Should i pull the trigger on BCE pre approval?

[Anonymous]

Ive been wanting the BCE card for a while with its 2% gas cash back (gas claims 50% of my spending per year and aside from the seasonal 5% with discover thats the best rate ive seen/have) and to get in the door with AMEX, but ive been cautious to do so as I read somewhere that sign up bonuses stick with you for life, and im not certain what that means. My pre approval doesnt come with any, so Im concerned that if i take this offer my apr and bonuses will never get better. can anyone enlighten me?

[Anonymous]

Bank of America Cash Rewards cards offer 3% cash back on gas purchases.  I have the BCE and frankly its underwhelming; you can only redeem in $25 increments and it takes at least 2 months for rewards to be credited to your account.  My Bank of America and Capital One QuickSilver cards post their cash back almost immediately.

I'm not sure what you mean that your preapproval doesn't come with any signup bonuses; preapprovals usually don't get that specific...you have to actually apply before you know if Amex will counter with an offer that doesn't include a signup bonus.  What is your Experian FICO 8 score?  

You can only get the signup bonus for an Amex card once.  So if you open a BCE then close it.  If you reopen it you are not eligible for another signup bonus.  However, if you open any other Amex card you will still be eligible for the bonus offered for that new card.

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@Anonymous wrote:

Ive been wanting the BCE card for a while with its 2% gas cash back (gas claims 50% of my spending per year and aside from the seasonal 5% with discover thats the best rate ive seen/have) and to get in the door with AMEX, but ive been cautious to do so as I read somewhere that sign up bonuses stick with you for life, and im not certain what that means. My pre approval doesnt come with any, so Im concerned that if i take this offer my apr and bonuses will never get better. can anyone enlighten me?

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[carcdr]

With Amex, if you've had a card before, you'll never be able to get any signup bonus for that card. If you pull the trigger now, you'll never get any bonus on any BCEs you get in the future.

I don't see why you want the BCE when you already have a Double Cash *and* an Amazon Prime Visa. It's not like Amex is an issuer where getting your foot in the door is pivotal. Plus, if you aren't getting a bonus, you're just barely qualifying, which means you're going to be on the Amex equivalent of credit steps: a toy limit to start with, then a CLI if you show good behavior. I'd wait for a better offer unless you can get someone to refer you and get you the $200 bonus.

[Anonymous]

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@Anonymous wrote:

Bank of America Cash Rewards cards offer 3% cash back on gas purchases.  I have the BCE and frankly its underwhelming; you can only redeem in $25 increments and it takes at least 2 months for rewards to be credited to your account.  My Bank of America and Capital One QuickSilver cards post their cash back almost immediately.

I'm not sure what you mean that your preapproval doesn't come with any signup bonuses; preapprovals usually don't get that specific...you have to actually apply before you know if Amex will counter with an offer that doesn't include a signup bonus.  What is your Experian FICO 8 score?  

You can only get the signup bonus for an Amex card once.  So if you open a BCE then close it.  If you reopen it you are not eligible for another signup bonus.  However, if you open any other Amex card you will still be eligible for the bonus offered for that new card.

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 I dot have a BoA account and have had bad dealings with the bank itself, so I dont really have an interest with them. As long as i get the rewards when dosent matter much to me, im used to the minimum redemption requirment on my Citi card, but it is always credited immedietly on redemption, so that strikes me as odd AMEX would do that. 

I hit the prequal offer button on AMEX website and it gave me 2 offeres, 1 for the BCE and it says on the offer page "This offer does not come with any sign up bonuses" and "apr starts at X amount", so thats what caused the question. thanks for clearing it up for me!

[Anonymous]

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@carcdr wrote:
With Amex, if you've had a card before, you'll never be able to get any signup bonus for that card. If you pull the trigger now, you'll never get any bonus on any BCEs you get in the future.

I don't see why you want the BCE when you already have a Double Cash *and* an Amazon Prime Visa. It's not like Amex is an issuer where getting your foot in the door is pivotal. Plus, if you aren't getting a bonus, you're just barely qualifying, which means you're going to be on the Amex equivalent of credit steps: a toy limit to start with, then a CLI if you show good behavior. I'd wait for a better offer unless you can get someone to refer you and get you the $200 bonus.

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I feel a bit cheated/disillusioned on the double cash as it cash backs any payments you make on the card BEFORE transactions, then transactions are cash backed on a "approved" basis, so i dont feel like i am really getting that double cash back rate. The amazon card gives rewards in points, and i dont trust point based rewards systems as the reward rate is always subject to change.

[Anonymous]

That's a new one for me.  I've never seen an Amex pre-approval that specifically said that the offer does not come with a bonus.  In the instances with which I'm familiar, such offers, referred to on these forums as "credit steps" come as a counter-offer after you've submitted an actual application.  I'd guess that its your scores in combination with overall utilization that is keeping you from at least getting the standard public offer.

[Anonymous]

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@Anonymous wrote:

Ive been wanting the BCE card for a while with its 2% gas cash back (gas claims 50% of my spending per year and aside from the seasonal 5% with discover thats the best rate ive seen/have) and to get in the door with AMEX, but ive been cautious to do so as I read somewhere that sign up bonuses stick with you for life, and im not certain what that means. My pre approval doesnt come with any, so Im concerned that if i take this offer my apr and bonuses will never get better. can anyone enlighten me?

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Are you eligible for membership in USAA or PenFed?  If so, each of them have a card that gives 5% Cash Back on gas purchases.  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Ive been wanting the BCE card for a while with its 2% gas cash back (gas claims 50% of my spending per year and aside from the seasonal 5% with discover thats the best rate ive seen/have) and to get in the door with AMEX, but ive been cautious to do so as I read somewhere that sign up bonuses stick with you for life, and im not certain what that means. My pre approval doesnt come with any, so Im concerned that if i take this offer my apr and bonuses will never get better. can anyone enlighten me?

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Are you eligible for membership in USAA or PenFed?  If so, each of them have a card that gives 5% Cash Back on gas purchases.  

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My dad is retired military, i have been trying to get them to join USAA or NFCU for 2 years now to no avail, and I cant join either one without a "sponsor" namely an existing account holder and the approved ties. ill look into PenFed, but ive heard bad things about PenFed.

[Anonymous]

I've recently heard of the ducks unlimited credit card. Don't know much about it but it gives 5% back on gas and sporting goods. May be a good option.

[Anonymous]

Pulled the trigger and denied.

The length of time is too short since the first account on your credit report was opened. (Experian)

Amount of annual income listed on the application is insufficient or missing.

My credit history is a little older then 2 years and i make 20K a year. Lol what?