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Just got approved for Amex Platinum. Looking for the "First Purchase Threads"


T1C
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Matti thats it! Thanks.

 

Hi, congrats, I've been wanting this card for years, my ex-gf had one of these when we were dating and the perks are unbelievable, I mean everything from the US Open to Broadway shows.

 

If you don't mind me asking can you please give a breakdown of your credit profile when you applied for this card?

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Matti thats it! Thanks.

 

Hi, congrats, I've been wanting this card for years, my ex-gf had one of these when we were dating and the perks are unbelievable, I mean everything from the US Open to Broadway shows.

 

If you don't mind me asking can you please give a breakdown of your credit profile when you applied for this card?

 

MannyJ sure.

 

I have not applied for credit in about 4 years. I have one active card at $300.00 and a mortgage. 12 closed but still reporting positive accounts. Now 2 inq on EX. 2 on EQ (will be off this year)0 on TU. 1 old CA on EX and 1 old Tax Lein on EQ TU is clean. Income is in high 6 figure. I never needed credit until I got a mortgage. Then closed all accounts about 2 years after I was approved. I still have perfect payment history. I looked at all the rewards I was missing and decided that I should jump on board. FAKO USAA scores are 744 EX, 750 EQ, 770 TU.

Edited by T1C
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There is no "rule" - people are crazy to think AMEX cares where your first purchase was. Be serious here folks. Know where I used my Plat AMEX first?? A bar.....racked up about $500....then next stop was a strip club and racked up a grand (it was a friends bday) - actually I did make a starbucks purchase the next day because I was hungover....LOL

 

Spend....pay bill....repeat. That will keep AMEX happy. Who cares where you use it...

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There is no "rule" - people are crazy to think AMEX cares where your first purchase was. Be serious here folks. Know where I used my Plat AMEX first?? A bar.....racked up about $500....then next stop was a strip club and racked up a grand (it was a friends bday) - actually I did make a starbucks purchase the next day because I was hungover....LOL

 

Spend....pay bill....repeat. That will keep AMEX happy. Who cares where you use it...

 

you could not have said it any better! :clapping: Sounds like some BS someone cooked up at $tarbuck$ headquarters

Edited by Stockstar
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There is no "rule" - people are crazy to think AMEX cares where your first purchase was. Be serious here folks. Know where I used my Plat AMEX first?? A bar.....racked up about $500....then next stop was a strip club and racked up a grand (it was a friends bday) - actually I did make a starbucks purchase the next day because I was hungover....LOL

 

Spend....pay bill....repeat. That will keep AMEX happy. Who cares where you use it...

 

you could not have said it any better! :clapping: Sounds like some BS someone cooked up at $tarbuck$ headquarters

 

I am dead serious too haha...they want you to spend on the card....as long as you pay it back they don't care where. When I take friends out and we tear up bars/clubs//strip clubs I always use the Plat....and I am sure AMEX loves it.

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There is no "rule" - people are crazy to think AMEX cares where your first purchase was. Be serious here folks. Know where I used my Plat AMEX first?? A bar.....racked up about $500....then next stop was a strip club and racked up a grand (it was a friends bday) - actually I did make a starbucks purchase the next day because I was hungover....LOL

 

Spend....pay bill....repeat. That will keep AMEX happy. Who cares where you use it...

 

you could not have said it any better! :clapping: Sounds like some BS someone cooked up at $tarbuck$ headquarters

 

I am dead serious too haha...they want you to spend on the card....as long as you pay it back they don't care where. When I take friends out and we tear up bars/clubs//strip clubs I always use the Plat....and I am sure AMEX loves it.

 

I actually think they do like it. Amex's whole biz model is the "Spend centric" customer. Just read their 10k. Spend centric implies lots and lots of entertainment expenses. They cater to sales and biz execs that do a lot of entertainment but they love anyone who spends and pays. Rinse and repeat.

 

From their latest 10k:

http://www.sec.gov/Archives/edgar/data/4962/000095012311019072/y87970e10vk.htm#Y87970102

 

Despite the continuing challenges of the current economic environment, we believe our “spend-centric” business model (which focuses on generating revenues primarily by driving spending on our Cards and secondarily by finance charges and fees) continues to give us significant competitive advantages. Average spending on our Cards, which is substantially higher on a per-card basis for us versus our competitors, represents greater value to merchants in the form of loyal customers and higher sales. This enables us to earn premium discount rates and thereby invest in greater value-added services for merchants and Cardmembers. As a result of the higher revenues generated from higher spending Cardmembers, we have the flexibility to invest in more attractive rewards and other incentives to Cardmembers

....

Our charge Cards, which generally carry no preset spending limits, are primarily designed as a method of payment and not as a means of financing purchases of goods or services. Charges are approved based on a variety of factors including a Cardmember’s current spending patterns, payment history, credit record, and financial resources. Cardmembers generally must pay the full amount billed each month, and no finance charges are assessed on the balance. Charge Card accounts that are past due are subject, in most cases, to a delinquency assessment and, if not brought to current status, may be cancelled. The no preset-spending limit and pay-in-full nature of these products attract high-spending Cardmembers.

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Here's some other tidbits from Amex:

 

Note that they include "reputation risk management" as a key requirement. Bob Wang alert.

 

 

http://www.sec.gov/Archives/edgar/data/4962/000095012311019072/y87970exv13.htm

 

The Company defines reputational risk as the risk that negative publicity regarding the Company’s products, services, business practices, management, clients and partners, whether true or not, could cause a decline in the customer base, costly litigation, or revenue reductions.

..

Individual credit risk management is supported by sophisticated proprietary scoring and decision-making models that use the most up-to-date proprietary information on prospects and customers, such as spending and payment history, data feeds from credit bureaus and mortgage information. Additional data, such as new commercial variables, were integrated into the Company’s models in the early stages of the recent economic downturn to further mitigate small business risk. The Company has developed data-driven economic decision logic for each customer interaction to better serve its customers.

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Here's some other tidbits from Amex:

 

Note that they include "reputation risk management" as a key requirement. Bob Wang alert.

 

 

http://www.sec.gov/Archives/edgar/data/4962/000095012311019072/y87970exv13.htm

 

The Company defines reputational risk as the risk that negative publicity regarding the Company’s products, services, business practices, management, clients and partners, whether true or not, could cause a decline in the customer base, costly litigation, or revenue reductions.

..

Individual credit risk management is supported by sophisticated proprietary scoring and decision-making models that use the most up-to-date proprietary information on prospects and customers, such as spending and payment history, data feeds from credit bureaus and mortgage information. Additional data, such as new commercial variables, were integrated into the Company’s models in the early stages of the recent economic downturn to further mitigate small business risk. The Company has developed data-driven economic decision logic for each customer interaction to better serve its customers.

 

Thanks for all the good info.

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The default rule is AMEX always like Starbucks purchases for first purchase modelling.

 

 

where did this "rule" originate?

I should clarify, it's a rule-of-thumb, as in anecdotal.

 

I think it was fairly well-established that AMEX does do first purchase modeling though.

 

Starbucks has been a safe bet because it tends to draw a certain demographic:

 

1) People who will pay $5 or more for coffee, and

2) People with more money than sense.

 

Both of whom AMEX looooves.

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The default rule is AMEX always like Starbucks purchases for first purchase modelling.

 

 

where did this "rule" originate?

I should clarify, it's a rule-of-thumb, as in anecdotal.

 

I think it was fairly well-established that AMEX does do first purchase modeling though.

 

Starbucks has been a safe bet because it tends to draw a certain demographic:

 

1) People who will pay $5 or more for coffee, and

2) People with more money than sense.

 

Both of whom AMEX looooves.

 

:rofl:

 

Speaking of BobWang... anyone heard from him lately? Haven't seen him online.

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There is no "rule" - people are crazy to think AMEX cares where your first purchase was. Be serious here folks. Know where I used my Plat AMEX first?? A bar.....racked up about $500....then next stop was a strip club and racked up a grand (it was a friends bday) - actually I did make a starbucks purchase the next day because I was hungover....LOL

 

Spend....pay bill....repeat. That will keep AMEX happy. Who cares where you use it...

 

you could not have said it any better! :clapping: Sounds like some BS someone cooked up at $tarbuck$ headquarters

 

many card issuers use first purchase and other transaction models. I don't know if amex does, but many issuers do use such models. Often the models are used to manage card portfolios such as deciding who to give a CLI or a BT offer to.

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