Whats the reason for having an Amex card?

[yfan]

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@Closingracer99 wrote:

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@slicemans wrote:

The only amex card I would get is the costco card. I shop at costco and they  only take american express or debit.

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I wouldn't take that Card.... Costco accepts any Amex card and wouldn't want to be stuck with a card that requires you to have a costco membership. 

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I have to disagree with this. Most American Express cards require an annual fee anyway. And the Costco membership fee is actually less than that of the Amex cards that charge an annual fee. There are also two benefits the Costco Amex offers that no other Amex does:

• 3% cashback at Costco gas! This is huge, and the True Earnings card is the only card that will allow this. You can use another Amex, but you won't get your gas reward at Costco.
• The flexibility not to have to carry your Costco membership card when you go to Costco - you just flash your True Earnings and be on your way.

If you let your Costco membership lapse, you can easily transfer the card into another Amex, but for people who shop at Costco, get gas at Costco and want a rewards card without an additional AF, they can't do better than the Costco Amex.

[yfan]

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@Turbobuick wrote:

If we were to cancel membership at Costco, the TrueEarnings card would cancel with it? Has it been verified that the TrueEarnings card never stands alone with Costco?

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Yes. When my father canceled his Costco membership (retired and moved to his home country), his Amex True Earnings was canceled as well.

[yfan]

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@Closingracer99 wrote:

There not better but BCE offers 2% on Gas and personally I would't touch the Costco Amex card since you need to be a member to eithe Waive the AF or even have the card. Remember the Amex Cash back comes in as a check for Costco use.

I am also a huge user of Amazon but the prices to me seem way better at costco.

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BCE does NOT offer 2% on Costco gas. Their terms of service explicitly exclude warehouse gas stations, which includes Costco. The benefit of having the TE is that you get to take advantage of a 3% cashback on gas *on top of* Costco's already cheaper prices.

[titancylinder]

Many people do not see American Express the way I see it. But, first let me say this, before I got my American Express card, which wasn't very long ago. I was skeptical about it too. However, I just got 1500 airline miles for making a purchase of something I was going to buy anyways. Which was an Bose QC 20I. So effectively, at 1cent a mile, I took 150 dollars off my 299 dollar order from Bose. This is just one example. --Even with, lets say Barclay's Arrival Plus, and the 2 miles per dollar. It still would not have beat the value I got for the Bose in partnership with Delta and Amex.. This goes to say that, each credit card has a purpose. And its good to have a solid portfolio. 

Example two, American Express has one of the most well thought out online account transaction systems I have ever encountered with creditors. Lets say, you had a preauthorization from a gas pump, say it was 99 dollars. But, you actually bought 25 dollars in gas. American Express allows you to "monitor" that transaction until it processes. And the system will notify you when the transaction completes. 

Example three, American Express has an amazing SMS system. You can select all types of settings and parameters. For example, American Express notifies me every single time my credit card is used when no card is present. (Capital one and Chase both do not do this. From my experience--anyways).

Third, I dial the number on the back of my card, someone answers in less than 30 seconds. English based.

Fourth, Amex is very generous with their credit limits and their credit limit increases. Initial eligible increase is 61 days. Then 180 afterwords. And most are soft pulls. 

Fifth, American Express overnighted a chip and sig card to me for free. And it was here the next day before 1PM. I requested around 5PM the previous day. (Other creditors do this as well---however this is just an added bonus.)

As far as people thinking American Express is a status symbol. American Express is just like any other premier lender. Chase Sapphire Preferred is considered a status symbol too by some. To me, they are just tools for finances.

Last, but not least. American Express CSR's are energetic.---And I like energy.

Best

[Middleswarth]

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@lonerower wrote:

I would like to start off that I am neutral in my feelings for Amex.  I just want to know if I am missing out on not having one?  I searched these boards and found a few answers but wanted to get a fresh opinion.

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Concerts.  I missed out on several deals and early access to tickets because I did not have an AMEX card.

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I have scores in low to mid 700's and steadily improving.  No BK history.  I have income of 85k.  I don't think I qualify for the NPSL card which seems to me like an alternative to a debit card or check book for high dollar monthly spenders.

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My scores and income are similar to yours.  I went for the BCE because I figured I would use it for groceries in addition to concert tickets. I was instantly approved for 10k.

[Open123]

From my perspective, the reasons are:

1.  SPG & MR work very well for me.  As with Lexie, while I accure UR & TYs, I'd prefer diversification.

2.  Backdating - far and away the best single non-monetary benefit of any issuer.

3.  Closed loop system and (unlike Discover's) inclined to rule in favor of the cardmember without any need for feedback from the Merchant.

4.  I just like American Express, and its uniquely traditional American branding.

While I'm clearly openly mercenary when it comes to CC rewards, I'm definitely biased towards (or, some refer to this as fanboism) Amex. History and tradition are extremely important to me.  American Express is one of the greatest American brands of the 20th century, and endures even to this day.  When doing business abroad, though much less widely accepted than Visa/MC, I still prefer using a card that is idenitifed as uniquely American, since we're first and foremost an American Firm.  As my father used to say, "I live in NY City, not the world."

Finally, there's a tradition that I find comforting.  It is that during the height of the Great Depression (or, the outbreak of WWI?), if I recall correctly, Americans abroad were found stranded, since their credit was refused by the European Banks.  American Express was the only company in Europe willing to provide Americans funding to return home.  While this is a bit nostalgic and has little practical value today, I'd like to think that Amex's corporate culture is still driven by that singular notion--to provide funding and aid to Americans travelling abroad.

I guess, we all have to be fanboys of something.  

[longtimelurker]

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@BarryNTexas wrote:

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@09Lexie wrote:

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@Closingracer99 wrote:

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@BarryNTexas wrote:

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@mongstradamus wrote:

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@lonerower wrote:

I would like to start off that I am neutral in my feelings for Amex.  I just want to know if I am missing out on not having one?  I searched these boards and found a few answers but wanted to get a fresh opinion.

I have scores in low to mid 700's and steadily improving.  No BK history.  I have income of 85k.  I don't think I qualify for the NPSL card which seems to me like an alternative to a debit card or check book for high dollar monthly spenders.

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Well for me i like 3x sp cli they offer , MSD to pad AAOA, extended warranty on purchases. Some of those cards with NPSL are MR cards so you can acquire MR points with an pretty nice signup bonus 

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+1

What's the reason to not have one revolver and one charge?  I have never seen a downside.

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Their Charge cards from what I can tell all have Af's and that alone is a downside for me ... Personally the only Card with an AF I am considering long term is the CSP 

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It depends on what you value in reward programs, UR or MR. With any AF cc, you must be able to recoup the benefits without 'spending'outside your comfort level.  If you know your spending pattern, you should be able to determine if the sign up bonus and the reward structure works for you.  

I prefer having both programs because I don't like to put all my eggs in one basket.  The UR program is fine with 50-60 % of my spend ie dining, rotating categories but the other portion I use Amex.  For their charge cards,  large purchases that won't clog up my CL's and reimbursable business expenses are key for me.  The AF on both my PRG and newly acquired Plat will pay for itself with moderate usage. 

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I guess YMMV for AMEX love... but for me my normal spend on the charge card yields me from $300-500 in Gift Cards in December.  Takes care of most of my Christmas gifting much of the extended family.  The AF pays for itself.

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It may make sense for you, but in general gift card redemptions are a poor use of MR points, as you are getting ~ 1c per point.  Spend on other cards would give more.

[j_casteel]

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@lonerower wrote:

I would like to start off that I am neutral in my feelings for Amex.  I just want to know if I am missing out on not having one?  I searched these boards and found a few answers but wanted to get a fresh opinion.

I have scores in low to mid 700's and steadily improving.  No BK history.  I have income of 85k.  I don't think I qualify for the NPSL card which seems to me like an alternative to a debit card or check book for high dollar monthly spenders.

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To shop at Costco

[purebulldogs]

the spending power of an Amex is nice but I like best how they seem to give you a chance to prove yourself and grow with them after ontime payments.

[Closingracer99]

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@yfan wrote:

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@Closingracer99 wrote:

There not better but BCE offers 2% on Gas and personally I would't touch the Costco Amex card since you need to be a member to eithe Waive the AF or even have the card. Remember the Amex Cash back comes in as a check for Costco use.

I am also a huge user of Amazon but the prices to me seem way better at costco.

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BCE does NOT offer 2% on Costco gas. Their terms of service explicitly exclude warehouse gas stations, which includes Costco. The benefit of having the TE is that you get to take advantage of a 3% cashback on gas *on top of* Costco's already cheaper prices.

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IDK Costco Gas prices since the Costco in Deer Park , Long Island City , Rego Park, Harlem and Brooklyn doesn't sell gas and those are the Costco's that I have been to.   My opinion is the Every day card is better where you can earn 20% more MR points after 20 transactions or the EDP with 30% I think after 30 transactions.