Amex PRG -- help with strategy?

[Jamex]

I'm very interested in both the Amex PRG and the Chase Sapphire Reserve. I'm currently at 5/24 (two INQ's fall off in February), so I'm in a holding pattern for the CSR.

For the PRG, I'm in a bit of an unusual spot. I have an existing Green card that's backdated to 2004, so what I really want to do is upgrade to the PRG, and get at least a modest MR points bonus. Like 6 months ago I got a targeted invite to get 15K MR points for upgrading the Green to the PRG, but it wasn't the right timing for me then. Since then I've gotten a targeted offer to upgrade to Platinum with 50K points, but that card doesn't make sense for me. I've also gotten a targeted mailer to offer me 50K MR points if I open a new PRG tradeline, but since Amex no longer backdates I really don't want to do that (since it wouldn't make sense to keep the Green at that point). I've tried asking several Amex CSRs if they could please offer me around 15K MR points to just upgrade my existing Green, but they keep saying they no longer have that offer available for me.

So, my thinking is: go ahead and app for the new PRG using the 50K targeted offer. Meet the spend, get the points, and then before the first annual fee is due, close that account and upgrade my Green to PRG (that way I'll at least have gotten one good PRG bonus since I know it's only possible to get one lifetime bonus). The other factor at play is that I don't want to mess up my chance to get the Chase Sapphire Reserve, but since I'll drop down to 3/24 in February, adding one INQ for Amex shouldn't be a problem, right?

What do you think? Is it a bad idea to open an account that I know I'll close in a year? Or does that not really matter as long as I don't make a habit of it? Anyone know if this approach would cause any friction with Amex? (For context, my current AAoA is 5.2 years, oldest account is 12.4 years). 

[myjourney]

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@Jamex wrote:

I'm very interested in both the Amex PRG and the Chase Sapphire Reserve. I'm currently at 5/24 (two INQ's fall off in February), so I'm in a holding pattern for the CSR.

For the PRG, I'm in a bit of an unusual spot. I have an existing Green card that's backdated to 2004, so what I really want to do is upgrade to the PRG, and get at least a modest MR points bonus. Like 6 months ago I got a targeted invite to get 15K MR points for upgrading the Green to the PRG, but it wasn't the right timing for me then. Since then I've gotten a targeted offer to upgrade to Platinum with 50K points, but that card doesn't make sense for me. I've also gotten a targeted mailer to offer me 50K MR points if I open a new PRG tradeline, but since Amex no longer backdates I really don't want to do that (since it wouldn't make sense to keep the Green at that point). I've tried asking several Amex CSRs if they could please offer me around 15K MR points to just upgrade my existing Green, but they keep saying they no longer have that offer available for me.

So, my thinking is: go ahead and app for the new PRG using the 50K targeted offer. Meet the spend, get the points, and then before the first annual fee is due, close that account and upgrade my Green to PRG (that way I'll at least have gotten one good PRG bonus since I know it's only possible to get one lifetime bonus). The other factor at play is that I don't want to mess up my chance to get the Chase Sapphire Reserve, but since I'll drop down to 3/24 in February, adding one INQ for Amex shouldn't be a problem, right?

What do you think? Is it a bad idea to open an account that I know I'll close in a year? Or does that not really matter as long as I don't make a habit of it? Anyone know if this approach would cause any friction with Amex? (For context, my current AAoA is 5.2 years, oldest account is 12.4 years). 

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I like your thinking however if you really won't use the card (PRG) after why upgrade after closing it since Amex MR points can be retained with the green and you keep the history you most cherish?

But yes it doesn't hurt to test drive it a year until the AF comes due and get the bonus  

[Jamex]

Thanks for the quick reply, myjourney! And I should have clarified: I actually do want to have the PRG in my wallet -- the rewards spending categories make a lot of sense for me, and with some of the potential changes on the horizon for SPG / Mariott, I'd like to start accruing more MR points as a hedge against potentially less-valuable Starpoints. I would get especially good value out of the dining category (since the Chase Sapphire Reserve doesn't do any more than 1x for dining). So, that's why I'd want to still upgrade after a year -- I just want to make sure that I don't miss out on a chance to get 50K MR points since I know I won't be able to get any future bonuses on that one.

[myjourney]

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@Jamex wrote:

Thanks for the quick reply, myjourney! And I should have clarified: I actually do want to have the PRG in my wallet -- the rewards spending categories make a lot of sense for me, and with some of the potential changes on the horizon for SPG / Mariott, I'd like to start accruing more MR points as a hedge against potentially less-valuable Starpoints. I would get especially good value out of the dining category (since the Chase Sapphire Reserve doesn't do any more than 1x for dining). So, that's why I'd want to still upgrade after a year -- I just want to make sure that I don't miss out on a chance to get 50K MR points since I know I won't be able to get any future bonuses on that one.

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Ok I see what you want now....Lol

I look at my PRG like this:

After yearly $100 air credit =$95 AF

Amex offers has gotten me another $300 off or 30k pts depending on how you see it .....I see pts...Lol

So I profited $205 or 20.5k points last year as of 12/31/16

This does not include points earned spending just PRG benefits and Amex offers

So you just have to make up your mind that it's 2017 and the history on your green next year if you close it will still be on CR's till approx. 2028

[rlx01]

5/24 is number of accounts opened in last 24 months, not number of inquiries in last 24 months, in case that makes a difference to you.

[rlx01]

Also the CSR earns 3 UR per $ on dining.