Some More Experienced Minds Needed!

[subichow]

Hi all, I need some thoughts off other members as I'm new to the CC game. I understand that 'advice' is not professional and I am aware of my own personal circumstances etc.. The recent RoseAnna thread was useful but I wanted to start my own question rather than thread-jack that one.

First of all, I applied for and was successful for one of the Velocity Platinum AMEX cards this month which is my first credit card. I'm sure many of you are familiar with the details about it, but in short - the 2x points on travel and 3x on va/restaurants works well for me. Free flight and insurance is nice but lounge access isn't a big deal.

However, considering that a lot of my usual spend is on groceries and fuel, the AMEX Platinum Edge is looking tempting as well with the 3x and 2x MR points which convert at 1:1 to VA and SQ. I know I'm most likely ineligible for the sign up but I will be ineligible for a while now anyway if I decide to apply later. Is it possible that if I apply for two cards within the same month it might just take me as 'new' for both then and I might get lucky with the second bonus? I've already spent the amount required for Velocity AMEX bonus and the points have appeared on my statement but the balance isn't due (or paid) yet so I haven't actually received the points yet.

Also are there any serious impacts of going from no CC to applying for two within a month? It is highly unlikely I will apply for anything for a long time after this.

Second option is a co-branded bank credit card so that I can have a Visa/MC or a stand alone VISA/MC but I can't afford one at black/high levels so the points earn may not be worth while? I was considering the Westpac Altitude Platinum but it's still $150pa (or even base blue card at $100pa) and most places I spend money at accept AMEX anyway (Coles/Woolies/BP etc..) hence I was thinking the Plat Edge card at $195 but a free flight thrown in to effectively reduce the cost and better earn. Ideally I would like to run both AMEX (Edge and Velocity) as well as a VISA/MC option as back up but realistically I don't think I can afford it all.

Preferred plans are VA and SQ.

Thanks for any tips!

 

[oh_lol]

I can't help you out at the moment, but I am in the EXACT same position. Have both the AMEX cards you have, but looking for a VISA/MC (black).

I can tell you now though the Virgin issued cards are no longer worth it, which is what I have now and am looking to cut up. Just need a replacement for it! Hope others can point us in the right direction.

 

[peanutz]

Also are there any serious impacts of going from no CC to applying for two within a month? It is highly unlikely I will apply for anything for a long time after this.

Have you checked this thread? There might be some useful info. there. I remember reading from some where you should wait for 6 months after you apply for a credit card/loan. I can't remember the reasons behind this advice. I've never tried applying for multiple CCs within a short period so I can't speak from my own experience either.

Are you associate with any professional affiliation? Some of them offers AMEX with discounted annual fee to their members.

 

[subichow]

For what it's worth, I decided to just try apply rather than think of what could be... Got accepted for the Plat Edge no problems.

I can't help you out at the moment, but I am in the EXACT same position. Have both the AMEX cards you have, but looking for a VISA/MC (black).

I can tell you now though the Virgin issued cards are no longer worth it, which is what I have now and am looking to cut up. Just need a replacement for it! Hope others can point us in the right direction.

I'll look into a VISA/MC option over time, I'm not missing out on a bunch of points from it at the moment and even if I get one, I can't justify black fees vs amount of points I would earn. Funny you mention the Virgin cards, I wanted the Plat Edge so I would have the versatility to be able to transfer to SQ directly rather than earn on Velocity Plat then lose a % transferring across when I want to. Anyway, happy I have both now but I can't see the Velocity Plat being a long term-er after the sign up bonus and first year is gone.. Plus I won't need lounge access and the Plat Edge covers insurance as well although the wording in the product statement is a little more.. 'fiddly.' For this year, however, it is good and I can utilise the Velocity Plat well. Harder to justify $349 next year which is when I might look into a VISA/MC option. Others in my family have the Altitude Black but I think I might settle for a Altitude Plat..

Have you checked this thread? There might be some useful info. there. I remember reading from some where you should wait for 6 months after you apply for a credit card/loan. I can't remember the reasons behind this advice. I've never tried applying for multiple CCs within a short period so I can't speak from my own experience either.

Are you associate with any professional affiliation? Some of them offers AMEX with discounted annual fee to their members.

Yep, I had a good read of that one as well prior to starting this. As mentioned I just decided to go for it. Reality for my situation at the moment is that I won't be needing a loan any time in the foreseeable future nor will I be needing another credit card (unless the addiction really kicks in and I need more shiny plastic). If I got rejected then at least that would be the end to these thoughts for a while rather than busting my brain everyday trying to predict when to apply and how it will affect my score and future ability etc..

Unfortunately I'm not part of any group that AMEX offers discounted fees. $195pa is fine, but the Velocity $349 will be harder to justify next year. Maybe I can get lucky like some other members and have it waived or reduced in 11 months time.

Anyway I now look forward to my first year of proper credit card ownership with two cards I'm happy with and suit me for the upcoming year!

 

[oh_lol]

The AMEX cards are great, and yes, it's handy to be able to transfer across to whoever, including VA and SQ.
I prefer to transfer across to SQ directly to, as it's more useful for me.
I only mentioned a Visa/MC as in Australia, sadly AMEX still isn't accepted everywhere, so it's just a handy backup.