Picking the right AmEx card

Anonymous · ‎07-26-2008

I currently have the AmEx TrueEarnings. It makes me happy, because hey, it's an AmEx, but also because it has great rewards.

Now that I'm actually making some real money I've considered setting-up a Preferred Rewards Green or Gold charge card. I've considering doing this because I wouldn't have to worry about credit limits and can charge as much as I want (Right?), and I never carry a balance anyways, so it wouldn't be that much of an inconvenience.

Any word on whether or not the exclusive access to special restaurants, concerts, events?

I also know their rewards points are great for any and all kinds of travel.

On the other hand, 1% back in cash is always better than 1% back in the form of travel points. Not to mention I already get 2% back in cash for travel and 3% back for restaurants and gas.

Why do people carry the Green or Gold and pay an annual fee instead of getting the TrueEarnings?

Anonymous · ‎07-26-2008

1. It does not count in UTL (charge card)

2. Some of us could not get the TE card

3. I have other CB cards I use as well (discover, Simply cash)

jaybird201 wrote:

Why do people carry the Green or Gold and pay an annual fee instead of getting the TrueEarnings?

haulingthescoreup · ‎07-26-2008

Well, first of all, if the TrueEarnings card is the AmEx Costco card, it's because there isn't a Costco within 200 miles of where I live.

I have the Gold card because I wanted to creep into the AmEx family with a charge card. For the first year, there's no fee.

I got the Gold Rewards Plus card (can never remember the exact name of the fool thing) because it has double points the first year with the "travel partners", and the first five or something AU's are free. I doubt that I will keep it once the free year is up, because the most excitement in my life is running into former neighbors at the county dump on Saturdays, and I don't need their Gold Card Events service for that.

I did appreciate their help in booking a hotel, but I don't think it was more than what I would get with a regular AmEx revolver. And as I said, I've yet to use whatever special access I'm supposed to have to concerts and so forth.

I plan to switch to Clear or Blue in 2009 and close the Gold. And if Santa Claus drops a Costco in my town in the interim, I'll do that one instead!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎07-26-2008

4. It looks cooler

Just thought I'd help you out.

Anonymous · ‎07-26-2008

Kind of ignorant to think Costco is everywhere. I guess I'm spoiled with 3 or 4 of them within 30 minutes of me.

They're in the process of taking over the world though, so keep your fingers crossed. It shouldn't be too long before you've got one next door.

haulingthescoreup · ‎07-26-2008

We actually have an online petition begging them to build in our town.

They started out in the West and finally started drifting eastward. So they are typically in the bigger markets in the East, and they're just now becoming available to us common folk.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Watchmann · ‎07-26-2008

jaybird201 wrote:

Now that I'm actually making some real money I've considered setting-up a Preferred Rewards Green or Gold charge card. I've considering doing this because I wouldn't have to worry about credit limits and can charge as much as I want (Right?), and I never carry a balance anyways, so it wouldn't be that much of an inconvenience.

Any word on whether or not the exclusive access to special restaurants, concerts, events?

On the other hand, 1% back in cash is always better than 1% back in the form of travel points. Not to mention I already get 2% back in cash for travel and 3% back for restaurants and gas.

Why do people carry the Green or Gold and pay an annual fee instead of getting the TrueEarnings?

Hah, do not fool yourself into thinking you can go charge that Lear jet on your charge card. It is NOT unlimited, it is a dynamic approved amount, depending on past spending patterns and your ability to pay. They don't tell you what that amount is exactly. You can call them up and ask if $X amount will be approved. But the ability to pay means they might just call you to the phone and ask you to provide banking references so they can call your bank to see if you have the funds available to pay the charge. That can be a bit awkward standing at the Tiffany diamond counter trying to pay for your fiances $15k engagement ring and they come back with a 'AMEX would like to speak with you, sir'.

Yes, you get special advance notice of concert and special events where you can buy tickets about a week before they go on sale to the public. I've used that several times.

The small percentage back is a feature that is overblown, imo. You probably spend at least 1-3% more than a cash buyer. Human instinct just trying to chase 'free' money.

If the cash back feature is important stick with what you have.

Message Edited by Watchmann on 07-26-2008 07:07 PM

FretlessMayhem · ‎07-26-2008

The charge cards don't screw up your util, which is a definite advantage over their revolvers.

I agree with Timothy on using other cards also. I use my Discover Open Road for 5 percent back on gas and at Best Buy. On three purchases I accrued about $10 cash back on those 5 percents. Can't beat that.

Here we go again...

Anonymous · ‎07-26-2008

The charge cards are cool. That said I'm undecided on keeping my Gold. I've got the Plum Card and it seems to have all of the gold features except membership rewards points and gold card events. AMEX isn't being too generous with CC accounts since they have been having financial difficulties.

Anonymous · ‎07-26-2008

@Anonymous wrote:
The charge cards are cool. That said I'm undecided on keeping my Gold. I've got the Plum Card and it seems to have all of the gold features except membership rewards points and gold card events. AMEX isn't being too generous with CC accounts since they have been having financial difficulties.

Well in my case I think Amex has been generous as of late. I recently requested a CLI on the blue cash card. I went from 5K to 8K. Not too bad, especially since I have only had the cards since last year. Even so I still love my clear. But with Amex you can allocate the credit lines, so if I wanted I could move two thousand over and bring this puppy up to ten (you have to leave $1k in the other account). Needless to say, I am gonna try to use this bad boy for a year religiously and see what kind of cash back I can earn!