AmEx questions - CLI? New card?

[Anonymous]

I've recently joined the forum and have been reading around. I read about the amex 3xCLI and figured I'd give it a try when the payment I made today posts. I just paid my card to zero (PIF always, don't charge every month). It's a Costco True Earnings that I opened two or three years ago which got a backdated open to 1987 when I had an AmEx Gold in a former life. IIRC it started with about a $2k limit and has auto increased a couple times to $4200. 

THEN I read about the relationship ending with Costco and AmEx and that this card will be useless (from an article I read somewhere). I'm deciding if I should still go for the CLI since AmEx seems pretty good about moving CLs to different products OR not bother with the CLI and just apply for a different AmEx card. 

I like the idea of the 6% on BCP because we'd definitely use the max benefit which means it'd more than cover the annual fee, but it means re-training family members to use the right card at grocery stores. Are they harder to get than BCE? Easier? Same? 

I could use the 0% BT on the EC, but I'm not big on MR so I think I'll pass on that. 

I don't shop a lot at Costco and was considering severing my relationship with them next year as well. TIA

[buck_russell]

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@Anonymous wrote:

I've recently joined the forum and have been reading around. I read about the amex 3xCLI and figured I'd give it a try when the payment I made today posts. I just paid my card to zero (PIF always, don't charge every month). It's a Costco True Earnings that I opened two or three years ago which got a backdated open to 1987 when I had an AmEx Gold in a former life. IIRC it started with about a $2k limit and has auto increased a couple times to $4200. 

THEN I read about the relationship ending with Costco and AmEx and that this card will be useless (from an article I read somewhere). I'm deciding if I should still go for the CLI since AmEx seems pretty good about moving CLs to different products OR not bother with the CLI and just apply for a different AmEx card. 

I like the idea of the 6% on BCP because we'd definitely use the max benefit which means it'd more than cover the annual fee, but it means re-training family members to use the right card at grocery stores. Are they harder to get than BCE? Easier? Same? 

I could use the 0% BT on the EC, but I'm not big on MR so I think I'll pass on that. 

I don't shop a lot at Costco and was considering severing my relationship with them next year as well. TIA

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My first AMEX was the Costco TE got it in Feb '14 initial CL was 1.2K which grew to 15K via 3x CLI, auto CLI and another 3x.  On Jan 1 I apped for the BCP and was approved immediately for 2K.  My 13th statement on the TE just cut last Fri, so I requested via chat to move 6K from TE to BCP and rep told me 7-10days which seems to be consistent with some of the other members of the board (some have been able to do it instantly on line), so I'm waiting on that.  If that goes through, I'll request a 3x CLI on the BCP as soon as the 6 mos is up on the last CLI on the TE (if not, I'll still request the 3x on the BCP since we don't know what the future holds for the TE accounts).

To answer your question, I was approved instantly for the BCP (2K SL) with a 686 EX FICO and 3 baddies (2 tax liens and an old judgement that'll fall off this year) income is 200k.  I always report a bal on the TE but I pretty much always pay the prev statement in full (if not, it's paid on the next cycle).  BCP reports the same way except always pay statement bal in full.

Hope that helps.

[newhis]

I read that the costo card will go away in a year or little less. You can go for other Amex right now, if they give you a low limit do the 3X on the new card and not your Costo. If they give you a good limit the go for 3X on your costo. You have plenty of time to decide what to do with the Costo card.

I think the BCP is harder to get than regular ED.

[CreditCuriosity]

Depending if your TE is older then 13 months you can roll the limit over into your new card if you would like and also request a 3x CLI after this..  The donor card has to be 13 months old I believe and the new card a month?  So just another option to think about.

[Anonymous]

So, I applied and got the BCP with $5k CL. Now to figure out when to go for the 3x on what. 

Thanks!

[newhis]

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@Anonymous wrote:

So, I applied and got the BCP with $5k CL. Now to figure out when to go for the 3x on what. 

Thanks!

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You can ask for 3x on either card, the only limit for you is that your last CLI approval is more than 180 days old, so you are good to go.

You can either:

a) go with your old card, the limit may be $12,600, then transfer some limit to your new card, say $3,000 to bring it to $8,000 and in 180 days try for $24,000

b) go with your new card, maybe get it to $15,000, in 180 days try 3x the old card, then you will now if they are going to PC the card or just move all you can to the BCP

Good luck.

[SecretAzure]

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@Anonymous wrote:

So, I applied and got the BCP with $5k CL. Now to figure out when to go for the 3x on what. 

Thanks!

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Congratulations! Do the new card!

[Anonymous]

I should wait 61 days on new card, right? Is that what I got from the 150-some page thread? 

My understanding is that either I do the old card now and wait 180 days on new card or I do the new card in 61 days and then do something 180 days from that. 

[buck_russell]

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@Anonymous wrote:

I should wait 61 days on new card, right? Is that what I got from the 150-some page thread? 

My understanding is that either I do the old card now and wait 180 days on new card or I do the new card in 61 days and then do something 180 days from that. 

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you could....

a.)  Request a 3x cli upon activation of the BCP to 15K (it has been established that there is no need to wait 61 days anymore)

b.) wait 30 days transfer up to 3700 from the TE to the BCP (you have to leave $500 on the "from" card) then request up to a 3x cli on the BCP (26.1K)

c.) there is always the option to do nothing.

Congrats on your approval and good luck with whatever you decide. 

**EDIT** Also, keep in mind it is still unclear what will happen with the TE card,  CITI is buying the portfolio, but that does not mean that limits / terms won't change.  And it is also unclear if AMEX will offer a similar product to the TE cardholders (they aren't obligated to do so).

[newhis]

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@Anonymous wrote:

I should wait 61 days on new card, right? Is that what I got from the 150-some page thread? 

My understanding is that either I do the old card now and wait 180 days on new card or I do the new card in 61 days and then do something 180 days from that. 

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The 61 days is old information and only applied when the new card was your first card with Amex. Since you have other card with Amex and haven't requested a CLI for more than 180 days, so you can request a CLI now for your old card or wait for your new card, or as other said, transfer some of the balance, wait, do full 3X on one, then after 180 days the other, then transfer limits.

Good luck