@MikeyMagic wrote:Hi
So the other day I was curious to see if American Express would preaprove me for any cards yet. I only have 4.5 months of credit history with 3 starter cards(1 secured) and a Synchrony Bank Amazon secured card as well.
To make a long story short I thought what the heck, let me use their pre-approval process and I was told to apply for the Amex Platinum card. I was shocked because I don't even have a FICO score yet and really didn't think I would be qualified for any of their cards.
So I decided to go through with it and it said application needs 14 days for review or something. Today just now I get a call from American Express and the lady tells me once I upload some identity info to confirm, I will be approved.
I still have the option I was told to accept or decline this but what should I do? Amex Platinum is a high end card but is it bad to get this now? Will this help build my credit or make my credit file look good?
I also don't know about any bonus offers or anything either. I am still in disbelief because I thought Amex only considers people with a FICO score. I was just kinda messing around with the preapproval thing but now I am really confused.
Any suggestions or thoughts would be appreciated. I don't know if I am ready for this card(I can pay the AF but is it worth it right now for me).
Thanks.
What a mess I got myself into.
I'm a former Platinum card member and will say this, unless you travel a lot, avoid the Platinum card, period, full stop, the end. There are better cards out there for folks who only travel occasionally, including other cards from AMEX.
Oh, Mikey. 
You just didn't listen to all the advice. (See my gardening advice - 10/31/23) But here we are, so I'll give you a little more guidance.
@MikeyMagic wrote:
I still have the option I was told to accept or decline this but what should I do? Amex Platinum is a high end card but is it bad to get this now? Will this help build my credit or make my credit file look good?
I also don't know about any bonus offers or anything either.
I don't know if I am ready for this card(I can pay the AF but is it worth it right now for me).
- - - - - - - - - - - - - - -
@MikeyMagic wrote:I mean I travel a decent amount not gonna lie. But I don't even understand this charge card thing. There is no limit right? But am I supposed to pay this card off in full every week or month or something? How would I even know if I'm allowed to purchase things if I don't know my limit? I heard there was some tool you could use but people claimed if they used it Amex thought it was suspicious and restricted the card or something?
Again though, why the heck was I approved without a darn FICO score? I was hoping to see a pre-approval for their BCE or something lol. I also worry if I don't accept the approval I might get blacklisted from getting approved again from Amex.
AMEX Platinum *used* to be a very selective card, but that was 30 years ago. They still push that image in marketing, but the reality is that they often approve those with limited credit histories and lower FICO scores than you need for many other cards including their core revolver cards like the BCE you were hoping to get. So why were you approved without a FICO? You do have some other credit cards and they are trying to get you into the fold for your business and the high AF.
Not saying that the Platinum card is not an excellent card - for the right person and lifestyle. For many, however, it's a hole in your wallet. Unfortunately, you got into this before you understood the product. Read my primer and message thread on "Evaluating AF cards." I won't say the card is or is not a good fit for you, but you need to understand how to use the credits, perks, and points to your benefit for the AF to be worthwhile. That takes some time and personal evaluation that none of us can do for you. I have great credit and a long credit history so I could qualify for Platinum, but I have no serious interest in it because it's not a good value for me.
Charge cards - unlike credit cards - historically have required the balance to be paid-in-full monthly and they typically have no preset spending limit. (NPSL.) In recent years, AMEX has allowed *some* charges to be carried month-to-month on their charge cards in an extended payment plan. Also, depending on credit history, they may place a specific spending limit on your account instead of NPSL. Otherwise, the AMEX algorithms track your spend-and-pay patterns to determine how far they will let you go and they generally become more generous over time with higher usage and responsible repayment. And yes, there is a tool to see how much you can spend if you have concerns about a particular larger purchase. It's okay as long as you don't overuse it; it's not to play with.
In my opinion, the Platinum card is a good fit for those who spend a lot of money on airfare (highest earning category) and place a high value on the access to AMEX Centurion lounges while traveling. Also, it helps greatly if you can offset most or all of the AF with the credits system. And for those who travel often, they may be able to squeeze a higher value from the Member Rewards points (MRs.) MRs are only worth 6/10 of a cent per point in cash value but worth 1 to 2 cents when redeemed in the travel portal or transferred to airline partners.
Getting an AMEX Platinum won't help your profile more than other cards. In some ways, a NPSL charge card will help *less* than a card with a credit limit since they are disregarded when it comes to utilization in FICO scoring.
My personal thought, knowing about your prior postings and history, is that unless there is a compelling reason you think this is a GREAT card for you, you're getting in over your head and will regret this card in a year or two.
@Aim_High wrote:Oh, Mikey.
@MikeyMagic wrote:
I still have the option I was told to accept or decline this but what should I do? Amex Platinum is a high end card but is it bad to get this now? Will this help build my credit or make my credit file look good?
I also don't know about any bonus offers or anything either.
I don't know if I am ready for this card(I can pay the AF but is it worth it right now for me).
- - - - - - - - - - - - - - -
@MikeyMagic wrote:I mean I travel a decent amount not gonna lie. But I don't even understand this charge card thing. There is no limit right? But am I supposed to pay this card off in full every week or month or something? How would I even know if I'm allowed to purchase things if I don't know my limit? I heard there was some tool you could use but people claimed if they used it Amex thought it was suspicious and restricted the card or something?
Again though, why the heck was I approved without a darn FICO score? I was hoping to see a pre-approval for their BCE or something lol. I also worry if I don't accept the approval I might get blacklisted from getting approved again from Amex.
AMEX Platinum *used* to be a very selective card, but that was 30 years ago. They still push that image in marketing, but the reality is that they often approve those with limited credit histories and lower FICO scores than you need for many other cards including their core revolver cards like the BCE you were hoping to get. So why were you approved without a FICO? You do have some other credit cards and they are trying to get you into the fold for your business and the high AF.
Not saying that the Platinum card is not an excellent card - for the right person and lifestyle. For many, however, it's a hole in your wallet. Unfortunately, you got into this before you understood the product. Read my primer and message thread on "Evaluating AF cards." I won't say the card is or is not a good fit for you, but you need to understand how to use the credits, perks, and points to your benefit for the AF to be worthwhile. That takes some time and personal evaluation that none of us can do for you. I have great credit and a long credit history so I could qualify for Platinum, but I have no serious interest in it because it's not a good value for me.
Charge cards - unlike credit cards - historically have required the balance to be paid-in-full monthly and they typically have no preset spending limit. (NPSL.) In recent years, AMEX has allowed *some* charges to be carried month-to-month on their charge cards in an extended payment plan. Also, depending on credit history, they may place a specific spending limit on your account instead of NPSL. Otherwise, the AMEX algorithms track your spend-and-pay patterns to determine how far they will let you go and they generally become more generous over time with higher usage and responsible repayment. And yes, there is a tool to see how much you can spend if you have concerns about a particular larger purchase. It's okay as long as you don't overuse it; it's not to play with.
In my opinion, the Platinum card is a good fit for those who spend a lot of money on airfare (highest earning category) and place a high value on the access to AMEX Centurion lounges while traveling. Also, it helps greatly if you can offset most or all of the AF with the credits system. And for those who travel often, they may be able to squeeze a higher value from the Member Rewards points (MRs.) MRs are only worth 6/10 of a cent per point in cash value but worth 1 to 2 cents when redeemed in the travel portal or transferred to airline partners.
Getting an AMEX Platinum won't help your profile more than other cards. In some ways, a NPSL charge card will help *less* than a card with a credit limit since they are disregarded when it comes to utilization in FICO scoring.
My personal thought, knowing about your prior postings and history, is that unless there is a compelling reason you think this is a GREAT card for you, you're getting in over your head and will regret this card in a year or two.
Thanks for this. I think I'm gonna pass on it. Agree I don't think I'm ready for this card yet. I just hope I won't be blacklisted my Amex when I decline.
@MikeyMagic wrote:Thanks for this. I think I'm gonna pass on it. Agree I don't think I'm ready for this card yet. I just hope I won't be blacklisted my Amex when I decline.
Declining this card should have no effect on your future opportunities with AMEX. AMEX blacklists when someone has burned them in bankruptcy or unpaid charge-offs.
@Aim_High wrote:Declining this card should have no effect on your future opportunities with AMEX. AMEX blacklists when someone has burned them in bankruptcy or unpaid charge-offs.
LOL, that would be me. 
@MikeyMagic wrote:Hi
So the other day I was curious to see if American Express would preaprove me for any cards yet. I only have 4.5 months of credit history with 3 starter cards(1 secured) and a Synchrony Bank Amazon secured card as well.
To make a long story short I thought what the heck, let me use their pre-approval process and I was told to apply for the Amex Platinum card. I was shocked because I don't even have a FICO score yet and really didn't think I would be qualified for any of their cards.
So I decided to go through with it and it said application needs 14 days for review or something. Today just now I get a call from American Express and the lady tells me once I upload some identity info to confirm, I will be approved.
I still have the option I was told to accept or decline this but what should I do? Amex Platinum is a high end card but is it bad to get this now? Will this help build my credit or make my credit file look good?
I also don't know about any bonus offers or anything either. I am still in disbelief because I thought Amex only considers people with a FICO score. I was just kinda messing around with the preapproval thing but now I am really confused.
Any suggestions or thoughts would be appreciated. I don't know if I am ready for this card(I can pay the AF but is it worth it right now for me).
Thanks.
What a mess I got myself into.
It's a very expensive card. If you don't travel by air a lot, it's not worth it, IMHO.
If you do travel by air a lot it's a nice luxury to have that in your wallet.
There is indeed a limit. They just don't tell you what it is. And they keep changing it up, especially in the first year.
If they want you to make a payment before the cycle is up, they will tell you.