Business Platinum Card from American Express
130,000 MR points
The Credit Impact of a Credit Card’s Life Cycle
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Business Platinum Card from American Express
- Earn 90,000 MR points upon spending $15,000 in the first three months
- Plus, earn 40,000 MR points upon making a purchase in months 14–17 as a cardholder
- And, earn 1.25x MR points on all purchases
- Also, receive a $200 annual travel credit
- Transfer MR points to Aeroplan and other frequent flyer programs for premium flights
- Unlimited airport lounge access for you and one guest at Priority Pass, Plaza Premium, Centurion, and other lounges
- Credits and rebates for business expenses throughout the year with Amex Offers
- Bonus MR points for referring family and friends
- Qualify for the card as a sole proprietor
- Annual fee: $799
8 Comments
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Hi Ricky,
I have one or two no annual fee cards that I’ve had for a very long time, however I never use them. Is it better for my credit score to close them because of the low utilization, or keep the open because of the AAoA? Thank you!
Is your credit rating affected by not using the card, once you’ve received the bonus points and paid it off?
Is there a significant difference in scoring algorithms between TU & EQ? If not, why there is a huge difference in scores, whereas there is no difference in utilization, history, or paying on time? I have TU score of 794 and at the same time EQ score of 684 !! Thats a difference of almost 110 points. Same for P2, there is a difference of almost 125 points. I dont understand this. And never show any significant improvements in EQ score over the time. TU score drops & moves up quite fast. Can you chime on this? Completely out of mind.
They each have their own proprietary algorithms, placing different weights on different factors. In addition, different credit issuers place inquiries to different bureaus (for example, Amex pulls from TransUnion, whereas TD pulls from Equifax, etc.) so that can also explain part of it.
I wouldn’t overthink this difference too much, as long as you’re taking good care of the factors that are within your control (payment history and utilization).
So, having a high Credit limit is actually a good thing? How does having a high credit limit (and not utilizing it) affect my ability to get more cards (more bonuses). Was recently approved for two high end cards; both amex. Business PLatinum card and then the (p) Bonvoy amex (21,000 limit upon instant approval)
Having a high credit limit makes it easy to keep your utilization at a reasonable level. However, having too high a credit limit, while it doesn’t affect your credit score, can cause some issuers to think that you’re "overextended" (i.e., you have too much credit available to you at the moment); some people choose to voluntarily lower their highest credit limits for this reason. This would fall into the category of individual factors that each issuer looks at that I mentioned at the end of the article.
Saw a whopping 80+ point drop in Equifax after getting a personal AMEX platinum. It’s starting to slowly recover. Over the same period of time, got a 40 point increase in TransUnion. No balances, no cancellations, no other applications, nothing unusual in utilization… I know it’s all just math, but sometimes I really don’t understand it!
Just a suggestion, but could you please make your RSS button more visible? It was a nightmare to find and I had to go through SquareSpace documentation to subscribe to your RSS feed.