@MikeyMagic wrote:Your credit scores are excellent and Amex BCE is an entry level card with them right? So I'm confused how were you denied that card last week? Makes no sense.
It said for too many recent accounts opened.
I was looking at the pre-qualification page and it's all over the place. It showed me only pre-qual'ed for the Platinum. I went ahead and applied for the BCE, since it's a SP unless they offer you a card and you accept. No luck.
I went back later that day and it showed me to be qualified for the Platinum, Gold, and Green.
A couple days later I looked and it showed only the Gold and Green. Nothing had changed on my reports during this time, lol.
EQ8 778, TU8 763, EX8 772 as of June 14
@MikeyMagicWith Amex it's better not to think of them as entry level or high end in terms of card approval odds. With Amex consumer cards, the charge cards (Platinum, Gold, and Green) generally have a lower bar of entry in terms of credit score and profile than their regular credit cards. This may be partially due to being charge cards that are normally not intended to carry a balance month to month (POT is a separate issue as most aren't using it at any given time). Combine that with the annual fee, point rewards that not everyone can maximize the value of, and credits that may not always be easy or intuitive to use and it helps make those products profitable. In reality the Platinum card while a "premium" card with it's $695 AF isn't always one of their best cards or even a good card (for some people it's got value for the perks, but for a lot of people it's actually a poor choice even if they don't see it that way). As for the regular revolving credit cards they all tend to have a higher entry bar than the charge cards. Also, anecdotally within the cash back credit cards it seems like BCE and Cash Magnet tend to be a bit tougher for approvals than BCP with it's $95 AF (though often there's an into offer than includes a 1st yr waiver in addition to whatever the normal SUB is).
@MikeyMagicThe Platinum card is a premium card for sure, but that alone doesn't determine approval odds or make it a good choice for many people.
Yes the Platinum is certainly a premium card.
I decided that with my spending and travel habits, I can justify ONE travel card with an annual fee. After careful consideration, I chose the Chase system over the Amex system as a better fit for me. So while the Platinum and Gold are cool, and I'm sure they are great choices for other people, I went a different direction and don't have a use for them at this time. The only Amex cards that have really interested me are the BCE and BCP. I've spent a lot of time trying to decide which one I'd like. The 3% onlline purchases tipped the scale to the BCE. It's not something I need right now. It's something I'd like to have some day. I already get 2% on everything, and some of my online purchases already get 3% or more from deals with other cards. So the BCE would give me 1% extra on a few purchases. Nice, but not life-changing.
I'm waiting a few months for the dust to settle from my 2 new citi cards, then I will attempt to merge limits from a couple of my cards in order to downsize the total count. Then in nov-dec, I will be at 0/12 again (also 4/24) and poke chase or maybe usbank.
Looking back at my post in your thread for 2023 strategy my goals for the year were twofold:
1. to pay down balances
2. to refrain from adding new accounts
I failed utterly at 1. My balances have increased.
Goal number 2 was fairly easy, because I probably couldn't have added any good cards anyway. Early in the year I added 2 cards, and that was it.
My goal for 2024 continues to be to add a Chase Ink Business Cash Visa if I reach 4/24 in September or October. I'm going to stay on track for that unless I have a decent chance for a credit union, non-rewards, low interest platinum card, with no balance transfer fee, and preferably no cash advance fee.
