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