AMEX Platinum strategy

Old Jun 17, 19, 7:42 am
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AMEX Platinum strategy

I am qualified for AMEX Platinum 100K offer ($5K 3 mo spend). I have a 5K spend situation for my daughter coincidently that has come up where she will pay me back $500 / month. Considering grabbing Platinum and transferring balance to another card with a 15 month 0% balance transfer deal. Does this idea have any merit to grab the 100K and what would be best recommendation for a transfer card. Have been considering the Platinum Card for awhile anyway. Over 5/24 on Chase. Thanks
JackHenry is offline  
Old Jun 17, 19, 9:32 am
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Originally Posted by JackHenry View Post
I am qualified for AMEX Platinum 100K offer ($5K 3 mo spend). I have a 5K spend situation for my daughter coincidently that has come up where she will pay me back $500 / month. Considering grabbing Platinum and transferring balance to another card with a 15 month 0% balance transfer deal. Does this idea have any merit to grab the 100K and what would be best recommendation for a transfer card. Have been considering the Platinum Card for awhile anyway. Over 5/24 on Chase. Thanks
Assuming that 1) you can find a transfer card with the above qualifications for repayment, 2) your daughter will pay her money on time 3) you realize that the plat card comes with a $550 fee and 4) you can use the other benefits of the card to off-set the fee, then I think that this is a good strategy.
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Old Jun 18, 19, 1:45 pm
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Also make sure that your daughter's purchase meets the criteria and can't be considered a cash advance or anything bizarre like that. Also make sure it's not something that may be adjusted or partially refunded later as that would invalidate or delay your sign-up bonus.
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Old Jun 18, 19, 9:13 pm
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How do you plan to use the points? AMEX isn't as straightforward as other programs. 100k MR points gets 1,000 in airfare booked through the portal. However, hotels and other things have a worse off rate. I believe it's 0.6 cents. So that 100k becomes only 600. Transferring to partners represents good value. You'll need to understand those programs and look for award inventory.

In contrast the Chase Sapphire Preferred has a 60k UR point sign up. All points redeemed though the portal are worth 1.25 cents which is 750 dollars. This card doesn't have any other benefits that the Platinum card provides. However, the AF is only 95.

Just an FYI.
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Old Jun 19, 19, 7:20 am
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mia
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Originally Posted by JHake10 View Post
....Chase Sapphire Preferred has a 60k UR point sign up. All points redeemed though the portal are worth 1.25 cents which is 750 dollars.....
Except to the extent that Chase's portal often does not have the lowest prices. Every program has pitfalls. Don't fall in love with any card issuer.
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