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AMEX Prequal vs Cardmatch Tool Prequal

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AMEX Prequal vs Cardmatch Tool Prequal

Hi all,

 

I was bored so decided to check my pre-approval on Amex and was surprised to find a 100k prequal offer for the Amex Platinum. I decided to check the cardmatch tool as well, but saw that they were only offering 75k..

 

  1. How strong is a pre-qual directly from Amex?

Screen Shot 2019-11-20 at 7.34.22 PM.png

 

Screen Shot 2019-11-20 at 7.34.04 PM copy.png

Thanks,

R

Message 1 of 10
9 REPLIES 9
Moderator

Re: AMEX Prequal vs Cardmatch Tool Prequal

Both channels have good success rates depending on overall profile.   That said, if the 100K MR offer is on the AmEx site, I would definitely go for that unicorn.   That tends to be pretty solid.

Message 2 of 10
Senior Contributor

Re: AMEX Prequal vs Cardmatch Tool Prequal

There are a couple of things to look out for.  If in your lifetime you ever had a Plat card in your name, you are ineligible for the SUB.  Also, if your file has numerous problems or high util, Amex can approve your app with a reduced or no SUB.  That being said, Amex's offers are pretty solid




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Message 3 of 10
Moderator

Re: AMEX Prequal vs Cardmatch Tool Prequal


@Meanmchine wrote:

There are a couple of things to look out for.  If in your lifetime you ever had a Plat card in your name, you are ineligible for the SUB.  Also, if your file has numerous problems or high util, Amex can approve your app with a reduced or no SUB.  That being said, Amex's offers are pretty solid


Just a point of clarification, this is not always the case if the OP held other AmEx Platinum "flavors" such as those that have been offered through partnerships like Mercedes Benz, Schwab, Morgan Stanley or Ameriprise.

Message 4 of 10
Established Member

Re: AMEX Prequal vs Cardmatch Tool Prequal

Thanks FinStar & Meanmchine

 

A couple of DP's

~95k annual income

0 mortage/rent

 

(11) accounts

(1) 30-day late Statefarm June 2014

 

5% revolving balance on CCs

Statefarm Visa - 5k CL (Opened Jan 2014)

Citibank Costco Visa - 7.5k CL (Opened Aug. 2015)

Provient CU Visa- 5k CL (opened in Jun. 2019)

Chase Sapphire Reserve - (16.7k starting CL opened Jan. 2019 --> Auto CL to 19.7k in Aug. 2019)

Total CL - 37200

 

Scores

Citibank EQ Fico 8 (TU): 751

Experian Fico 8: 740

 

Chase & Amex - Vantage 3.0 (TU): 760

 

I guess my next question would be whether it'd be worth it to get the platnium given that I already have the CSR and use it extensively. I don't travel internationally often, but take domestic trips probably once every 2 months.

Message 5 of 10
Moderator

Re: AMEX Prequal vs Cardmatch Tool Prequal

Do the math and determine which CC would come out ahead based on your current spend/usage and lifestyle.   Some individuals prefer one ecosystem vs the other (UR vs MR).  Of course, those 100K MR offers are definitely unicorns.   I would presume no previous AmEx CCs or relationship with American Express National Bank?

Message 6 of 10
Established Member

Re: AMEX Prequal vs Cardmatch Tool Prequal

No previous AmEx CCs or relationship with American Express National Bank

 

I've spent 60k so far (both personal, work, and group travel) this year on my CSR and I use my CSR for all purchases.

 

When I look into cost per year (not accounting for point valuation/redemption)

 

550 AF

-200 (Airline Credit)

-25 (Global Entry Cost Per Year)

-200 (Yearly Uber Credit)

-100 (Saks credit)

=25$ effective AF

 

I would split spending between CSR and Amex P to justify the 1k AF per year out of pocket. If I were to sign up for Amex now vs Jan 2020, is there any benefit? Does the AF and credits reset per anniversary date or calendar year?

Message 7 of 10
Established Member

Re: AMEX Prequal vs Cardmatch Tool Prequal

The problem with the AMEX Platinum is its only 5x on flights & hotels. The hotels have to be booked on amextravel which limits price.

 

With your CSR it gives you an 1.5 point redemption on all flight and hotel purchases. A 33% discount on flights and hotels trumps earning an extra 2% when buying hotels and flights. Further for hotels you can go through the British Airways shopping portal and pick up 4% in addition to the 3% of your CSR for a total of x7 points per purchase (plus a free night every 10 with hotels.com).

 

If you want a stronger UR/MR pairing I recommend the AMEX Gold because that is 4% dining and 4% supermarket. I'm a big fan of the supermarket bonus simply because it will help you save money by directing your money toward the supermarket over eating out. 

 

I through some numbers together to compare on this. The example I will give is a business traveler which flies x6 times a year for 1 week a year business travel on a $200 dollar air fare ticket. I put notes on any of the credits you would be assumed to earn at various points.

 

I'm also going to assume both UR/MR is worth 2 cents per point and subtract out the AF once done. Bills paid with Chase and 100k preexisting chase points to use on flights through the travel portal.

 

AMEX Platinum +CSR ($550 +$450)

Monthly Spend x Points Per Dollar x Times per year = (Points)

Dining 1,000 x3 x12  = (36,000) +120 Grub Hub Credit

Hotels 500 x5 x6 = (15,000)

Flights 200 x5 x6 = (6,000)

Airline Bags 35 x1 x6 = (210) +200 Incidentals

Uber 50 x3 x6 = (900) +60 Uber Credit

Misc Bills 700 x1 x12 (8,400)

Total UR Points 45,000 value ($900)

Total MR Points 21,500 value ($430.2)

Total Credits value ($380)

Combined Cash & Points Value ($1710.2)

Combined Annual Fee ($1000)

Net Value $710.2

 

AMEX Gold +CSR ($250 +$450)

Monthly Spend x Points Per Dollar x Times per year = (Points)

Dining 1,000 x4 x12  = (48,000) +120 Grub Hub Credit

Hotels 500 x3 x6 = (8,100) +300 Travel Credit

Flights $133 x6 = $800 UR Redemption

Airline Bags 35 x1 x6 = (210) +100 Incidentals

Uber 50 x3 x6 = (900)

Misc Bills 700 x1 x12 (8,400)

Total UR Points 17,400 value ($348)

Total MR Points 48,210 value ($964.2)

Total Credits value ($520)

Flight Savings ($1200)

Combined Cash & Points Value ($1832.2)

Combined Annual Fee ($700)

Net Value $1132.2

 

AMEX Gold + CSR comes out ahead by over $400 dollars not including the fact that you saved $1200 out of your own pocket by redeeming flights through Ultimate Rewards. Paring this also with a Chase Freedom Unlimited could net an additional couple hundred dollars of value per year on non-category spend.

Message 8 of 10
Established Member

Re: AMEX Prequal vs Cardmatch Tool Prequal

Another combination worth looking at is a Citi Prestige & Chase Sapphire Reserve mainly because the Prestige generates x5 points on dining. There is also a 4th night free hotel credit with Thank You Points twice a year which can be worth as much as $1,000 twice a year. For arguments sake I'm going treat it as a business travel redemption.

 

Citi Prestige +CSR ($495 +$450)

Monthly Spend x Points Per Dollar x Times per year = (Points)

Dining 1,000 x5 x12  = (60,000)

Hotels (CSR) 500 x3 x4 = (5,100) +300 CSR Travel Credit

Hotels (Prestige) 375 x3 x2 = (2,250)  +250 Prestige Travel Credit

Flights $133 x6 = $800 UR Redemption

Airline Bags 35 x1 x6 = (210)

Uber 50 x3 x6 = (900) 

Misc Bills 700 x1 x12 (8,400)

Total UR Points 14,610 value ($292.2)

Total TY Points 62,250 value ($1245)

Total Credits value ($550)

Flight Savings ($1200)

Hotel Savings ($250)

Combined Cash & Points Value ($2087.2)

Combined Annual Fee ($945)

Net Value $1142.2

 

The Prestige/CSR combo edges out AMEX Gold/CSR by only 10 dollars. There is only so far you can go with a card combination to the point where the benefits start to cancel out.  For example if you try to pair one of these combinations with the AMEX Everyday Prefered there is no way you can meet the 50% cash back requirement of spending 30 times a month without food and dining coded spending at 1% which cuts into what you'd earn from a credit card earning 3/4/5 percent on dining. One high end dining card combined with a few category killer cards that include perks you value might be better.

Message 9 of 10
Frequent Contributor

Re: AMEX Prequal vs Cardmatch Tool Prequal

As a general rule, if you have a prequal from Amex you're just as likely to be approved no matter what offer you click on, so go for the biggest one (assuming the spend for the SUB isn't too high)

 

 





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