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, which I certainly wasn’t expecting.
Why haven’t I asked for many cards
I am currently taking a break from applying for credit cards for a few reasons:
- At the moment, I’m a little bit over the Chase 5/24 limit, so I think it’s worth “redefining”
- Eventually, I will close a new (late) home and am working on a mortgage; it is usually best not to apply for too many credit cards during a mortgage process, as this gives you even more questions to answer
- I have more than two dozen credit cards, so there aren’t many good cards out there that I could order 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 signed up for Amex Business Platinum
This morning, I logged into my American Express account to check Amex offers, as I do most days. However, as soon as I logged in, a pop-up appeared with an offer that I certainly didn’t expect. With that, I could earn 100,000 Membership Rewards bonus points by signing up for Amex Business Platinum and spending $ 15,000 in the first three months.
When I clicked on the link, it took me to this URL (I’m not sure what it will show to others), which actually showed an offer of 100,000 Membership Rewards points. This appeared to be a kind of targeted pre-approved offer, rather than an update offer or a generic publicly available offer.
This business was too good for me to show up:
- First, it’s better than the standard 85,000 Membership Rewards points offer (which is still great)
- I had Amex Business Platinum a few years ago, so I shouldn’t be eligible for the bonus based on the typical “once in a lifetime” bonus rule; however, I was directed to this offer and the terms did not specifically mention not being eligible if I had the card in the past (unless something is missing)
- This card had none of the disadvantages that concerned me when it comes to ordering cards – Amex business cards do not count towards the Chase 5/24 limit, and Amex Business Platinum is considered a “hybrid” card, so it doesn’t have count towards the limit of four Amex credit cards
Regarding eligibility for the welcome bonus, an application would typically state the following:
The welcome offer is not available to candidates who have or have had this card. We can also take into account the number of American Express cards you have opened and closed, as well as other factors when making a decision on the eligibility of your welcome offer.
However, instead, I get the following in this application:
PRESCREEN & OPT-OUT NOTICE: This “pre-selected” credit offer 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 these criteria, or any applicable criteria related to your creditworthiness established prior to your selection, or if the application is changed, or any information required is not complete, accurate or verifiable.
I just had to enter minimal information (since I had basically already been pre-approved), and I was certainly approved instantly.
Why Amex Business Platinum will be worth it
I will consider this a big win – I value Membership Rewards points at 1.7 cents each, so for me, the 100,000 points are worth $ 1,700.
Although the card has an annual fee of $ 595, I will still get a significant amount from the card. I already have Amex Personal Platinum, and there is a lot of overlap between the two cards. However, incrementally I will receive:
I can see myself taking advantage of the Pay With Points program, which I haven’t had access to with a 35% refund for some time.
Result
Although I had no intention of applying for another card for several months, I couldn’t help it when I saw 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 incredible. This is one of the reasons why it is always worth logging into your credit card account to see what you can qualify for.
I’m not missing anything here, am I? Has anyone received any other good pre-approved offers?