09-27-2013 12:21 AM
some merchants consider AMEX card holders to be more business-friendly or savvy or more credit worthy
obviously this is the result of a marketing gimmick or a past version of american express, but maybe I don't have the complete picture
09-27-2013 01:04 AM
In short American Express is considered a luxury brand. They built there business catering to the business savvy, wealthy individuals. Public perception has been for so long that American Express = well off, so that's just the way it is perceived and its perpetuated to this day. Some other lenders are attempting to take this "title" from AMEX but at the moment AMEX still has that lineage.
Side note there are some reports showing American Express cards members do spend more than "by giving you the ability to accept cards that are held by nearly 50 million US customers who spend an average of 43% more with American Express Cards than with other cards*
09-27-2013 01:13 AM
Oh sure, the good people at Amex like affluent card holders, but they appreciate less than risky ones as well.
If it's an option to get 50% more on the perk scale by paying a mere 10% extra, I'm in. That's one way of looking at Amex.
When that's said, many with a FICO in the 600s know more about credit than some in the 800s. Oddly enough, you can be less knowledgeable and less risky at the same time!
09-27-2013 05:04 AM
It is all about marketing and their early years. Whenever I think of "Gold" or "Platinum," I think of Amex. I think most lenders will give them a run for their money now. However back in the day, they were the best and the reputation has stuck
09-27-2013 05:30 AM - edited 09-27-2013 05:53 AM
There's really not much to explain other than what was mentioned in the first reply. AmEx membership is a bit more diverse these days. Consider that they've branched out with products like Zync, prepaid, etc.
To go back to perception, it's like any other perception that generalizes about a large group of diverse people. You might as well ask us to explain the various stereotypes out there (not just credit-related). There's usually some seed of truth but the generalization does not apply in all cases so it's of dubious usefulness to rely solely on it versus assessing each individual instance.
They do seem to be more selective than some other lenders. They're not BK friendly and they seem to be inquiry sensitive. Per the link above the numbers do make their members look good as a group but that is AmEx marketing material for merchants so of course it's going to try to make AmEx acceptance look beneficial to the merchants.
10-02-2013 01:30 PM
It is interesting that the only CC that Costco takes is Amex
10-17-2013 02:33 PM - edited 10-17-2013 02:34 PM
DW just got an invitation to apply for a green charge card, I told her to trash it because her report has lots of baddies and a couple collections but 100% on time payment history. Credit karma has her at 601 fyi, she applied anyway and was instantly approved... Dumbfounded I thought AMEX was very strict and couldn't believe she was approved. meh end rant now
10-17-2013 11:19 PM
10-18-2013 09:07 AM
If her baddies are old and not major derogs ie bks, judgments they can be receptive. Also CK scores are FAKOS.
Yes, ck is a FAKO and I have not checked her FICO's yet as we are tackling some collection letters that she is getting currently. Man did I, "mr always on the credit forums", that told her to trash the offer look stupid when she flipped the computer around to show me an approval screen :/ Doh! Haha I am glad she didnt listen to me.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.