Hi all!
Great news! I just got approved for the AMEX Gold card.
After convinving my wife to upgrade her AMEX Everyday card to the preferred cash card and adding me as an authorized user, I finally started using the AMEX App to track my spending and use their free credit report tool. Coming off an BK in 2014 and rebuilding since, I surprisingly had prequalified offers for most of their cards. I've been in the garden for over 4 months, so I spent the last 48 hours reading through the forums regarding the amex app. I applied for 3 new cards in 2020, so was hesitant to app, but i'm glad I did.
Not sure if I should be greedy, but I read in a couple of posts that I can technically app for 2 AMEX in the same day and only get 1 HP, since im new again to AMEX. I read that one card has to be a charge card and the other a revolver. Unfortunately, I'm not 100% sure what is what.
Can someone confirm and advise what other card I can get same day as the gold card?
(My preference would be to get the Preferred Cash cash with $95 annual fee.)
Also, the approval said the card has "No Pre-Set Spending Limit". What does this mean in terms of credit limit? and would I even need to worry about the 3x CLI rule?
Congrats on your approval!
There is a big difference between the Amex Gold charge-card and a revolver.
With a revolver you are given an established limit and are required to pay at least the minimum due each month which allows the flexibility of carrying a balance from month to month while only paying a portion of the total each month.
A charge card, on the the other hand, would not give you a set limit like the revolver (hence, the 'no preset spending limit' language), instead you are able to charge within an internal limit they establish for you. This internal limit is not known to you, so a purchase could be declined if it will cause you to exceed your internal limit. Over time, the internal limit will increase. You are also required to pay the entire balance in full each month, by the due date - there is no 'minimum payment' amount and no carrying of balances from month to month. *Amex does offer a 'Pay Over Time' feature (tho not sure if it's for everyone or select card holders) which will allow you to create a payment plan for a portion of your balance. There are no CLI requests with charge cards, only revolvers.
The Amex Platinum, Gold, and Green are charge cards. The Amex Blue, Amex Blue Cash Everday, Amex Everyday, Amex Magnet, Amex Blue Cash Preferred, Amex Hilton (all), Amex Bonvoy, and Amex Delta (all) are revolvers.
Grats on your Gold Amex approval!!
@barca wrote:out of curiousity -
if you don't pay the entire balance on the charge card and there is no "pay over time feature" what will happen?
Amex will suspend your charging privileges until the balance is paid. Once you're 30 days late, you would be considered in default and, just like every other credit card, you will be reported late each month until the balance is paid in full. The account will charge-off if it's not paid by the 180 day late mark (Amex will likely close the account completely- with the balance still due - well before it enters charge-off status though).
Congratulations on your approval!
@thornback Appreciate the fast response! Thank you for laying out the explanation. I never knew charge cards existed or atleast have to pay off right away. Which is fine for me.
Any thoughts on me getting a regolver same day? Will it still count as 1 HP and can I get the signing bonus?