American Express is renowned for offering lucrative rewards credit cards with enticing welcome bonuses. However, to maximize your rewards, it's crucial to understand the rules and limitations governing these bonuses.
The Business Platinum Card® from American Express
Experience Users
120,000
The One Bonus Per Lifetime Rule
One of the most significant restrictions imposed by American Express is the "one bonus per lifetime" rule. This means that you can typically only receive a welcome bonus for a specific card once, regardless of how long ago you last held the card. For instance, if you've previously held the Platinum Card, you won't be eligible for another welcome bonus on that card, even if you cancel and reapply.
Exceptions to the Rule
While the one-bonus-per-lifetime rule is generally enforced, there have been rare exceptions. For example, if a card undergoes a significant rebranding or if there's a substantial change in terms and conditions, you might be eligible for a welcome bonus again. However, these exceptions are not common.
Maximizing Your Amex Rewards
To make the most of your Amex rewards, consider these strategies:
- Time Your Applications: Keep an eye on Amex's current offers and apply when the bonuses are at their highest.
- Consider Product Changes: If you're an existing Amex cardholder, explore product changes to potentially trigger a welcome bonus.
- Maintain a Strong Credit Profile: A good credit score can increase your chances of approval and potentially higher credit limits.
- Use Your Cards Responsibly: Pay your bills on time and avoid carrying a balance to maintain a positive credit history.
- Take Advantage of Amex Offers: Keep an eye on your online account for personalized offers and promotions.
Understanding Amex's Product Families
Amex categorizes its cards into product families. If you've received a welcome bonus on one card within a specific family, you may not be eligible for a welcome bonus on another card within the same family. For example, if you've received a bonus on the Platinum Card, you might not be eligible for a bonus on the Business Platinum Card.
Amex's Product Change Strategy
In some cases, product changes can open up opportunities for new welcome bonuses. If you're an existing cardholder and your card undergoes a significant change, such as a name change or a major feature addition, you might be eligible for a welcome bonus.
By understanding the rules and restrictions surrounding Amex sign-up bonuses, you can make informed decisions about which cards to apply for and when. By following the tips above, you can maximize your rewards and enjoy the benefits of Amex's premium credit cards.
