Credit Cards

[pakman92]

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tinuviel wrote:

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pakman92 wrote:

Is Amex charge card or revolver card?

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It all depends on which Amex.

Zync, Green, Gold, Platinum and Black (Centurion) are all charge cards. The other Amex cards are revolvers.

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Sorry, I meant to ask the previous poster.  "Is Amex Clear a charge card?"  Will I be able to transfer my Reward points from Gold account.

[Koop10010]

Clear is not a charge card, but a credit card.  Clear has its own rewards program and is not part of the MR program.  The regular Blue credit card is in the MR program and points can transfer to that.

[FrugalRican]

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jamesdwi wrote:

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pizzadude wrote:

You could always down grade to the ZYNC card, it has an AF of only $25, which you can easily recoup with a few promotions during the year.

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+1

and you could find some gift cards at resturants, think of it as $2200 in free dinners out at cheese cake factory and others...  downgrading to the zync will make the points worth less. 

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That's like 6 dinners at the Cheesecake Factory.

Just kidding.

[tinuviel]

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FrugalRican wrote:

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jamesdwi wrote:

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pizzadude wrote:

You could always down grade to the ZYNC card, it has an AF of only $25, which you can easily recoup with a few promotions during the year.

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+1

and you could find some gift cards at resturants, think of it as $2200 in free dinners out at cheese cake factory and others...  downgrading to the zync will make the points worth less. 

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That's like 6 dinners at the Cheesecake Factory.

Just kidding.

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Yeah... but you're not exaggerating by much!

[Koop10010]

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tinuviel wrote:

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FrugalRican wrote:

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jamesdwi wrote:

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pizzadude wrote:

You could always down grade to the ZYNC card, it has an AF of only $25, which you can easily recoup with a few promotions during the year.

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+1

and you could find some gift cards at resturants, think of it as $2200 in free dinners out at cheese cake factory and others...  downgrading to the zync will make the points worth less. 

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That's like 6 dinners at the Cheesecake Factory.

Just kidding.

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Yeah... but you're not exaggerating by much!

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I remember going into that place at a mall around here...and then walking back out.  I couldn't believe their prices.  They're not in that mall anymore and I don't have to wonder why.

[sandsanta]

I always considered the cheesecake factory to be reasonable considering they give you five pounds of food per order.

[Alcibiades]

1) Before you do anything, use or transfer your MR points.

222,000 MR points are worth several thousand dollars. Transferring those points to Delta could get you a round trip, business class flight to Europe or Asia, which could cost anywhere from $5,000 to $10,000. Or it could get you four domestic round trip tickets. Or, if you have no plans to travel, you could convert your points to $2,000 in gift cards at a lot of stores (Bergdorf, Brooks Brothers, etc).

2) I guess each person has a different use for different types of rewards, but you and your wife seem to build up significant MR Points, which become extremely valuable at 50,000 and up

Honestly, IMO, a wallet is not complete without an AMEX charge card. You should just keep it. I wouldn't downgrade to Zync because it earns MRE points, not MR points.

[pipeguy]

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Alcibiades wrote:

1) Before you do anything, use or transfer your MR points.

222,000 MR points are worth several thousand dollars. Transferring those points to Delta could get you a round trip, business class flight to Europe or Asia, which could cost anywhere from $5,000 to $10,000. Or it could get you four domestic round trip tickets. Or, if you have no plans to travel, you could convert your points to $2,000 in gift cards at a lot of stores (Bergdorf, Brooks Brothers, etc).

2) I guess each person has a different use for different types of rewards, but you and your wife seem to build up significant MR Points, which become extremely valuable at 50,000 and up

Honestly, IMO, a wallet is not complete without an AMEX charge card. You should just keep it. I wouldn't downgrade to Zync because it earns MRE points, not MR points.

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Domestic round trip Delta flight (cheap seats) runs 32,500 to 40,000 miles, business class 70,000 - I know because I've been burning up just under 500,000 miles (my balance when I stopped flying for business) in the last 4 years since I stopped flying much. I agree that there is a lot of value in 222,000 miles, transferred to Delta or gift cards which absolutely should be "spent-transferred" before the card is closed. That being said, the OP stated he no longer used the card, saw no reason to be paying the $175 AF and wouldn't be flying much (Delta flights can be "gifted or assigned" to others).

If the OP has no need for the card, IMO close it and save the $175 a year for dinner for two at Morton's. If in the future there is a need-want-desire for an AmEx it's very easy to get another one if the account is closed in good standing (should be almost automatic), including back-dating.

As far as the highlighted quote above - please don't take this wrong, but that statement is nonsense IMO. AmEx has no more value as an everyday spending card than any other quality rewards card (MC/V/Disc), most carry no AF and in fact if you limit your cards a MC/V is the best option because it is the most widely accepted.

[Alcibiades]

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pipeguy wrote:

As far as the highlighted quote above - please don't take this wrong, but that statement is nonsense IMO. AmEx has no more value as an everyday spending card than any other quality rewards card (MC/V/Disc), most carry no AF and in fact if you limit your cards a MC/V is the best option because it is the most widely accepted.

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I understand - my point about "every wallet needs a charge card" may have been too aggresive. However, reading this board in particular, it seems that people's goals tend to be to ditch the charge cards as quickly as possible for Amex credit products... My point is that Amex charge cards, depending on usage pattern, can be powerful rewards generators (and often times more powerful than the cards people switch to). Of course, use what fits your usage pattern, but many people find that Amex charge can generate robust rewards.

BTW, I just checked, you can fly coach to Paris from the US with 80,000 MR points and fly business class with 150,000. If the OP accrues 80,000 more delta points somehow (maybe you both app for Delta cards), the couple can pay for a round trip flight to Paris in business class. Not bad.

[Dadaluma83]

Yeah an AMEX charge card is not what it used to be. Since a lot of MR partners left the membership rewards program is not near as good as it used to be. I have thought long and hard about an AMEX charge card but MR points will be almost worthless in my case. Delta only has two flights a day out of my home airport and both to Atlanta which is on the other side of the country so it is not realistic to make Delta my airline of choice. Even so Delta Skymiles are notoriously bad for redemption. American and United's programs are more generous. No other MR airline partners fly to my home airport. If you live in a large airport with several MR airline parters then MR points can be a good choice, however a few of their partners have fuel surcharges on award tickets like BA, Air Canada, and I believe Virgin atlantic as well which IMO instantly makes a frequent flyer mile in those airlines completely worthless as the fuel surcharge is not much less than buying the ticket outright.

MR also has a small list of hotel partners. Starwood is completely out of the question as points transfer 3:1, Hilton is the best hotel partner left and their points are ok, but if you wanted to earn Hilton points you can do much better with a Hilton branded card.

So the only realistic option for me a membership reward is worth 1 cent/point for a gift card or pay with points. Since AMEX charges a booking fee pay with points is pretty much useless. That just leaves me with gift cards so basically the AMEX gold is a 3% cashback on airfare, 2% groceries and gas, and 1% on everything else for a 175 dollar annual fee. Really doesnt sound too appealing.

I really want an AMEX someday and I can see myself getting the platinum someday if I ever become a serious traveler and have plenty of money, but as a regular Joe an AMEX charge card is a quite bad value.