@Anonymouswrote:
So I went a bit app crazy a few years back. I have apped for 15, approved for 14, and closed 6 for a total of 8 open accounts.
I kept my AMEX/Discover cards just to be in network with them but I am unsure about keeping them open. What types of benefits do they provide that are unique from Visa? Is it important to maintain relationships with as many of the big banks as possible?
Nope, other lenders offer better cards.
At the top, the Chase Sapphire Reserve, UR points, Citi Prestige, U.S Bank Altitude Reserve... Those are all better than what AMEX gives their customers.
On the other hand, however, the AMEX Platinum is only good if you have the Schwab version IMO, or if you get a 100,000 points offer or use Delta or Centurion lounges. Other than that, there's nothing great about it when compared to US Bank's, Chase's, or Citi's $400 annual fee cards, which I think are better than the Plat. The rewards and benefits program is just meh compared to the other cards, in my opinion. AMEX offers $200 towards airline incidentals (the least amount) with the most restrictive ways to use them of the three (Citi, AMEX, Chase) by making you choose one airline a year to use it for. AMEX doesn't have trip cancellation/interruption insurance (which is ridiculous and downright stupid) so to me, it's not worth the 5x on airfare purchases when I can get more benefits and 3x with Citi and Chase. I guess being from the northeast with the constant winter weather, trip insurance is a must. The card then "drip feeds" $15 a month for you to use with Uber, which is another non-friendly benefit IMO when they could just give you all $200 at once. Then we have the 5x on hotels, but wait, that's only if you book through AMEX's hotels site, taking away hotel loyalty perks for your stay, and then of course, the annual fee is more than all of the other cards by $100-$200 a year on top of it, and then let me see now... No dining category for points, useless 5x on airfare and AMEX hotels though their site, and 1x on everything else. Overrated card IMO.
Blue Cash cards? Forget about them, they're the worst in the industry from a rewards prespective. They look pretty but there's an extra statement lag behind when you'll get the rewards, and then you can only redeem $25 at a time, which makes this rewards program an industry leader in stupidity. 6% back isn't actually 6% unless you watch your rewards program like a hawk and can redeem in those $25 increments.
The Green card? Useless. No benefits, 1x on everything except purchases through AMEX travel, $95 annual fee. No idea why AMEX hasn't woken up and improved this card yet.
If AMEX were still taking the cardholder's side no matter what, providing a superior rewards program, and could get their stuff together, I think they would be doing better, although they just grabbed the remainder of Hilton and will share Marriott in the future, so they have that going for them. The only cards worth using are the co-brands, PRG, and Everyday. The co-brands at least post their rewards at the end of the month, and the Delta cards are only worth having for the free checked bags and companion ticket.
I would say from a personal prespective that Discover is a better lender. At least my rewards post at the end of the statement, I get matched on my spending bonus at the end of the first year, there's no $25 minimum or redemption increments, I know there will be an American on the other side of the line when I call, and their deals are more worthwhile than "AMEX offers." it's too bad Discover doesn't have a premium rewards card.
