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Why is American Express so sought after?

New Member

Why is American Express so sought after?

Hi Everyone,

 

I'm relatively new to this community and I've been noticing that American Express' cards are the most sought after on this board.  Can anyone explain why?  Outside of this community the American Express cards seem to only be status symbols.  When I applied for my Zync, that's all it was to me.  A reward, symbol, for the credit I'd been working to build.  (Honestly, now that I have the card, the prestige is gone... it's pretty and sparkly but ultimately I have to pay it off just like cards from other companies.)

But here it seems like there is something more to the cards.  Why is it so important to have one's foot in the door with American Express?  Why should one be more mindful of the AE bill than others?  What am I not seeing in terms of the power or admirability of the card?  Can someone explain this a little more thoroughly?

 

Message 1 of 87
86 REPLIES
Regular Contributor

Re: Why is American Express so sought after?


Crick wrote:

Hi Everyone,

 

I'm relatively new to this community and I've been noticing that American Express' cards are the most sought after on this board.  Can anyone explain why?  Outside of this community the American Express cards seem to only be status symbols.  When I applied for my Zync, that's all it was to me.  A reward, symbol, for the credit I'd been working to build.  (Honestly, now that I have the card, the prestige is gone... it's pretty and sparkly but ultimately I have to pay it off just like cards from other companies.)

But here it seems like there is something more to the cards.  Why is it so important to have one's foot in the door with American Express?  Why should one be more mindful of the AE bill than others?  What am I not seeing in terms of the power or admirability of the card?  Can someone explain this a little more thoroughly?

 


I think American Express is somewhat of s status symbol shows that you have made it in the credit card world. 

Message 2 of 87
Senior Contributor

Re: Why is American Express so sought after?

I would say not only status symbol but the extra bennifits of the warranty and good customer service

Message 3 of 87
Super Contributor

Re: Why is American Express so sought after?

My personal take is that having an AMEX might also help with other creditors/lenders.

 

AMEX has long been/is still considered the APEX of credit cards so I assume that lenders feel more comfortable seeing someone with an AMEX.

 

Maybe it's all in my head Smiley Happy




Message 4 of 87
Frequent Contributor

Re: Why is American Express so sought after?

 

I think too, that it is viewed as a sense of accomplishment as they tend to have stricter guidelines for approval, especially for those who have bounced back from lower ratings...for me it makes me feel as though I have done things right in the credit world, reaping the benefits by talking to a knowledgeable CSR and routed to the appropriate person if an issue cannot be resolved.... if you doubt their customer service think about the last time you made ANY progress with a Capital One CSR Smiley Wink

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 5 of 87
Senior Contributor

Re: Why is American Express so sought after?

The customer service is great.  It's very easy to deal with them if you have any fraudulent charges on your account, although I've had good customer service experiences with that issue from other cards.  The benefits like the theft and accidental damage protection are great.  Membership Rewards is a great program especially if you like to travel.  Chase Ultimate Rewards is catching up now that Amex has lost some transfer partners, and there have been devaluations to the programs of the partners they've kept.  But MR is still a solid program. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 6 of 87
Super Contributor

Re: Why is American Express so sought after?

 

 

Backdating.   AMEX is the only company that backdates new cards open dates to your initial card open date, which can add significant positive age to your AAoA.

This in turn will bump your FICO® score up.

 

No other company does this.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 7 of 87
Moderator Emeritus

Re: Why is American Express so sought after?

My take is twofold. First, Amex is great because of their backdating feature. I opened mine in 2009 and I know if I open a 2nd CC in 15 years let's say, provided Amex and backdating arestill around, my second Amex will also show an open date of 2009. This helps with your length of history and AAoA which helps your credit.

 

The second reason is more important, IMO. Amex charge (Green for me) forces me to PIF every month. I try to put 100% of my CC purchases on the Green which keeps me out of debt when I pay the bill in full. I lacked discipline to do that for my other CCs and figured Amex was a good catalyst to PIF.

Message 8 of 87
Established Contributor

Re: Why is American Express so sought after?


CS800 wrote:

My personal take is that having an AMEX might also help with other creditors/lenders.

 

AMEX has long been/is still considered the APEX of credit cards so I assume that lenders feel more comfortable seeing someone with an AMEX.

 

Maybe it's all in my head Smiley Happy


I have to say that I don't necessarily agree with that...any creditor is going to be concerned with what's on your report not because you have an AMEX card. Go to any credit union or bank and they will say having an AMEX won't make a difference on whether you get approved. It will come down to what's on your report, credit score and income. 

 

On the other hand I do agree about AMEX having great customer service and their benefits are great if utilized.


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
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Message 9 of 87
Established Contributor

Re: Why is American Express so sought after?

The warranty and extra perks pizza on the 26th! Lol
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 10 of 87