AMEX member pre-approvals for DW and me..

[RobD3]

Both DW and I were approved early February for our first AMEX cards. Hers was the Delta Gold and mine were the Cash Magnet and the Hilton Surpass. We've had a few strategy discussions and we both have faith that travel is definitely coming back and that AMEX is betting the same way. We think it'd be a good strategy to concentrate on points and miles as opposed to mixing/diluting their value by having no AF CB cards. So now I sort of regret getting the AMEX CM but I think it best to hold it for at least a year before cancelling. Checked preapprovals for both of us and we both get green lights on all the cards. I've heard rumors of major facelifts/changes coming to some cards (including both the gold and the platinum) next month. We'll both be upgrading our current cards early next year, but I'm wondering if we should go ahead and get the gold/platinum or wait till after the refresh? Also, Since I can't PC the CM to any MR card, then I guess cancelling it is my only option and then just replace it with a new MR card.....Any thoughts or guidance would be greatly appreciated

[KJinNC]

There are various reasons you might want to go ahead and get the cards (welcome offer, or you want them to start aging now, or you are worried some fluctuation will cause you not to be approved in the future), but as a rule of thumb, I would suggest waiting to closer to the first time you'll get value out of a card with a high annual fee before getting that card. Based on that, personally, I'd consider getting Gold now and work on the welcome offer while accumulating MRs, but wait until soon before your first significant travel to get the Platinum. That will also keep you from needing to do two SUBs at the same time.

Good luck!

[Anonymous]

As an alternative to CM, look at the BCP. They're in the same family and you should be able to PC to it. The earnings are quite good on streaming, groceries, and the travel categories. You might find better value with that card than the flat 1.5% cash back on the CM. 

[blindambition]

I'd wait for refresh. I think travel will come back in phases.

Do not close card before a year. Amex has a memory. That action could hurt you greatly. In obtaining new cards. As well as SUB.

[Anonymous]

I think a lot of people here have already hit on some good points. If I were to open an Amex charge right now, I'd do Gold first... You know you're going to be buying food and groceries over the next few months. Max out the MRs you may get in that category and hit that sub. Then hang on to the MRs until things get more "normal".

I too am confident that travel will return but truthfully have no idea what it's going to be like when it does. It's going to look quite different for a bit, but I also don't think anyone can predict for quite how long. For that reason alone I'd personally hold off on the Platinum a while. So much of the Platinum value if I were to ever get one would involve using those lounges. In my mind, it's very hard to imagine being in an airport lounge and redeeming that value any time in the near future. But if the refresh that's coming in early April adds a decent chunk of value in other places the Platinum could become worth it. I'd wait and see on the Platinum personally. 

[pete19103]

I have had the AmEx Cash Magnet for about 18 months and lately I have been getting offers from AmEx to upgrade to BCP, with a sign up bonus to boot.  Since I get the 5% quarterly groceries on Chase Freedom, Discover It and ABOC, the $95 annual fee would eat up any savings, plus I am working on 2 other SUBS right now.  OP could call and see if he could PC and get the SUB too but I would wait until at least 12 months have passed.