Some advice please...
So I've had Amex since 2016. It's one of my 2 lowest limit cards (1k and a $900 discover it). I got am email and it shows on the app that I have an "offer" to upgrade from the Everyday Card to Everyday Preferred. Well... I dont use the card frequently due to the low limit. There's no annual fee but with the preferred there is, $95. I dont see where that makes sense for 50% more more points and 40k bonus points after spending 2k in 3 months (which probably won't happen).
Help me make sense out of this. The annual fee alone is enough for me to dismiss the idea. If I actually used it, then I could maybe substantiate.
What to do here???
Side note which should have been mentioned first. I got both cards during a spree way back when. Now I have about 22 cards with much higher limits by leaps and bounds (they didn't start out that way but have increased as my income and spending habits have changed). Ive made a few requests for increases on both and have been denied (none recently).
How though? If I don't use this card frequently. Literally maybe once every other month.
@dk2003 wrote:How though? If I don't use this card frequently. Literally maybe once every other month.
One should not pay an AF for a sock drawered credit card.
Did you get reasons letters from AMEX for any CLI requests?
@NRB525 wrote:
@dk2003 wrote:How though? If I don't use this card frequently. Literally maybe once every other month.
One should not pay an AF for a sock drawered credit card.
Did you get reasons letters from AMEX for any CLI requests?
At the time, I recall something to the tune of new accounts and then high balances. Of course this was 3 to 5 years ago. When they didn't budge but the others were growing so drastically, I discontinued frequent use. Interestingly, I've got a BOA card that I may use ever 3 months. I just got a 3k increase (6.5k). So, of course, ill use it more. My friend swears by discover. They've been amazing to him. Regular increases and he's at 17k and only uses about 100$ a month. We have similar income. My scores range from 750 to 770. So im sure I could probably get an increase if requested now. Back then, I understand.
@dk2003 wrote:
@NRB525 wrote:
@dk2003 wrote:How though? If I don't use this card frequently. Literally maybe once every other month.
One should not pay an AF for a sock drawered credit card.
Did you get reasons letters from AMEX for any CLI requests?
At the time, I recall something to the tune of new accounts and then high balances. Of course this was 3 to 5 years ago. When they didn't budge but the others were growing so drastically, I discontinued frequent use. Interestingly, I've got a BOA card that I may use ever 3 months. I just got a 3k increase (6.5k). So, of course, ill use it more. My friend swears by discover. They've been amazing to him. Regular increases and he's at 17k and only uses about 100$ a month. We have similar income. My scores range from 750 to 770. So im sure I could probably get an increase if requested now. Back then, I understand.
Ok, any recent requests through the simple on line AMEX "Request a CLI" button?
I'd take the offer. 40K points after $2K spend is a killer offer for that card. That's 20 points per dollar which is better than you'll get from non-bonus earning on any other card.
As for the annual fee, 40K points > $95. MR points are good for 2 cents per point or more when transferred to airline partners. At 2cpp, 40K points = $800. Even if you redeem for statement credit at 0.6cpp, 40K points = $240.
Of course, if you can't meet the spend requirement, then don't do it.
@MrDisco99 wrote:I'd take the offer. 40K points after $2K spend is a killer offer for that card. That's 20 points per dollar which is better than you'll get from non-bonus earning on any other card.
As for the annual fee, 40K points > $95. MR points are good for 2 cents per point or more when transferred to airline partners. At 2cpp, 40K points = $800. Even if you redeem for statement credit at 0.6cpp, 40K points = $240.
Of course, if you can't meet the spend requirement, then don't do it.
While there are situations one can get 2c for MR points, I'm guessing that is for 80,000 MR at least, for one ticket. If OP is barely using the card, most likely has less than 20,000 MR already, and won't be close to enough to travel with a significant other on a 2c value international flight.
Most redemptions are in the 1.2c range, which is fine if one understands those things. For someone wondering about the AF, when it's a challenge to meet the $6,000 grocery spend already, yeah not a clear choice to upgrade in my opinion.
Thanks all. Last 2 replies 👍🏾