Welcome Bonuses Are Once In A Lifetime
New cardholders may qualify for a welcome bonus if they meet minimum spending requirements on their card, but only if theyve never received a welcome bonus on that card before.
American Express considers each version of the platinum card as a separate product. If youve previously received a welcome bonus on one card, you may still be eligible for a bonus on a second, different card. Bonuses vary by card so its worth checking multiple offers if youre having trouble deciding which card is best for you.
You Can Only Earn A Welcome Bonus Once Per Card Per Lifetime
Welcome bonuses go up and down but you can only earn a bonus once per card, per lifetime, on all American Express cards. So it makes the most sense to apply when there are increased limited-time offers because you never know if or when a bonus will increase again.
Keep in mind, you can still earn the bonus on different card products. For example, youre eligible for a bonus on both The Platinum Card® from American Express and the Amex Business Platinum Card because one is a personal card and the other is the small business version.
Amex has additional rules that may restrict you from earning a bonus if youve already applied for lots of cards:
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.
Fortunately, Amex will now tell you up front if youre not eligible for a welcome offer when youre applying online.
Where To Fly With Your Welcome Offer
Delta prices its flights dynamically, which means prices in miles will change frequentlysometimes seemingly with no rhyme or reason. But that doesnt mean a stash of 70,000 SkyMiles or more isnt worth accruing it can take you to some prime destinations for free. Youll find one-way business class fares from the U.S. to the Middle East on partner airlines for 85,000 SkyMiles, for example, or round-trip flights to the U.K. on Virgin Atlantic in economy for 70,000 SkyMiles.
If you want to stretch your SkyMiles over as many trips as possible, take advantage of Deltas SkyMiles flash sales, which routinely price short-haul domestic flights below 10,000 SkyMiles. At that price, your new cardmember welcome offer could potentially score you four round-trip U.S. getawaysnot bad for a single bonus!
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A Travelers Company And A Ticket Home During World War I
In the beginning, American Express focused on establishing business-to-business connections in order to help companies safely deliver merchandise to each other. To help support existing customers who found themselves traveling frequently for work, it introduced the Travelers Cheque in 1891.
The American Express Travelers Cheque. Image credit: American Express
This was inspired by James Fargo, the president of Amex at the time, who was unable to cash checks while overseas in Europe. An employee of his, Marcellus Berry, created a travel-specific model that required a signature to be cashed abroad. Eventually, the company opened its first international office in Paris to further support overseas travelers.
When the First World War began, 150,000 Americans found themselves stranded overseas. But holders of American Express Travelers Cheques were able to cash them in and get home safely with their belongings.
The 24 & 48 Month Rule
Chase welcome bonuses mostly arent once in a lifetime, but rather are based on a 24 or 48 month cycle.
The most common rule on cards is that youre not eligible for the welcome bonus on a card if you currently have that card, or if youre a previous cardmember who received a bonus on the card in the past 24 months. For example, this is the rule on the Chase Freedom FlexSM and Chase Freedom Unlimited® .
For some cards, this limit is 48 months, though. For example, on the Chase Sapphire Preferred® Card the same rules apply, except its based on having received a bonus on the card in the past 48 months.
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Should You Downgrade Your American Express Credit Card
Downgrading an American Express credit card is a popular option when you want to avoid an annual fee, or at least pay a lower annual fee. This usually happens when consumers no longer use the benefits and perks their American Express credit card offers, or when someones financial situation changes enough that they prefer not to pay a high annual fee anymore. Since the annual fee on the Platinum Card is now the highest weve seen at $695, for example, canceling or downgrading is worth considering if you find yourself struggling to use all the perks.
However, you may also want to consider downgrading between cards from other rewards families in order to save on annual fees for perks youre not using as we illustrate below.
Is It Good To Have Multiple Credit Cards
The effect on your is probably one of your major concerns about having multiple credit cards. That is a common concern, but having more than one credit card can actually help your credit score by making it easier to keep your debt utilization ratio low.
For example, if you have one credit card with a $2,000 and you charge an average of $1,800 a month to your card, your debt utilization ratio, or the amount of your available credit that you use, is 90%. Where credit scores are concerned, a high debt utilization ratio will impair your credit score. It may not seem fairif you just have one card and you pay it off in full and on time every month, why should you be penalized for using most of your credit limit?but that’s how the credit scoring system works.
Is it bad to have multiple credit cards? No, if you handle your credit wisely, keep your credit line utilization ratio below 30%, and keep track of payment due dates.
To improve your credit score, most credit experts recommend that you should avoid using more than 30% of your available credit per card at any given time. By spreading your $1,800 in purchases across several cards, it becomes much easier to keep your credit utilization ratio low. This ratio is just one of the factors that the FICO credit scoring model takes into account in the “amounts owed” component of your score, but this component makes up 30% of your credit score. Only your payment history is weighted more heavily in determining your credit score.
Is It Bad To Have Two Credit Cards From The Same Bank
Though there are many great benefits of a second account, there are a few drawbacks that should also be considered.
First, you generally won’t be able to transfer a balance between credit cards from the same issuer. That could get frustrating if you’re stuck with a balance on your original account that you can’t surf to your lower APR credit card. If you’re dealing with a large balance on an existing account, make it a priority to pay it off before you open a second card, or at least dwindle it down as low as possible first, using a to help keep you on track.
Also, a problem with one of your accounts could impact all of the accounts at the same institution. For instance, missing a payment with one account could trigger a penalty APR or a reduced credit line on the account in good standing. Likewise, cases of identity theft or card skimming could lock you out of all of your accounts while your bank investigates the issue.
Another thing to keep in mind is how youll use your card. For example, Discover and American Express are two issuers who arent widely accepted internationally, so if you travel abroad often, you wont be very well-off with just Discover or American Express credit cards in your wallet.
Limited Ability To Earn Signup Bonuses
If you’re interested in another credit card from your credit card issuer because you want to earn the signup bonus, read the terms of the credit card rewards program before applying for the credit card. You may potentially not be able to earn a signup bonus on a new credit card, especially if you’ve already earned a signup bonus from that credit card issuer.
Some credit card issuers may only allow cardholders to earn a signup bonus once every two years. Others may only allow cardholders to earn a single signup bonus ever.
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Dont Forget About The 35% Rebate For Amex Business Platinum Cardholders
- 35% of your points back for ALL First Class or Business Class flights booked through the Amex travel portal
- 35% of your points back for all flights, including coach tickets, booked with your selected airline through the Amex travel portal
The card has a $595 annual fee .
This table shows how earning 95,000 Amex Membership Rewards points from the welcome bonus and minimum spending on the Amex Business Platinum can get you nearly $1,400 worth of airfare.
Just note, you must redeem at least 5,000 points to use Pay With Points. And keep in mind, getting 35% of your Amex Membership Rewards points back is automatic, but youll have to wait 8 to 10 weeks to see them in your account.
How Do I Combine American Express Credit Limits
Thankfully, American Express makes it easy to transfer credit limits. You can request a credit limit transfer online following these steps:
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Best For Point Rewards
The following cards offer Membership Rewards points, rather than cash back, making them a bit more travel-oriented. These points arent worth much when redeemed for statement credits, but you can find great value by transferring them to airline and hotel frequent traveler programs.
|Card & Rewards|
- Returned Payment FeeUp to $40
- Additional Cards Annual FeeN/A
- Foreign Transaction Fee2.7%
The information related to Amex EveryDay® Preferred Credit Card has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
The Amex EveryDay® Preferred Credit Card is designed for grocery and gas spending, with an interesting feature that boosts your rewards for using the card frequently. Youll have to use the card quite a bit each billing period to get it, but if you can youll get a hefty 50% bonus to all the points earned in that period.
- Returned Payment FeeUp to $40
- Additional Cards Annual FeeN/A
- Foreign Transaction Fee2.7%
The information related to Blue from American Express® has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
The Blue from American Express® isnt very exciting. Its got no annual fee so it can be a free way to earn Membership Rewards points, but there are much better cards if you actually care about earning points.
If youre looking to get a lot out of your rewards card, another option would be a better fit.
How Many Credit Cards Should I Have
Have you ever panicked at the cash register when your credit card purchase is not approved and then remembered you had another one in your wallet? Having a second credit card on hand can save the day if you ever need a backup payment option. While theres no set rule on how many you should have, a diverse mix of credit cards that can help you build a solid credit history if youre able to manage them responsibly.
February 1, 2021 in Learn
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Amex Everyday Credit Card
Our pick for: AmEx points for no annual fee
The Amex EveryDay® Credit Card is the only American Express card without an annual fee that gives you Membership Rewards points … although you shouldn’t expect to get a ton of them. You can earn bonus points at U.S. supermarkets and on certain travel, and your rewards rate gets a boost if you use the card frequently enough. Read our review.
SMALL BUSINESS CARDS
The Platinum Card From American Express Exclusively For Morgan Stanley
Yet another version of the card, the Platinum Card from American Express Exclusively for Morgan Stanley is more similar than different than the other personal platinum cards. This one isas statedonly available to Morgan Stanley customers with an eligible brokerage account. For those that qualify, it has a few extra perks compared to the standard card.
The main upside to this card is that you can get a second card for an authorized user for free . If youre in a two-adult household, for example, you can get the free extra card so that your partner also has airport lounge access and other travel benefits. Their expenses will also earn points at the same rate and feed into the same Membership Rewards account so you can build your balance faster.
If you have a Morgan Stanley Platinum CashPlus account, youll also receive a $550 Annual Engagement Bonus to help cover the annual fee on your card. Although this money management account wont appeal to everyone, if youre a customer anyway, it can be a strong advantage to choosing this version of the platinum card compared to another.
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Is It Good To Have Multiple Credit Cards From The Same Bank
That’s a more complicated question than it seems. That’s because it can be good to have multiple credit cards from the same bank – but not always. It’s one of those scenarios where you want to make sure that having multiple credit cards makes sense for you, and that you have a reason for having several from the same bank. After all, what if you get two or three credit cards with Bank A when Bank B actually has better rewards, or a rewards program more in line with how you spend money?
You really want to research what credit cards are out there before you embrace the idea of having multiple credit cards at one bank.
But some of the reasons cardholders like having multiple credit cards from one bank include:
You may be able to pool your points. After all, you can’t move your Citibank points to an American Express card. Just to go with a hypothetical, if you have one credit card with 20,000 points, you may be able to move them over to another credit card with the same bank that also has 20,000 points, and suddenly you’ve got 40,000 points in one rewards pot, and perhaps you’ll be able to redeem them for something really extraordinary. As opposed to redeeming the points on two different credit cards for something ordinary. Pooling rewards is actually one of the best reasons to have more than one card with a single bank and we talk more about it below.
How To Request An Upgrade Or Downgrade To A New Amex Card
When you decide on the product change youd like to pursue, call Amex customer service using the number on the back of your card and ask the customer service representative if youre eligible to switch to a new card.
Here is an example of where to look for the phone number if you have the Platinum Card:
If you follow the rules outlined above regarding which Amex card types can be switched with each other, then the customer service representative is more likely to grant the product change.
Whatever you do, keep all of your accounts in good standing. If youre behind on your payments or have a poor payment history, Amex will likely deny you any product changes.
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