I just got one a little over a week ago....the Plum....and I haven't even used it yet and I have already fallen out of love with Amex charge cards. Maybe I'm just too used to credit cards and the confidence in knowing what is in front of you at all times. But reading complaints, bad reviews about evolving limits and comments from ticked off customers (often good payers with long histories) about these issues has already turned me off to it all. The dissatifying conversation I had with Amex's apathetic executive office over how the Plum REALLY works in terms of the early-pay discounts has simply made it worse.
With today's options under Visa/MC, what's the point? You most often find equal rewards and values if not better (except maybe business class airfare being paid with Member points) and you get it with no annual fee or a much smaller one. And you know what you can spend at all times through your credit limit so there are no suprises or embarrassments that blindside you at the counter. Not to mention that your FICO will usually score better with credit cards under most circumstances.
Who wants to worry about your "No Preset Spending Limit" evolving for some foggy reason and then getting the rug pulled out from under you when you least expect it? Who wants to have to check if Amex will authorize a larger purchase or even a smaller one depending on circumstances when a credit limit and knowledge of your balance is so much safer?
It all just seems like a big hassle with too many inconveniences leaving one wary about being approved when they swipe the card or worried that less spending over a few months could get your spending ability reduced. With good rewards and defined limits that don't fluctuate or surprise you, there just seem to be too many good credit cards out there that make life much easier....far too easy to be outweighed by some worthless "prestige factor" or nice-but-not-totally-necessary customer service perks. And there's the fact that it's not as readily accepted....
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
"If I only charge $30 on a charge card for six months and then try to put $5000 it will probably be declined because it is way out of my spending habits. If I do the same on a card with a $10000 limit it will go through no problem and I always know that I can charge at least $10000."
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Yes. I don't like that Amex tries to judge you. If I charge lightly over a period of time, there isn't necessarily anything to read into and it's kinda creepy that they would do that. If I suddenly decide to make a large purchase a few months later, that's MY business and my choice based on my needs. Just give my limit and leave the rest to me.
The opposite is true too. I recently got my AMEX back. Initially it wouldn't let me charge over $2500. Two months later, 60k charge is no problem. No way any credit card could do that.
Also, the protections for AMEX are unmatched for the most part. Extended warranties etc. For me, the benefits of Plat Card are really nice. AMEX has credit cards too if that is what you like.
LIMITS IN CARD DESCRIPTIONS
Oh look this thread again
Starting Score: 703
Now that I'm retired charge cards work the best for me though I really don't like the NPSL. As a retired person I look at carrying a balance as, well, not a real option. It was when I was working mid career but not now. Thus, there is no practical difference between a charge card and credit card for my situation.
So why Amex?
1. Airport lounges
2. Costco
3. No ForEx fees
4. Possible use to charge infrequent but expensive flings costing >50k
