Earlier this year American Express made some changes to the limitations for a signup bonus on their cards. Besides the well known once per lifetime rule, they also added some vague restrictions. The terms now say that they may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.
Then they released new tool that at least lets you know whether you qualify for a signup bonus in advance. More and more people have found out that they do not qualify for bonuses through that tool. And the issue is not that they’ve had the card, but it’s either the number of cards that they have opened and closed, or some other metric included in the algorithm.
One of those metrics could very well be how much spend you put on your American Express credit cards. Doctor of Credit reports that putting some spend on your existing cards could make you eligible for a bonus. There’s been a few data points already where people have checked their bonus eligibility and were told that they do not qualify for a bonus. After spending $500-$600, they checked again and they were eligible. This is not a guarantee that you will become eligible, but it’s an encouraging possibility and definitely worth testing out if there’s an Amex card you have your eyes on.
We really do not know everything American Express takes into account when deciding if you qualify for a signup bonus. But thanks to some data points we now know that spending on existing cards could better your chances.
Has anyone experience this? Let me know in the comments.