Anyone have an experience with American Express? Thinking about accepting their friend request (invite)

[웃 910]

Been getting non-stop invites from AmEx the last 6 months. I know they charge almost $200 per year in an annual fee so I got to the point where I would immediately toss the letter in the trash without opening it.

Today I got another and it is for the premier rewards gold card. They are offering me 50,000 bonus points upon spending $500 in the first 3 months. That is not a small number. That is like purchasing $50,000 worth of goods ($1 per point).

Here are some of the details and my thoughts:

$175 per year to maintain card

It's one of those types of cards you pay in full each month and avoid all fees (besides annual fee)

3X the points for air travel

If I don't pay in full I will pay 3% of the balance each month in interest ($30 for every $1000 balance per month).

Lady on phone said she used her points to fly to Hawaii two round trips for free!

I am going to Mexico over Xmas break and will be spending in the $1000 to $1500 range on airfare which will equal 3,000 to 4,500 points off the bat

I could probably even pay the bill for my mom, dad, and brother as they are going to Mexico same time which would add another 5,000 bonus points.

Basically it all boils down to whether or not I can pay the bill in full per month. It's not the kind of card you wanna have a $2,000 balance unpaid each month (would pay $60 / month in interest)....On the one hand it is an incentive to make sure balances are paid in full.

Should I accept their friend request????

Edited November 13, 2010 by Lord Infamous

[IR5FORMUMSIE 850]

I LOVE AMEX and I FVCKIN' LOVE MALDEN.

His Lordship makes a valid argument and AMEX is pretty good, besides, I FVCKIN' LOVE MALDEN. (F) (F) (F) (F) (F) (F) (guess how many?)

[spookyturtle 9,466]

Can you afford to pay the balance in full each month and are the points worth it to you to pay an annual fee of $175? Weigh the cost vs benefits and see how it compares to other cards. There are lots of no annual fee cards, would you use it enough so that the points benefit would be greater than the annual fee?