Will i get approved for Amex Gold?

[Anonymous]

Amex is launching a new version of the gold card($250 annual fee). For the first three months, you receive 20% back on a statement credit on restaurant purchases, up to $100. In addition, you receive 4x points on restaurants, $120 dining credit per year($10 per month), plus $100 airline credit per year. I pre qualified on their website last month, but not as of now. I am wondering if i have a shot of being approved. I am 21 years old, a full time student & working. I have a discover IT card for about 2.5yrs now with a cl of $7000 & a B of A card with a cl of $2000. I was an AU on a card of about $30k for a few years, i was recently taken off but it still shows up on my report. My income is rather low at about $15,000 right now being that i am a student. My fico is 740 but i just paid off one card completely so i’m expecting it to go up significantly. My score was up to 780 at one point several months ago. Is it worth applying or should i try for a different card?

[Brian_Earl_Spilner]

Depending on the features you take advantage of, it could cost you almost a third of your income to offset the annual fee.

[Anonymous]

And if I'm not mistaken, it is a charge card not a credit card, which means you are expected to pay off your entire balance EVERY month.

[PointsBonus]

It will be a great card to get In the door with AMEX, with your score it might even auto approve. But I caution you this, it is a CHARGE CARD not a CREDIT CARD. You have to pay off every charge u make every month.

Keep us posted !

[Brian_Earl_Spilner]

If you're thinking long term and about rewards, I've had both Chase and Amex before. Personally, I preferred Ultimate Rewards over Membership Rewards as I don't travel much. I don't know how much money you make, but most people can't use one program without cannibalizing the other. I would research both programs and choose the one that will benefit your spend more before apping for anything. Especially if you might go with Chase because of their 5/24 rule. It will require planning to get the trifecta.

[Anonymous]

If you can make use of the airline and dining credit and spend at least $750 on supermarkets and dining per year, then you should definitely go for it. You seem qualified for it. With the new changes, it has become an invaluable card. A charge card is a great first Amex, IMO, because the UW is a little more lax, and it requires you to PIF every month, something you always do anyways.