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Approved for Amex Platinum -Need Advice

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Anonymous
Not applicable

Approved for Amex Platinum -Need Advice

I wanted to get a premium travel card so I decided to first try for the American Express Platinum Card and then if I got denied, I would try for the new American Airlines AAdvantage Citi Executive World Elite Mastercard.

 

So I applied online for the American Express Platinum and I got a message saying  something like "Your application has been received, You'll get a decision in the mail in 7-10 days" so I assumed I was denied. Therefore and after about an hour I applied online for the CITI AAdvantage Mastercard and got a message that the application was received and is being reviewed.

 

To my surprise and just as I had finished the Citi Mastercard application, I get an email from Amex that my Platinum application was approved and will receive the card in 7-10 days.

 

Now I don't know what to do with the Citi Mastercard application if it is approved. Should I call Citi to withdraw it/cancel it? Should I just wait and if approved not activate it and cancel the account? I do not want two cards as each one has a $450 annual fee!!! Does it sound to you guys like the Citi Mastercard will be denied or approved?

 

Please help!

Message 1 of 22
21 REPLIES 21
trumpet-205
Valued Contributor

Re: Approved for Amex Platinum -Need Advice

You have to decide that for yourselves. 

 

Citi AA MC has some nice bonus miles, and widely accepted internationally. On the other hand, AMEX Platinum has $200 airlines fee credit per year which you can use, but not widely accepted internationally. Both cards have no foreign transaction fee.

 

Regardless which card you want, you want to call Citi or AMEX and ask to close the account. Not activating a card is not going the close the account.

Message 2 of 22
Anonymous
Not applicable

Re: Approved for Amex Platinum -Need Advice

BTW,

my scores are Experian 681 / Equifax 681 /TransUnion 709

Message 3 of 22
Anonymous
Not applicable

Re: Approved for Amex Platinum -Need Advice

Thank for your reply Trumpet but will it hurt my credit score if I just close the Citi account without using it?

Message 4 of 22
trumpet-205
Valued Contributor

Re: Approved for Amex Platinum -Need Advice

Nope. Closing an account does not hurt your credit score.

Message 5 of 22
MarineVietVet
Moderator Emeritus

Re: Approved for Amex Platinum -Need Advice


@Anonymous wrote:

Thank for your reply Trumpet but will it hurt my credit score if I just close the Citi account without using it?


Simply closing an account will not hurt your score IF certain conditions are met. Here is an excellent thread talking about Closing Credit Cards

.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 6 of 22
Anonymous
Not applicable

Re: Approved for Amex Platinum -Need Advice

If approved for both, instead of closing one, I would ask about doing a product change with one of them. Tell them you app'd for the wrong one or something. It's already going to report and you're going to take the AAoA hit. Might as well try the PC and get something for the hit.

Message 7 of 22
ArisGreek
Frequent Contributor

Re: Approved for Amex Platinum -Need Advice

Is there a minimum salary you need for the AMEX Platinum? 

===========
TU: 745(TU98) | EQ: 774 | EX: ? | NO BADDIES!
What's in my wallet? AMEX Platinum, United Presidential Plus World Elite MC, AMEX JetBlue, Nordstrom Visa Sig, Chase Sapphire Preferred, Discover More, AMEX Zync, Citi AAdvantage Plat Select Visa, Banana Republic, Home Depot
Message 8 of 22
ficofox
Regular Contributor

Re: Approved for Amex Platinum -Need Advice


@ArisGreek wrote:

Is there a minimum salary you need for the AMEX Platinum? 


AMEX uses an internal scoring system that we can only speculate about. People approved for the Platinum card can have mid 600 FICO scores and have average to below average income. On the other end of the spectrum, a person with a very high score and 6+ figure income could be turned down for some other factor AMEX deems to be risky. Unfortunately, AMEX never says what their approval criteria is (few cards do).

 

And, each AMEX Platinum cardholder has a different hidden spending limit (unbeknownst to the cardholder), which is how they minimize their risk and explains how they can give the card to people across a very wide range of salaries.

 


With FICO, time heals all wounds.

Take the FICO Fitness Challenge

Message 9 of 22
CS800
Super Contributor

Re: Approved for Amex Platinum -Need Advice

I think once they give you the AMEX Plat, they look at your spending trend for the first month and decide what 'limit' to impose. It's not a true charge card i nthe sense that they still limit your spending.

 

Very strange cards those AMEX charge cards. But they do help people establish or re-establish a relationship with them. They see if they can trust you with a charge card before trusting you with a credit card.

 

Now how do lenders and other bank view you if you have a Platinum AMEX, I don't know. If you travel often, it's worth the $450 and the perks. But in any case, it's a good card to build up with AMX IMHO.




Message 10 of 22
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