I don't get the Amex thing...

[Walt_K]

Another thing that seems to get lost in the shuffle in these threads is that when people say there are other cards that offer the same or better benefits, that wasn't always the case.  Chase's UR program is very good, but it's a pretty recent competitor to MR.  MR was the best or one of the best rewards programs for a long time.  Despite some of the devaluation, it is still a very good program.  And I won't be surprised if they start trying to make enhancements to compete with Chase.  Nevertheless, a brand isn't going to lose all of its cachet instantly just because someone else finally started competing.  Amex built up a solid reputation for customer service, benefits, and rewards over a decent period of time.  Even if there are other competitive cards out there now, that doesn't mean that Amex doesn't still have a number of solid card offerings. 

[navigatethis12]

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@Open123 wrote:

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Yes, I do see your point, of course.

As a consumer--and purely from own perspective as one--I couldn't care less what is or isn't important to a merchant.  My underlying aspiration is what is good for the individual--me--and not so much what is good for the whole.  That's a question better left to others much wiser than I to figure out.

As to the merchants, they should of course decide on what is or isn't beneficial for them.  Is taking Amex and the added revenues worth the risk of arbitrary chargebacks from Amex holders?  If it is, they should continue to take Amex.  If it isn't--or when it is no longer beneficial--they should fire Amex. 

Likewse, Amex will be forced to change their policies if all merchants refuse to accept them.  In the end, supply and demand from the free market of consumers, merchants, and issuers to decide on what is beneficial to each will take care of itself.

Oh, I don't see this as an attack.  Discourse and ideals challenged leads to a better though out concept than it otherwise would be.  What good is an idea or concept that can't stand up to scrutiny, right? 

Even if it were an attack, I'm far too old take it personally anymore.

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I am not really worried about merchants either. I use American Express without pause when it gets me the most cashback. I know the people though, so it is different. I am just saying American Express should look out for both parties.

[pkosheta]

After getting a fraudulent charge less than a month with my new Amex, I called them in almost a panic. My poor pretty and very new Amex was being abused Amex rep was very reassuring I would not be liable and gave me multiple options on how to handle it ( I was on business travel at the time). interestingly, I was working at the time of the fraudulent charge in a place that blocks cell reception and Internet so it was literally impossible for me to contact the outside world unless on a secured line, let alone make any charges at the time in another state. Amex rep made a notation of this in my file in regards to this charge. Last time I looked at my online statement the charge was gone and that was the end of it. One 4 minute phone call took care of it all. Moral of the story, sometimes that amazing customer service is worth getting half a cent less per dollar in rewards. Peace of mind= priceless.

[kimmiller112]

Please don't tell me that you are the type of person who will dispute something just because you can and not because you should.  I am about to stop accepting Amex at my business because of the people disputing their charges without a legitimate claim.  I am in the vacation rental business and just lost a dispute for a $4000 claim.  She sent emails during her stay stating that she and her family had a great time and everything was perfect.  She then lied about the condition of the house on her claim as soon as she got back.  In an email after her stay, she stated that she couldn't afford the trip, felt it was too expensive (despite being given a discount) and she wouldn't be able to afford her upcoming bills.  This was a case where she shouldn't have spent the money on a vacation if she really couldn't afford it.  People know that disputes usually favor the customer and they are taking advantage of that.  So it is small businesses (and large) that are paying the consequences of people like that. 

Now, if it is a legitimate claim, I am all in favor of taking care of the customer.  But not all people are being honest.

[HikingFICOMountain]

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@kimmiller112 wrote:

Please don't tell me that you are the type of person who will dispute something just because you can and not because you should.  I am about to stop accepting Amex at my business because of the people disputing their charges without a legitimate claim.  I am in the vacation rental business and just lost a dispute for a $4000 claim.  She sent emails during her stay stating that she and her family had a great time and everything was perfect.  She then lied about the condition of the house on her claim as soon as she got back.  In an email after her stay, she stated that she couldn't afford the trip, felt it was too expensive (despite being given a discount) and she wouldn't be able to afford her upcoming bills.  This was a case where she shouldn't have spent the money on a vacation if she really couldn't afford it.  People know that disputes usually favor the customer and they are taking advantage of that.  So it is small businesses (and large) that are paying the consequences of people like that. 

Now, if it is a legitimate claim, I am all in favor of taking care of the customer.  But not all people are being honest.

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Sorry to hear that..... there is no excuse for doint that if she really didn't have concerns. I  would first try to work it out with the owners and document legitimate complaints and requests for assistance. I wouldn't lie and then complain to AMEX on the back end because I might "get away with it". It is like stealing and nothing good will come of it. - Karma

[aussiesareforever]

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@dude11 wrote:

Everyone wants one because everyone else has one. 

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That's why I want one... lol, because I feel like I'm supposed to want one!  Luckily I've evaded the i(Product) peer pressure, but I'm considering caving here haha

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You evaded the i(Product) peer pressure for now?? I say for now because you can't forever. One day you'll finally give in and admit that the i(Products) are the best things ever made

[injustifiiable]

I wouldn't mind a nice, nifty ZYNC to take the place of my debit card...especially considering BoA called me today saying quite a few numbers were "compromised" and was sending me a new one.

It's pretty.

Oh, and AMEX has some of the best customer service in the industry. It's very much a status symbol, but I think it was more so back when they had charge cards only.

Anyone remember Carte Blanche?? lol

[drsmith]

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@kimmiller112 wrote:

Please don't tell me that you are the type of person who will dispute something just because you can and not because you should.  I am about to stop accepting Amex at my business because of the people disputing their charges without a legitimate claim.  I am in the vacation rental business and just lost a dispute for a $4000 claim.  She sent emails during her stay stating that she and her family had a great time and everything was perfect.  She then lied about the condition of the house on her claim as soon as she got back.  In an email after her stay, she stated that she couldn't afford the trip, felt it was too expensive (despite being given a discount) and she wouldn't be able to afford her upcoming bills.  This was a case where she shouldn't have spent the money on a vacation if she really couldn't afford it.  People know that disputes usually favor the customer and they are taking advantage of that.  So it is small businesses (and large) that are paying the consequences of people like that. 

Now, if it is a legitimate claim, I am all in favor of taking care of the customer.  But not all people are being honest.

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Ouch

I have one almost as good

I'm a manager for a rental car company, and recently we had a customer pick up a 21 day rental from us. He rented a Suburban, and when he got to the counter we sold him our additional coverages. So he wasn't responsible for the rental car, and he had our liability coverage. It was definitely expensive. A one way suburban, with the coverage during winter was $3700. 

Well a week into his rental, he totaled the Suburban. Ran it head on into another vehicle. A total loss, $45,000 vehicle gone. Well he walked away without a single bill because he purchased the coverage, and we sent him a new suburban. A month later, I get a fax from the credit card department that I need to send over his signed rental agreement to prove the charges because he's disputing them.

Fortunately I had the agreement, but can you imagine the nerve of the guy? Totalled our vehicle, we brought him another one, then he was mad that he was getting billed for the coverage. Totally uncool. 

On topic, 

This is the 432038303th time this year I've seen this thread. I don't understand the obsession with not understanding the obsession with Amex. 

[SanjeevR]

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@Anonymous wrote:

You're not the only one that doesn't get the AMEX thing. Their BCE/BCP cards are the best out there for cashback on everyday spending if you ask me, but their charge cards have always been their bread and butter.

A Membership reward point used to be quite valuable, but now unless you are lucky a MR point is worth less than 1 cent. I think you can get 1 cent per point on gift cards but the major part of MR points have been the ability to transfer to airline and hotel partners and AMEX has lost some major partners recently like southwest and continental. Delta is the biggest domestic airline left, and their miles are quite hard to redeem at the lowest levels. Most of their foreign airline partners have fuel surcharges on award tickets which in some cases  are so expensive it is almost as much as buying a ticket outright. Makes the points/miles completely worthless.

So you are paying 95, 175, or 450 per year AF for in most cases less than 1 cent per point. Not too appealing. Looking at it that way for the average Joe a Zync is the best charge card, but you get better rewards elsewhere.

The only things I see that still make AMEX great is if you are a frequent traveler and big spender the perks on the Platinum or 15k MR point bonus on the Gold make it worthwhile, but other than that you can get better rewards and card perks elsewhere. As a travel geek Chase UR kick the pants off of MR, not only because United and Southwest are the two biggest airlines at my home airport, but there are no online booking fees through UR, and no point transfer fees either.

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I agree. I love Amex and will consider them to be top notch. They were the first prime lender to let me back in the door with a 630 FICO. This says a lot. They took a shot with me.

Some of the reasons I love Amex:

1) The charge cards don't factor into utilization. So, I basically use my cards as a debit replacement. I only purchase what I can pay off in full during the month. This is critical to establishing financial stability. Many people get in trouble by simply living a lifestyle that is based on credit (which they cannot afford)

2) Purchasing power on charge cards grows very quickly. I started out being able to purchase $1200 (soft limit) on my PRG card. After about 4 months of running between $8,000 - $10,000/month, my limit is now $50,000 on both my PRG and Green cards. Try to find a credit card that will grow that quickly!

3) Peace of mind. As others have said, their Customer Service and extended benefits are top notch.

4) Social media discounts. This is a new benefit that I don't hear mentioned too often. I've saved money at McDonald's, Best Buy, Panera Bread and Cheesecake Factory simply by "adding offers to the card" via Facebook, Twitter and 4Square. How many other cards offer that? (These are immediate coupons that post to your billing activity before the statements even cut. Awesome.)

5) Amex will grow with you. After improving credit (now in mid to high 700's) and proving strong payment record with Amex, I was just approved for two of their best cards. Hilton Surpass and BCP, 20K limits on each. I am very impressed.

Why I needed to diversify my portfolio by signing up with Chase:

1) While I love Amex, it is very true that the MR program is very devalued. Now that they have lost Continental/United, the value on the points just is not there. Hence, I now have two Chase cards: United MileagePlus Explorer and the CSP. The Chase Sapphire Preferred is actually the best card out there for those looking for travel rewards. Period.

2) By booking travel through the Ultimate Rewards website, I am able to earn 3 points per dollar on hotel and airfare. Incredible. This is far better than even the United MileagePlus Explorer or Club Card (which carries a hefty annual fee of $395)! CSP also earn 2 points per dollar on all other travel and dining purchases.

3) No foreign transaction fees on CSP (This benefit is only available to platinum Amex holders)

4) 7% yearly point dividend on CSP

5) 20% fewer points required if "paying with points" (Amex is a 1:1 ratio, CSP is 0.8:1 ratio)

6) No point transfer fees. I just paid about $40 to transfer 37,000 points to Jetblue. That really sucked!

7) Primary car rental insurance included with United MileageExplorer - which means that your personal car insurance does not need to cover an accident first (Amex provides secondary insurance with its products, except for platinum or the paid Premium version for $24.95 per rental)

8) Visa signature cards offer price protection - "You made an eligible purchase last week, and now it's on sale at your local retailer. With price protection, you can be reimbursed for the difference when you use your Card (up to $500 per item)." Awesome benefit

9) Again, while I absolutely love Amex, it's not accepted everywhere. I'd say it's accepted at about 90% of the places I've wanted to use it.

So, generally speaking, Amex has great products with great benefits. But, given the changes in the MR program and some of the other benefits offered by Chase, I did find the need to diversify. But, Amex still has a lifelong customer in me. I would never diminish their willingness to take a chance with me. I truly believe I will be splitting my purchases 50-50. That way I can maximize my airline points (via UR/United) and hotel stay points (via Hilton).

Hope this helps.

[Wolf3]

It is the excitement of never knowing when your charge might be denied, or your account frozen while you undergo financial review.