If you apply as an existing customer (want a cashback one), I have read there is no hard search. Is this right?
In the current climate, I’d say all bets are off and to ask Amex (which I guess might give the wrong impression).
Why are you worried about a hard search being done / showing up?
I just took out a mobile contract to get 4g broadband in my new house, and would prefer to space out any hard searches. If it were the case, I’d just wait before doing it
I spoke to two agents (laptop died during 1st chat) , one said they won’t do one as I’m a card member, the other said I am not party to that information only the new accounts team know!
I think you’re panicking - unless you have reason to think a hard search would show up large / new debts (are you committing massive credit fraud?!).
Anyone looking carefully at your credit record is going to see the difference between someone in dire financial distress, and someone who switched credit cards / got a new mobile contract in the same month.
If you’re genuinely concerned about the hard searches, consider that you might be better off getting them both done now. How do you know if a lender looks at the number of searches, or the time since you last had one? (You can’t, they won’t tell you).
Edit: also you’ll kick yourself if AmEx take away the 5% introductory cashback offers between now and some arbitrary date which you guess will magically make you look like a responsible borrower.
If you’re accepted other lenders will be able to see you have a limit with Amex, and when it was increased or renewed, and will base any application you have in to them on that information.
It’s not just a question of fitting up your “hard searches”. Your whole credit file is taken into account when you apply for more credit.
In my line of work, applications with 3 or more credit applications in one year have to have an exception to policy added for it to be approved - which can only be done by me or a couple of other people. You are right about the idea of getting them out the way I suppose, that is arguably more important if you have something in the pipeline in say 12 months (aka mortgage application) although I don’t think I can have the 5pc as an existing cardmember.
I do agree, you can’t always finesse a credit file as there are a multitude of things outside of your control! In this case though, there’s no harm in checking to get the full picture but it seems there’s a bit of disparity between who you speak to.
I think there is if you move out of the “family”. I had the BA Premium from the regular with no checks done, but applying for a rewards card did require a check.
Thanks for the heads up!
No they won’t do a hard check if you already have a card with them.
Source: My application last month.
One advisor I spoke to did say as much
Apologies in advance if this question has been asked before. I have done endless google searches, spoken to many friends who have an amex card and spoken to many business owners (indecent). They all don’t seem to know the answer, so I thought I’d post it here.
Question - why is amex card and points so sough after?! What is the hype?
They offer higher value points/higher cash back e.g. as they’re allowed to charge higher interchange fees than Visa or MC.
Some might say they have better customer service, I will agree but it’s not night and day to other banks I’ve had experience with. They’ve all been pretty good.
Thank you, this is interesting, I’m considering to take out a credit card with them, but thinking is the AMC really worth it?
Don’t know what AMC is but I cancelled my Amex earlier this year as I wanted to simplify my wallet to only having one credit card and my Monzo card for regular spending.
But it’s a fine card, did exactly as it promised. Would have kept it if it didn’t have foreign transaction fees.
I’m not really sure they are… lots of people are eligible for an Amex card but choose not to get one.
Having said that, I like my Amex card because it offers the best cashback (no points for me) and they have excellent customer service.
I like my amex for the avios
I’ve found Amex to be great to be fair, I got the Avios and the Everyday Platinum Cashback card (I use the latter as my daily credit card driver). I personally like some of the offers that they have within the app, but also Shop Small as from using the map on their website, there are some gems . I wouldn’t pay for the yearly cardmembership though
I also took advantage of the Amex Lounge at the O2 before gigs (it was ok), and the Amex Experiences like gigs and theatre seats have been good to use as well
Agreed, the small shop offer is good. Went to a local restaurant last night, not only got the eat out to help out scheme but qualified for £5 back from Amex which was nice.
There are cards without an annual fee.
So if you have the discipline to not over-spend on your card and pay it off in full every month, the only question is - do you like free money (off your bill once a year)?
Don’t forget that as well as the cash back, you also leave extra money sitting in your bank account, hopefully earning some interest there.
thank you, seems like their customer service being good is common noise.