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New Contributor
Posts: 64
Registered: ‎11-21-2012
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Re: Vanity Cards?

Can I ask you guys your opinion about the prestige of Amex revolvers vs Amex charge cards? I feel like the charge cards carry more prestige. Am I wrong about this? I haven't "tested" that theory, but that's my gut feeling. I don't think it's harder to qualify for a Green than a BCP though. I probably could qualify at least for a Gold, but I just do not see the value of Amex charge cards other than looks - I mean their rewards are crap, they have annual fees and you can't carry a balance, no 0% promos, they don't report limits, I just can't justify it. And I woudln't use it. I earn a lot with my BCP, it seems like it's million times better. And it does impress people mildly. I don't get why it does though, as according to FICO like 40% of the US population has the credit score to qualify for one. Could be higher actually. So it really shouldn't be a status symbol. I think many people are just unaware that they could easily qualify for one, they just automatically think Amex = prestige based on old popular culture I guess.

 

About restaurants, I use my Cash+ to get 5% and that's really not an impressive card haha, US Bank not exactly a status symbol. I could use my Amex, but 5% is just too good. :smileywink:

Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
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Re: Vanity Cards?

They don't report limits because there is none they are no pre set spending limit.there is not apr so you will never see a 0% apr.

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Frequent Contributor
Posts: 332
Registered: ‎04-09-2013
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Re: Vanity Cards?

The AmEx charge cards have kept their classic design for a half century, which gives them an "old money" street-cred, that the regular credit cards just don't have.

It is also well known that the charge cards have high annual fees and require full payment upon receipt of statement, which means that anyone charging expensive goods and services must have the resources to cover those charges, whereas the less well-off consumers are more likely to put large purchases on a credit card (which allows payment over time).

There was a time when AmEx, Diners Club, and Carte Blanche were considered high prestige charge cards, because they did have higher income requirements.

Although Visa & MasterCard have lagged behind in prestige, recent years have seen the development of high-premium cards, bearing those company logos.

There will always be a market for status symbols, so there will always be innovative new products to fill that niche.

 

Epic Contributor
Posts: 24,274
Registered: ‎10-23-2007
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Re: Vanity Cards?

I have to say I agree with little bits of almost all the responses:

~ Amex Charge are easier to get then Credit but I DO agree that people look at them as more high end

~ Amex Zync known by most on here as the easy hard limit possible card still up till I didn't have it got the most interest and looks out of ANY card I have carried to this day, Was even asked towards the beginning if it was higher up than the black card.

~I think Restaurant outing rather it be who you are out with or the staff do give the second look at the credit cards in the check more than any other place you use a card

~White or Black cards seem to get the extra look no matter what - Macy's Elite Amex is black and I had a guy that looked, swiped, and then said "I didn't know Macy's had a Black American Express!!"

~Retail sales is a toss up - If it's not commission, they want to know if you have the card (lets say Express... but rathat it's silver or black won't matter that much to them if they can't get the bonus for opening it and don't need you to ask for them when they come back... if it is commission and they don't know you, then they don't care what your going to pay for as long as it goes through if you are spending $1,$2,$5k.... if it happens to be the store card then maybe makes you easier to track or something....

but rich don't mess around with the Diamond SAKS card, they pay with Black Amex.

I know when I worked at Neiman Marcus I just prayed that if I didn't know the person they didn't hand me a Visa/MC/ or Discover because I then had a 50/50 chance I would loose the sale... Now I looked twice at wanting to know you if you handed me Black Amex or Platinum Neiman Marcus (not sure they have anymore, but use to be issued to card holders that spent more than $100k a year! (Yes I want you in my client book!!!!)

~Hello Kitty - Yes, I did once have a friend that had 2 Hello Kitty Debit Cards and 1 Hello Kitty Credit Card - That's really all to say.

 

To sum up, those who know credit cards are going to see a Discover or a Freedom and be like AHH, 5%... go you! others are going to see Amex Green and be like YEAH big money! sad as it is depending the situation I have used a card that I didn't want to simply because I knew it would get a better look or thought about it... And the best way to say it as one of the first posters said, "Some people drive Cadilac and some drive Chevy. Some might just not get denied at the gas pump if they drove what they could afford :smileytongue:

Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Frequent Contributor
Posts: 473
Registered: ‎04-09-2012
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Re: Vanity Cards?

Personally, I could care less what my credit cards look like and I don't get cards just because they are pretty or neat.  When I pay for lunch or dinner for friends, coworkers or clients, I discreetly put the card in the folder and know one sees it because, quite frankly, it is none of their business what I use.  While I don't have an Amex (my bankruptcy is 7 years old and I need to wait until it is at least 8 years old), I consider all of my credits cards to be fine and sufficient for what I need them for.  When I get an Amex, the last thing I am going to do is flash it around.  I don't feel the need to "impress" anyone.

 

I own a business that typically have transaction amount that are anywhere between a couple hundred dollars to over $3000 dollars, so, most customers use credit cards.  I would never comment or scrutinize or pass around anyone's credit card, and my employees are instructed not to do so.  We swipe the card, hand it back and get their signature.  I could care less if they use a fancy Amex or a Credit One, just as long as the transaction is approved.  

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Epic Contributor
Posts: 24,274
Registered: ‎10-23-2007
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Re: Vanity Cards?


kimmiller112 wrote:

Personally, I could care less what my credit cards look like and I don't get cards just because they are pretty or neat.  When I pay for lunch or dinner for friends, coworkers or clients, I discreetly put the card in the folder and know one sees it because, quite frankly, it is none of their business what I use.  While I don't have an Amex (my bankruptcy is 7 years old and I need to wait until it is at least 8 years old), I consider all of my credits cards to be fine and sufficient for what I need them for.  When I get an Amex, the last thing I am going to do is flash it around.  I don't feel the need to "impress" anyone.

 

I own a business that typically have transaction amount that are anywhere between a couple hundred dollars to over $3000 dollars, so, most customers use credit cards.  I would never comment or scrutinize or pass around anyone's credit card, and my employees are instructed not to do so.  We swipe the card, hand it back and get their signature.  I could care less if they use a fancy Amex or a Credit One, just as long as the transaction is approved.  


As a business owner and as someone in commission sales in the past this is what I agree with 100%!!

Fico Scores: EQ- 670., TU 705 Sync, EX 700 (04/20/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
83 Cards and Counting :smileytongue:
Established Contributor
Posts: 734
Registered: ‎02-01-2012
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Re: Vanity Cards?

Revelate said:

"When I put down an Amex, I often get a second look by the wait staff.   Similar happens with the various folks I wind up eating lunch with (my employment since everyone has strange daily schedules, often wind up going out with semi-random people... one of the few social benefits of my employment inside the workplace)."  

 


Funny, I have often thought about such things when eating out but I'm just too greedy to care about impressing anyone. I pull out the ol' generic looking, uninspring US Bank Cash + when eating out and without exception. 5.25% cash back (not counting the soon to be defunct $25 gift card bonus) is simply too much to pass up. :smileywink:

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Established Contributor
Posts: 734
Registered: ‎02-01-2012
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Re: Vanity Cards?

[ Edited ]

IE Credit said:

"I work for a Bank and once after work we all went to BWW. When it came time to pay one of our coworkers pulled out a Cap 1 card and alot of the table just laughed. Till this day that story still cra up! Just saying it was a laugh =)"

 


I couldn't help but grin and shake my head when reading this....and for multiple reasons. It's funny how perception and reality can be so at odds with each other. 

 

Yes, I suppose I understand the laughter. That's all because of popular perception. In reality, some Capital One cards are not only flat out superior to some Amex cards (for certain financial goals) but also harder to get approved for. Again, that's reality. 

 

On 3/21/12, I applied for the Spark (tri-pull) and was denied. Later that day, Amex pulled only my weakest score at the time and I was instantly approved for the Plum Card and NPSL. It wasn't til a recon letter and ANOTHER tri-pull (ticked me off) 6 weeks later in May succeeded that I got the Spark....and with only a $5000 limit to start. 

 

Don't get me wrong, I realize that, to the outside world, the Plum is more impressive. But I use the Spark 90% of the time. Money talks. Appearances are overrated. 2% straight cash back with a $59 AF vs. a 1.5% discount with stipulations and a $175 AF? No contest. Spark puts more money in my pocket and I now have a $23.5K limit on it, which renders the Plum almost useless for day to day biz spending. It's been almost a year now and the spark has made me well over $2000 in cash back. Plum couldn't have done that. Let them laugh. I'll laugh last. 

 

OTOH, I have often said that Capital One should do what Toyota and Honda did with the creation of Lexus and Acura and target those status-conscious users with a higher brand.

 

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Frequent Contributor
Posts: 341
Registered: ‎04-21-2012
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Re: Vanity Cards?

[ Edited ]

frugalQ wrote:
I was just having lunch with a group of coworkers and using my everyday card....and could care less if they were impressed or not.

I'm just making the point that in some circles, people watch which card you pay with.

If someone is trying to make an impression, the card you use will probably matter.

Seriously???  Those are specifically the types of people I avoid with a passion.  Sorry, but shallow people aren't people that need impressing.  No offense to you of course.

Getting respect for having the ability to manage my fiances properly - that I can appreciate.

 

Moderator Emeritus
Posts: 10,924
Registered: ‎12-30-2011
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Re: Vanity Cards?

Kim: people will judge others by massive numbers of minute details.

It's possible you live in a less materialistic corner of the country than I do (LA), and I greatly applaud your stance on the issue: it's one I even subscribed to for the majority of my adult life; however, in trying to become more social, I've noticed there are certain expectations and preconceptions that the majority of people have whether rightly or wrongly as some people have correctly suggested in this thread in my estimation.

I don't make a big deal about picking up the tab, but people notice regardless. If you do it surreptitiously as you suggest, that simply highlights your personality in other ways. I pick up on those things and I'm a social idiot, though personally I'd see it as a huge plus others would disagree.

Depends on the situation to be certain, but I would suggest most of humanity isn't as idealistic as you. That is unfortunate, as I suspect the world would be a much better place if they were.

/salute
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
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