Help deciding whether I should apply for BCP

[slvrhwk]

Hi guys,

My current profile:

Capital One QS Visa - $4250 CL (CC since Sep 2012)

Barclaycard Arrival+ WEM - $2500 (CC since Jan 2014)

I am planning to apply for Amex BCP. I have always wanted an Amex, because I've heard of their excellent CS and because of the backdating (that I learned of on these forums). For some reason, I was thinking of applying for it in Jan 2015, I have no idea why. But I suddenly realized, applying in Dec will be bettter (purely because of the backdating in future).

I am thinking of the BCP for the following reasons:

I shop for $200-$300 for grocery every month, I'll not only break even, but also earn good cashback

I am getting an offer of $250 cash back after spending $1000 in the first 3 months (from creditcards.com)

I want an Amex

I want to increase my CL

Future backdating advantage if I apply now (2014 as opposed to 2015).

My concerns are:

I have only 1 statement generated for both my cards since I received a CLI (CLI received in Oct end. Previous CL - $1250 for CO and $600 for BA+). Will they think that I'm fairly new to higher limits and either reject my application? I doubt they'll reject my application, but I also don't want to be approved for a lower CL.

My TU FICO at the end of Oct, when I applied for a BA+ CLI, was 750. I'm looking to get it up to 760+-780+ by June next year, since I'm planning on buying a house (one of the reasons I want to increase my CL). Do you think I'll take a big hit and it'll be difficult to improve the score?

I have 2 inquiries on my report - Jan 2014, application for BA+ and Oct 2014, request for CLI. I think it should be okay to have another one, but I would like to know what you guys think.

I'd really appreciate your input and advice. Thanks.

[Luscher]

With that low of spending I would go with the BCE which has 0 annual fee. but thats just my opinion

[Anonymous]

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@Luscher wrote:
With that low of spending I would go with the BCE which has 0 annual fee. but thats just my opinion

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Well, $2500 on groceries a year is the cross over point when the BCP makes more than the BCE (if the card is used for gas, or "select department stores", the BCP becomes better at a lower amount).   So if it really is 200-300 per month, unless it is $200 every month, the BCP is mildly better.

But at this spend, something like the Sallie Mae is better for the rewards, the slighly lower % on groceries being offset by no annual fee (and Sallie Mae is much better on gas, 5% to 3%).   But it's not an Amex of course.

My approach would be to app for the Sallie Mae and for the Amex EveryDay card, so you get a free Amex with its advantages, but get decent rewards, and don't pay an annual fee.   You don't really need to use the Amex for the rewards until you have a need to travel.

[slvrhwk]

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@Anonymous wrote:

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@Luscher wrote:
With that low of spending I would go with the BCE which has 0 annual fee. but thats just my opinion

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Well, $2500 on groceries a year is the cross over point when the BCP makes more than the BCE (if the card is used for gas, or "select department stores", the BCP becomes better at a lower amount).   So if it really is 200-300 per month, unless it is $200 every month, the BCP is mildly better.

But at this spend, something like the Sallie Mae is better for the rewards, the slighly lower % on groceries being offset by no annual fee (and Sallie Mae is much better on gas, 5% to 3%).   But it's not an Amex of course.

My approach would be to app for the Sallie Mae and for the Amex EveryDay card, so you get a free Amex with its advantages, but get decent rewards, and don't pay an annual fee.   You don't really need to use the Amex for the rewards until you have a need to travel.

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I'll also be using it for gas every month. That's 200-300 for grocery every month and ~60-80 for gas. I haven't calculated, but I'm pretty sure I'll end up spending more in both these categories.

[yfan]

If having an Amex is important to you, as it certainly appears to be, go for it.

[slvrhwk]

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@yfan wrote:

If having an Amex is important to you, as it certainly appears to be, go for it.

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Now I'm beginning to think whether I'll be eligible for it? I just tried the Amex prequal website, and it gave me 3 offers - Platinum Delta Skymiles, Gold Delta Skymiles (I've received prequal for both of these in mail) and Amex Blue. Do they always give only 3 offers? Is there a way to check if I'm prequalified for a particular card?

[Shock]

Hmmm..I would suggest applying in January. But, that's only if you already have a AMEX.

If you apped for one in December, your next one would be Month you applied/2014 instead of Month you applied/2015.

[elim]

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@slvrhwk wrote:

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@yfan wrote:

If having an Amex is important to you, as it certainly appears to be, go for it.

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Now I'm beginning to think whether I'll be eligible for it? I just tried the Amex prequal website, and it gave me 3 offers - Platinum Delta Skymiles, Gold Delta Skymiles (I've received prequal for both of these in mail) and Amex Blue. Do they always give only 3 offers? Is there a way to check if I'm prequalified for a particular card?

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  Current Score TU: 744, EX: N/A, EQ: N/A

   if your EX is close to your TU then no problem. if you don't have an AMEX then app now to lock in your MSD.

[coldnmn]

For future backdating applying this month is in your best interest in my opinion.

[Anonymous]

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@Shock wrote:

Hmmm..I would suggest applying in January. But, that's only if you already have a AMEX.

If you apped for one in December, your next one would be Month you applied/2014 instead of Month you applied/2015.

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I think that this means that you shuld apply in January for your first card.