tue, 26 Oct 2021 17:50:57 GMT

If you are new to AMEX you may experience a restriction around paying early or paying multiple times before your first cycle.

Re: Amex Gold Card - Advise

EAJuggalo — Wed, 27 Oct 2021 00:01:34 GMT

@IntegerIntrovert wrote:
If you are new to AMEX you may experience a restriction around paying early or paying multiple times before your first cycle.

This, usually you are limited to one payment before the first statement cuts. I would wait until after the statement cuts and then pay it off. Your card may be limited the first few months while AMEX gets an idea of your spending habits.

Re: Amex Gold Card - Advise

ChargedUp — Wed, 27 Oct 2021 01:06:46 GMT

@EAJuggalo wrote:
@IntegerIntrovert wrote:
If you are new to AMEX you may experience a restriction around paying early or paying multiple times before your first cycle.
This, usually you are limited to one payment before the first statement cuts. I would wait until after the statement cuts and then pay it off. Your card may be limited the first few months while AMEX gets an idea of your spending habits.

While the above is true, as long as your profile supports your level of spend, you don't have anything to worry about by letting your balance ride to the end of the statement. Also, you can check you Pay Over Time limit for a rough idea of what Amex is comfortable with as far as a spending limit starting out. As Amex gets to know you, they'll adjust to your spending habits as long as your profile remains solid.

Re: Amex Gold Card - Advise

NRB525 — Wed, 27 Oct 2021 05:59:17 GMT

Congrats on getting the Gold card.
What other charges do you anticipate to add to the card in the next 2 to 3 weeks? If the statement balance is going to be $3,000, I'd leave it and pay after the statement cuts. The first month, you are limited in the number of payments you can make.

Also, to be sure you don't mess it up, take very great, extreme, cautious care in how you set up your bank info to make any payments to AMEX. There are regular horror stories here about someone setting up a new checking account for the payments, they mess up the digits or the bank can't recognize the request for payment or the checking account has insufficient funds and AMEX gets a rejection for the payment. Bad things then happen to the card account, and other cards at AMEX. While you are excited to make that payment, take your time to triple check your data entry. Once you know a bank setup is working, then future payments will be easier to press the button to proceed. ( others are going to chime in that "This Is Why I Only Push Payments From My Checking Account" ... in one, two, three... )

As to making frequent payments on an AMEX Charge card, I don't do that. AMEX tracks your charge patterns, and by letting charges build up to the statement amount, then regular time to get them the payment, once per month, you are building a pattern that says "I really need to be able to charge $X,XXX every month, and I can be trusted to pay in full every month." If you constantly pay down the charge card every time you get $200 on the card, then the Max Necessary Charge limit will be lower. When it comes time for a significant charge, it may not be as easily accepted by the card algorithm because large amounts haven't been built as history. TL,DR, Pay once per month.

Re: Amex Gold Card - Advise

Anonymous — Wed, 27 Oct 2021 14:08:18 GMT

Wow! This is great. thank you so much for the tips! I am planning to have other purchases in the next two weeks, so I'm going wait to do a single payment instead of multiples (build my spending pattern) super excited about this card

Re: Amex Gold Card - Advise

Anonymous — Wed, 27 Oct 2021 15:17:34 GMT

@NRB525 wrote:
. There are regular horror stories here about someone setting up a new checking account for the payments, they mess up the digits or the bank can't recognize the request for payment or the checking account has insufficient funds and AMEX gets a rejection for the payment. Bad things then happen to the card account, and other cards at AMEX. While you are excited to make that payment, take your time to triple check your data entry. Once you know a bank setup is working, then future payments will be easier to press the button to proceed. ( others are going to chime in that "This Is Why I Only Push Payments From My Checking Account" ... in one, two, three... )

THIS is why I only push payments from my checking account! Well, actually, I only push from other people's checking accounts (from info bought from RipeForPluckingAccounts.com "Your satisfaction guaranteed!"). Avoids the problems @NRB525 mentions with Amex, AND saves a lot of your money.

Re: Amex Gold Card - Advise

Msafiri732 — Sat, 25 Dec 2021 15:12:54 GMT

Interesting. I've been preapproved for the Amex Gold card but I'm holding out for a better sign up bonus offer. I'm curious, how does Amex determine your 'ghost' credit limit on their charge cards, is it by the largest single purchase x3 or the cumulative amount in a billing cycle x3?

Re: Amex Gold Card - Advise

SouthJamaica — Sat, 25 Dec 2021 18:12:02 GMT

@Anonymous wrote:
Hi everyone! I was just approved for my first Amex Card, the Amex gold card.

My plan is to spend $4000 over my first 6 months to get the 60,000 points offer.

Since this is is my first Amex card and membership rewards point card I really don't want to mess it up somehow and need some advice.

I already made my first purchase a $2000 purchase, which I can pay right away. My question is should I let this balance carryover the first billing cycle? Or I can pay it off now before billing cycle ends? Would paying it off before the end of the cycle count against me/earning points?

any help or future advice/tips on this card is greatly appreciated. Thank you!

@Anonymous wrote:
Hi everyone! I was just approved for my first Amex Card, the Amex gold card.

My plan is to spend $4000 over my first 6 months to get the 60,000 points offer.

Since this is is my first Amex card and membership rewards point card I really don't want to mess it up somehow and need some advice.

I already made my first purchase a $2000 purchase, which I can pay right away. My question is should I let this balance carryover the first billing cycle? Or I can pay it off now before billing cycle ends? Would paying it off before the end of the cycle count against me/earning points?

any help or future advice/tips on this card is greatly appreciated. Thank you!

Amex loves for you to pay early. So yes, pay it off.

No it doesn't count against your points. You earn them when you make the charge. (Technically they're pending MR points until you make your minimum payment at which time they become regular MR points).

Re: Amex Gold Card - Advise

NRB525 — Sat, 25 Dec 2021 18:01:46 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Hi everyone! I was just approved for my first Amex Card, the Amex gold card.

My plan is to spend $4000 over my first 6 months to get the 60,000 points offer.

Since this is is my first Amex card and membership rewards point card I really don't want to mess it up somehow and need some advice.

I already made my first purchase a $2000 purchase, which I can pay right away. My question is should I let this balance carryover the first billing cycle? Or I can pay it off now before billing cycle ends? Would paying it off before the end of the cycle count against me/earning points?

any help or future advice/tips on this card is greatly appreciated. Thank you!

Amex loves for you to pay early. So yes, pay it off.

No it doesn't count against your points. You earn them when you make the charge.

Actually no. You earn the points after you pay the charge off with cash. Until then, even for several months while a Plan It is being paid slowly down, the Pending MR points will be waiting to move to Actual MR points.