Amex gold card worth it?

[TheBoondocks]

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@rgd51 wrote:

Yeah but would this spook my other lenders and cause them to close my accounts? I definitely can make use of the gift cards that do 1 cent per point which would make this a 4% cash back card on groceries and dining with an effective $10 annual fee. To me that is more value than the no AF altitude go card because that one only gives 2% back on groceries. 

I am not a huge traveler but my girlfriend and I like to take frequent road trips and stay in reasonably priced hotels during said trips.

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If you're going to get the gas card by fort knox, I heard they closed account due to new accounts but if you new accounts are over 2 years old, i dont see a reason for them to close it.

[rgd51]

My other cards are with chase, cap one, and target. If chase closed my flex i wouldn't be losing out that much since the dining rewards are lower than the gold car meaning I'd really just lose the 5% rotating categories. My cap one QS was opened about 4 months ago and that is the card i use for non category spend.

Is booking travel and rooms through Amex more expensive than booking with hotels directly?

[TampaBAY86]

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@rgd51 wrote:

My other cards are with chase, cap one, and target. If chase closed my flex i wouldn't be losing out that much since the dining rewards are lower than the gold car meaning I'd really just lose the 5% rotating categories. My cap one QS was opened about 4 months ago and that is the card i use for non category spend.

Is booking travel and rooms through Amex more expensive than booking with hotels directly?

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In my experience, it varies widely.  Sometimes best with point transfer, sometimes best through the portal and sometimes best with cash.  You will likely need to look at dates, time of year, etc. when you want to take the trip.

As a follow up to what @K-in-Boston said before, do not count on gift cards getting a good value.  I just checked and right now, and for me, there are around 6 of the 30ish available that are 1cpp.  All of the others are significatly worse value.

For me, I find value in the card.  I use the credits for Uber eats and Grubhub each month (lost out on most of the airfare credit last year, for obvious reasons) to keep the AF low.  Even with what I consider my meager spending on the card, I have already earned over $50 and a few thousand MRs in Amex offers YTD.  As a side note, I also have Rakuten set up for MRs for much of my online spending.

[rgd51]

Which gift cards provide 1 cent per point value? I know you said 6 of them currently do. I notice a lot of the travel partners are for 1st class plane tickets 

[TampaBAY86]

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@rgd51 wrote:

Which gift cards provide 1 cent per point value? I know you said 6 of them currently do. I notice a lot of the travel partners are for 1st class plane tickets 

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Yes, transferring to airlines you will probably need to do higher fare classes for the best value.  @K-in-Boston is an expert on Delta and can probably provide more information on that.

As for hotels, there are regularly promos for transfers.  Right now I see both Marriott (1000 MR = 1400 Bonvoy) and Hilton (1000 MR = 2800 HH, normally 1000 MR = 2000 HH because of valuation).

To answer your gift card question, here are a few examples short of clicking through all of them again.

1cpp: 1800flowers, Gap Inc Brands, Darden Restaurants, Williams Sonoma Brands

.85 cpp are Apple, Bloomin Brands, Cheesecake Factory, Panera Bread, Macy's

.7cpp has Target, Starbucks, Hilton and Marriott

Amex gift cards are .5cpp (5000 MR for $25)

[rgd51]

As long as I can get 1 cent per point then the card will be worth it to me. Do they typically always have enough credits that you can nearly offset the entire fee? I know it is a charge card so would I get hit with a new account for opening it? I have the sinclair charge card and it is hidden and doesn't report to the credit bureaus. 

[TampaBAY86]

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@rgd51 wrote:

As long as I can get 1 cent per point then the card will be worth it to me. Do they typically always have enough credits that you can nearly offset the entire fee? I know it is a charge card so would I get hit with a new account for opening it? I have the sinclair charge card and it is hidden and doesn't report to the credit bureaus. 

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The credits for new applicants I believe total $240 provided you use the $10 each for Uber/Uber Eats and Grubhub monthly.  I have had the card for a few years now, so I have the airfare promo as well, but that is going away at the end of this year.

You will likely get a HP for the application and it will report as a revolvor on the CRAs.  It will not be counted as part of your utilization though.

[K-in-Boston]

The card will report as a credit card with 1 month terms, not revolving.  Utilization is not factored in on modern credit scoring algorithms.  The $120 dining (which includes Grubhub) and Uber credits are permanent.  The $100 airline credit as mentioned is going away this year and will not be offered to new applicants now.

Will comment on travel in a bit.

[rgd51]

I do lots of spend on dining out and groceries each month. Do you think it is likely chase would close my flex due to me opening another account? Is Amex pre approving me for the card make it likely I will be approved for it? Would my other lenders be less likely to take adverse action if a charge card rather than a credit card is opened?

[coldfusion]

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@rgd51 wrote:

I do lots of spend on dining out and groceries each month. Do you think it is likely chase would close my flex due to me opening another account? Is Amex pre approving me for the card make it likely I will be approved for it? Would my other lenders be less likely to take adverse action if a charge card rather than a credit card is opened?

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No.  They don't typically get concerned about a single card being opened soon afterward.  

Yes.  Not 100% but approval is likely. 

No.