Update: The offer appears to now have be dead. Not a surprise at all as this was way too good to last. Congrats if you got in! First great deal of 2013.
I posted last night about the amazing American Express offers that are available right now from creditcards.com. Read this post for full details on how to access the offers.
Here are the main offers I saw:
American Express Platinum Card
100,000 Membership Reward points after spending $3,000 in three months
$200 annual credit for airline incidentals (read this post for tips on how to maximize this benefit)
Lounge access with AA, Delta, and US Airways (need same day ticket on all except US Airways)
Global Entry refund (worth $100)
$450 annual fee
American Express Premier Rewards Gold Card
50,000 Membership Reward points after spending $1,000 in three months
15,000 bonus Membership Reward points if you spend $30,000 in a calendar year
$175 annual fee waived the first year
The regular offer for both of these cards is often around the 25,000 point level, so these are huge increases. Membership Reward points can be very valuable, especially when you take advantage of transfer bonuses like the current 30% transfer bonus to British Airways. Last year we saw transfer bonuses to British Airways as high as 50%, so 100,000 points would then be 150,000 points in that case.
Something still feels weird about these quasi-targeted offers being so widely available (if feels very un-Amex). I have no reason to think they won’t be honored, but I can’t imagine they will be around for long….though it would be great if they were. Just to be clear, they are not my affiliate links. I haven’t pulled the trigger yet myself, but like a true points addict I can’t get the offers out of my head, so I figure some of the rest of you are probably in the same situation. The big question is, should you jump in on these amazing current offers? Let’s go through a quick test to find out.
Are they amazing offers?
Yes, I haven’t really seen any better offers for these cards in the last 18 months.
Are they limited time?
They aren’t labeled as such, but I can’t imagine this opportunity sticks around for the long haul.
Are Membership Reward points helpful for your travel goals?
Only you can decide that, but they do have tons of uses, so they may very well be.
Is this a good time for an application or a churn?
Again, only you know where you stand with credit card applications, spending requirements, etc. If it has been at least three months since your last applications then you are probably good on the inquiry front. Even if it hasn’t been three months since your last application you may very well be okay, especially if you only apply for a couple of cards at a time. If you want to do a full churn today then you could pick up one of these offers and then add in some cards from others banks like Chase, Citi, etc.
Should I go for both the Platinum and Premier Gold Rewards card at the same time?
I know some others are doing that, but I personally would not. Here are the terms from the Platinum card “Welcome bonus offer not available to applicants who have had this product within the last 12 months or any Consumer ZYNC®, Green or Gold Card account within the last 90 days.” So, you may get approval for both cards, but that does not guarantee you will actually get the sign-up bonus points for both cards. Of course, you may luck out and get the points, but I personally am not an “envelope pusher”.
Which one is the better offer?
They are both exceptional offers – in fact there are some other good Amex offers available as well. Considering the $200 airline fee credit you can get twice in the first year you have the Platinum card, the 100,000 points, and the lounge access, the Platinum card is the better overall value even with the $450 annual fee. However, not everyone has interest or ability to spend $450 on a credit card, so in that case the 50,000 points without the annual fee the first year from the Gold Rewards card is a great deal. The Premier Gold Rewards card also comes with a better structure for earning points with 3x on airfare and 2x on gas and groceries.
I’m very tempted by both offers, but honestly am not thrilled about getting another card quite yet. I also don’t want to do anything to potentially bring on an Amex Financial Review, but these offers are stellar enough that I am strongly considering getting one of them. I don’t currently have any Amex personal card that earns Membership Reward points (I do have a business card), so we will see what happens. The longer the offer is alive the greater the chance I will pull the trigger. Again, hat tip to Travel Summary for this discovery!
Are you still debating or did you pull the trigger?