Acquiring several AMEX cards

[TefJLives]

Hello all,

Apologies if this question has been answered before, as it probably has, but I don't seem to be able to find it. I'm looking to take advantage of some credit card offers to score a bunch of points, and sometimes I see people mention that in order to get one of the big bonuses on an AMEX card you can't have owned a different AMEX card in the last year, or last 6 months, or various things like this. I already got myself an ANZ FF Black card, which got me 75K points and no fee in the first year (will they charge me a fee when I close it before a year is up?), but am I right in thinking I couldn't now get an ANZ FF Platinum card to get 50K points, and again no fee in the first year? What about the NAB Velocity card, which is also AMEX, does my black card interfere with getting the bonus there? I have seen that if I get the AMEX Velocity Escape Card I won't get bonus points, as an existing AMEX member, but I don't really see that with any of the others.

Many thanks for any help,
Greg

 

[yohy?!]

the key here is who is issuing the Amex card, ie if you have an ANZ Amex and apply for another ANZ card you are unlikely to receive the signup bonus.

However if you applied for a NAB Amex there shouldn't be an issue as you previsously weren't a NAB customer. Similarly if you hold an Amex issued card and apply for another you also shouldn't receive the second signup bonus.

 

[Freq Flier 2013]

Greg, you can have as many bank affiliated Amex credit cards as you want. There is not limit. There is only a limit on how many direct Amex branded cards you are allowed to have. I believe that it is only 2 or 3.
However if you get a black ANZ Amex I'm not sure if you will be eligible for the platinum ANZ offer.

 

[TefJLives]

Wow, no kidding. I'll go for the NAB card, then. All these FF points available, it's pretty amazing. Thanks!

Greg

 

[Freq Flier 2013]

Just beware of how each application applies to your credit score and ability to apply for loans i.e. Home loans in the near future.

 

[TefJLives]

Thanks, I'll watch that.

Cheers,
Greg

 

[prozac]

Good advice above and welcome to AFF TefJLives.

 

[TefJLives]

Thanks!

Greg

 

[TefJLives]

As a follow up to the earlier question, so now I've had my ANZ card for a few months and have scored the big 75K point bonus. I'd like to angle towards another big bonus like that, but as I already have an ANZ card it would seem I couldn't just open another one. Should I close this one now in anticipation of opening another ANZ card in six months or a year or however long it takes so that I can get another big bonus like that?

Greg

 

[exceladdict]

As a follow up to the earlier question, so now I've had my ANZ card for a few months and have scored the big 75K point bonus. I'd like to angle towards another big bonus like that, but as I already have an ANZ card it would seem I couldn't just open another one. Should I close this one now in anticipation of opening another ANZ card in six months or a year or however long it takes so that I can get another big bonus like that?

Greg

Generally, yes.

I just make sure I hold on to one card from which to earn points on daily purchases.

 

[TefJLives]

Generally, yes.

I just make sure I hold on to one card from which to earn points on daily purchases.

Cool, thanks. Is there any general rule as for how long I would have to be without (for example) an ANZ card before applying again and getting the bonus? Or does that very between institutions?

Greg

 

[TefJLives]

No. Once you have earned a point bonus on a ANZ FF card, you are unable to obtain any further point bonuses. i.e You cannot obtain the 50K point bonus, cancel the card, wait a year and get the 75K bonus.

Oh, wait, didn't see this reply, which is kind of a downer. So, once I get 75K from ANZ, I can't get any more points from ANZ in the future? Then there's a pretty strict limit on how many points you can get in general.

 

[exceladdict]

No. Once you have earned a point bonus on a ANZ FF card, you are unable to obtain any further point bonuses. i.e You cannot obtain the 50K point bonus, cancel the card, wait a year and get the 75K bonus.

Are you sure? My understanding was its as long as you have not held the card in the last 12 months.

Extract from t&cs:
*Offer available to new and approved applicants who apply for an ANZ Frequent Flyer Black credit card account. This is a limited time only offer which may be withdrawn or changed at any time without notice. Not available in conjunction with other offers, packages or promotions, or when transferring from an existing ANZ credit card or where you currently hold or have closed an ANZ Frequent Flyer, ANZ Frequent Flyer Gold, ANZ Frequent Flyer Platinum or ANZ Frequent Flyer Black credit card within the previous twelve months. This offer applies only once per eligible customer

 

[MaxwellSmart]

So, once I get 75K from ANZ, I can't get any more points from ANZ in the future?

Yes, you can. I apologise.

What exceladdict said is correct.

 

[TefJLives]

Yes, you can. I apologise.

What exceladdict said is correct.

No worries. Thanks to all for the very useful help and advice. It's a funny world, isn't it? Almost seems like gambling to me: the credit card companies are betting that we will end up running up debts and paying a lot of interest, fees, etc., while we are betting that we won't. If we win, we get a lot of free flights.

Greg

 

[marki]

That seems to be right welcome to AFF TefJLives

 

[exceladdict]

Almost seems like gambling to me

A lot is gambling, ultimately - we take the risk that FF points won't devalue, airlines won't collapse or exit alliances, currencies won't fluctuate too much, etc....

I call it a game, as I don't really gamble, but the line is blurry!

 

[RAM]

No worries. Thanks to all for the very useful help and advice. It's a funny world, isn't it? Almost seems like gambling to me: the credit card companies are betting that we will end up running up debts and paying a lot of interest, fees, etc., while we are betting that we won't. If we win, we get a lot of free flights.

Greg

The cc companies are indeed gambling and over time they have a very high win rate. However every business cycle a number of them come unstuck and have huge write-offs that curiously enough virtually no market analyst has EVER done a comparison by bank/issuer over a complete cycle.

Perhaps as the analysts themselves do not want to be the target of a similar study on their work!

The aim of cc companies is to take 'payers' and turn them into 'revolvers'.

Generally they'll offer to increase your credit limit after a few years. The timing of the increase though is not random but (under the algorithms used) is made a few weeks prior to the period each year when your spend increases the most (normally). So possibly private health care annual payment (for example).

The cc companies also rely on general demographics and probability. People get sick +/or loses their job and need to draw down to the point where they cannot pay-off the balance at the end of the billing cycle.

Not an industry for 'ethical' individuals - so that's why I so enjoy sign-on bonuses & other 'rewarding cc activities...

Treat it carefully and it can be great fun. NEVER lose sight of the goal - earning more from them than it ever costs you. If you EVER pay interest on an outstanding balance per billing cycle then YOU'VE LOST!