Credit cards (AMEX, waived fees)

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thegripinggrape

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Apr 10, 2024
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Good afternoon,

I am an incoming plebe who has previously attended college and has built up some credit. I was curious having read about it in the forum if it is possible to get the AMEX platinum fees waived as a cadet. Please let me know any benefits to start building up such as multiple cards or financial preparation which is best to take advantage being in a military institution.

Thanks!
 
thegripinggrape said:
Good afternoon,

I am an incoming plebe who has previously attended college and has built up some credit. I was curious having read about it in the forum if it is possible to get the AMEX platinum fees waived as a cadet. Please let me know any benefits to start building up such as multiple cards or financial preparation which is best to take advantage being in a military institution.

Thanks!
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AMEX will verify with your DOD ID, not sure cadets qualify but as a reservist, I didn't. It requires a phone call so worth trying. If you have to fly home it's a good way to build up status but be responsible and make it a goal to never pay the credit company a fee or interest.
 
thegripinggrape said:
Good afternoon,

I am an incoming plebe who has previously attended college and has built up some credit. I was curious having read about it in the forum if it is possible to get the AMEX platinum fees waived as a cadet. Please let me know any benefits to start building up such as multiple cards or financial preparation which is best to take advantage being in a military institution.

Thanks!
Click to expand...
Yes. AMEX will waive fees for Cadets. Platinum Card is a great deal, especially if you travel. Many discounts and travel benefits.

DS got it plebe year and got a nice points bonus (80k I think) for referring me. Hasn't used points yet and now almost 8 years later has over 450,000 points without ever paying an annual charge.

1. Start building your credit rating early - it will pay off when the time comes for a mortgage or car loan. If possible have your parents put you on their longest held card as an authorized user - you will then get the benefit of that credit history length. Do not use it except for emergencies or if your parents tell you to use it for something specific. This assumes your parents have good credit rating ;)

2. Get a Visa card with no foreign transaction fees - some places do not accept AMEX, especially overseas. Should be no problem with USAA.

3. NEVER put anything on a credit card that you can not pay right away. Best to pay it weekly to make sure you you know where you stand so you don't get an end of month surprise. NEVER carry a balance over to the next month's statement.

4. Take the Cow loan whether you need it or not. It adds another type of credit to your record. You can put it in a Money Market at a higher interest rate than the loan rate = free money. If you need it to buy a car, uniforms, set-up expenses, it is the cheapest loan you will get. DO NOT use it to buy a 15 year old Porsche/Mercedes/BMW/etc. or round the world vacation.
 
Yes, AMEX fee is waived for cadets. I was able to get both the gold and platinum card. Plenty of cadets go for it too because of the benefits. Mainly the lounge and uber credit for the platinum card. As a cadet you aren't getting paid much, so when it comes time to apply for the card, you may or may not have to be completely honest with how much you get payed. I'll leave that for you to figure out when you get here, as you can ask around.
 
jl123 said:
Yes. AMEX will waive fees for Cadets. Platinum Card is a great deal, especially if you travel. Many discounts and travel benefits.

DS got it plebe year and got a nice points bonus (80k I think) for referring me. Hasn't used points yet and now almost 8 years later has over 450,000 points without ever paying an annual charge.

1. Start building your credit rating early - it will pay off when the time comes for a mortgage or car loan. If possible have your parents put you on their longest held card as an authorized user - you will then get the benefit of that credit history length. Do not use it except for emergencies or if your parents tell you to use it for something specific. This assumes your parents have good credit rating ;)

2. Get a Visa card with no foreign transaction fees - some places do not accept AMEX, especially overseas. Should be no problem with USAA.

3. NEVER put anything on a credit card that you can not pay right away. Best to pay it weekly to make sure you you know where you stand so you don't get an end of month surprise. NEVER carry a balance over to the next month's statement.

4. Take the Cow loan whether you need it or not. It adds another type of credit to your record. You can put it in a Money Market at a higher interest rate than the loan rate = free money. If you need it to buy a car, uniforms, set-up expenses, it is the cheapest loan you will get. DO NOT use it to buy a 15 year old Porsche/Mercedes/BMW/etc. or round the world vacation.
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If I do not have a credit card yet (I am an entering plebe), how long will it take to get the amex platinum if I am just getting the regular navy fed card right now? Do I have to build my credit for a few months? Can I fast track that by having my parents put me as an authorized user on their card? Thank you!
 
OiledPancakes said:
If I do not have a credit card yet (I am an entering plebe), how long will it take to get the amex platinum if I am just getting the regular navy fed card right now? Do I have to build my credit for a few months? Can I fast track that by having my parents put me as an authorized user on their card? Thank you!
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I also wonder this because I am 17 and an incoming plebe and I want to fast track my credit to a Amex gold/Platinum, I am an authorized user on my parents cards for credit history. I am just wondering if I should apply for a free card for a year then apply to the AMEX cards? Again I am still 17 so I can't apply for a card till October.
 
My 1st Mid got a NFCU credit card and used it for Uber, door dash, Amazon etc and paid it off every month. Built up his own credit. Applied for the Amex platinum and got it.

My 2nd Mid…we added him as an authorized user on our card and he applied and got it via that route.

Both our guys are super responsible financially. It is a personal decision whether to get a credit card, or not.
 
OiledPancakes said:
If I do not have a credit card yet (I am an entering plebe), how long will it take to get the amex platinum if I am just getting the regular navy fed card right now? Do I have to build my credit for a few months? Can I fast track that by having my parents put me as an authorized user on their card? Thank you!
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I'm not sure sure how much of a credit history they require. If you get put on parent's card, I think that credit history goes on your record right away.

You can go to Experian or one of the other credit rating agency websites and check your credit score for free. That should give you some indication of where you stand.
 
jl123 said:
I'm not sure sure how much of a credit history they require. If you get put on parent's card, I think that credit history goes on your record right away.

You can go to Experian or one of the other credit rating agency websites and check your credit score for free. That should give you some indication of where you stand.
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I don’t have a credit card yet. I just became a member at navy fed. What card should I get?
 
OiledPancakes said:
I don’t have a credit card yet. I just became a member at navy fed. What card should I get?
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If you will be banking with Navy Fed, get a Navy Fed Visa. Once you have established a decent credit rating (670+, preferably 700+), apply for the AMEX Platinum, making sure they know you are military.
 
jl123 said:
If you will be banking with Navy Fed, get a Navy Fed Visa. Once you have established a decent credit rating (670+, preferably 700+), apply for the AMEX Platinum, making sure they know you are military.
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I just got the NFCU visa. As far as credit utilization goes, should I just immediately pay off any purchases before the statement date so it does not mess with my credit utilization numbers? My limit is 500, which means that 150 is my 'soft cap' for credit utilization. I think people say you can spend whatever you want as long as you pay it off before the statement date so it does not mess with credit score due to poor credit utilization.
 
OiledPancakes said:
I just got the NFCU visa. As far as credit utilization goes, should I just immediately pay off any purchases before the statement date so it does not mess with my credit utilization numbers? My limit is 500, which means that 150 is my 'soft cap' for credit utilization. I think people say you can spend whatever you want as long as you pay it off before the statement date so it does not mess with credit score due to poor credit utilization.
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Paying frequently before the statement date is a good idea to maintain/build credit score. A good idea is to set a date/time that you will pay balance each week, such as every Sunday when you get up in the morning.
 
My son got the Amex platinum card as a cadet and wow - the perks are amazing. He's an OG now and he uses that card - esp when traveling due to the great perks.
Just make sure that for income you put in the entire amount that WP gives you and not just the amount leftover after expenses (haircuts, laundry, etc).
 
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