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why does everyone want an AMEX?

Regular Contributor

why does everyone want an AMEX?

hey ya'll im curius as I build my lineup of CCs...why does everyone seem to want some sort of AMEX card? is it the rewards or more of a status thing? Or does it look good on your CR? 

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Message 1 of 59
58 REPLIES
Mega Contributor

Re: why does everyone want an AMEX?

Both. AMEX has some really good rewards cards mostly their revolvers. Their charge cards gain points for redemption. Most creditors see AMEX on your CR's and are more willing to lend to you. YMMV of course.



EQ FICO 548 3/3/16
Message 2 of 59
Frequent Contributor

Re: why does everyone want an AMEX?

And for backdating purposes as well Smiley Happy

Message 3 of 59
Frequent Contributor

Re: why does everyone want an AMEX?

Status symbol 90% of the time.  I know that was the case for me.  But that's never enough, because now there's a heirarchy within AMEX itself.  Plus the accomplishement of one of the toughests cards to get.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 4 of 59
Mega Contributor

Re: why does everyone want an AMEX?

Forgot about the backdating, but that wouldn't be a perk for a new cardmember never having an AMEX.



EQ FICO 548 3/3/16
Message 5 of 59
Regular Contributor

Re: why does everyone want an AMEX?

backdating?? explain please...

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Message 6 of 59
Frequent Contributor

Re: why does everyone want an AMEX?


beautybrainsbooty wrote:

backdating?? explain please...


Apparently it let's you have the date of your very first AMEX card when you sign up for new cards from them.  That way it looks like an "old" account on your credit report and helps out your credit score in the area of "average age of account (AAoA).  So if you have a card from 1990, and you get a Blue card in 2012, AMEX will back date that Blue card to 1990, giving you an instant 20 year history...I'm surprised CRA's haven't caught on to this.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 7 of 59
Contributor

Re: why does everyone want an AMEX?

I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking.  I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2250, Macy's 2000, Kay's 7600, Capital One 1400, Capital One 4000, Quicksilver One 3500; Quicksilver 3000; QVC 3500, Walmart 6000, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 3600, Discover 1500, Lowes 12000, Amazon 2400

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
Current Scores: 2/6/15: TU 696 EX: 679 EQ: 658
Goal Score: 700
Message 8 of 59
Frequent Contributor

Re: why does everyone want an AMEX?


EmpressLuv wrote:

I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking.  I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..


Did you damn near fall out of your chair like I did?Smiley Very Happy

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Message 9 of 59
Valued Contributor

Re: why does everyone want an AMEX?

I don't want an AMEX.  They are not for everyone.  I travel throughout the world and am outside of the USA for long periods of time.  For me, the best cards are Visa and Mastercard, specifically the ones that charge 0% for foreign purchases.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 10 of 59