AMEX credit cards advice

[peasandcarrots]

Hi! Was recently approved for the Delta Skymiles Platinum card. Got a 25k limit which is great. However I already had two cards with 17,500 (Blue Cash Preferred) and 7,500 (Blue Everyday) limits. I do now have more total credit across cards, but they lowered the limit on the Preferred card to 9,700. I know Amex is notorious for doing this. Here are my questions:

1. The Blue Everyday card I've been considering closing for years because I don't use it much and have cards with better rewards. Now with this, I wonder if I should close it and ask them to move the credit to the Preferred card. Do they still do that? The account I'd be closing has been open almost 20 years, which is my hesitation. Its currently my third oldest card. I did also just close a Citi bank card that was open since about the same time. What would you do? This is my first credit card in about 1.5 yrs. Of my 12 credit cards all but 4 (including the newest one) are over 10yrs old.

2. I didn't get a hard inquiry it seems. Is that a thing now? Usually the notifications are immediate. They did say they'd do a soft pull first to tell me if I am approved, then report only when I accept. Does that make the hard inquiry take longer? I do have a long history with AMEX, pay in full, and have an 850 FICO score 8 if that matters.

Thanks!

[NoMoreE46]

One of the cool perks with AMEX is that subsequent approvals are typically via SP.  So far,  this looks like this was the case for your approval. 

Feel free to reallocate the CL from that BCE to the  BCP and then close the BCE if you want- the closure shouldn't have any major impact to your great scores.

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@peasandcarrots wrote:

Hi! Was recently approved for the Delta Skymiles Platinum card. Got a 25k limit which is great. However I already had two cards with 17,500 (Blue Cash Preferred) and 7,500 (Blue Everyday) limits. I do now have more total credit across cards, but they lowered the limit on the Preferred card to 9,700. I know Amex is notorious for doing this. Here are my questions:

1. The Blue Everyday card I've been considering closing for years because I don't use it much and have cards with better rewards. Now with this, I wonder if I should close it and ask them to move the credit to the Preferred card. Do they still do that? The account I'd be closing has been open almost 20 years, which is my hesitation. Its currently my third oldest card. I did also just close a Citi bank card that was open since about the same time. What would you do? This is my first credit card in about 1.5 yrs. Of my 12 credit cards all but 4 (including the newest one) are over 10yrs old.

2. I didn't get a hard inquiry it seems. Is that a thing now? Usually the notifications are immediate. They did say they'd do a soft pull first to tell me if I am approved, then report only when I accept. Does that make the hard inquiry take longer? I do have a long history with AMEX, pay in full, and have an 850 FICO score 8 if that matters.

Thanks!

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[ptatohed]

Why not ditch the BCP?  I have yet to see anyone demonstrate mathematically that the BCP with its $95 AF pencils out over a no-AF 5% grocery card.  Unless one spends thousands and thousands on streaming, I can't see the BCP ever coming out ahead.  The BCE has a nice 3% CB on-line spend that you may not want to give up.  

[peasandcarrots]

Thanks for that feedback!

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@NoMoreE46 wrote:

One of the cool perks with AMEX is that subsequent approvals are typically via SP.  So far,  this looks like this was the case for your approval. 

Feel free to reallocate the CL from that BCE to the  BCP and then close the BCE if you want- the closure shouldn't have any major impact to your great scores.

---

@peasandcarrots wrote:

Hi! Was recently approved for the Delta Skymiles Platinum card. Got a 25k limit which is great. However I already had two cards with 17,500 (Blue Cash Preferred) and 7,500 (Blue Everyday) limits. I do now have more total credit across cards, but they lowered the limit on the Preferred card to 9,700. I know Amex is notorious for doing this. Here are my questions:

1. The Blue Everyday card I've been considering closing for years because I don't use it much and have cards with better rewards. Now with this, I wonder if I should close it and ask them to move the credit to the Preferred card. Do they still do that? The account I'd be closing has been open almost 20 years, which is my hesitation. Its currently my third oldest card. I did also just close a Citi bank card that was open since about the same time. What would you do? This is my first credit card in about 1.5 yrs. Of my 12 credit cards all but 4 (including the newest one) are over 10yrs old.

2. I didn't get a hard inquiry it seems. Is that a thing now? Usually the notifications are immediate. They did say they'd do a soft pull first to tell me if I am approved, then report only when I accept. Does that make the hard inquiry take longer? I do have a long history with AMEX, pay in full, and have an 850 FICO score 8 if that matters.

Thanks!

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[peasandcarrots]

Good question. The math works out for me. I max out the groceries (6% cash back for up to 6,000 = $360) before the end of each year which more than makes up for the annual fee (95) and what I could get with the no-annual fee card (3% of 6,000 = 180). The rest is bonus.

I also have the BOA custom cash card which I choose online spending as the 3% category.

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@ptatohed wrote:

Why not ditch the BCP?  I have yet to see anyone demonstrate mathematically that the BCP with its $95 AF pencils out over a no-AF 5% grocery card.  Unless one spends thousands and thousands on streaming, I can't see the BCP ever coming out ahead.  The BCE has a nice 3% CB on-line spend that you may not want to give up.  

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[Anonymous]

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@ptatohed wrote:

Why not ditch the BCP?  I have yet to see anyone demonstrate mathematically that the BCP with its $95 AF pencils out over a no-AF 5% grocery card.  

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Well, probably no-one has done that because it isn't true (assuming "pencils out" means something like "delivers a higher cashback reward")

But most people don't have a no-AF 5% grocery card. 

 But I agree, with newer cards like the AAA Daily Advantage, 5% up to a $10K cap (and no FTF) is going to beat the BCP for groceries.  You would need really heavy streaming to change that.

[ptatohed]

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@peasandcarrots wrote:

Good question. The math works out for me. I max out the groceries (6% cash back for up to 6,000 = $360) before the end of each year which more than makes up for the annual fee (95) and what I could get with the no-annual fee card (3% of 6,000 = 180). The rest is bonus.

I also have the BOA custom cash card which I choose online spending as the 3% category.

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Thanks for the response p&c.  No offense, but as I said, I still have yet to see someone demonstrate their BCP pencils out over a no-AF 5% grocery card.  I often hear 'my rewards easily pays for the AF'.  But that alone shouldn't be the qualifier, right?  What if you spend only $1,583.33 on groceries per year?  You'd receive $95 in CB.  The AF is covered, but is it worth having the card?  You said you reach your $6k annual cap.  What do you do after the cap is reached?  Looking at only the grocery side of the card, the BCP is effectively a 4.4% CB card.  Not too bad but also not as good as 5%.  And if you spend less or more than $6,000 on the BCP, the CB rate drops below 4.4%.  Yes the 6% streaming is nice but how many of us spend thousands on streaming?  Just my take.      

[peasandcarrots]

I don't know of any 5% CB cards with no annual fee and no cap. At least not where I live. I'd happily signup for a card like that. Everything I am aware of has a low cap or it's a rotating category. 

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@Anonymous wrote:

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@ptatohed wrote:

Why not ditch the BCP?  I have yet to see anyone demonstrate mathematically that the BCP with its $95 AF pencils out over a no-AF 5% grocery card.  

---

Well, probably no-one has done that because it isn't true (assuming "pencils out" means something like "delivers a higher cashback reward")

But most people don't have a no-AF 5% grocery card. 

 But I agree, with newer cards like the AAA Daily Advantage, 5% up to a $10K cap (and no FTF) is going to beat the BCP for groceries.  You would need really heavy streaming to change that.

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[peasandcarrots]

You make some good points. What no annual fee 5% CB cards are there? I've not come across one that is better than what I have now. But I'm always willing to investigate something new.

I'm strategic with the BCP, if theres a 5% for groceries on one of my other cards, I use it that quarter. After I cap out on the amex, I have other no annual fee cards that give 3% back. I wish I could spend less than $6k in groceries a year, ha.

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@ptatohed wrote:

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@peasandcarrots wrote:

Good question. The math works out for me. I max out the groceries (6% cash back for up to 6,000 = $360) before the end of each year which more than makes up for the annual fee (95) and what I could get with the no-annual fee card (3% of 6,000 = 180). The rest is bonus.

I also have the BOA custom cash card which I choose online spending as the 3% category.

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Thanks for the response p&c.  No offense, but as I said, I still have yet to see someone demonstrate their BCP pencils out over a no-AF 5% grocery card.  I often hear 'my rewards easily pays for the AF'.  But that alone shouldn't be the qualifier, right?  What if you spend only $1,583.33 on groceries per year?  You'd receive $95 in CB.  The AF is covered, but is it worth having the card?  You said you reach your $6k annual cap.  What do you do after the cap is reached?  Looking at only the grocery side of the card, the BCP is effectively a 4.4% CB card.  Not too bad but also not as good as 5%.  And if you spend less or more than $6,000 on the BCP, the CB rate drops below 4.4%.  Yes the 6% streaming is nice but how many of us spend thousands on streaming?  Just my take.      

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[ptatohed]

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@peasandcarrots wrote:

I don't know of any 5% CB cards with no annual fee and no cap. At least not where I live. I'd happily signup for a card like that. Everything I am aware of has a low cap or it's a rotating category. 

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@Anonymous wrote:

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@ptatohed wrote:

Why not ditch the BCP?  I have yet to see anyone demonstrate mathematically that the BCP with its $95 AF pencils out over a no-AF 5% grocery card.  

---

Well, probably no-one has done that because it isn't true (assuming "pencils out" means something like "delivers a higher cashback reward")

But most people don't have a no-AF 5% grocery card. 

 But I agree, with newer cards like the AAA Daily Advantage, 5% up to a $10K cap (and no FTF) is going to beat the BCP for groceries.  You would need really heavy streaming to change that.

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The citi Custom Cash comes to mind if you used it for only groceries.  It has the same/similar cap as your BCP.  You can even hold more than one citi CC.  The Kroger series of cards offer 5% with mobile wallet (on anything, not just groceries).  You can hold any number of the different Kroger World Elite MCs.  There are other ways to get 5% or more on groceries.