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The arguments that some are making support my claim that the value they present is a bit overrated. I'm not downing the folks that have it. I'm explaining that marketing and perceived value impact the decision making more than folks let on. I've had a PRG since 2010 and have not gotten anywhere near the value I've received from CSP or even my Amex BCP. I think I should clarify that I think the charge cards are overrated, and not the revolvers. I guess I should have said that sooner. Oops.
@FutureBillionaire wrote:The arguments that some are making support my claim that the value they present is a bit overrated. I'm not downing the folks that have it. I'm explaining that marketing and perceived value impact the decision making more than folks let on. I've had a PRG since 2010 and have not gotten anywhere near the value I've received from CSP or even my Amex BCP. I think I should clarify that I think the charge cards are overrated, and not the revolvers. I guess I should have said that sooner. Oops.
I can't say much about the PRG since I never had it and I value UR over MR, so my CSP get most of my spending.
The Plat card may seem expensive, but the lounge access it provides on top of other perks, is at a good value, especially if you fly quite a bit. Then again, if you don't fly a lot, or don't use lounges at all even when you're flying, then obviously that card will seem pretty useless.
And if you can make good use out of MR, then the PRG can be well worth its value as well.
The "value" is dependent upon the individual.
@FutureBillionaire wrote:
@myjourney wrote:
@FutureBillionaire wrote:
@myjourney wrote:Amex has some great features
Warranty
Backdating
3X CLI
Fraud Protection which I think is unmatched
The other day I made 2 online purchases out of my spending pattern.
They jumped into action sent me an email and 3 calls to verify I made the purchases.
While 3 calls maybe a lot I'll take that for my financial security
Discover and Bank of America routinely call me about purchases outside of my spending pattern. Discover will text me and let me reply back. I don't even have to talk on the phone. Plus, I don't pay any fee to Discover.
Other cards offer warranties. But, how often do you use the warranty? Are you getting value or are they selling you features that you most often won't use?
Backdating is the only perk that is substantial that you can't get with another company. But, it is only helpful when applying for credit cards. It's not going to be helpful for mortgage purchases.
Before jumping to conclusions the Amex in question does not have an AF associated with it and I still get the same great service. As for the warranty I'm not paying anything for it another bonus so weather I use it or not is completely irreverent its there if needed. It's all in the consumers eyes as to which card you prefer to use for your warranty I have Discover as well but prefer my bigger purchases to be covered by Amex
Just and FYI
Discover is well known to side with the merchant and deny claims whereas Amex not only puts the consumer first but will also take the merchandise itself should the merchant refuse your return
As to the text alert comment Amex will also text you I just hadn't used the feature but it was added the day on the incident so IMHO Discover is lagging sadly behind Amex in all phases including CLI's
Just out of curiosity what was meant by "its not going to be helpful during mortgage purchases"?
Because history is history and the first card is still the oldest card so I'm not sure of your analogy
Regarding mortgage purchases, the lender can look at the actually payment history on a 2nd or 3rd Amex card and know that I don't have, as an example, 10 years of history with all of my Amex cards as opposed to 5.
Apples to donuts here...seriously
The lender could care less and in fact cares more about the original card with the 10 year card period
The lender doesn't care if you have 20 Amex card as long as they all don't have balances.
Truly your making cases that have nothing to do with the topic basically Amex and its relationship to mortgages...Huh
But everyone has a choice in what they choose, app and the benefits as it relates to them and you seem to use this topic as a beating ground for Amex yet you have it...Lol
I guess Amex is not to bad huh? Lol
EDIT and an Amex with an AF at that
@FutureBillionaire wrote:The arguments that some are making support my claim that the value they present is a bit overrated. I'm not downing the folks that have it. I'm explaining that marketing and perceived value impact the decision making more than folks let on. I've had a PRG since 2010 and have not gotten anywhere near the value I've received from CSP or even my Amex BCP. I think I should clarify that I think the charge cards are overrated, and not the revolvers. I guess I should have said that sooner. Oops.
No doubt Amex is great at marketing and selling the image. However, for me the charging capability is simply not something I have on my other cards. I have a relatively thin ans short file but have put over 60k on Amex which would have maxed out all my regular CCs and then some. I do think you are right about Amex's marketing of status and this has a signficant effect on people wanting and getting Amex cards.
@enharu wrote:
@FutureBillionaire wrote:
@Anonymous-own-fico wrote:
FutureBillionaire wrote
Insurance is one of the biggest ripoffs in this great nation of ours. You're paying for ACCESS to something that you may not even need.
If there are two things that I have come to know about people, it is that they don't like upfront costs, say a monthly bus pass instead of paying cash every day, and that they don't like to be regulated, say being told a bottle of soda can be only so big. You can make of this what you like, but for the discussion here it helps to take a step back and be reminded that insurance is not the problem, not considering the unexpected is. In the land of credit cards, one unlucky day without perks can wipe out years of rewards. Or put differently, you cannot scratch a lottery ticket to see if it's winning or losing until you have purchased it!
I see the wisdom in what you are saying. But, that doesn't justify paying a hefty fee to Amex for 90 days worth of protection. Now, if it protected it from loss or damage for a year, I'd be all over it. I invest in cases or items of that nature to help protect my purchases. (I get rewards on those purchases, too.)
May I ask, what hefty fee are you paying for 90 days worth of protection?
The BCE has 0 AF and it offers the same protection. So once again, what fee?
The 90 days protection is just offered as a convenience / goodwill. The caps are also relatively low, especially for valuables, and there's a lot of exceptions that are not covered as well. If you need real insurance, get an insurance policy.
If you are getting the card solely for the protection, then you're obviously getting the wrong product for the wrong reasons. What you need is an insurance policy, not a credit card.
And just to add, other issuers offer similar forms of insurance as well. What varies however is the service. Some issuers, such as Discovere, are well known to make it a living hell experience for anyone who's trying to file any kind of disputes. Some, such as Chase, will still throw you some hurdles to jump through along the way, which can be irritating to some customers. This is pretty much the same for insurance companies. I can go with a well-known national insurance company that has a reputation for its claim process, or I can scrimp and go with a ghetto company that's going to make my life a living hell whenever I try to file any claim. It's up to you on which you decide is right for you. There's no right or wrong answer.
But, isn't this one of the benefits that Amex apologists tout? Specifically the charge cards? Again, I'm speaking about the charge cards. I think they're awful. I have one, and I hate it. But, I don't want to close it just yet.
Obviously Amex's charge cards aren't for you. I think why a lot of people like them is that it forces you to PIF at the end of the month, so there's no "debt trap" to fall into. Personally, I likely wouldn't have an Amex charge card, but I love my BCE. I feel like my BCE has a better rewards program, and all of the extra benefits of an Amex Charge Card.FutureBillionaire wrote:But, isn't this one of the benefits that Amex apologists tout? Specifically the charge cards? Again, I'm speaking about the charge cards. I think they're awful. I have one, and I hate it. But, I don't want to close it just yet.
@myjourney wrote:
@FutureBillionaire wrote:
@myjourney wrote:
@FutureBillionaire wrote:
@myjourney wrote:Amex has some great features
Warranty
Backdating
3X CLI
Fraud Protection which I think is unmatched
The other day I made 2 online purchases out of my spending pattern.
They jumped into action sent me an email and 3 calls to verify I made the purchases.
While 3 calls maybe a lot I'll take that for my financial security
Discover and Bank of America routinely call me about purchases outside of my spending pattern. Discover will text me and let me reply back. I don't even have to talk on the phone. Plus, I don't pay any fee to Discover.
Other cards offer warranties. But, how often do you use the warranty? Are you getting value or are they selling you features that you most often won't use?
Backdating is the only perk that is substantial that you can't get with another company. But, it is only helpful when applying for credit cards. It's not going to be helpful for mortgage purchases.
Before jumping to conclusions the Amex in question does not have an AF associated with it and I still get the same great service. As for the warranty I'm not paying anything for it another bonus so weather I use it or not is completely irreverent its there if needed. It's all in the consumers eyes as to which card you prefer to use for your warranty I have Discover as well but prefer my bigger purchases to be covered by Amex
Just and FYI
Discover is well known to side with the merchant and deny claims whereas Amex not only puts the consumer first but will also take the merchandise itself should the merchant refuse your return
As to the text alert comment Amex will also text you I just hadn't used the feature but it was added the day on the incident so IMHO Discover is lagging sadly behind Amex in all phases including CLI's
Just out of curiosity what was meant by "its not going to be helpful during mortgage purchases"?
Because history is history and the first card is still the oldest card so I'm not sure of your analogy
Regarding mortgage purchases, the lender can look at the actually payment history on a 2nd or 3rd Amex card and know that I don't have, as an example, 10 years of history with all of my Amex cards as opposed to 5.
Apples to donuts here...seriously
The lender could care less and in fact cares more about the original card with the 10 year card period
The lender doesn't care if you have 20 Amex card as long as they all don't have balances.
Truly your making cases that have nothing to do with the topic basically Amex and its relationship to mortgages...Huh
But everyone has a choice in what they choose, app and the benefits as it relates to them and you seem to use this topic as a beating ground for Amex yet you have it...Lol
I guess Amex is not to bad huh? Lol
EDIT and an Amex with an AF at that
I'm not making a case. I'm refuting the cases that are being made. The mortgage analogy that you are analyzing is being taken out of context.
Backdating is useful to keep a high score and help get CCs. It's not so useful if you're looking for a mortgage.
@FutureBillionaire wrote:
@myjourney wrote:
@FutureBillionaire wrote:
@myjourney wrote:
@FutureBillionaire wrote:
@myjourney wrote:Amex has some great features
Warranty
Backdating
3X CLI
Fraud Protection which I think is unmatched
The other day I made 2 online purchases out of my spending pattern.
They jumped into action sent me an email and 3 calls to verify I made the purchases.
While 3 calls maybe a lot I'll take that for my financial security
Discover and Bank of America routinely call me about purchases outside of my spending pattern. Discover will text me and let me reply back. I don't even have to talk on the phone. Plus, I don't pay any fee to Discover.
Other cards offer warranties. But, how often do you use the warranty? Are you getting value or are they selling you features that you most often won't use?
Backdating is the only perk that is substantial that you can't get with another company. But, it is only helpful when applying for credit cards. It's not going to be helpful for mortgage purchases.
Before jumping to conclusions the Amex in question does not have an AF associated with it and I still get the same great service. As for the warranty I'm not paying anything for it another bonus so weather I use it or not is completely irreverent its there if needed. It's all in the consumers eyes as to which card you prefer to use for your warranty I have Discover as well but prefer my bigger purchases to be covered by Amex
Just and FYI
Discover is well known to side with the merchant and deny claims whereas Amex not only puts the consumer first but will also take the merchandise itself should the merchant refuse your return
As to the text alert comment Amex will also text you I just hadn't used the feature but it was added the day on the incident so IMHO Discover is lagging sadly behind Amex in all phases including CLI's
Just out of curiosity what was meant by "its not going to be helpful during mortgage purchases"?
Because history is history and the first card is still the oldest card so I'm not sure of your analogy
Regarding mortgage purchases, the lender can look at the actually payment history on a 2nd or 3rd Amex card and know that I don't have, as an example, 10 years of history with all of my Amex cards as opposed to 5.
Apples to donuts here...seriously
The lender could care less and in fact cares more about the original card with the 10 year card period
The lender doesn't care if you have 20 Amex card as long as they all don't have balances.
Truly your making cases that have nothing to do with the topic basically Amex and its relationship to mortgages...Huh
But everyone has a choice in what they choose, app and the benefits as it relates to them and you seem to use this topic as a beating ground for Amex yet you have it...Lol
I guess Amex is not to bad huh? Lol
EDIT and an Amex with an AF at that
I'm not making a case. I'm refuting the cases that are being made. The mortgage analogy that you are analyzing is being taken out of context.
Backdating is useful to keep a high score and help get CCs. It's not so useful if you're looking for a mortgage.
Depends on the situation. For me it would not be useful at all as I'm not looking for a mortgage. Ever. But for people that are and also have old Amex lines backdating can be quite useful. It raises FICO scores and that is what determines interest rate because when mortgages are insured and/or resold the FICO score determines the price. Paying the lowest interest rate on a 30 year big ticket purchase is extremely valuable.