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Hello everyone,
I got approved for an Amex Blue Cash Everyday card thinking it was the easiest Amex to get into. I was instantly approved to my surprise! Upon further research, I realized the Amex Everyday Preferred is more suitable to my needs. Unfortunately Amex wouldn't do a product upgrade for me.I ultimately ended up applying and getting approved for the Everyday Preferred as well.
My questions are as follows -
Is it worth holding on to the Blue Cash Everyday card for a year and transfer my limit over to the Everyday Preferred when it becomes eligible?
Will my credit take a hit if I were to close the Blue Cash right away and just continue to build on my Everyday Preferred?
I don't really have a NEED for the Blue Cash. My current cards are Cap One Quicksilver, Discover IT, & Chase Sapphire Preferred.
Any help or feedback would be greatly appreciated.
Best,
J
What limits were they approved for?
Even if you close the card you don't need right away, it will remain on your reports for 10 years. Any "hit" you took already happened when you applied for the card, took the hard pull and when the account reports to the bureaus. There's no changing any of that at this point, so leaving the card open verses closing it really doesn't matter - it all comes down to what you want to do. I'd personally keep it open and go with the limit transfer idea a year from now. I'm not sure what your SLs were, but if you get 3X CLI's on both cards I'd imagine if you were able to combine them a year from now your EDP limit would be pretty nice.
Only one account gets cli. Then must wait 181 days for next (either card). Now, you mention BCP, but also EDP, which card is it?
And, welcome to the forums. I learned a lot here.
If you use the card a lot an PIF for the first 2 cycles, getting a 3X CLI at 61+ days is very doable. Since you have a low SL, you have a chance of getting back to back 3X CLI's on one of the cards at 61 days and 181 days after that. So you could go from $2k to $6k then $6k to $18k. I'd recommend using the card HEAVY from days 91 to 181 after the first 61 day CLI, basically the last 3 cycles before you request the second 3X CLI. You're better off just letting the BCE card stay at $2k. Maybe you luck out and get an auto CLI at some point during the first year, but not likely if you don't use it much. After a year hopefully you can add the $2k limit to the potentially $18k limit card and then you have a $20k card. This strategy (building the card you like most) is likely best as if you successfully received 3X CLI's on each card in the first year (one at 61 days on one card, one at 181 days after that on the other) you'd end up with two $6k cards which is only a $12k combined limit when the time comes. Just my opinion.
I don't think it matters much one way or the other, I have a BCE that hasn't been used for over a year and Amex doesn't seem to care.
With the EDP, your priority should be getting the 30 swipes a month on the card, so don't "waste" swipes on the BCE (or any non-strategic card) to keep it active or to maybe get a CLI
@longtimelurker wrote:I don't think it matters much one way or the other, I have a BCE that hasn't been used for over a year and Amex doesn't seem to care.
With the EDP, your priority should be getting the 30 swipes a month on the card, so don't "waste" swipes on the BCE (or any non-strategic card) to keep it active or to maybe get a CLI
Does Amex mind if you do several small Amazon reloads being small like .50 cents or less to get the 30 swipes.. I find the last several months I have been falling a few swipes short to getting the bonus due to spend requirements on other cards to hold gold or meet bonus spend and haven't been getting full value due to lack of swipes. assume one would be fine doing like 5x.50 cents reloads to put one over the amt.