AMEX suggestions please

[Anonymous]

So I would really like to get in with AMEX and then hang out in the garden indefinitely. I have been checking on the prequal page over the last couple months.  In mid June I showed prequals for Everday and BCE.  I checked in this morning and those prequals are gone and have been replaced with Gold, PRG, and Green. 

1.  If I opt to go for BCE or BCEP even though the prequals are gone from last month, are my chances still solid?

2.  I really do not fully understand the whole charge card vs. credit card thing, would the PRG be my better move? I know that is a very suggestive and generalized question, but some basic guidance / advice would be nice. I have my current cards in my signature. 

Thanks everyone. 

[Anonymous]

A charge card is a card that allows you to charge purchases, and expects you to pay those off at the end of each month.  You are not intended to carry a balance, and if you do not make the full payment in time, there are penalties up to and including cancellation of your charging rights.  You are not assigned a credit limit, in that they will not tell you "your limit is $2000" or whatever, but there is a spending limit in effect behind the scenes which keeps you in line with what they believe you can afford to charge and repay in a months' time.  Amex in particular, being the largest and most well-known issuer of charge cards, will sometimes allow a promotional "buy now, pay later" extension of the time in which you must pay off certain charges, but in general you must be prepared to PIF every month.  If this is your usual practice anyway, then it doesn't change the way you operate and the rewards points may be beneficial to you.  If you are accustomed to having balances each month - regardless of how small - then you would need to change your usual practices to be ready to PIF.

A credit card is an account with a set limit for purchases.  You are allowed to purchase up to that limit, and are not required to pay in full so long as you make the monthly minimum payments.  You incur interest on balances not paid before the end of the first month after the purchase is made, but you are not otherwise subject to penalties or account closure if you make the required minimum payments on time.  These allow you to spread large purchases over time, or to pay for emergency repairs or whatever until you can afford to pay it off, as well as being a way of generating cash back or points on everyday purchases.  You choose whether you will pay in full immediately (avoiding interest) or pay in pieces over several months (paying interest for the privilege).  You are capped by your credit limit, which will tend to be lower than the spending limit set on a charge card issuer, especially when the account is new.  Generally you do not have to submit to financial review or anything to get these accounts, as they get all of the information they need about your financial situation from your credit report when they pull it with your application.  They are less interested in your asseta and long-term finances, they just want to see if you can be expected to pay $25 a month.

As for your first question, about your missing preapprovals, if you really want a BC card you should probably be fine.

[Anonymous]

I had the same thing happen, I wanted the BCE offer that showed last month ($250 back) but now was only showing charge cards. I was able to get the BCP with the $250 back offer using Google Chrome & select "New Incognito window" then check out the card offer on amex 

You should be ok (I was approved for both the BCP & PRG)  

[Anonymous]

So what are the pros and cons? I don't want both cards, just one. PRG vs BCE

[Anonymous]

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@Anonymous wrote:

So what are the pros and cons? I don't want both cards, just one. PRG vs BCE

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They are completely different types of cards as hmw showed you in his post.  The PRG is a travel card that earns American Express Membership rewards that can be transferred to various travel partners while the BCE is a cashback card that is best for groceries.  You really need to go to American Express's website and review each card and the benefits of the cards.  It's impossible for anyone else to tell you what card you should apply for.  If you don't travel, apply for the BCE.  If you do travel often then the PRG might be better.

[Anonymous]

<<is a "she" - it's ok though, I get called "sir" by drive through cashiers on a fairly regular basis, i do have a deepish voice lol

To the OP: this is an apples-and-oranges thing, as underlined by Irish.  The only real similarity between the two products is they both have an Amex logo on them, and a 15-digit account number.  Otherwise, the two work differently and have different costs and benefits.  Only you can determine which one you will benefit from the most.  

[SouthJamaica]

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@Anonymous wrote:

So I would really like to get in with AMEX and then hang out in the garden indefinitely. I have been checking on the prequal page over the last couple months.  In mid June I showed prequals for Everday and BCE.  I checked in this morning and those prequals are gone and have been replaced with Gold, PRG, and Green. 

1.  If I opt to go for BCE or BCEP even though the prequals are gone from last month, are my chances still solid?

2.  I really do not fully understand the whole charge card vs. credit card thing, would the PRG be my better move? I know that is a very suggestive and generalized question, but some basic guidance / advice would be nice. I have my current cards in my signature. 

Thanks everyone. 

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I pay $450 annual fee for a charge card and it's basically money out the window.

IMHO the charge cards are worthwhile only for people who travel a lot and know how to make use of the perks and points and what not.

My advice is to (a) hang out in the garden (b) wait until you get a good looking prequal for the BCE or BCP, and (c) go for it.