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Should I take the 100,000 Amex Platinum offer I got? - Update: Approved

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Should I take the 100,000 Amex Platinum offer I got? - Update: Approved

Hi everyone,

 

I have an AMEX Platinum offer I got in the mail to get 100k Membership Reward points as a sign up bonus. It seems like such a great offer, but I think long term the Gold Card is better for me becasue most of my spending is on restaurants/supermarkets rather than travel. So my dilema is:

 

1) Should I call and accept the offer, meet the spending requirement, and then cancel the card when it comes up for renewal to get essentially 100k free points ( Between the airfare credit I can get this year from gift cards, airfare credit next year, and the Sak bonus I would use anyways it would essentially cost me nothing). Then apply for the Gold Card which is probably the card for me long term.

 

2) Pass up on this and sign up for the Gold Card which is probably what I want long term and realize I wont ever get the 100k bonus since I would alway just be getting "upgrade" offers" which I've realized from my Delta Gold card are generallly not that good of an offer.

 

Also, I have 3 credit cards: Chase Freedom that's my first credit card and about 10 years old, a Delta Gold Amex that's about 6 years old, and a AMEX EveryDay I got this year. Credit score is about 815 and I've never closed a credit card so not sure what kind of effect this may have on my score. Any insight into what effect churning one card would have on my score (and the general effect a charge card would have on my score, if any) would me much appreciated. Thanks everyone!

Message 1 of 14
13 REPLIES 13
Valued Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?

Welcome Andrew. I think you somewhat answered your own question twice, in your first paragraph and in #2, mentioning the Gold was better for you long term because of your spending habits. Me personally, I would not open a card to meet the requirement, then close it for the free points with Amex. You just never know if they would take that the wrong way. I'm sure it has been done, but....just my opinion.

Your credit appears to be in great shape based on the scores and info you gave. So, in general, I would think that it is just a matter of what you want to do and making the decision, although even with great scores, nothing is a guarantee.

                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 2 of 14
Frequent Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?

I think in a year you may be able to PC that card to a NAF card. AED. Then apply for the gold to get the SUB. I'm not 100% if you can PC from a charge card to a revolver but I'm sure an AMEX vet will chime in. 100K offer is a great deal.







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Message 3 of 14
Frequent Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?


@Key1920 wrote:

I think in a year you may be able to PC that card to a NAF card. AED. Then apply for the gold to get the SUB. I'm not 100% if you can PC from a charge card to a revolver but I'm sure an AMEX vet will chime in. 100K offer is a great deal.


Charge cards cannot be product changed to revolving accounts. 100k offer is indeed a great deal and may not last if OP checks back in future.

Message 4 of 14
Community Leader
Super Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?

Just downgrade to the gold in a year. You won't get an offer this good on a gold.







Message 5 of 14
Moderator

Re: Should I take the 100,000 Amex Platinum offer I got?


@Brian_Earl_Spilner wrote:

Just downgrade to the gold in a year. You won't get an offer this good on a gold.


What he said take the 100k offer after a year consider downgrading to the gold.  Although you would possibly be giving up a 25k/50k sub on the gold doing so, but at least you stay off Amex RAT(reward abuse team) radar.  100k is a coveted offer than is more rare these days than in the past when you could use incognito/private mode to milk it and prior to the RAT team going into full gear.

Message 6 of 14
Member

Re: Should I take the 100,000 Amex Platinum offer I got?

Just something to keep in mind. At least to my knowledge the highest offer for the Gold is 50k.

 

So to make up the 50k difference between Gold and Plat you would have to spend $12,500 on the highest earning categories (Restaurants and Supermarkets).

 

50,000 points / 4 points per dollar = $12,500 

 

This would be just to match the offer. If you spend that much on food/supermarkets and don't ever book flights/hotels. Than go for the Gold. But if travel is an important part of your spend, then prehaps get the Plat, keep it for a year or two, then close it and wait to apply for the Gold. 

Message 7 of 14
Member

Re: Should I take the 100,000 Amex Platinum offer I got?

Also, I noticed you have the Everyday card (presuming the no AF verision). Therefore the Gold will make this card completely obsolute (4% vs 2%) and force you to consider closing a card you just opened anyway.

Message 8 of 14
Frequent Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?

Man, I wish I could get a 100,000 pt offer. I'd take it for at least a year and grab everything that I could off of it. Especially if you can do it right now and get the airline credit for 2018 and 2019 in the first year.  JMO

Starting Score (May 2017): 584 TU
Current Scores: 699 TU, 770 EQ, 775 EX

Goal Score: 820+




Message 9 of 14
Established Contributor

Re: Should I take the 100,000 Amex Platinum offer I got?

YESSSS!!!!! Smiley Wink





Amex Platinum NSPL || Amex Everyday $10K || Amex BonVoy $16K || Amex HH Surpass $2K || Aviator AA $7.6K || Citi AA $7.2K || Citi Costco $5.5K || NFCU CashReward $26K || Blispay $5K || Discover $12.8K || Paypal Credit $7.6K || VS card $4.1K || Walmart store $8.5K
Message 10 of 14
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