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Regretting AMEX ...

Regular Contributor

Regretting AMEX ...

I know it sounds crazy, but I really dont see the point in having a charge card. Ive had the Zync for a couple months now, and I must say that it is practically useless. The rewards are pitiful - might as well just use Freedom (my GoTo card) instead. Any others feeling the same way? 

Im sure AMEX would just close the account if I dont use it, but I really dont see any benefit from it.  (originally got it so I could get my foot in the door for the BCE)

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Message 1 of 26
25 REPLIES
Community Leader
Valued Contributor

Re: Regretting AMEX ...


cmthomas06 wrote:

I know it sounds crazy, but I really dont see the point in having a charge card. Ive had the Zync for a couple months now, and I must say that it is practically useless. The rewards are pitiful - might as well just use Freedom (my GoTo card) instead. Any others feeling the same way? 

Im sure AMEX would just close the account if I dont use it, but I really dont see any benefit from it.  (originally got it so I could get my foot in the door for the BCE)


Hey cmthomas06! 

It's  interesting to me this question you pose.  There really isn't the perfect card for everyone.  I found as I have become more FICO/credit savvy, that there are other cards that might better suit my spending habits.   I strongly recommend when offering advice, based on where one is in the rebuilding journey, to really look at how the inq/account will affect my profile and best benefit me for future growth.  Rebuilding really is a strategy.  One might not need a specific card now but it might be a means to an end.  I love my Amex Charge cards and because of the Amex perks, I've grown extremely fast with my FICO score.  I use it for everything, including gum and it's paid off for me with fantastic rewards both financially and FICO wise.  Rewards I might not have gotten say apping store cards like GE or Barclays to start. 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 2 of 26
Valued Contributor

Re: Regretting AMEX ...

that is why i don't have one. the only thing that amex has on other cards is AAA and you don't risk an inquiry if you are already a current cardmember.

Message 3 of 26
Established Contributor

Re: Regretting AMEX ...

One man's trash is another man's treasure. I'll trade you my very useful Capital One Secured for your pointless Amex Charge card? Cat LOL


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Message 4 of 26
New Contributor

Re: Regretting AMEX ...


scottwagnon wrote:

that is why i don't have one. the only thing that amex has on other cards is AAA and you don't risk an inquiry if you are already a current cardmember.


Could you expand on that second part? How does that work?

 

Recent FICO scores: TU - 755 (mortgage lender pull)
Message 5 of 26
Community Leader
Valued Contributor

Re: Regretting AMEX ...


eviLution wrote:

One man's trash is another man's treasure. I'll trade you my very useful Capital One Secured for your pointless Amex Charge card? Cat LOL


Haha!  +100

I bet here are many that feel that way.  I was one not too long ago!  Smiley Happy


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 6 of 26
Community Leader
Valued Contributor

Re: Regretting AMEX ...


Omri wrote:

scottwagnon wrote:

that is why i don't have one. the only thing that amex has on other cards is AAA and you don't risk an inquiry if you are already a current cardmember.


Could you expand on that second part? How does that work?

 


All subsequent Amex apps are SPs till approved.  A nice perk for sure.  There are really many more IMHO.


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 7 of 26
New Contributor

Re: Regretting AMEX ...

Dang, that's nice. Like, really nice.

Recent FICO scores: TU - 755 (mortgage lender pull)
Message 8 of 26
Blogger

Re: Regretting AMEX ...

To make you feel better, the card only has a minimal annual fee. 

 

In general, Amex's niche market is big spenders. Their charge cards specifically target those that need to run monstrous charges through their cards on a somewhat regular basis. A credit card won't have a credit limit high enough to cover these charges. But they also have a good line-up of credit cards. Getting that Zync will establish your Amex membership and make it easier for you to obtain their credit card products. I think this is the primary reason the Zync was popular while it existed. 

Message 9 of 26
Valued Contributor

Re: Regretting AMEX ...


Omri wrote:

Dang, that's nice. Like, really nice.



everyone should have an amex bank/charge card. having the ability to spike your AAOA with a totally new card in addition opting to open more without the risk of a hard pull is a fantastic advantage.

 

the main disadvantage to an amex card is the risk of FR and you cant get too relaxed about revolving a large balance. i am happy to have two and i am done with applying for any more amex cards.

Message 10 of 26