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What's With Amex Gold & Platinum?

IodineNightSky
Regular Contributor

Re: What's With Amex Gold & Platinum?

I’m so confused about a couple of the comments here - I have the gold charge and don’t see it show on my reports - doesn’t it not report unless it goes delinquent?
Current FICO 8s:
EQ: 710 - TU: 717 - EX: 707
Mortgage Ficos: EQ5: 697 - TU4: 722 - EX2: 700
Current Middle Mortgage Score: 700
Goal Scores: 740+


Message 11 of 28
Steve891
Senior Contributor

Re: What's With Amex Gold & Platinum?


@IodineNightSky wrote:
I’m so confused about a couple of the comments here - I have the gold charge and don’t see it show on my reports - doesn’t it not report unless it goes delinquent?

The charge cards do show up on all 3 credit bureau reports. They just don't factor into your credit utilization.




Message 12 of 28
IodineNightSky
Regular Contributor

Re: What's With Amex Gold & Platinum?

Innnnnnnteresting. Wonder why I never noticed it on my reports...I’ll have to go back in and check lol.
Current FICO 8s:
EQ: 710 - TU: 717 - EX: 707
Mortgage Ficos: EQ5: 697 - TU4: 722 - EX2: 700
Current Middle Mortgage Score: 700
Goal Scores: 740+


Message 13 of 28
wasCB14
Super Contributor

Re: What's With Amex Gold & Platinum?


@Steve891 wrote:

@IodineNightSky wrote:
I’m so confused about a couple of the comments here - I have the gold charge and don’t see it show on my reports - doesn’t it not report unless it goes delinquent?

The charge cards do show up on all 3 credit bureau reports. They just don't factor into your credit utilization.


Is your Gold less than 2.5 months old? It may need longer to report.

 

Is it a small business or corporate card? Those generally don't report to your personal credit.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 14 of 28
IodineNightSky
Regular Contributor

Re: What's With Amex Gold & Platinum?

Bingo! It’s for my biz - that’s why it doesn’t show on my reports. I’m an idiot. Carry on...
Current FICO 8s:
EQ: 710 - TU: 717 - EX: 707
Mortgage Ficos: EQ5: 697 - TU4: 722 - EX2: 700
Current Middle Mortgage Score: 700
Goal Scores: 740+


Message 15 of 28
CBartowski
Frequent Contributor

Re: What's With Amex Gold & Platinum?


@kshurika wrote:
Amex is banging on my head about these two cards. Mail, email, CSR's; they're all going at me. I won't go into the benefits of each card, or compare them. From what I can see, Platinum is a burn unless you travel a lot. I've got CSP for that and it's 95$/ vs. Platinum's 550$. The real sucker trap IMHO is that Platinum gives you 20% more sign-up points for 250% increase in initial spend.

Never been a big fan of charge cards. Can they boost your credit rating? (I KNOW they can crush it if you don't pay on time.) Do they drop your AAoA? Am I overlooking something? Convince me. I'm an attentive student.

Thanks.

Sounds like they want you. DEFINITELY check the cardmatch tool (incognito like another poster mentioned works, however I actually had to use a completely new, never launched browser on my computer IOT get the 100k offer). 

 

To the point of 100k, I have both gold, plat and CSR (some think I'm nuts but I travel personally and professionally a few times a month). The gold is a serious workhorse if eat food, at all, in any form. The plat is definitely a benefit-based vehicle on which you just happen to be able to spend and maybe earn some MR points. That said, I had no plans to get the plat until I got the 100k offer. So now I have it and will keep for the year before cancelling and getting schwab plat for the 1.25 redemption into my portfolio (irrelevant to your scenario, appologies). 

 

Credit: My credit did NOT take a huge ding at all with my first AMEX, additionally I learned that once you have one AMEX charge card getting another will only require a soft pull on credit, a nice feature (I'm sure some other AMEX nerd will point out some strings attached but it worked for me). They show as "open accounts" on my credit report and I do believe have AAoA next to them so it does help in that respect.

 

If you're not a fan of charge cards I'm guessing you carry a balance some times? Otherwise it's virtually the same thing IMO.

 

Bottom line: I echo others' input advising you NOT to get them unless you can create positive value. The restrictions AMEX puts on thier credits are very tedious and you have to remember each month to use the card for the credit or you lose it. CSR's travel credit is nothing of the sort and so much easier to use. Playing in both UR and MR ecosystems can be difficult if there isn't a large amount of travel spend. You may just be better off upgrading to CSR to stay in UR ecosystem for an aggregate increase in 55$/year. 

 

Hope this helps!

CARDS:
AMEX CS Plat | NSL -- Chase Freedom Flex | $19,000
AMEX Gold | NSL -- Citi Double Cash | $10,000
AMEX HH NAF | $1,000 -- Uber Visa | $5,000
CSR | $29,000 -- USAA Plat | $8,000
USAA AMEX | $23,000 -- MB Boundless | $11,900 -- CFU | $3,600

BANKS:
NFCU | USAA | PenFed | Schwab Bank | First Bank | Chase
Message 16 of 28
Lucienbel
Regular Contributor

Re: What's With Amex Gold & Platinum?

As others have said, you have to have the spend in the areas that Amex provides credits to help offset that annual fee, and a use for MR points to make the cards worth it.

With that said, I kind of love my charge card. So much of my spend is on dining and groceries, it's my most used card. Plus, a few good Amex offers come through every few months and then all that spend ends up on there too. All with the result of no utilization change.

But to each their own. If you prefer to carry balances at time, can't get use out of the credits regularly, or don't spend in the bonus categories, the card probably isn't a good fit. From my experience, MRs can be both difficult to accumulate and get good value out of without a bit of a plan about what you're trying to do with them in place first.
Scores: (9/2/20) EQ: 765, EX: 774, TU: 755
Message 17 of 28
MyFault
Valued Contributor

Re: What's With Amex Gold & Platinum?

As someone who has the CSP, that plans to PC to CSR next year, AND get the Amex Platinum card.. I look at it this way..
Yes the Platinum has a very high AF. However, it's easily offset with its available credits IF you can take advantage of them. For me, i travel at a minimum twice a year via flights. I stay at marriott exclusively unless not available, and almost everyone can take advantage of the Uber credits especially since you can use Uber eats.

For me, i can see myself booking my first flight of the year with my CSR which will utilize my $300 travel credit. I would book the cheapest economy flight i can, with Delta. I will then use my Platinum card to purchase seat upgrades and check my bags, and for any in flight drinks/snacks, etc.
I have a Centurion lounge in Houston, where i live, so i will take advantage of that lounge and hang out, eat/drink etc for free.
I haven't done Global entry yet, however i apply for it and use either the CSR or Platinum to cover those fee's, after i get one of those cards.

The platinum makes absolutely no sense unless you can benefit from a centurion lounge, imo, and use all the other credits offered to cover the AF with stuff that i would normally purchase anyway. Effectively making the Platinum a $50 annual fee, and the CSR $150 with 3x points on a much broader travel category and dining. I would PC your CSP to CSR, if you're eligible, as you'll still get lounge access with priority pass and priority pass restaurants.

If you're not traveling, stay away from platinum. If you spend a lot on groceries and do small travel then the Gold is going to be a much better card for you. Between the Gold/Platinum. If neither of those make sense, then maybe the CSR is a good option, if you're eligible to PC. Or, simply keep your CSP as it's a great card, and pair it with a Freedom or Freedom Unlimited to maximize UR points, if you haven't already.
Just my .02.



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Message 18 of 28
SouthJamaica
Super Contributor

Re: What's With Amex Gold & Platinum?


@kshurika wrote:
Amex is banging on my head about these two cards. Mail, email, CSR's; they're all going at me. I won't go into the benefits of each card, or compare them. From what I can see, Platinum is a burn unless you travel a lot. I've got CSP for that and it's 95$/ vs. Platinum's 550$. The real sucker trap IMHO is that Platinum gives you 20% more sign-up points for 250% increase in initial spend.

Never been a big fan of charge cards. Can they boost your credit rating? (I KNOW they can crush it if you don't pay on time.) Do they drop your AAoA? Am I overlooking something? Convince me. I'm an attentive student.

Thanks.

Unless you're a big traveler, skip it. I used to have a business platinum card, and was just throwing my money out. I presently have the gold card, and am constantly struggling to find value in it equivalent to the huge annual fee. It's like I'm working for them, instead of having a card that works for me. If the gold card had no annual fee it would be a good card; with the annual fee it's not IMHO.

 

Don't be cowed by their marketing department.

 

Amex has been pushing those things for a long long time, so they are expert at pulling your strings.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 757 TU 776 EX 749

Message 19 of 28
Janus
Senior Contributor

Re: What's With Amex Gold & Platinum?

I think they basically just want to collect $550 from another body.  Because it seems like almost everyone is approved for the Platinum, it's alwasy there when I log on to my BCE now the BCP card. And I already have other AF cards with them, so It's not really "they must like sonething about you". As my spend isn't anything like others here. lol 

 

They'd probably give almost anyone the card just to get swipe fees and the $550 AF, you don't even have to be special.






Message 20 of 28
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