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Amex from Green to Platinum.........

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Senior Contributor

Re: Amex from Green to Platinum.........


@AverageJoesCredit wrote:
These aren't done because ones credit improved, its Amex looking for $550 of ones moneySmiley Wink

+100 - you win the door prize - a Penfed offer to apply Smiley LOL

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 11 of 15
Mega Contributor

Re: Amex from Green to Platinum.........


@coldfusion wrote:

@AverageJoesCredit wrote:
These aren't done because ones credit improved, its Amex looking for $550 of ones moneySmiley Wink

+100 - you win the door prize - a Penfed offer to apply Smiley LOL


I wonder what the "break-even" customer point is for Amex, i.e. we happily accept the AF but don't want to pay out more that that.  I assume many  benefits such as credits cost Amex less than face price, so you might need to be quite aggressive to actually lose Amex money,    (If consumers use the face price for everything, neglecting that there might be other ways to get discounts, they can break even much more easily)

Message 12 of 15
Frequent Contributor

Re: Amex from Green to Platinum.........

I took the offer based on the fact that alot of the perks i use. I was glad it was the green and not gold . I like their point system   im  a  fan of giving giftcards for  birthdays and the holidays.I also  take vacation in 3 weeks and will be taking advantage of the 5x the points. I charge the same 3 bills  on the card and pay them off.  so its well worth it for me. i do not use it as an everyday card. I believe im just going to stick with these 2 cards they serve thier purpose for me :

Message 13 of 15
Community Leader
Super Contributor

Re: Amex from Green to Platinum.........

Good to know. At the end of day, if a card works for you and you csn get your $550 worth , thats all that matters. Did you get offered any SUB to upgrade?
#ChaseCreditCardHobby Enthusiast
2022
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Message 14 of 15
Established Contributor

Re: Amex from Green to Platinum.........

If the rewards work for you, that's great - the facts beneath some of the reaction in this thread are:

 

1 - Amex typically offers a ton of points if you spend X dollars on the card in the first Y months. Those points can cover the cost of the annual fee, in some cases for more than a year. If you didn't get a sign-up bonus, you may have been better off applying for the Platinum Card instead of upgrading. Although, that would be a new account, so it's not that straightforward.

 

2 - The underwriting is believed to be essentially the same for Green, Gold and Platinum, meaning that anyone with one of those cards can probably switch it to either of the other two if they are willing to pay the annual fee. So an offer to upgrade to Platinum isn't something to wait and wish for if you already have a Green.

 

Ultimately, if it saves you money and you're happy with it, that's more important than the MyFICO scheming to maximize value Smiley Happy




FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from spring and summer 2019. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 15 of 15
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