can I get better AMEX upgrade offer - only 20k pts - or just close?

[aleaf]

I've had an AMEX Discover card since 2016 (making me a poor churner). Looking to close so the 18 month timeout clock starts. I know back in the day, cardholders had some luck in upgrading. From what I understand, it was fewer points than what was on offer to new members but still a fair whack and no credit check.

I called AmEx to try my luck and was offered an upgrade to Ultimate -> cost $450 annual fee but only 20k points. Is that the going rate on card upgrades these days or is there more to be had? (I asked on this esteemed forum way back in 2021 but didn't take action then.)

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Btw, this is my longest term card in Australia. From a credit score point of view, in the US, I might consider this an anchor card and keep it simply based on the positive impact of history/longevity on my credit report. Does this apply to credit scoring in Australia? I already have the down-arrows of shame on my credit report for "multiple applications in a short period". Wouldn't like to give up a fee-free low limit anchor card if that has impact.

 

[sudoer]

Is that the going rate on card upgrades these days or is there more to be had? (I asked on this esteemed forum way back in 2021 but didn't take action then.)

It's personalised, ask them what the offer would be for the Explorer or Platinum and weigh up your options.

Btw, this is my longest term card in Australia. From a credit score point of view, in the US, I might consider this an anchor card and keep it simply based on the positive impact of history/longevity on my credit report. Does this apply to credit scoring in Australia? I already have the down-arrows of shame on my credit report for "multiple applications in a short period". Wouldn't like to give up a fee-free low limit anchor card if that has impact.

No, there is no benefit to keeping your oldest card open. Infact you are only rewarded for closing unneeded cards in Australia. If you have been keeping this card open (even with a zero balance) you have been harming your approval chances for opening other cards.

no credit check.

Credit pulls are basically irrelevant in Australia. Your credit serviceability is what matters most: How does your income stack up after all your commitments and liabilities are taken into account.

Hypothetically, if you're on 100k salary and spend 5k per month on all your essentials, can you afford the minimum repayment on all your lines of credit if they were maxed out? This is all the banks need to ensure in order to be "responsible lenders".

For this reason, churners should only ever apply for the minimum credit limit for a card and immediately close any cards they don't require.

(Have just opened my 7th card in as many months - no issues at all with this many pulls)

 

[aleaf]

Thanks @sudoer. I appreciate the input.
Interesting to see how different countries treat credit reports. Length of credit history factors in US & not so much here. I'll ask AmEx about other options, as you suggested, and then close asap depending on their response.

Let me ask you this re number of credit pulls,
My score is in the Very Good range vs Excellent (oh my wounded pride) and report indicates these are key reasons, the and "multiple applications in a short period". You're saying ignore that. For credit card - and one supposes mortgage - it's all about ability to service. Fortunately, I haven't been rejected for anything yet but I do have 2 lingering cards I can close.

 

[b3LKMZAYN9]

From my personal experience, "multiple applications in a short period" doesn't matter. I still got approved for a few (2+) cards within a yr with quite reasonable credit limit (50k+ from NAB / CommBank).

 

[sudoer]

from my personal experience, "multiple applications in a short period" doesn't matter.

My Equifax file has shown this message for nearly 10 years..

 

[kelezzay]

I've had an AMEX Discover card since 2016 (making me a poor churner). Looking to close so the 18 month timeout clock starts. I know back in the day, cardholders had some luck in upgrading. From what I understand, it was fewer points than what was on offer to new members but still a fair whack and no credit check.

I called AmEx to try my luck and was offered an upgrade to Ultimate -> cost $450 annual fee but only 20k points. Is that the going rate on card upgrades these days or is there more to be had? (I asked on this esteemed forum way back in 2021 but didn't take action then.)

--------------

Btw, this is my longest term card in Australia. From a credit score point of view, in the US, I might consider this an anchor card and keep it simply based on the positive impact of history/longevity on my credit report. Does this apply to credit scoring in Australia? I already have the down-arrows of shame on my credit report for "multiple applications in a short period". Wouldn't like to give up a fee-free low limit anchor card if that has impact.

I was in the same boat. Had the AMEX Discover card since 2015, made a call to AMEX in 2021 for an enquiry and at the end of the call, the agent advised whether I wanted to upgrade to the AMEX Ultimate (60k bonus points and $200 cashback) which I declined (was kicking myself that I didn't).

In 2023, I wanted the AMEX Ultimate, but whenever I called to see what upgrade options were available, like youself only 20k points was on offer. Months went by and I stopped calling and just tried to upgrade via the online account, and then alas, in Nov 2023 I got the email from AMEX asking if I wanted to upgrade (60k bonus points and $250 cashback), so I took it instantly.

I guess my troubles with constant calls and clicking the upgrade function on my online account worked...? Would I have cancelled much earlier and waited the 18 months blockout period and got the current AMEX Ultimate offer? Yep.

 

[poolprouk]

I just got a very disappointing 40K upgrade to ultimate offer (on the discovery card at the moment). no cashback.