So I’ve been hearing a lot about an American Express Gold Card that offers people 75,000 Membership Rewards Points with Amex. I wasn’t sure if it really existed, or if I could somehow qualify to get the card. I figured that it never hurts to ask, as I explained a few months ago on this blog. I signed on to Amex and asked them as you can see below. My strategy is always to explain how I’ve been so faithful to them, and how I am a good customer, hoping that this will give them sway to select me. It is the same as when you’ve been pulled over by a State Trooper and you use terms like “Sir,” that aren’t a normal part of your vocabulary. (Who even uses sir anyway?)Here is a copy of my request and my response
(sheldonchristensen@gmail.com) 06/03/2011 01:37 PM I’m writing because I have been a faithful American Express cardholder for the last 5 years. I recently opened an American Express high interest savings account as well. I have heard that a lot of people have been offered an American Express Gold card with 75,000 membership rewards points as a sign on bonus. I have not received this offer and I can only find a 10,000 point bonus for signup. I was going to see if I could have that offer extended to me as well so that I could get the sign up bonus of 75,000 for the Gold Card. Is that a possibility? Thanks, Sheldon
Response (Michael Jacob) 06/04/2011 07:06 AM Dear Sheldon Christensen, I appreciate your interest in the bonus ID 5894 offer for 75,000 bonus points. I would like to inform you that this offer was sent to a limited number of non Cardmembers only by solicitation. Since your account was not solicited for this offer and you are an existing Cardmember, I’m afraid we are unable to honor this promotional offer to you. We appreciate your understanding and look forward to assisting you in the future. Sincerely, Michael Jacob Manager, Email Servicing Team American Express Interactive Services Customer
Bummer deal, I got shot down. I guess it never hurts to ask and now I feel like I can apply for the Starwood Card without thinking that there was a better offer out there. So, it looks like the Starwood Card is probably my next card so my hotels in Europe can be much more affordable.
Doesn’t applying for these cards hurt your credit?
Ken,
Great Question. I turned to myfico.com to get this answer. I’ll explain more next week.
“How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one’s FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your score are how timely you pay your bills and your overall debt burden as indicated on your credit report.”
So in short, the answer is yes, but for most people it affects your credit less than 5 points. If you have a 750 and went to a 745 that is a minor hit on your credit for a free flight. Plus as you use the card your credit will increase back up as you show that you are a faithful payer on your open accounts.