Tuesday, October 4, 2022

How Soon Can I Apply For Another Amex Card

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What To Look For In A Second Credit Card

Watch This Before Applying For American Express Credit Card | (Updated Rules & Guide)

So, youve analyzed your situation, made up your mind and decided that youre still interested in that second card. Here are some points to consider before applying for an additional card:

  • Make sure it matches your lifestyle. Do you want travel rewards points? Cash back? A card for emergencies? If a higher credit limit is all youre after, the best option is to go to your original creditor and ask for one, said Bruce McClary, spokesman for the National Foundation for Credit Counseling in Washington, D.C. Looking for a better interest rate? Fine, but dont take that as a license to rack up new debt, he said.
  • Note the annual fee. Annual fees can range from $0 to over $500. Make sure that the fee on the card you like is worth it to you. Youve got to look at your spending style, Harzog said. Are you going to be able to maximize the benefits from the rewards? If not, youre better off sticking to a no-annual-fee card.
  • Read the fine print. Interest rates matter and can vary from card to card. The Federal Reserve is in a rate-hiking cycle. Plus, most cards advertise a range of APRs and you wont know what your APR will be until you are approved, so know that any balance you carry on the card could become very expensive if you dont pay it off every month.

Discounted Access To Premium Travel Benefits

Another time it pays to remain an authorized user is for premium travel cards. Take the Amex Platinum for instance.

The first three authorized user cards cost $175 each. While you wont get you wont get the $400 in air travel and Uber credits, you will still enjoy these benefits:

  • Access to the Global Lounge Collection
  • Global Entry or TSA Precheck application fee reimbursement
  • Complimentary Hilton Honors Gold and Starwood Preferred Guest status
  • Boingo wifi hotspot access
  • 5x points on airfare purchases

What Happens When You Apply For A Credit Card

New credit inquiries account for 10% of your credit score and stay on your credit report for two years.

While hard inquiries have a negative impact on your score, the effect you’ll see depends on the number of accounts you have and the length of your credit history. If you have a limited credit file, you’ll likely see a bigger impact. One hard inquiry results in a drop of less than five points for the typical consumer, according to FICO.

If your application is denied, lenders must tell you why and provide information on how to access your free credit report. It’s possible the lender determined you have too much debt compared to your current credit limit, that you don’t have a long enough credit history, or that you have too many missed or late payments.

Contact the lender if any of your circumstances have changed since you applied for the cardperhaps you paid off another balance or increased your income, for instance. Request that the lender reconsider your application. If the answer is still no, refer to your credit report and aim to address the negative information that may have contributed to your rejection.

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The American Express Gold Card

The Gold card comes with an annual fee of $250, and there is no annual fee for adding any additional cards to a Gold account. One of the biggest perks for any cardholder is the membership rewards program, which allows consumers to earn points as they use their credit cards.

The Gold card is geared toward people who are big shoppers, eat out a lot, and do a lot of everyday spending. American Express Gold cardholders can earn four points for every dollar spent at U.S. restaurants and U.S. supermarkets , three points for every dollar spent booking flights with airline companies or through the American Express travel website, and one point for every dollar spent on any other purchase.

As of February 2021, first-time cardholders are also eligible for 60,000 points after you use your card to make $4,000 in purchases for the first six months of account membership.

Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. However, the Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.

Keep An Excellent Credit Score & Use Cards Responsibly

Graduation Giveaway: Win a $75 AMEX gift card for ...

Before I get too deep into the rules, there are a couple of things I want to say upfront.

First of all, this is intended for people with excellent credit. Credit cards can be extremely rewarding, and applying for lots of credit cards can even help your credit. Make sure you do what you can to keep your credit score high, which shouldnt be too tough when keeping to best practices.

Second of all, you should only sign up for credit cards if you can use them responsibly. This means paying off your balance in full every month, and not increasing your spending hugely just because youre not paying cash.

Having the right credit cards can help you maximize rewards greatly, though the value of those rewards will quickly be offset if youre paying 20%+ interest financing charges. So dont do that.

Lastly, these rules are constantly changing, and Im also generalizing here, so make sure you always study the terms on the application page of the card youre considering getting.

With that out of the way, lets get right into it.

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The Business Platinum Card From American Express

Our pick for: Luxury perks for business travelers

Like the consumer version of this card, The Business Platinum Card® from American Express comes with a big annual fee. But business travelers who prefer to go in style will find plenty that appeals to them: high rewards on certain travel purchases, bonus rewards on larger non-travel purchases, a superb newcomer bonus offer, extensive airport lounge access, elite hotel status, hundreds of dollars a year in available credits and a list of perks as long as your arm. It’s not cheap, but luxury never is. Terms apply. Read our review.

Apply For The Right Card

If youre rebuilding your finances or establishing credit, secured credit cards might be a good option. While these cards usually require you to put down a cash deposit, it can be easier for you to get approved and may allow you to get back on your feet while minimizing risk to the financial institution. In some cases, you can get upgraded to a traditional credit card after 12 months after responsible credit use.

Its not a lifetime sentence, Harzog says. The secured cards look like other cards. There is no stigma attached to that.

If you have credit card debt, balance transfer cards are another type of card that might help. These cards typically have a 0% APR introductory period for balance transfers, so you can work on paying down your debts with no interest for a set period of time.

Ultimately, youll want to apply for a card that youre likely to be approved for and fits your financial situation.

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Going For The Amex Platinum Card

The last step is to try for The Platinum Card® from American Express. The easiest way is online as you enter all your personal information and your salary to receive an instant decision. If American Express has a few questions about your credit history, they might hold your application for additional review and give you a decision within a few business days.

You will also need the full name and social security number of all people you wish to add as an additional cardholder. If you do not want to try for the card online, you can also try by phone.

Learn more: Johnny Jets Recommended Credit Cards

Chase Business Credit Cards

HOW MANY AMEX CARDS CAN YOU HAVE?

Chase business credit cards are affected by 5/24 .

Chase business cards do not show up as a new account on your credit report and therefore do NOT add to 5/24.

For example, you can be at 4/24, add a Chase Ink Cash card, and you would still be at 4/24.

On the flip side, if you are at 5/24, and apply for a Chase Ink Cash, the application would be rejected due to the 5/24 rule.

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Blue Cash Everyday From American Express: Best No

Finding a great credit card that carries no annual fee can sometimes feel daunting, but thats where the Blue Cash Everyday from American Express comes into play. Unlike many other no-annual-fee credit cards, the Blue Cash Everyday offers a solid welcome bonus, rewarding cash back and strong perks, all without an annual fee .

Right now, new Blue Cash Everyday card members can earn $100 cash back as a statement credit after spending $2,000 on purchases in the first six months of card membership, plus 20% back on Amazon purchases within the same six-month time period, up to $150 back.

The Blue Cash Everyday also offers strong rewards on your everyday purchases. Youll earn 3% cash back at U.S. supermarkets on up to $6,000 per year in purchases , 2% cash back at U.S. gas stations and 2% cash back at select U.S. department stores. Thats a great set of cash back bonus categories on a no-annual-fee credit card.

Related: Lower your expenses by getting one of these credit cards with no annual fee.

New Blue Cash Everyday card members also get an introductory 0% APR on purchases for the first 15 months you have the card, but keep in mind the rate jumps to a variable 13.99% to 23.99% after the intro period ends. While CNN Underscored never recommends spending more than you can afford, if youre having a hard time making ends meet, this card could help you keep your interest to a minimum.

How Long To Wait To Apply For Another Credit Card

by Lyle Daly | Updated Sept. 7, 2021 – First published on Dec. 14, 2018

Many or all of the products here are from our partners. We may earn a commission from offers on this page. Its how we make money. But our editorial integrity ensures our experts opinions arent influenced by compensation. Terms may apply to offers listed on this page.

Find out how long you should wait between credit card applications to maximize your chances at success.

With all the benefits you can get through different , you may find yourself wanting a new card even though you just got one recently. Or, if you were denied on a credit card application, youll probably want to know how long to wait before applying for another credit card.

The answer will vary based on both your situation and the card youre applying for, but we can figure out some guidelines to make it more likely that youre approved.

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Best American Express Cards From Our Partners

Our pick for

Family spending: Groceries, gas, transit, streaming

$0 intro for the first year, then $95

Intro APR

0% intro APR on Purchases for 12 months

Regular APR

Why We Like It

Pros & Cons

Product Details

The Blue Cash Preferred® Card from American Express offers top-notch rewards at U.S. supermarkets and U.S. gas stations, as well as on transit expenses and select U.S. streaming subscriptions.

The Blue Cash Preferred® Card from American Express offers top-notch rewards at U.S. supermarkets and U.S. gas stations, as well as on transit expenses and select U.S. streaming subscriptions.

Pros

  • You’ll earn 6% cash back at U.S. supermarkets, on up to $6,000 a year in spending 6% cash back on select U.S. streaming subscriptions 3% cash back at U.S. gas stations and on transit and 1% cash back on all other purchases. Terms Apply. There’s a great bonus offer for new cardholders and a nice 0% intro APR period, too. Terms apply.

Cons

  • The annual fee of $0 intro for the first year, then $95 is steep for a cash-back credit card, but you’ll make up for it with rewards by spending just $31 a week at U.S. supermarkets.

See Pay Over Time APR

Recommended Credit Score

Why We Like It

Pros & Cons

Product Details

The Platinum Card® from American Express comes with an annual fee as heavy as the stainless steel it’s made of. But for big spenders who enjoy traveling in luxury, the generous perks and rewards can defray the cost and add more value to a vacation.

Pros

Cons

Pros

How Hard Is It To Get The American Express Platinum

Initial Impressions of the American Express Centurion Card ...

Getting approved for the American Express Platinum is a lot like any new credit card application. You have better chances with a credit score above 700, a clean credit history, and a low debt-to-income ratio. If you think you might have to work on these factors, take the time to improve your credit so that you too can enjoy the benefits.

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Delta Skymiles Gold American Express: Best For Free Checked Bags

On most airlines, checking a bag is going to cost you and the fees can add up. Fortunately, many airline credit cards offer complimentary checked bags as a benefit, and the Delta SkyMiles Gold American Express Card is one of the best when it comes to avoiding those fees.

With the Delta Gold Amex, youll get your first checked bag for free on Delta flights, along with up to eight additional passengers traveling in the same reservation. For a family of four, that could save you as much as $240 round trip, since Delta charges $30 per bag for domestic flights.

Youll also get a 20% savings in the form of a statement credit after you use your card on eligible Delta in-flight purchases of food, beverages and audio headsets, and can even earn a $100 Delta flight credit after you spend $10,000 in purchases on your card in a calendar year. Plus, the Delta Gold Amex has a $0 introductory annual fee for the first year, then $99 thereafter .

Related: These are our favorite credit cards for Delta flyers.

One thing youll want to be wary of, however, is that the Delta Gold Amex isnt the best credit card to use for your everyday purchases. Youll earn 2 miles per dollar on eligible Delta purchases as well as restaurants and at U.S. supermarkets, but on all other purchases, youll only earn 1 mile per dollar spent.

The Blue Business Plus From American Express: Best For Business Owners

The Blue Business Plus from American Express is the only Amex business card that earns Membership Rewards points and has no annual fee , making it a desirable choice for business owners looking to increase their travel rewards once business travel starts to pick up again.

This card offers simplicity at its finest, as you dont need to keep track of bonus categories. Instead, youll earn a flat 2 points per dollar on all purchases made with the Blue Business Plus, up to $50,000 per year, then 1 point per dollar thereafter. Since The Points Guy values Membership Rewards points at 2 cents apiece, thats effectively a 4% return on your first $50,000 of purchases every year.

Related: These business credit cards earn rewards and can get you through a cash crunch.

Businesses also pay nothing to add authorized users, and youll earn points on any expenses charged on those employee cards as well as your own. Plus, the Blue Business Plus offers a 0% introductory APR on purchases for the first 12 months you have the card, which rises to a variable 13.24% to 19.24% afterward. So if you use the card to finance your business purchases, make sure to pay the debt in full before the intro period ends.

Essentially, if you own a small business that typically spends less than $50,000 per year on credit cards, the Blue Business Plus allows you to track your business expenses while earning flexible Membership Rewards travel points, and all without paying an annual fee.

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The American Express Platinum Card

The Platinum Amex card offers members five points for every dollar spent on flights booked directly through airlines or through the American Express travel site, five points for prepaid hotels booked through amextravel.com, and one point for every dollar spent on other purchases.

The Platinum welcome bonus as of February 2021 gives cardholders 75,000 points when they spend $5,000 or more in the first six months of account membership. This is the equivalent of $855 for flights booked through the Amex travel website. However, if you decide to add up to three additional cards on your Platinum account, expect to pay an extra annual fee of $175. Each card after that will be billed a $175 annual fee, as well.

The Platinum card is great for people who love to travel. There are obviously many more perks that come with the Platinum card than with the Gold, especially when you consider the higher annual fee. Rewards can be used for merchandise, gift cards, dining, shopping, entertainment, or for use at the Amex travel website. Points can also be transferred to other frequent flyer programs.

The Platinum card offers Uber ride credits in the United States, giving cardholders a maximum of $15 in credits each month. The card also comes with an annual $200 incidental airline fee credit on the eligible airline of your choice, giving passengers complimentary checked baggage and an in-flight meal with qualifying airlines.

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