I was just approved for this AMEX Premier Gold today, Wednesday, after submitting an online application on Sunday morning (and after having been approved for the Blue Cash Rewards $2k limit on Wednesday, a week ago). My scores are TU 707, EX 655, EQ 673 as of right now. I had kicked around the idea of applying for the PRG and Blue Cash at the same time, but decided to see how the traditional credit card approval went, and it was instantantly approved on that decision. On this one, they called this morning just to confirm my address and birthdate, and then the approval (after about a minute) was finalized right on the phone. For anyone considering applying, some factors that may be important beyond just credit scores are debt-to-income (mine is roughly $10k in student loans to $64k self-employed income), credit utilization (mine is under 5%, paid in full monthly), payment history (I do have 6 total late payments between 2012-2013, but none since). So if I had to sum it up, I would say mid 600s Experian score, no lates in the past 24 months and no open collections (my EQ & EX reports still show some closed collections; 2 from pre-2012 and 1 in 2013). Hope this helps.
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $0 intro, $195 after first year
- Purchase Intro APR Not Applicable
- Purchase Regular APR Not Applicable
The Premier Rewards Gold Card from American Express is a charge card with great rewards that’s aimed at good-to-excellent credit consumers.
What to Like
There are plenty of ways to earn rewards with this card. You can earn 3x points on flights booked directly with airlines, 2x points at eligible gas stations, restaurants, and supermarkets and 1x points on other eligible purchases. There’s also a rewards bonus if you meet minimum spending requirements, no annual fee for the first year and no pre-set spending limit.
Look Out For
This is a charge card, meaning you’re required to pay your balance in full each month. There’s also a $195 annual fee after your first year and no pre-set spending limit doesn’t mean unlimited spending.
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Amex, like other credit card companies, has a maximum credit limit they will let you charge (even if you're paying it off every month). Recently, I got an email from them saying they are reducing the amount I could charge by several thousand dollars - effectively they reduced my available credit left to only a couple of hundred dollars 'available'. While it's they're right to decide how much they want to allow me to charge, the way they did it was just unconscionable. We were on vacation and I had assumed that I would be paying my hotel and other bills with the Amex card. This was now impossible. Luckily my emails are forwarded to my phone.
Fortunately (like most people and something Amex doesn't seem to realize) I had another card (not from Amex) and we were able to continue on and have a great vacation. Amex could have said - 'starting next month you can only charge this much' but they didn't. They just cut off you off with virtually no notice.
Now, they said my credit rating had changed. But I checked it that day. In fact my credit rating has improved over the last 2 years. Plus when you're talking to the customer service person they are really no help. They keep saying 'call the credit bureau' and the credit bureau keeps saying 'talk to Amex they made the decision'. Also, I have been an Amex card holder for over 10 years (although just recently 'upgraded' to the new Premier Reward Gold Card) and have never had a late payment, ever.
So, I will keep the card but for the next 2 years I will reduce my use of it by 75 - 80%. The only way I know of to penalize a financial company is to starve them of fees/revenue. I'm under no illusion that my small amount of revenue will change their behavior. But I thought I'd post my experience here for others to be aware of.
Bottom line - don't depend on Amex. Always have one of their competitors cards with you so you won't be left 'high and dry' when you are away from home. Instead of their motto being "don't leave home without us" it should be "don't count on us if you're overseas on vacation because we don't care"
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Data Created: February 02, 2015
Note: Sample data consists of Credit Karma members who hold this card.
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