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@Walt_K wrote:
No one is saying there aren't examples of high spenders with other issuers. Amex historically is one of the smaller CCs based on number of cardholders, but at the upper end in terms of dollar volume of transactions. So notwithstanding individual cases to the contrary, on average their members spend more.
+1
On average, the annual spend for Amex is approximately $8.5K per user, while for Visa/MC it's around $2.5K. As always, there are exceptions, but in general, Amex cardholders spend more.
http://www.cardhub.com/edu/market-share-by-credit-card-network/
Edit - And, I got the post in third! Speaking on the low end of the spectrum, you don't see First Premier Amex, but First Premier Visa, right? LOL
Trying to understand the differences in our figures! I guess mine is per cardholder, yours are per card. But same picture overall.
In that instance, I'm sure if MC or VISA thinned down their users to those that spend more than 8.5K annually, it would have many times more people than AMEX.
Just because AMEX selectively chooses those with the highest incomes, doesn't mean more people with higher income actually apply... how many people do you see on here, complaining that they have gotten denied by AMEX not because of their score, but from their lack of income?
I did not say it was not true; I said not always correct. Nevertheless, it is a silly thing to say to merchants who are contemplating whether to accept American Express or not.
You really cannot compare Visa and Mastercard with American Express and Discover. Visa and Mastercard do not issue any cards, so have no control over who gets what, and have no control over the limits or rewards. American Express and Discover have a cobranded cards with banks, but for the most part, issue cards on their own, especially Discover. So the bank that will only issue a customer a $500 limit on a Visa is hindering the numbers, while American Express can give that customer whatever they think they deserve. I am not sure if it makes sense what I am saying.
That further proves my point that American Express is running a tight ship on who to allow in (or out) of their cardmember network.
I've never even heard of Discover doing financial reviews on it's cardmembers so I don't lump them in with American Express
@Anonymous wrote:That further proves my point that American Express is running a tight ship on who to allow in (or out) of their cardmember network.
I've never even heard of Discover doing financial reviews on it's cardmembers so I don't lump them in with American Express
I think most of us would agree (although the ship is much broader than in the past, and more than public perception), and it is well documented that Amex default/write-off rate is lower than the big banks, and slightly lower than Discover. But how does that impact the subthread, which is basically, "If you are a merchant, should you take the higher cost of accepting Amex?"
@Anonymous wrote:In that instance, I'm sure if MC or VISA thinned down their users to those that spend more than 8.5K annually, it would have many times more people than AMEX.
Just because AMEX selectively chooses those with the highest incomes, doesn't mean more people with higher income actually apply... how many people do you see on here, complaining that they have gotten denied by AMEX not because of their score, but from their lack of income?
And if they did thin out their customer base, they could also make the same claim that customers using their cards will purchase more on average, but they don't.
Gotta ask will Visa and MC up their qualifications/minimum for Signature and World Master Card??
@chnceit wrote:Gotta ask will Visa and MC up their qualifications/minimum for Signature and World Master Card??
Not sure if this is precisely what you are asking, but they do charge higher swipe fees for those IIRC.