02-10-2013 07:53 PM - edited 02-10-2013 07:55 PM
I was having a conversation with my brother about credit cards and he told me that he cancelled his PRG because the AF was too high and that he already has a Chase Sapphire with similar benifits but no AF.
This got me thinking, There are many cards out there with no AF that offer similar or better rewards than the AMEX charge cards, Even the CSP which is the top tier Chase card has a lower AF than even the Amex Gold.
So if you have an annual income of <30K why would you want a charge card? It would seem to me like you would need to spend a good amount of your income just to break even with Green/Gold/PRG....probably more than you could spend if you made less than 30K. I would say that out of all the Charge Cards the Zync would be the only one that would have truly been worth it, Since you would only need to spend about 2.5K to break even.
Really from what i have gathered there are 2 reasons why you would want to have an Amex Charge Card:
The sense of Prestige
Keep in mind that this thread is about people who have a charge card with a lower income, obviously if you run $50K+ through your card then this thread wouldn't make too much logic to you, Also i am not making this thread to bash AMEX in any way.
02-10-2013 07:57 PM
I was wondering the same thing. Except when they have those juicy sign up bonuses of 25k MR points or higher w/ annual fee waived for first year. I guess you could always cancel before the annual fee hits and wait 13 months to repeat the cycle...
02-10-2013 07:58 PM
I am not sure that the Amex charge cards were designed for people who make les than 30k per year.
02-10-2013 08:00 PM - edited 02-10-2013 08:02 PM
Dont forget to add current cardmembers are SPd if denied for another card and revolvers 3Xs CLI at 61 days never heard of with other lenders
I believe they made different levels of Charge cards for income reasons. IMO.
02-10-2013 08:04 PM
02-10-2013 08:08 PM
revolvers 3Xs CLI at 61 days never heard of with other lenders
The thing with American Express is that you can only get an increase of up to three times the current limit. On a 1000 card that is only 3000, while with other lenders you can ask for any amount you want and most will counter with something, but they do not restrict you to just three times the limit. Many lenders let you request an increase whenever you want, not making you wait sixty-one days from opening the account. Their six month rule per cardholder is also rubbish in my opinion. With General Electric I went from 1000 - 10000 in one month. This was through normal customer service channels, not the analyst number. With American Express that would have taken over one year. This is on a card that can be used anywhere, not just Dillards.
02-10-2013 08:19 PM
You're paying more for the buying power and the protections that come with the cards than you are the rewards.
most average people can charge more on their AMEX Charge cards than they can on their personal credit cards, at the time I got mine my highest limit was 1200$ and my total limits were around 4k. I was able to Charge over 4k on my card in just my second month of having it. It's a great option for people who travel for work and get reimbursed, you are no tying up your personal credit or money and it doesn't count against your utilization so it's not affecting your credit score like a normal card would
02-10-2013 08:24 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO