Credit Cards

[thriceknight]

So what are your opinions about having/wanting an American Express Card? Whats the point of getting a charge card when the whole point of credit is to "borrow"?

Comments wanted!!!! 

[amercnchopz34]

Wanting a ZYNC......bad...real bad?...just cause I love the card and it would be ..."welcome to primeville "

[TannerK]

Protectons, benefits, backdating, rewards. 

I believe that pretty much sums it up.

[dyv8914]

They also have credit products (Blue revolvers, SPG, Hilton, Delta, JetBlue, etc.)

There are some recent threads that have discussed this topic in detail. If you do a search you can pull those up.

But in general people have said:

1. Prestige

2. Good customer service

3. Backdating

4. Good rewards (frequent bonuses/deals, transfer 1:1 to FF programs, etc.)

5. Good benefits (concierge, ease of claiming purchase protection+extended warranty, etc.)

6. SP for future apps (if denied), SP for CLIs, generous CLIs (with supporting income), APR reductions every so often

7. NPSL on charge cards (if carry high balance doesn't affect util)

[navigatethis12]

I got an American Express purely because of the 3% cashback at grocery stores. If it was not for that I would not have one. I never did and still do not see them as prestigious. I have always received wonderful customer service from all companies and other companies rewards are pretty much on par with American Express as well. the Visa Signatures I have have warranty protection PNC will match a price drop after purchase. They also have a conceirge service, something the Blue Cash Everyday does not have.

I have no interest in a charge card because I do not believe in annual fees. However, I think people like them because the balance does not factor into your credit score. Also because they could put a $30,000 charge on it without a problem while a card with a static limit would no be able to do that. Visa Signature and World Mastercards can go above he limit but it will not continually go up like a charge card.

Personally I would rather know my limit at all times. It would be awful to have the card declined because your spending ability decreased because of a few months of not spending so much.

[Wolf3]

Early Warning System.   Anything bad shows up on your CR and they will be the first to freeze your credit, and ask for a Financial Review.

[CreditScholar]

Perceived prestige/reputation and backdating. Everything else can be found in similar, equivalent or better incarnations with other cards.

[haulingthescoreup]

Rewards, rewards, rewards. (You have to pick the rewards card that matches your usage, though.) If someone wants to give me money back for using their card in an intelligent fashion, I'll happily accept it.

Good customer service, especially if someone gets your account info. (Happened once after DD#2 reserved a block of hotel rooms using my card number. Not her fault, and not AmEx's fault.)

Don't care a flip about any perceived "prestige." I've never gotten a card because it seemed cool or made me feel special, and I don't expect to ever do so.

I PIF, so I don't consider it credit in the usual sense. To me, it's like the old-fashioned practice of settling your accounts once a month with your local merchants. My grandmother did this, but instead of plastic, the merchants kept ledgers, and my grandmother paid her bills each month.

[GBPac12]

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thriceknight wrote:

So what are your opinions about having/wanting an American Express Card? Whats the point of getting a charge card when the whole point of credit is to "borrow"?

Comments wanted!!!! 

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One is "borrowing" credit/cash be it a charge card or a regular card. What it really boils down to is the terms in how the item being borrowed, in this case money, is to be payed back and the benefits, or lack of benefits, associate with the card, or means for borrowing, in question. Many might bring up the issue of prestige, but that can be classified as a benefit in that prestige is an admiration or respect of an item in terms of its quality/achievements. For example, Amex is considered prestigious in that many people admire it for the quality of service they demonstrate and or their product denote a certain achievement in life i.e. Centurion with its $250,000 "borrowing" minimum, which some feel is advantageous or useful in their daily financial endeavors.

[clocktick]

I have 3 Amex cards and none of them are charge cards.  I also PIF so I guess I only "borrow" for a month or so.  I admit, I only use one now - who can beat 6% off of groceries and backdate like they can?

Edited to add:  they are also my highest limit right now