MAJOR CHANGES TO AMERICAN EXPRESS CARDS | Summary and Q&A

TL;DR

American Express has implemented new rules regarding the order in which cardholders apply for their cards, potentially costing them over $900 in cash value.

Key Insights

• 💳 American Express has implemented new rules regarding the order in which customers can apply for their credit cards, potentially costing them valuable welcome bonuses.
• 😥 The minimum spend requirements have also increased, making it more challenging for customers to earn the bonus points.
• 🎴 Despite these changes, there are still opportunities for cardholders to benefit, such as applying for alternative cards or maximizing the benefits of the business gold card.
• 💳 Diversifying credit cards among different issuers is recommended to avoid being solely reliant on one issuer and potentially facing increased annual fees.
• 💳 Capital One offers alternative credit card options that can be considered as substitutes for American Express cards.
• ⌛ It is essential to carefully manage spending and ensure meeting minimum spend requirements within the specified time frame.
• 🫵 By using the provided links in the video description, viewers can directly support the channel while applying for the mentioned cards.

Transcript

so in the last month American Express has been making some major changes on their most popular credit cards and this includes the gold card the business gold and the Platinum even in just the past few days we actually got word on some co-branded cards amongst the Hilton lineup of those getting some adjustments too now if you're in the market for an... Read More

Questions & Answers

Q: Why has American Express implemented these new rules?

It is unclear why American Express has made these changes. Despite reporting positive numbers in their financial reports, they may be looking for ways to increase profitability.

Q: How can cardholders still benefit from the changes?

For those who have already gotten the Platinum Card, they can apply for the American Express Green Card, which is not affected by the new rules. Additionally, the business gold card still has no restrictions.

Q: What are the benefits of the American Express business gold card?

The business gold card offers 4X points on two spending categories chosen by the cardholder, as well as $240 in flexible business statement credits at FedEx, GrubHub, and office supply stores.

Q: Are there any changes to the Hilton co-branded cards?

Yes, the annual fees for the Hilton surpass and the expire cards have increased, but they still have elevated welcome bonus offers for a limited time.

Summary & Key Takeaways

• American Express has made major changes to their popular credit cards, including the gold card, business gold, and Platinum, as well as the co-branded Hilton cards.

• The new rules state that customers must get the gold card first, followed by the Platinum card, or they will not receive the gold card's welcome bonus offer, resulting in a loss of over $900.

• The minimum spend requirements have also increased, with the gold card now requiring a spend of $6,000 to get the bonus.