Re: Future for Zync holders
10-02-2012 07:30 PM
That is true.And raises some interesting points. From my experience the one thing Amex still had going for it was the so called "prestige" however, the reality is that this appears to no longer be the case. From this board and some personal experiences it looks like people are starting to realize all the "benefits" associated with Amex are available from Chase, Citi, Discover ect with a much lower cost and much less drama. Some examples being FEF's, travel insurance, purchase protection, customer service ect (And no file review!).
In short form what im saying is you can get a card that does the same thing from Visa or MC with much greater acceptance.
Do you think there are plans to maybe make some changes to bring back the "prestige" or are they going to try and change the product line itself to be more similar to those of the competitors.
All that aside I applied for the Zync because it looked cool
And if in the future Amex does do some interesting things that make them more relevant I will be there to support them.
While not a makor reason why I like Amex, I still feel that it carries a certain prestige to it's brand. While other have caught up a bit in terms of services and rewards, no other company offers backdating of accounts. From what I have seen Amex is also quite generous with it's credit limits and CLI's do not require a hard pull such as with Chase.
I'm not sure if I agree that Amex has the same level of prestige as it once did. This may still be true among some, but it has diminished significantly as they have become more commonplace. Where I grew up, everyone had an Amex. The only question was what color was it: black (the majority) or platinum (the rest). Since then it's become quite a mainstream product, with other issuers offering Amex-network products that people often confuse with actual Amex cards that are underwritten by Amex.
Other lenders have caught up, and are offering similar or superior rewards. In this respect, Amex is no longer a monopoly.
I never understood what the big deal with taking a HP for a CLI was anyways. If you're fairly conservative with your credit applications, it isn't that big of a hinderance. Backdating helps, but as you become more established AAoA begins to matter less and less. For someone who spends a lot of time outside the US, non-universal acceptance plus a lack of EMV chips severely limits Amex's usefulness.
Bank of America Privileges with Travel Rewards Visa Signature (EMV) - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $25,000 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL