Really want me a Gold Card but other than that shyt looking good AF there’s seems to be more negatives than positives with a charge card.
-No actual preset limit is confusing AF
-Must pay in full each month
Also heard that credit bureaus don’t factor them into scores?
Can you give me your thoughts on it besides the aesthetics.
Amex does some behind the scenes calculations to come up with a spending limit based on your past 3 months of spending and your reported income. It's fluid but as long as you aren't spending with reckless abandon, I don't think you'll hit it. I recommend using it as a debit card or as you would cash. Buy only what you can afford or will be able to afford by the time the statement cuts. I believe the monthly payment thing is called Plan It. Qualifying purchases over $100 can be paid over time. I haven't used it and don't want to start treating this thing as a credit card.
It's not a revolving line of credit so they don't report a limit to the bureaus. Because there's no limit, if you have a balance when the statement cuts it will look like 100% utilization and it will affect your credit score. I've read that companies know to ignore that when they pull your report, but you never know. The account being paid will factor into your score though.
If you decide to apply then check to see if you're pre approved. If you get a congrats message you're in, if it says something about expanding your membership then it can go either way. They pulled my Experian and it was either the normal FICO 8 or the Bankcard 8 and it was 735 at the time. The general thought with Amex sign up bonuses on the Gold and Platinum are to wait until the offer is 75k miles or more because they only hand out that bonus one time. Check periodically in an incognito window.
The only negative I've ran into is that a mom and pop shop didn't accept it. Make sure your carry a Visa or Mastercard so you don't get caught out.
. Gotta be spending 4k a month to recoup the fee.
