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 and which I certainly did not expect.
Why I have not requested many cards yet
I’m currently taking a break from applying for credit cards for a few reasons:
- I’m currently slightly over the Chase 5/24 limit, so I think it’s worth ‘recovering’
- I will eventually close a (delayed) new home and work on a mortgage; in general it is best not to ask for too many credit cards during a mortgage process as this will give you even more questions to answer
- I have more than two dozen credit cards, so there are not that many good cards I can apply for right now. If you think I exceed 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 signed in to my American Express account to check out Amex deals just like most days. After I signed up, however, there was a pop-up for an offer that I certainly did not expect. This allows me to earn 100,000 bonus points when I apply for the Amex Business Platinum and spend $ 15,000 within the first three months.
When I click on the link, it takes me to this URL (I’m not sure what it will show to others), which indeed shows an offer of 100,000 membership reward points. It appears to be a targeted pre-approved offer, rather than an upgrade offer or a general offer that is widely available.
This agreement was too good for me to act on:
- First of all, it’s better than the standard 85,000 bonus points offer for membership rewards (which is still excellent)
- I had the Amex Business Platinum a few years ago, so I would not be eligible for the bonus, based on the typical “once in a lifetime” rule for bonuses; However, I was targeted for this offer, and the terms specifically do not refer to eligibility if I have had the card in the past (unless I miss something)
- This card did not have any of the disadvantages I was worried about when applying for cards – Amex business cards do not count up to Chase’s 5/24 limit, and the Amex Business Platinum is considered a ‘hybrid’ card, so that money does not count towards Amex’s four credit card limits
As for the entry bonus, an application would usually mention the following:
Welcome offer not available to applicants who have or have had this card. We may also consider the number of American Express cards you have opened and closed, as well as other factors to make a decision about your eligibility.
Instead, however, I get the following about this application:
FORECAST & OPT-OUT NOTICE: This ‘pre-approved’ credit offer is based on information in your credit report indicating that you meet certain criteria. This offer cannot be guaranteed if you do not meet these criteria, or any applicable criteria related to your credit rating established before your choice, or if the application is changed, or any required information thereon is not complete, accurate or verifiable. is not .
I only had to enter very minimal information (since I was basically already pre-approved), and sure enough, I was approved immediately.
Why the Amex Business Platinum Will Be Worth It
I would consider this a big win – I value membership reward points with 1.7 cents each, so the 100,000 points are worth $ 1700 to me.
Although there is an annual fee of $ 595 on the card, I will still get a significant value from the card. I already have the Amex Personal Platinum, and there is a lot of overlap between the two cards. However, I will:
I could see how I was using the Pay With Points program, which I would not have had access to for a while with the 35% refund.
Bottom line
Although I did not intend to apply for another card for a few months, I could not help myself when I saw this Amex Business Platinum offer today. I had the card a few years ago, so it’s good to be pre-approved for a 100,000 point bonus. This is one of the reasons why it is always worthwhile to log in to your credit card account to see what you are eligible for.
I’m not missing anything here, am I? Has anyone else received good approved offers?