It’s been a while since I applied for a credit card, although I made an exception today thanks to an offer I saw on my account that I certainly wasn’t expecting.
Why I didn’t apply for many cards
I’m currently taking a break from applying for credit cards for the following reasons:
- I’m currently a little over the chase 5/24 limit so I think it’s worth resetting.
- At some point I will close a (belated) new home and work on a mortgage; In general, it is best not to apply for too many credit cards during a mortgage process, as this will allow you to answer even more questions
- I have over two dozen credit cards, so there aren’t that many good cards I could apply for right now. If you consider I’ve exceeded the chase 5/24 limit, I already have the maximum number of Amex credit cards, etc.
Why I applied for the Amex Business Platinum
This morning I logged into my American Express account to check Amex offers, as I do most days. However, once I signed up there was a popup for an offer that I sure wasn’t expecting. This could earn me 100,000 Bonus Membership Rewards points if I applied for Amex Business Platinum and spent $ 15,000 within the first three months.
Clicking the link took me to this url (not sure what this will show for others) which actually showed an offer for 100,000 Membership Rewards points. This appeared to be more of a targeted pre-approved type of offer than an upgrade offer or a general publicly available offer.
This deal was too good for me to show up:
- First, it’s better than the standard 85,000 Bonus Membership Rewards point offer (which is still excellent).
- I had the Amex Business Platinum a few years ago so I shouldn’t be eligible for the bonus which is based on the typical once in a lifetime rule for bonuses. However, I was targeted for this offer, and the terms and conditions specifically did not state that if I had the card in the past (unless I miss something) I would not be eligible.
- This card didn’t have any of the drawbacks I could think of when applying for cards – Amex business cards don’t count towards Chase’s 5/24 limit, and the Amex Business Platinum is considered a “hybrid” card. Does not count towards Amex’s four credit card limit
With regard to eligibility for the Welcome Bonus, an application will typically state the following:
Welcome offer not available to applicants who have or have had this card. We may also take into account the number of American Express cards you have opened and closed, as well as other factors that play a role in determining whether you are eligible for your welcome offer.
However, what I get instead for this application is:
PRESCREEN & OPT-OUT NOTE: This “pre-approved” loan offer is based on information in your credit report that shows that you meet certain criteria. This offer cannot be guaranteed if you no longer meet these criteria or any applicable criteria that affect the creditworthiness you determined prior to your selection, or if the application is changed or the information required is incomplete, accurate or verifiable.
I only had to enter very minimal information (since I was basically pre-approved) and sure, I was approved right away.
Why the Amex Business Platinum is worthwhile
I think this is a big win – I estimate Membership Rewards points to be 1.7 cents each, so the 100,000 points are worth $ 1,700 to me.
While the card has an annual fee of $ 595, I still get significant value from the card. I already have the Amex Personal Platinum and there is a lot of overlap between the two cards. However, incrementally I get:
I could envision using the Pay With Points program, which I hadn’t had access to for a while with the 35% refund.
Although I didn’t plan to apply for another card in several months, I couldn’t help but see this Amex Business Platinum offer today. I had the card a few years ago so being pre-approved for a 100,000 point bonus is pretty great. This is one of the reasons it is always worth logging into your credit card account to see what you might be entitled to.
I don’t miss anything here, am I? Has anyone else received good pre-approved offers?