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CSP and AMEX BCP approvals

jdrh
Member

CSP and AMEX BCP approvals

So it’s been a long learning experience for me to fix my credit, pay off some debt and actually get on top of it, and now my scores are hovering around 740. I decided to apply for a couple cards I’ve had my eye on for a while. My current card profile includes Discover It w/$3300 cl (they recently bumped it from $2500), Chase Freedom w/ $2500 cl, CapOne QSO w/ 2500 limit, and Citi DC w/ $1k limit (and an old cap one secured card from many many years ago with a $250 limit). Well I decided to apply for the CSP and Amex on the same day. I applied for the CSP first, and checked their site for a prequal offer (none). The application came back as needing review and stated I would hear from them in 30 days. Then I applied for the Amex w/ a prequal offer from their site, and was approved with a $2k cl. A couple days later I opened my Chase app to pay my cc bill and I notice CSP in there w/ an $8k limit! I was pretty happy because I’ve been looking for a card with a higher limit as I frequently make large purchases for work that get reimbursed immediately, but I am hesitant to make purchases around my bill cycle date (all my cards cycle within the same 2 days) as to not increase my utilization ratio before it gets reported (but before the payment goes through). Fortunately I won’t have to worry about that as much now. I was thinking that if I like the CSP that I might try to PC to the CSR in a year. I just moved and spent a lot of money on furniture etc and don’t want to think about paying a $450 annual fee right now, however it would make much more sense for me to have the CSR based on my spending on dining and the travel credit. Anyone have any experience with that?
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10 REPLIES 10
ABCD2199
Senior Contributor

Re: CSP and AMEX BCP approvals

Congrats!

 

You'll want to PC to CSR no doubt.  It's really only $55/year more in annual fee as long as you use the travel credits, etc.  But CSP is a great way to cache up some URs until you do!

Message 2 of 11
DavioKanuri
Established Contributor

Re: CSP and AMEX BCP approvals

This is great news! Congratulations! Enjoy your new cards and limits. Charge wisely.
***FICO08 as of: Dec 19th 2017-EX: 731 | EQ: 727 | TU: 756***



Message 3 of 11
LinCan
Valued Member

Re: CSP and AMEX BCP approvals

Congrats on both cards. I had the same two on my wish list this year. I would definitely PC to the CSR next year. The $450 immediately goes to $150 with the $300 travel credit every year. On top of that you also get a few other benefits that easily justify the extra $55 you will spend over the CSP.

December 2017 FICO 8 Scores - EX 775 | EQ 793 | TU 721
Message 4 of 11
PZQue
New Visitor

Re: CSP and AMEX BCP approvals

Congrats!  Enjoy the freedom and continue to do well.

Message 5 of 11
ABCD2199
Senior Contributor

Re: CSP and AMEX BCP approvals


@LinCan wrote:
Congrats on both cards. I had the same two on my wish list this year. I would definitely PC to the CSR next year. The $450 immediately goes to $150 with the $300 travel credit every year. On top of that you also get a few other benefits that easily justify the extra $55 you will spend over the CSP.

Definitely.  I have yet to meet anyone who has a CSP who should stick with CSP after doing a fast napkin math analysis.  Even those who only travel once or twice a year appear to be able to make it worthwhile because of the higher earn rate and higher redemption rate.

 

I'd say theoretically the only folks who should stay with CSP are those with almost no travel or dining spend.  3X on dining (4.5% towards travel) means $2750 a year spent on dining covers the $55 difference in fees.  So if you spend $230/month average on travel+dining combined, CSR wins -- assuming you spend at LEAST $300 annually on travel to use the free redemption credit.

 

It isn't complicated math, so sticking to CSP is leaving money on the table for almost everyone but the rare few who stay at home and never eat out!

Message 6 of 11
Adkins
Legendary Contributor

Re: CSP and AMEX BCP approvals

Congratulations!!

Last HP 11-01-2022



Message 7 of 11
jdrh
Member

Re: CSP and AMEX BCP approvals

Thank you all. A little update, I’ve been using my CSP quite a bit so far since I received it. I logged onto Chase the other day and saw they doubled my limit on my Freedom card from $2500 to $5k. I called them shortly after and converted it to a Visa Signature and am waiting for the new card to arrive in the mail. A couple days later Citi emailed me asking if I wanted to increase my CL on my Citi DC, they raised it from $1k to $1500. Hopefully I can increase the limit on my AMEX soon but I can be patient lol.
Message 8 of 11
SlightlyRemoved
Established Contributor

Re: CSP and AMEX BCP approvals

Congrats on the approvals! Both these cards represent a large chunk of my most frequently used cards. I'll also echo everyone else here and say you'll definitely want to PC in a year. I took my CSP prequal instead of cold apping CSR first because I had just come out of rebuilding and didn't have any limit within 4k of the required $10k for the reserve & also had no prior relationship with chase. Been kicking myself ever since for not at least trying. That said I love the CSP & lately it's been my heaviest spend card as we travel & horde points for when I can PC. Only 7 months and one HP cli until I get my unicorn card and retire from the game. At least until our needs or lifestyle changes dramatically.

Congrats again, and don't forget to take advantage of shop with chase portal, can get killer bonus points rewards to upward of 10x/$1 - between 10x at best buy & 2x for Apple I netted an easy 7.5k UR this month on items I already intended to buy. And that's only bonus points - factoring in 2x travel/dining spend next statement should add ~14k points to the horde!
Fico8 (Jan '19) - EQ 699 TU 798 EX 798

Message 9 of 11
mdswxtech
Frequent Contributor

Re: CSP and AMEX BCP approvals

Be patient on the AMEX. If you want the 3X CLI, I would recommend for you to read the following http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/18110...

It has LOT of good information.

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