Which AMEX Card(s) should I apply for when I do?

[cflowers0115]

Here's my scenario..

Scores in signature should be going up, although it's hard to tell how much. My current reported utilization with these scores is 41% at the moment and I'm waiting to apply until my utilization reports at 8%. I just paid everything off that had a balance except my Zales card which carries a balance of $2,099 out of $2,500. I have 0% on an engagement ring on this, and to be quite frank, I don't really mind carrying the balance for awhile with our other wedding expenses getting paid cash instead. 

My income is $72,000 

AAoA: Is right around 2 years. Maybe down a bit since my last pull.

EDIT: I have a 7 year old auto repossesion which is paid and a the associated collection also listed as paid. Due to fall off in March '15. 

According to the calculator on here (yes, I take it with a grain of salt) my EX score will be 707 after the new balances report. Which I'm waiting for prior to applying

My motivation is simply wanting to establish a relationship w/ AMEX to carry into the future. 

My preference would be cash back as opposed to points, there's just something tangible there to me that makes it easier for my simple brain. 

So I'm torn between the BCP and the Amex Everyday and wanted opinions on which would make more sense. Maybe it's neither and I should consider another card. I do have a Costco membership, but I barely go, so I don't think I'll see much benefit on that side Accounts in my signature are accurate, and scores will be going up shortly. 

Thoughts? Chances? If approved, should I apply for a second? My sole motivation here is establishing a relationship like I said. I've added quite a few acounts this year, exclusively to grow relationships.

As always, I appreciate the feedback. 

[Anonymous]

So if your primary motivation is to get in with Amex, one question is would you really use the card.  If not. and your supermarket expenses aren't high, it would make sense to get the Sallie Mae for real use, and the BCE/ED from Amex (rather than the BCP).   If you are going to use it, and you have about $6K expenses, then the choice is more BCP/EDP.

If you can "properly" use MR points (and do 30 transactions per month) the EDP is a better card in that it will give more return.  However, if you only use MR for gift cards etc, rather than transferring them to loyalty programs, the BCP is more simply.

[cflowers0115]

I could run most of my monthly transactions through this card and we def as a household spend in excess of 6k on groceries that I could run through a card. I would PIF each month on this as it would be my "expense card". Another point that I don't know if it matters or not, my fiance and I are getting married in the Domincan next year in March, so we will have that, plus our 2 week european honeymoon that we will be able to use for a lot of transactions overseas and booking prior.

The next 12 months we'll have plenty of expenses that can warrant usage. It's all a matter of benefits.  

[Anonymous]

OK, then it is again a question of can you use MR points well?   When transferred, people can get roughly 2c per point in value, so the EDP wil have higher benefits than BCP (earning 9% on the first $6k of groceries, 4.5% on gas and 3% on everything else).   At 1c per point it is equal in gas, worse on grocery and better on everything else, so just a matter of where you spend.

None of these cards are good for expenses abroad, because of the Foreign Transaction Fee.  

[-NewGuy-]

---

@Anonymous wrote:

OK, then it is again a question of can you use MR points well?   When transferred, people can get roughly 2c per point in value, so the EDP wil have higher benefits than BCP (earning 9% on the first $6k of groceries, 4.5% on gas and 3% on everything else).   At 1c per point it is equal in gas, worse on grocery and better on everything else, so just a matter of where you spend.

None of these cards are good for expenses abroad, because of the Foreign Transaction Fee.  

---

As stated, the big question is whether you can use the MR points well. I would look at the transfer partners, and then research some travel blogs and see if you could make effective use of the MR points. IF you can, then the EDP can be a great card. Assuming the 2cpp value LTL stated (which isn't too hard to hit), that means you are going to be getting at least 3% back for every transaction, moreso for gas and the first 6k of grocery. That's a pretty good deal. Just make sure:

1. Find which MR transfer partners would work for you.

2. Check what the rate is for transferring MR points to the partner you would use, as not all are 1:1. For example, 1000MR -> 1000 BA Avios, but 200 MR -> 100 VA Elevate points.

[cflowers0115]

Looking like the EDP would work well for me when looking into the partners and options as well as 30 transactions (which I can do in my sleep). I didn't even think about the partner transfer option. Also, I didn't realize there were FTF w/ AMEX.. looking like I'll be using my BofA Travel Rewards Card overseas then. 

[Anonymous]

Your Zales card is at 84% utilization, which might be maxed out territory.  FICO utilization scoring considers both overall and individual utilization.

It might be worth doing a bit of research to find out if potential CC creditors care about this, and if they do, what will happen -- denial, lower CL, higher APR.

[cflowers0115]

Hmmm.. didn't think about that. Just assumed w/ overall that low I would be fine. I do have the ability to pay that down to whatever if needed. Just didn't see a need w/ 0%

EDIT: Where would you recommend looking?

[cflowers0115]

Also, what's everyone's opinion on my approval odds?

[Anonymous]

---

@cflowers0115 wrote:

Hmmm.. didn't think about that. Just assumed w/ overall that low I would be fine. I do have the ability to pay that down to whatever if needed. Just didn't see a need w/ 0%

EDIT: Where would you recommend looking?

---

You can try a Google search like this:

    site:myfico.com amex maxed out

Another interesting data point is this thread:

   http://ficoforums.myfico.com/t5/Credit-Cards/General-Questions-and-Why-Was-I-Denied/td-p/2938680