Amex Platinum Pre-Qualify

[Anonymous]

Hello, 

Hope everyone is safe during this time. 

This morning, I opened Amex pre-qualify page and typed in all the information that is required. I saw three cards are listing on the page and one of them is Amex Platinum. Despite the offer that Amex offer (75K), I figure I have less than a year's credit history with 719 FICO (shown on BOA). Should I apply it? Or I should wait longer due to my short credit history. 

Currently have:

BOA Cash rewards platinum plus (start from 08/2019) $400

Chase Freedom student (start from 11/2019) $1000

Thanks in advance. 

[NRB525]

Does that offer require $5,000 spend to get the 75,000 MR? 

Regarding scores and age of accounts, it is possible your file could be approved. The $550 fee is due on the first statement, and with travel shut down for a while, it will take some time to realize the benefits. 

[Anonymous]

Hello,

1. Yes, the offer requires $5,000 spend to get the 75,000 MR. 

2.  I am just too worried about my short credit history. If this card got approved it will be my very first Amex card!!!!

[NRB525]

Yes, it seems it would be your first AMEX  

The question then becomes, how do you feel about paying $550 per year for the AF for several years?

Some people want just the bonus MR points, intending to redeem those plus what they earn, and then close the card after a year. When building a relationship with AMEX long term, if you start a pattern of getting bonus then closing, this can result in future cards being denied the SUB. Starting right out with a $550 card may fit in with your long term plans, but at that level, to get the most out of the card, it's best to be travelling quite a bit. That means spending a fair amount on travel, either through work/reimbursed or personal travel. 

You'd proobably also qualify for the EveryDay, which also earns MR points, and sets a baseline of a no-AF card that might be useful longer term. There aren't the same high-end travel benefits, and the SUB is much smaller, but there's also no pressure to spend a bunch on travel. And with the ED, you build the relationship with AMEX by showing good payment history.

The caveat is, that 75,000 MR points offer is likely related to this being your first AMEX. Having had other AMEX, I never saw the 100,000 MR offer when I started looking for the Platinum, so I ended up taking the 60,000 MR SUB when it was related to the Corporate Advantage sign up. But the commonly available offer is 60,000 MR, so not much less, and will probably be available to you later on for the same Platinum card.

Switching to pure speculation now: It is also possible that with the COVID-19 impacts to travel spend, the 75,000 MR offer becomes more common as AMEX tries to maintain market share.

[Anonymous]

Hello, 

Thank you for the detailed response. As you said, is 550 AF worth it to pay for as my age for now? I feel a bit pressure for it. So I might just start with BCE and work the way up and see if I am lucky enough to get targeted offers in the future. 

[Anonymous]

You'll get it. 

I got one with a 646 FICO and less than a year's history. 

Just apply. Be sure to include ALL income. 

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I have to add my $0.02 that I soon regretted getting the Platinum over the Gold. The rewards align so much better with my spending. Especially since my travel is 100% domestic 😂

[Anonymous]

Hello,

Thanks for the reply and it sounds promising.

There is one problem about my income though. I just graduated from college and about to launch my business which makes my personal income less than 10,000. However, I do have some saving and finicial support from my parents. Is there support counts as personal income?

Thanks. 

[EAJuggalo]

If you pre-qualed for the Plat, you would more than likely be approved for the Gold or Green also.  I would skip the Plat unless you are really going to be using the benefits.  Personally I love my Gold, that is one card I'm not giving up anytime soon.  Once your business launches, there is a plethora of business card led by the Blue Business Preferred to strongly consider.

[Citylights18]

There is no reason to have Platinum unless you are flying cross country once a month and buying flights with it.

With a lot of layovers you'd get value out of priority pass. A $35 dollar priority pass visit times 12 is $420 a year of value.

Something like the AMEX Gold will give you a nice restaurant earn rate and probably be a lot more valuable over the longer term. A $250 AF though is equivalent to 25,000 points a year so you have to be spending 6,250 on restaurants/groceries per year to break even.

AMEX Green at $150 AF requires a 5,000 a year spend on restaurants/travel as its break even point. The break even point for the Chase Sapphrie Preferred is 4,750 so while it earns less points it has a corresponding lower AF. You might want to pick up the CSP if you already have the Freedom to leverage travel partners.

[Anonymous]

Hello, 

Thank you for your reply. The reason why I did not go for gold and green is that I do not see the offer from Amex. Otherwise, Amex gold will be my first pick since the benefit fit me more at the current phase. Is it possible for me to use to referral link to apply Amex gold?