AMEX worth it after Costco contract lapses?

[Kostya1992]

Everyone I know (including family) only got AMEX to shop at Costco. Many friends and relatives have been panicing about the lapse of contract. Is AMEX worth it anymore? It was an ultimate goal of mine which has been dimmed by the news.

[Anonymous]

Yes it is. Backdating.

[Kostya1992]

---

@Anonymous wrote:
Yes it is. Backdating.

---

Score boosting? Because any underwriter/mortgage officer will know the real date of card opening by looking at reports.

[Anonymous]

Basically.

You can fool the computer but not the human.

[mongstradamus]

Also for me amex has two of the better rewards programs in spg and MR. I know its popular to hate on amex but if you are at all interested in traveling , i still think amex is a pretty card to carry around. 

[chwebb1]

---

@Kostya1992 wrote:

Everyone I know (including family) only got AMEX to shop at Costco. Many friends and relatives have been panicing about the lapse of contract. Is AMEX worth it anymore? It was an ultimate goal of mine which has been dimmed by the news.

---

IMHO, it is still a worthwhile card to have. I love the benefits (extended warranty, return protection, etc) given by my AMEX, and I either use it or my Discover to buy expensive gadgets that might break. I recently got BoA to upgrade my card to a Visa Sig. I now have a third option for those kind of purchases too. In my experience, Citi makes it nearly impossible to claim extended warranty. I had a tablet (iPad) case break out of warranty, and they wanted so much information that I decided it wasn't worthwhile to pursue getting it repaired by Citi. Stuff like getting a quote from a local shop to repair it (it was like a $30 case, you're not going to get the zipper replaced for less than $30 if you have to pay someone to do it, let's use some logic here, Citi). I had no idea where to even take it to be honest. So I just use AMEX and Discover to avoid those hoops.

[Kostya1992]

---

@mongstradamus wrote:

Also for me amex has two of the better rewards programs in spg and MR. I know its popular to hate on amex but if you are at all interested in traveling , i still think amex is a pretty card to carry around. 

---

Nobody is hating on AMEX. I think they are still the best with high limits & customer support. However, the average Joes are freaking out about the contract lapse.

[joedtx]

I'm not sure if it will be an issue either way Amex want's you but Citi gets to keep you. Sounds like a win either way.

[Anonymous]

---

@Anonymous wrote:
Yes it is. Backdating.

---

I've said it before and i'll say it again. Backdating is a parlor trick to give your FICOs a boost. As previously stated, it's only worthwhile when applying for a CC through a computer. Any recon officer or underwriter can easily see through it. The only people who need backdating are people whose FICOs aren't good enough to get instant approval for credit.

The loss of Costco is really going to impact AmExs bottom line and customer base. Their only card, imo, that is worth getting right now is Starwood. I don't even recommend that card unless you can for sure meet the required spending for the bonus.

[nyancat]

Costco was only a very minor part of my interest in Amex, and the loss of Costco will not in any way push Amex away from being my card of choice. The purchase protection, extended warranty and overall excellent service are what matters - not Costco.

Now, will I ditch Costco? Nope, I won't... but it might reduce my willingness to buy electronics at Costco. They have an EXCELLENT warranty policy, so it won't immediately... but I have to wonder if leaving Amex is the beginning of a path of Costco becoming less customer-friendly.