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Amex Platinum or Business Platinum?..

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Valued Contributor

Amex Platinum or Business Platinum?..

So i own and operate a small / mid sized construction company in california, havent been in business too long but business is doing exceptionally good!, my personal scores are not too high currently only 630-640 all around because i had gotten some 60 day lates due to paying my girlfriends bills and a high utl which is slowly going down... but anyways, American Express always sends me Pre-qualified offers for their Business Gold Charge card and Business Platinum Charge card? im not sure i qualify so i shred them when i recieve them, i just sat at my desk right now and i was thinking.. i really want a Business Platinum charge card? anyone think ill qualify or should i just put this off for a few more months? the reason i normally have a high UTL is because i charge $4000-7000 a month at Home Depot, Lowes.. etc... and i normally dont pay till the statement cuts.

Message 1 of 10
9 REPLIES 9
Super Contributor

Re: Amex Platinum or Business Platinum?..


@Creditplz wrote:

So i own and operate a small / mid sized construction company in california, havent been in business too long but business is doing exceptionally good!, my personal scores are not too high currently only 630-640 all around because i had gotten some 60 day lates due to paying my girlfriends bills and a high utl which is slowly going down... but anyways, American Express always sends me Pre-qualified offers for their Business Gold Charge card and Business Platinum Charge card? im not sure i qualify so i shred them when i recieve them, i just sat at my desk right now and i was thinking.. i really want a Business Platinum charge card? anyone think ill qualify or should i just put this off for a few more months? the reason i normally have a high UTL is because i charge $4000-7000 a month at Home Depot, Lowes.. etc... and i normally dont pay till the statement cuts.


Do you need an amex plat card? There is a high AF and its not really a great card for putting spend on, so really something you only get for the signup or if the benefits are worth it to you.

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 2 of 10
Valued Contributor

Re: Amex Platinum or Business Platinum?..


@red259 wrote:

@Creditplz wrote:

So i own and operate a small / mid sized construction company in california, havent been in business too long but business is doing exceptionally good!, my personal scores are not too high currently only 630-640 all around because i had gotten some 60 day lates due to paying my girlfriends bills and a high utl which is slowly going down... but anyways, American Express always sends me Pre-qualified offers for their Business Gold Charge card and Business Platinum Charge card? im not sure i qualify so i shred them when i recieve them, i just sat at my desk right now and i was thinking.. i really want a Business Platinum charge card? anyone think ill qualify or should i just put this off for a few more months? the reason i normally have a high UTL is because i charge $4000-7000 a month at Home Depot, Lowes.. etc... and i normally dont pay till the statement cuts.


Do you need an amex plat card? There is a high AF and its not really a great card for putting spend on, so really something you only get for the signup or if the benefits are worth it to you.


I just always thought they were good for putting spend on, and every month i use about 70% of my UTL on just business expenses so i need some type of charge card or high limit card. :l

Message 3 of 10
Super Contributor

Re: Amex Platinum or Business Platinum?..


@Creditplz wrote:

@red259 wrote:

@Creditplz wrote:

So i own and operate a small / mid sized construction company in california, havent been in business too long but business is doing exceptionally good!, my personal scores are not too high currently only 630-640 all around because i had gotten some 60 day lates due to paying my girlfriends bills and a high utl which is slowly going down... but anyways, American Express always sends me Pre-qualified offers for their Business Gold Charge card and Business Platinum Charge card? im not sure i qualify so i shred them when i recieve them, i just sat at my desk right now and i was thinking.. i really want a Business Platinum charge card? anyone think ill qualify or should i just put this off for a few more months? the reason i normally have a high UTL is because i charge $4000-7000 a month at Home Depot, Lowes.. etc... and i normally dont pay till the statement cuts.


Do you need an amex plat card? There is a high AF and its not really a great card for putting spend on, so really something you only get for the signup or if the benefits are worth it to you.


I just always thought they were good for putting spend on, and every month i use about 70% of my UTL on just business expenses so i need some type of charge card or high limit card. :l


Well if you have business expenses you should put them through a business card. A charge card can make sense if your unable to get a high enough limit revolver. That being said I'd look at the other amex bsuienss cards to see what fits best. No point in paying a high AF if you don't need all the extra perks. There is a Lowe's amex business card although I am not sure how good it is and I think it might be a revolver. Keep in mind with a charge card you will have to pay in full each cycle. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 4 of 10
New Contributor

Re: Amex Platinum or Business Platinum?..

I would go with the Gold Card first and then PC to Platinum later, they let you PC easily.

 

1. Cuz with gold you can get more point on charges

2. The Platinum has a high AF and a lot of trip perks so if you dont travel a lot no need for the card right now

 

Its  a tough decision cuz your scores are low, but I did try with Amex 3 yrs ago when i thought i had no chance and I got the card to my surprise. So nothing beats a failure but a try.

EX: 740
EQ: 768
Message 5 of 10
Valued Contributor

Re: Amex Platinum or Business Platinum?..

I can't get a card high enough for all of the expenses, so I feel a Charge Card is appropriate, I could try US Bank? That's where all my business business and checking are., should I wait for another invitation to apply for a gold? I usually get one every 1-2 weeks.
Message 6 of 10
Super Contributor

Re: Amex Platinum or Business Platinum?..


@Creditplz wrote:
I can't get a card high enough for all of the expenses, so I feel a Charge Card is appropriate, I could try US Bank? That's where all my business business and checking are., should I wait for another invitation to apply for a gold? I usually get one every 1-2 weeks.

Try posting these questions in the business card forumn. Business cards are different than personal and you can likely get more detailed advice there. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 7 of 10
New Contributor

Re: Amex Platinum or Business Platinum?..

Your just like me when I started my business. I got the invite from Amex many times and thought I couldn't get it until one day I was like screw it and tired and got it. So wait till they send you another invite.

I am with US Bank to and just one day asked for a CC and they give me one with a 9k CL. At this time I had no clue what my credit score was for the Amex and US Bank.

I think you will get both especially if you can line it up when your util is low.
EX: 740
EQ: 768
Message 8 of 10
Valued Contributor

Re: Amex Platinum or Business Platinum?..

Okay perfect! I'll try to have my UTL as low as possible and apply when I get my next invitation, and I just recently got my US bank personal CC so I don't want to ask them till atleast june.
Message 9 of 10
Super Contributor

Re: Amex Platinum or Business Platinum?..


@Creditplz wrote:

So i own and operate a small / mid sized construction company in california, havent been in business too long but business is doing exceptionally good!, my personal scores are not too high currently only 630-640 all around because i had gotten some 60 day lates due to paying my girlfriends bills and a high utl which is slowly going down... but anyways, American Express always sends me Pre-qualified offers for their Business Gold Charge card and Business Platinum Charge card? im not sure i qualify so i shred them when i recieve them, i just sat at my desk right now and i was thinking.. i really want a Business Platinum charge card? anyone think ill qualify or should i just put this off for a few more months? the reason i normally have a high UTL is because i charge $4000-7000 a month at Home Depot, Lowes.. etc... and i normally dont pay till the statement cuts.


I got the Amex Bus Platinum when my scores were in the 650's. I don't think they're so selective, they're more interested in that $450 a year fee.

 

Frankly it's a pretty useless card to me. Can't build credit with it, it doesn't report. Doesn't extend credit.  If you do a lot of business travel (which I don't) it could be useful. Getting it was probably my worst credit card decision. My Capital One Spark card is much more useful.

 

 


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 10 of 10
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