Thirded. I just signed up for the Southwest Rapid Rewards card through Chase (50,000 SW miles after hitting a spend threshold). Totally planned on having the fee waived, but no dice. Still a great deal, just $100 less of a great deal than planned
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AMEX Platinum
- Thread starter HooverPilot
- Start date
Thirded. I just signed up for the Southwest Rapid Rewards card through Chase (50,000 SW miles after hitting a spend threshold). Totally planned on having the fee waived, but no dice. Still a great deal, just $100 less of a great deal than planned
I'm really considering getting the Amex Platinum, but am concerned about a couple of things. First, eating the annual fee once I get off active duty is off-putting, and I'm not one to close cards once I open them. Is this thing good enough to hang onto after you get out? Alternatively, is it possible to downgrade to a no-fee card? Second, has anyone had issues with blackout dates or other problems when using the points?
First, it's a charge card, so it doesn't add to your "credit limit" so to speak. You pay the balance in full every month. As far as blackout dates, none that I've seen. It uses the "Membership Rewards" system which is pretty robust.
Transfers to other partners might have their own limits. I transferred to Starwood to book a hotel, and Starwood only allows a certain number of nights at each hotel using only points. It was worth it to combine with the Starwood points I already had.
Booking a hotel or airfare with straight membership rewards points usually has no blackout dates. Clear as mud?
Transfers to other partners might have their own limits. I transferred to Starwood to book a hotel, and Starwood only allows a certain number of nights at each hotel using only points. It was worth it to combine with the Starwood points I already had.
Booking a hotel or airfare with straight membership rewards points usually has no blackout dates. Clear as mud?
My platinum card was an upgrade from a green card I'd had for years. I recently downgraded mine to a gold card with a five minute phone call and no issues to avoid paying the fee now that I'm out.
AMEX is supposed to be very good for your credit because of the fact that it's a charge card with no limit on it. Due to Chinese currency transfer limits some dude just used his AMEX to buy a $36mil tea cup in Hong Kong. He got 442mil reward points from the purchase.
http://www.chineseantiques.co.uk/ch...amex-to-buy-36-million-chicken-cup/#more-4471
It's my understanding that since there's no pre-set limit, nothing's reported to the credit bureaus unless there's a balance on the card.
http://www.bankrate.com/finance/credit-cards/do-no-limit-cards-affect-score.aspx
Specific to the AMEX Platinum, I just looked at my credit report, no limit is listed, just the highest balance I've ever had on the card (about $2k), which is used as the limit instead. You can boost that number by putting a higher balance on it, with the caveat that you'll have to pay it off in full, unless you want the super-high interest rates like jmcquate mentioned.
Good news for the tea enthusiast, though. Once he pays it off, it'll be reported as a $36 million credit limit.
There is a limit on the card, but it is a decision that is made at the time of purchase. If I go and try to put a 911 on the card tomorrow, a call from the dealer would be made and Amex would make a decision. If I remember correctly, there is a feature on the Amex web site where you can find out what your spending limit might be.
Awesome. Did a little more reading which matches up with what you've already said WRT the highest balance becoming the effective credit limit for the credit agencies. One site mentioned that cancelling a charge card, provided credit was good (mine is) would result in a a small ding at worst. Pags, good to know you can easily downgrade also.
It's really a no brainer if you're going to be in the military for a few years and have decent credit going in.
I also reccomend the Preferred Everyday card as a regular credit card. Normally a $95/yr fee, free for us, and quicker points accumulation on stuff like gas an groceries. Earn them with this, spend with the Platinum.
I also reccomend the Preferred Everyday card as a regular credit card. Normally a $95/yr fee, free for us, and quicker points accumulation on stuff like gas an groceries. Earn them with this, spend with the Platinum.
Yup, just checked, there's a feature called "Check Spending Ability," basically you type in an amount and see if it would be approved. Doesn't affect credit standing or anything like that. And if you're not approved, you can still call the number on the card and argue your case.
I use the Arrival+ as my everyday card. It provides an effective 2.2% cash rewards. You get 2 points for every $ spent. You cash in your points for any travel expense on your last bill. Each point is worth $0.01. It is simple. Plus you get 10% of your points back immediately.
Regarding your original question, each time you sign up for a credit card, you will get a temporary 3-5 point hit to your credit score. The hit will last for no more than a year. If you don't plan on purchasing a home in the next year, it shouldn't matter. When evaluating your credit history, the credit report companies look at 2 things, your longest credit history and your average credit history. Keep your longest credit card open and closing a recent one will not be a problem. Amex does offer a no fee credit card utilizing Membership rewards so after you get off active duty and cancel your Amex Platinum, you can still keep any you have. There is no good reason to put everyday spending on the Amex Platinum after you get the signup bonus. There are better cards for everyday spend.
There are many ways to spend the MR points:
You can get gift cards (don't)
Buy certain items on their website(don't)
Get a statement credit (don't)
Use them to pay for trips made through Amex (maybe, this is the no black out dates statement you can reserve through them and either pay or get points to pay at a rate of $0.01/point)
Pay for Amazon purchases (maybe)
Transfer them to airlines to use as miles (the best normally)
I have dove head first into this game and can answer any questions.
Regarding your original question, each time you sign up for a credit card, you will get a temporary 3-5 point hit to your credit score. The hit will last for no more than a year. If you don't plan on purchasing a home in the next year, it shouldn't matter. When evaluating your credit history, the credit report companies look at 2 things, your longest credit history and your average credit history. Keep your longest credit card open and closing a recent one will not be a problem. Amex does offer a no fee credit card utilizing Membership rewards so after you get off active duty and cancel your Amex Platinum, you can still keep any you have. There is no good reason to put everyday spending on the Amex Platinum after you get the signup bonus. There are better cards for everyday spend.
There are many ways to spend the MR points:
You can get gift cards (don't)
Buy certain items on their website(don't)
Get a statement credit (don't)
Use them to pay for trips made through Amex (maybe, this is the no black out dates statement you can reserve through them and either pay or get points to pay at a rate of $0.01/point)
Pay for Amazon purchases (maybe)
Transfer them to airlines to use as miles (the best normally)
I have dove head first into this game and can answer any questions.