There are numerous limitations imposed by credit card issuers on the approval process and the ability to receive welcome bonuses on credit cards. I wanted to discuss a significant restriction in this post that may not be as clear-cut as it seems in order to qualify for the welcome offers on American Express cards.
So you’re eyeing a shiny new American Express card and its tempting welcome bonus but the dreaded “once-in-a-lifetime” rule has you scratching your head. Fear not fellow card enthusiast! We’ll dive deep into the murky waters of this policy, unravel its complexities, and answer the burning question: how long does this “lifetime” actually last?
Hold Your Horses: What is the Amex Once-in-a-Lifetime Rule?
Before we delve into the duration, let’s first understand what this rule entails. In a nutshell, Amex restricts you from earning the same welcome bonus on a specific card more than once, ever. Got that sweet 100,000 points on the Platinum Card a few years back? You can kiss that bonus goodbye for future applications
The “Lifetime” is Not What You Think
Now, the million-dollar question: how long is this “lifetime” restriction in effect? Well, buckle up, because it’s not as straightforward as you might think.
Scenario 1: The Straightforward Case
Many Amex cards explicitly state the restriction in their terms and conditions. Look for phrases like “Welcome offer not available to applicants who have or have had this Card or previous versions.” If you see this, the “lifetime” is truly a lifetime – you’ll never be eligible for that specific card’s welcome bonus again.
Scenario 2: The Gray Areas
Some Amex cards, however, are a bit more cryptic. Their terms might not explicitly mention the “once-in-a-lifetime” restriction, leaving you wondering if you’re eligible for that juicy bonus again. This is where things get interesting.
The Workaround: Targeted Offers and Eligibility Glitches
Amex occasionally throws targeted offers your way, even for cards you’ve previously held. These offers might not have the “once-in-a-lifetime” restriction, giving you a chance to snag that bonus again. Additionally, some users report experiencing glitches where they were able to earn the bonus even with the restriction in place.
The Takeaway: It’s Complicated, But Not Hopeless
Although it can be a frustrating barrier, the Amex “once-in-a-lifetime” rule is not insurmountable. You can still make the most of your Amex rewards by being aware of the various circumstances and keeping a watch out for targeted offers.
Bonus Tips for Amex Bonus Hunters:
- Maximize your first bonus: Since you can only earn it once, make sure you choose the card with the highest welcome offer that aligns with your spending habits.
- Keep an eye out for targeted offers: These might offer a second chance at that coveted bonus.
- Check your eligibility before applying: This can save you a hard inquiry on your credit report if you’re not actually eligible for the bonus.
- Consider other Amex cards: There’s a whole world of Amex cards out there, so explore your options and find one with a bonus you haven’t received before.
Remember: The Amex “once-in-a-lifetime” rule can be a bit of a labyrinth, but with a bit of understanding and strategic maneuvering, you can still navigate it and reap the rewards. Happy card hunting!
How can you figure out if you’ve had an Amex card before?
You have two choices if you want to find out if you’ve previously owned a specific American Express card or if you qualify for the card’s welcome offer.
To start, you could get in touch with Amex and find out which of your previous cards are closed right now. Though you can also give Amex a call, the simplest way to accomplish this is to use the chat feature on their website to obtain it in writing. I’ve discovered that agents can usually retrieve your cards and the dates you closed them with relative ease.
Amex also has a useful pop-up warning feature during the card application process. Before being approved for a card, if you’re logged into your account, you should usually get a pop-up that tells you if you qualify for the bonus.
Additionally, some Amex cards come with the “Apply With Confidence” feature, which notifies you if you’re approved for a card before it might have an effect on your credit. However, since it’s not available on all card applications, you’ll want to specifically ensure that this appears as an option during the application process.
What is Amex’s “once in a lifetime” rule?
This is typically what the offer terms for an American Express card will look like when you apply:
As you might expect, this usually means that if you have the card now or have had it in the past, you are not eligible to receive the welcome offer on that card. Generally speaking, if a card experienced a rebranding, it would also be subject to this restriction (that is, you would not be able to apply for a previous card just because the name was slightly different).
Anyway, since you can only receive the welcome offer on a specific Amex card once, this idea is sometimes referred to as the “once in a lifetime” rule. Please take note that this only applies to the welcome offer. You can be accepted for a card more than once, but you won’t receive the bonus if you already have a card.
Amex card offers are officially “once in a lifetime”
10 Amex Mistakes That 90% of People Make
FAQ
What is the AmEx lifetime rule 7 years?
What does lifetime mean for AmEx?
How many years does American Express expire?
What is the 2 90 rule for American Express?
What is American Express ‘once in a lifetime’ rule?
The “once in a lifetime” rule by American Express is designed to encourage new customers to apply for their cards, but not allow them to cancel and reapply for the same card (or in some cases same family of cards) in order to earn another welcome bonus.
How long do AMEX cards last?
One of the most significant restrictions when applying for Amex cards is the “once in a lifetime” rule, whereby you can typically only earn the bonus on a card once. However, this isn’t always as straightforward as it sounds, as it’s widely believed that this “clock” resets somewhere around seven years after you’ve closed a particular card.
Does Amex have a once-per-lifetime rule?
An expansion to the once-per-lifetime rule is being rolled out across some families of Amex credit cards. In simple terms, Amex will most likely disqualify you from receiving the welcome offer on lower-tier cards if you’ve previously held the higher-tier cards within the same card family.
How many times can you get an Amex card?
Anyway, this concept is what we often refer to as the “once in a lifetime” rule, since you can only earn the welcome offer on a particular Amex card once. Note that this is specific to the welcome offer — you can get approved for a card multiple times, you just won’t earn the bonus if it’s a card you’ve already had.