Amex No Longer Backdating to Credit Bureaus

[Anonymous]

Nothing that two SM's can't beat.

[onstar]

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@TheGardner wrote:
May not have started as a perk but definitely became one. I assure you several on these boards would have zero interest in Amex offerings without it. I for one don't find any of their cards particularly attractive and value MR very low (yes I travel but other points bring more value for me personally not for everyone I'm sure).

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If people are just getting it for the backdating and not really using it, then Amex says good riddance.

And Costco was good riddance too.

Both of these should help Amex in the long run, not hurt it.

[longtimelurker]

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@Anonymous wrote:

Nothing that two SM's can't beat.

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Right.  The cap on the best feature really limits its attraction

[mongstradamus]

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@longtimelurker wrote:

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@Anonymous wrote:

Nothing that two SM's can't beat.

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Right.  The cap on the best feature really limits its attraction

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amex cash back cards were already know to be inferior to SM even before this backdating "nerf", what i don't understand is the belief all their reward type cards are horrible , I guess i am in minority that believe they have much better value then most cards. 

[TheGardner]

It depends how you use other rewards aswell, that's why I put the personally disclaimer in there

Some swear by Amex only problem is how much of the loyalty is hung over Legacy prestige associated with the company and how much is real value.

For MS some of the cards would be great (CB), I will give everyone that. But normal spend eh.

[Billybob_TX]

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@Anonymous wrote:

This is a legal issue. Under current law they HAD to stop this as it was not legal under the Fair Credit Reporting Act. They were not reporting correct info to the big 3. I also think there competition like Visa/MasterCard and big lenders made this a big issue. Say you opened a new Amex in 2015 they were showing on your credit file as if you opened it in 1998 and that's not legal under the FCRA. Which I think it should be but consumers ALWAYS get the short end of the stick the ONLY players who always win are the mega banks.  

Side note I do think they will retroactively target ALL accounts before this date to comply with the law. The law says THEY HAVE to report correct information and they are not. 

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I love it when people play attorney on the internet!

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

Nothing that two SM's can't beat.

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Right.  The cap on the best feature really limits its attraction

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Not for me. The caps exceed by a wide margin what I actually spend each month. In my case, it is THE perfect card. The grocery spend that was going on my ED, and the gas spend that was going on my Discover, (when that was the quarterly), will now go on my new Sallie Mae.

[longtimelurker]

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@Anonymous wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

Nothing that two SM's can't beat.

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Right.  The cap on the best feature really limits its attraction

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Not for me. The caps exceed by a wide margin what I actually spend each month. In my case, it is THE perfect card. The grocery spend that was going on my ED, and the gas spend that was going on my Discover, (when that was the quarterly), will now go on my new Sallie Mae.

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I was referring to the BCP, not Sallie Mae.  With the cap and the AF and the lower rate on gas (and then dept stores vs "bookstores") less than exciting for some.

[mongstradamus]

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@longtimelurker wrote:

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@Anonymous wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

Nothing that two SM's can't beat.

---

Right.  The cap on the best feature really limits its attraction

---

Not for me. The caps exceed by a wide margin what I actually spend each month. In my case, it is THE perfect card. The grocery spend that was going on my ED, and the gas spend that was going on my Discover, (when that was the quarterly), will now go on my new Sallie Mae.

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I was referring to the BCP, not Sallie Mae.  With the cap and the AF and the lower rate on gas (and then dept stores vs "bookstores") less than exciting for some.

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As far as cash back goes i think amex is pretty underwhelming, but if you compare their rewards cards their value is hard to beat. The world must have turned upside down since i am defending amex

[Open123]

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@mongstradamus wrote:

As far as cash back goes i think amex is pretty underwhelming, but if you compare their rewards cards their value is hard to beat. The world must have turned upside down since i am defending amex

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LOL...3 times in 3 days!  What's going on?