cancel
Showing results for 
Search instead for 
Did you mean: 

AmEx Gold/Rose Gold vs. Cash Magnet

SouthJamaica
Super Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@Yasselife wrote:

@SouthJamaica Yes, I'm definitely not at that high level. I just want to let you know you don't have to feel embarrassed in my presence lol... expiration dates happen, etc.

Bouncing checks? I'd probably call the cops on you.


Smiley Happy


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 11 of 16
VeronicaBP
New Member

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@SouthJamaica wrote:

@Yasselife wrote:

@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why? 


I had the Amex Rose Gold Card.  I used it regularly every month putting hundreds of dollars of spend on it every month.

 

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

 

I had a perfect record with Amex and everyone else.

 

One day we had a veterinary emergency and a $3000 bill.  I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit".  The charge was declined.  I found it embarrassing.  It would have been even more embarrassing if I was not already known to this veterinary hospital.  It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good.  If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

 

I had to use one of my other cards.

 

I later called customer service to find out why, and was told that it was because I had never spent that much before.

 

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

 

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

 

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.


This is really helpful; thank you!

Message 12 of 16
CYBERSAM
Valued Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

I would go( did) with Blue Cash Preferred Card! It has the best of 2 cards you mentioned, including Plan It® feature.

You can also get nice CLIs with SP! It is not a metal card but looks and feels much nicer than other plastic cards : )




Message 13 of 16
rostrow416
Frequent Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@SouthJamaica wrote:

@Yasselife wrote:

@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why? 


I had the Amex Rose Gold Card.  I used it regularly every month putting hundreds of dollars of spend on it every month.

 

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

 

I had a perfect record with Amex and everyone else.

 

One day we had a veterinary emergency and a $3000 bill.  I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit".  The charge was declined.  I found it embarrassing.  It would have been even more embarrassing if I was not already known to this veterinary hospital.  It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good.  If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

 

I had to use one of my other cards.

 

I later called customer service to find out why, and was told that it was because I had never spent that much before.

 

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

 

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

 

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.


A card not going through is not even on the same planet as bouncing a check.  Bouncing a check incurs fees on both sides and takes days to be returned when it should be "as good as cash".  A card not going through can mean anything from a missed number, a bad swipe read, or a fraud hold and no fees are charged for a failed attempt.  

 

I wouldn't care if a card got declined (especially knowing that it should work), I just present another one and move on.

AMEX Gold | Purdue FCU $20,000 | FNBO Evergreen $15,000 | TFCU Plat Visa $15,000 | PenFed Platinum Rewards $15,000 | PenFed Pathfinder $15,000 | Citizen's Bank Cash Back+ $15,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $17,000 | Discover IT $6,000 | Capital One BuyPower $950 | AMEX BCP $5,000 | AMEX Amazon Prime Business $3,000

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $15,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $7,000 | Kohl's Store Card $3,000


Spring Cleaning:
C̶a̶p̶i̶t̶a̶l̶ ̶O̶n̶e̶ ̶Q̶u̶i̶c̶k̶S̶i̶l̶v̶e̶r̶ ̶$̶1̶,̶0̶0̶0̶ | C̶r̶e̶d̶i̶t̶ ̶O̶n̶e̶ ̶V̶i̶s̶a̶ ̶$̶1̶,̶2̶0̶0̶ | M̶e̶r̶r̶i̶c̶k̶ ̶B̶a̶n̶k̶ ̶$̶2̶,̶7̶0̶0̶ | M̶a̶r̶v̶e̶l̶ ̶M̶a̶s̶t̶e̶r̶c̶a̶r̶d̶ ̶$̶1̶,̶̶2̶0̶0̶ | C̶o̶m̶e̶n̶i̶t̶y̶ ̶M̶a̶s̶t̶e̶r̶C̶a̶r̶d̶ ̶$̶1̶,̶1̶8̶0̶
Message 14 of 16
Boribori
New Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

The answer is no about the limit on the charge card, it changes based on a lot of factors. 

second. Don't worry about the credit limits, instead figure out if the card will benefit you. For example. All made up but let's say there was a card that gave me 5% back on all purchases vs a card that gave me back 1.5% on purchases, do you think a credit limit being higher on the 1.5% card would keep me from getting the 5% card? No. Credit limit is good for utilization and all and it helps to make some big purchases here and there but the main thing is what the card brings in value to you. In your situation the cash magnet is a basic 1.5% card that can be redeeemed via statement credit. It's okay... much better. The gold is wayyy better in my opinion because it has more multipliers. Good credits etc. But it comes with a $250 AF. You need to be asking yourself, will I get more than $250 a year in value from getting the gold??? If the answer is no then get the cash magnet because it's no annual fee. Credit limit shouldn't matter in this situation. Hope that helps. 

Message 15 of 16
CreditInspired
Super Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@SouthJamaica wrote:

@Yasselife wrote:

@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why? 


I had the Amex Rose Gold Card.  I used it regularly every month putting hundreds of dollars of spend on it every month.

 

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

 

I had a perfect record with Amex and everyone else.

 

One day we had a veterinary emergency and a $3000 bill.  I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit".  The charge was declined.  I found it embarrassing.  It would have been even more embarrassing if I was not already known to this veterinary hospital.  It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good.  If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

 

I had to use one of my other cards.

 

I later called customer service to find out why, and was told that it was because I had never spent that much before.

 

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

 

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

 

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.


Perfect explanation @SouthJamaica .  Thanks for sharing. 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 16 of 16
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.