It has been a while since I’ve applied for a credit card, though I made an exception today thanks to an offer I saw on my account, which I sure wasn’t expecting.
Why I haven’t been applying for many cards
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 “resetting”
- I’ll eventually be closing on a (delayed) new home and am working on a mortgage; generally it’s best not to apply for too many credit cards during a mortgage process, since it gives you even more questions to answer
- I have over two dozen credit cards, so there aren’t that many good cards out there that I could apply for right now, when you consider that I’m over 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 logged in there was a pop-up for an offer I sure wasn’t expecting. With this I could earn 100,000 bonus Membership Rewards points when I apply for the Amex Business Platinum and spend $15,000 within the first three months.
When I clicked the link it brought me to this URL (I’m not sure what this will show for others), which did indeed show an offer for 100,000 Membership Rewards points. This seemed to be a targeted pre-approved offer of sorts, rather than an upgrade offer or a generic publicly available offer.
This deal was too good for me to turn up:
- First of all, it’s better than the standard offer for 85,000 bonus Membership Rewards points (which is still excellent)
- I had the Amex Business Platinum a few years ago, so I shouldn’t 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 didn’t reference not being eligible if I had the card in the past (unless I’m missing something)
- This card had none of the downsides I was concerned about when it comes to 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, so it doesn’t count towards Amex’s four credit card limit
Regarding eligibility for the welcome bonus, usually an application would state 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 in making a decision on your welcome offer eligibility.
However, instead I get the following on this application:
PRESCREEN & OPT-OUT NOTICE: This “prescreened” offer of credit is based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not continue to meet those criteria, or any applicable criteria bearing on your credit worthiness established prior to your selection, or if the application is altered, or any required information on it is not complete, accurate or verifiable.
I just had to enter very minimal information (since I had basically already been pre-approved), and sure enough I was instantly approved.
Why the Amex Business Platinum will be worth it
I’ll consider this a big win — I value Membership Rewards points at 1.7 cents each, so to me the 100,000 points are worth $1,700.
While the card does have a $595 annual fee, I’ll still get significant value from the card. I do already have the Amex Personal Platinum, and there is a lot of overlap between the two cards. However, incrementally I’ll receive:
- An extra $200 annual airline fee credit
- A $200 annual Dell credit
- Up to a 35% refund on Pay With Points redemptions, which could be a great deal
I could see myself taking advantage of the Pay With Points program, which I haven’t otherwise had access to with the 35% refund for a while.
While I wasn’t intending to apply for another card for several months, I couldn’t help myself when I saw this Amex Business Platinum offer today. I had the card a few years ago, so to be pre-approved for a bonus of 100K points is pretty awesome. This is one of the reasons it’s always worth logging into your credit card account to see what you might be eligible for.
I’m not missing anything here, am I? Has anyone received other good pre-approved offers?