Reply
Valued Contributor
Posts: 1,074
Registered: ‎04-24-2008
0

Re: Why is American Express so sought after?

1. Backdating - invaluable

2. CLI without hard pull

3. Generous CLI after usaged

4. Customer Service

5. Accepted all over the world

6. Great rewards on their revolving CCs

7. Product Change without hassels

8. Just think it's a must have card in everyone's credit card portfolio

Frequent Contributor
Posts: 262
Registered: ‎06-13-2008
0

Re: Why is American Express so sought after?

CS800 I would think there is some truth to what you said.  During my early state of credit building, under manual review I've had more than one Rep refer to my AMEX card, "I see you have an AMEX card, that's good" and then approve me for a card.  Personally I don't care for AMEX credit cards (just the charge cards) because of their erractic behavior; after several CLD's on two different cards (not carried the same time) I decided to just stick with the charge cards.  Now I have gotten rental card upgrades, hotel upgrades and one night I dined at the Capital Grille, paid my check, when the waitress returned she had free dessert for me and my husband to go.  Could've been the 20% tip, which I consider standard, or it could've been the AMEX platinum card I used to pay for the meal.  But there does seem to be something to the AMEX name I guess.   

Marriott Rewards Visa $25,000; AirTran A+Rewards Visa $25,000; PFCU Visa $17,000; Barclay B&N MasterCard $12,000; GUCU Visa $10,500; Nordstrom Visa $10,000; GOCU Visa $10,000; Ann Taylor MasterCard $6,400; US Bank Perks Plus Visa $5,000; Barclay Arrival MasterCard $5,000; Quicksilver One $3,000; Capital One Classic $3,000; Amazon Visa $500; Sam's Club MasterCard $250; Dillards AMEX $250; Wal-Mart MasterCard $250.
Regular Contributor
Posts: 136
Registered: ‎09-27-2011
0

Re: Why is American Express so sought after?


Backdating is definitely a big advantage.

and also a status of being responsible and managing your credit well?

Valued Contributor
Posts: 1,486
Registered: ‎08-14-2011
0

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?

 


 

It is indeed a status symbol in the credit world, much like a Ferrari is a status symbol in the real world (not so much in the auto world).  As others have said, AMEX is looked highly upon by other creditors so it can help you in some cases.

 

Plus there's warranty benefits, customer service, and all that other good stuff.

 

Also the BCE/BCP are probably the best rewards cards out there right now.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Valued Contributor
Posts: 1,473
Registered: ‎09-01-2011
0

Re: Why is American Express so sought after?


tntexans72 wrote:

1. Backdating - invaluable

2. CLI without hard pull

3. Generous CLI after usaged

4. Customer Service

5. Accepted all over the world

6. Great rewards on their revolving CCs

7. Product Change without hassels

8. Just think it's a must have card in everyone's credit card portfolio


1. It is, but I wonder if this will ever cease since they aren't technically reporting accurate info.

2. Citi and others do this time.

3. Depends on credit

4. Chase does too, among others.

5. Visa/MasterCard accepted at even MORE places.

6. Many CCs do too.

7. Chase, Citi, BofA and Discover allow it too, etc.

8. Opinion, it's good but not a must have.

 

I think the status symbol and prestige is eliminated when you hear of people with a 600 FICO getting approved for a $500 limit with mandatory auto-pay. IMHO it used to mean something but now AmEx (along with everyone else) seems to approve nearly anyone without baddies. It just isn't as special as many make it out to be and for the record, I have The Platinum Card and a revolving account.  

Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Why is American Express so sought after?

An Amex lets you feel rich. :smileyhappy:

 

Before American Express diluted the brand name, with a gajillion products, their charge card said "I've arrived and can actually afford this purchase!". Now it just means you have a good credit score and are willing to pay the fees. In the past it was perceived more as a sign of above average income, not credit. Now people with no money but great credit can get a taste how the better off are treated, for an annual fee, :smileyhappy: It's essentially a way to buy status for some.

 

They definitely have great benefits and top notch customer service.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,074
Registered: ‎04-24-2008
0

Re: Why is American Express so sought after?


mxp114 wrote:

tntexans72 wrote:

1. Backdating - invaluable

2. CLI without hard pull

3. Generous CLI after usaged

4. Customer Service

5. Accepted all over the world

6. Great rewards on their revolving CCs

7. Product Change without hassels

8. Just think it's a must have card in everyone's credit card portfolio


1. It is, but I wonder if this will ever cease since they aren't technically reporting accurate info.

2. Citi and others do this time.

3. Depends on credit

4. Chase does too, among others.

5. Visa/MasterCard accepted at even MORE places.

6. Many CCs do too.

7. Chase, Citi, BofA and Discover allow it too, etc.

8. Opinion, it's good but not a must have.

 

I think the status symbol and prestige is eliminated when you hear of people with a 600 FICO getting approved for a $500 limit with mandatory auto-pay. IMHO it used to mean something but now AmEx (along with everyone else) seems to approve nearly anyone without baddies. It just isn't as special as many make it out to be and for the record, I have The Platinum Card and a revolving account.  


 

You are right but these banks have to make $$ and to do that, they have to offer cards for different class level imho. The same standard that is use by Amex to approved a Zync applicant is not the same with the Platinum card and vice versa. Same with Chase, their cream of the crops cards right now are the Sapphire & Preferred vs. Freedom Signature and Freedom Platinum. But I can understand ppl who has the Zync card will maybe one day want a Gold or a Platinum etc.......or maybe they are just happy with the Zync card and stick with it.

 

But when I see a customer who pulls out a Platinum card, I know that person is doing well........YMMV.

 

 

Valued Contributor
Posts: 1,473
Registered: ‎09-01-2011
0

Re: Why is American Express so sought after?

[ Edited ]

tntexans72 wrote:

 

You are right but these banks have to make $$ and to do that, they have to offer cards for different class level imho. The same standard that is use by Amex to approved a Zync applicant is not the same with the Platinum card and vice versa. Same with Chase, their cream of the crops cards right now are the Sapphire & Preferred vs. Freedom Signature and Freedom Platinum. But I can understand ppl who has the Zync card will maybe one day want a Gold or a Platinum etc.......or maybe they are just happy with the Zync card and stick with it.

 

But when I see a customer who pulls out a Platinum card, I know that person is doing well........YMMV.

 

 


Exactly but then American Express isn't a status symbol, rather select American Express card products are. Which is the same with nearly every lender that issues card products to people with basic good credit and exceptional world-class credit.

Valued Member
Posts: 52
Registered: ‎04-02-2009
0

Re: Why is American Express so sought after?

[ Edited ]
It reminds me I have great credit and that makes me feel good.

Here are my Amex cards
Plum
Platinum
Starwood
Contributor
Posts: 472
Registered: ‎10-22-2011
0

Re: Why is American Express so sought after?

[ Edited ]

pastnow123 wrote:


Backdating is definitely a big advantage.

and also a status of being responsible and managing your credit well?


Not too sure of this...I had an AMEX card way back ..when I was silly .

 

---------------------------------------------------------------------------------------------------------
All Scores Recieved Within 1 week in OCT, 2011


Transunion myFICO = 673 Pulled 11-28-11
Transunion FICO= 653 New Version Score Recent Credit Pull 11-26-11

Transunion FAKO= 627 Got This From Equifax Complete Advantage Plan
Transunion FAKO= 714 Grade C .Got This From AnnualCreditReport.Transunion

Equifax FICO = 684
Equifax FAKO= 663 Got This From Equifax Complete Advantage Plan

Experian FICO= 640
Experian PLUS= 599 Got This From Experian's WebSite.
Experian FAKO= 711 Got This From Equifax Complete Advantage Plan



Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.