Reply
Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
0

Are American Express cards considered the most Elite?

I always hear you have to have excellent credit to get a credit card from AMEX.  What does having an AMEX card means to you? Is it treated as the most Elite card? 

 

Is having an AMEX card an indication you have excellent credit, high income?  I know FICO doesn't factor income, but those things are asked in credit applications?

Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
0

Re: Are American Express cards considered the most Elite?

The Amex Platinum card used to be the most elite card. IMO, this is no longer the case. I used to charge 8-12K a month and Amex used to give me all kinds of perks like 3 points for every dollar charged, waived my AF and they also gave me extra bonus points. They have stopped giving me all of this, so I don't give them much action on my Plat or Clear cards. As far as I'm concerned, there isn't anything special about Amex. They ruined themselves.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Moderator Emerita
Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Are American Express cards considered the most Elite?

I'd say that they're considered the most wacko.

If you wanted a snob card, I'm guessing something like the Schwab card would be more up there.

I personally don't give a rat's patootie about card status. If it works for me, great. If it doesn't, * shrug *.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Posts: 260
Registered: ‎05-21-2009
0

Re: Are American Express cards considered the most Elite?

I have always been of the belief that if you felt you needed a credit card (OR  a car, house, etc) to define who you are as a person, then you have failed miserably in life.

 

Someone with a "sub-prime" $500 CL Card, who is living withing their means, meeting their obligations and being fiscally sound is a far better credit risk then a person with a pocket full of "high CL Cards", maxed out and leveraged to the hilt.

 

We just seem to have periods of time where we go through these phases, when the character of a person is pushed aside and we get more concerned with what a person "has" instead of what they are.

 

Our son came home from College for the holidays several years ago and was beaming. Seems he had received a AMEX Card and thought he had arrived. I asked him why he felt like that and he said because "AMEX was a prestigious card and made a statement about him".

 

After a while I explained to him that here he was, in school, no permanent job, no assets, deep in student loan debt ,minimal established credit so how prestigious could a credit card be when they issued one to a person with that financial profile. I also informed him if he bought into the "No pre-set spending limit" just go out and try to charge a $25,000 Around the world cruise.

 

As for AMEX being considered elite, that was built on a reputation of exceptional customer service. They were also the first credit card to truly have world wide acceptance. With the advent of VISA and MASTERCARD being accepted everywhere that has since changed.

 

For me, I guess I can sum it up by saying I don't see that there are any "elite" Credit Cards, only "elite" customers.:smileyhappy:

 

 

 

 

 

 

 

Regular Contributor
Posts: 153
Registered: ‎07-10-2009
0

Re: Are American Express cards considered the most Elite?


DickC wrote:

I have always been of the belief that if you felt you needed a credit card (OR  a car, house, etc) to define who you are as a person, then you have failed miserably in life.

 

Someone with a "sub-prime" $500 CL Card, who is living withing their means, meeting their obligations and being fiscally sound is a far better credit risk then a person with a pocket full of "high CL Cards", maxed out and leveraged to the hilt.

 

We just seem to have periods of time where we go through these phases, when the character of a person is pushed aside and we get more concerned with what a person "has" instead of what they areFor me, I guess I can sum it up by saying I don't see that there are any "elite" Credit Cards, only "elite" customers.:smileyhappy:

 

 

 

 

 

 

 




+1
Valued Contributor
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Are American Express cards considered the most Elite?

When I roll into a check cashing establishment to get a little payday or car title loan, I like to let my Amex card "accidentally" fall out as I am pulling out my driver's license.

 

Oh yeah baby,

 

I get all the respect I need. 1029% APR

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Are American Express cards considered the most Elite?


DI wrote:

I always hear you have to have excellent credit to get a credit card from AMEX.  What does having an AMEX card means to you? Is it treated as the most Elite card? 

 

Is having an AMEX card an indication you have excellent credit, high income?  I know FICO doesn't factor income, but those things are asked in credit applications?


The American Express Centurion Card, commonly referred to as the Black Amex is still considered the most High end, prestigious credit card anyone can get.


Yes there are competitors, but I gotta tell you, I personally genuflect in the presence of the Black Amex.

Any other Amex, so what.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Are American Express cards considered the most Elite?

I had my share of love / hate relationship with Amex. Honestly, I am not sure about prestige but having an Amex card for those who travel extensively makes lot of difference as the level of service and support they offer to customer is un-parallel to any other card. They are very good. But lately they have been known to be very finiky and bad due to all the recent FR's, CLD's and Card closures. Amex definitely has their own spot in the card market especially for those who travel quite a bit. I would not recommend any to loose their sleep over having the Amex card for prestige.

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Are American Express cards considered the most Elite?

Twenty to thirty years ago when I used to travel a lot internationally I really liked having my AMEX Gold and Diners Club cards. The only card I used to have which I now miss and I thought carried a prestige factor is my Diners Club card. It was far more useful than AMEX ever was.
Established Contributor
Posts: 805
Registered: ‎05-11-2007
0

Re: Are American Express cards considered the most Elite?

Nothing really elite about AMEX except for their centurion card.
AMEX Gold Premier Rewards | SPG AMEX | Bank of America Power Rewards | Merrill Plus | United Presidential Plus | Saks World Elite

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.