topic Re: Having Amex is not COMPULSORY - and why I have one in Credit Cards

Having Amex is not COMPULSORY - and why I have one

MidnightVoice — Fri, 25 Jul 2008 13:57:03 GMT

I see a lot of people complaining about Amex and how they work, and I freely admit they are strange. But to be blunt, if you don't like the company, don't use their products. It is not a requirement for survival.

I don't need an Amex yet, but in the future I will want to have one. I have family in the US and Europe, but currently nearly all my air fares are paid by frequent flyer miles and all my hotel bills are paid via hotel points. However, that will change when I retire, and I will have to pay for myself. When that happens, I want to do it via Amex, collect the rewards, and have Amex backing me up when I have problems anywhere. When I buy another computer, I want their extended warranty and initial loss protection.

So I got an Amex last year (Blue). I will use it every month, I will PIF, I will tell them when I do anything out of pattern. I am willing to do that for several years, so I have a perfect record with them and keep them happy. I will jump through a few very minor hoops (and their CSRs are friendly, know their business and are helpful, and I never have to wait for long to talk to one) in order to establish that relationship. I do not need an Amex to pay for a cup of coffee in the wilds of some state where the local shop is too small to take it. I want it for regular bills and the major costs of travel. For other stuff I have other cards, I use Amex for safe things.

I am willing to do this. I knew their flaws before I applied, and decided the advatages were worth the trouble. But. like any company, if you don't like their products, go to their competitors.

Re: Having Amex is not COMPULSORY - and why I have one

haulingthescoreup — Fri, 25 Jul 2008 13:59:54 GMT

Post of the day! (or week, or month, or year)

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 14:04:23 GMT

I understand your point, but at the same time, a big part of these boards is letting people know of potential pitfalls and mistakes associated with certain companies.

That being said, despite all the negative "press," I plan on applying for an AMEX soon. Can't wait to get these baddies resolved first =)

Re: Having Amex is not COMPULSORY - and why I have one

haulingthescoreup — Fri, 25 Jul 2008 14:10:46 GMT

@Anonymous wrote:
I understand your point, but at the same time, a big part of these boards is letting people know of potential pitfalls and mistakes associated with certain companies.

That being said, despite all the negative "press," I plan on applying for an AMEX soon. Can't wait to get these baddies resolved first =)

And that, too. I didn't mean for my post to sound dismissive of people's problems, because I'm certainly not.

I'm all in favor of pointing out the shallow sandbars and riptides of every card. We all need to be educated consumers, research the fire out of any card or company we're interested, and pay heed to what we read. Some cards need to be handled with more caution than others, and they're worth it for a long-term relationship.

Re: Having Amex is not COMPULSORY - and why I have one

MidnightVoice — Fri, 25 Jul 2008 14:36:22 GMT

haulingthescoreup wrote:
I'm all in favor of pointing out the shallow sandbars and riptides of every card. We all need to be educated consumers, research the fire out of any card or company we're interested, and pay heed to what we read. Some cards need to be handled with more caution than others, and they're worth it for a long-term relationship.

Absolutely agreed - but we need to look at both the plus and minus sides of the equation when we make our choices. I don't want to be FR'd by Amex, but if I am I will just send in the paperwork and be done with it. I won't be surprised - it is all part of the deal with them. And they do not have a monoply!!

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 15:25:16 GMT

I didn't like AMEX before but after I got the Costco Amex, it is what I use for everyday purchases because of the rewards.

Only problem, mentioned in my other post, is they report a month late to the CRA.
That is something I recently learned and will watch out for in the future.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 15:25:18 GMT

I agree completely MV.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 16:24:46 GMT

I keep my 2 cards ONLY because I now have my sister as an AU - that and they also happen to be my 2 oldest account (almost 30 years). But, since I also have 3 other cards almost as old, I'd dump them, if not for the AU thing.

I do not like AMEX. The thrill is gone.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 16:38:39 GMT

Solarjuju wrote:
I didn't like AMEX before but after I got the Costco Amex, it is what I use for everyday purchases because of the rewards.

Only problem, mentioned in my other post, is they report a month late to the CRA.
That is something I recently learned and will watch out for in the future.

Does the Costco Amex actually report as Amex? I thought it reported and was handled through the card issuing bank? Thus, you would not be entitled to a lof the benefits with exception to the actual cards rewards program. Is that correct? I'm still trying to figure out the difference.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 16:58:19 GMT

UpUpUp wrote:

Solarjuju wrote:
I didn't like AMEX before but after I got the Costco Amex, it is what I use for everyday purchases because of the rewards.

Only problem, mentioned in my other post, is they report a month late to the CRA.
That is something I recently learned and will watch out for in the future.

Does the Costco Amex actually report as Amex? I thought it reported and was handled through the card issuing bank? Thus, you would not be entitled to a lof the benefits with exception to the actual cards rewards program. Is that correct? I'm still trying to figure out the difference.

The Costco Amex is issued by Amex the bank, so yes, it reports as Amex.

FWIW, the Amex benefits like purchase protections and extended warranty coverage apply to any card that uses the Amex network and carries the Amex logo, even those issued by other banks.

Message Edited by cheddar on 07-25-2008 09:58 AM

Re: Having Amex is not COMPULSORY - and why I have one

Scamp — Fri, 25 Jul 2008 17:00:07 GMT

Great post, MV.

Thanks for reminding me why I got mine in the first place, too (similar reasons to yours), and why I need to grit my teeth and tough it out through my own 'training wheels' phase of dealing with them.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 18:55:09 GMT

cheddar wrote:

UpUpUp wrote:

Does the Costco Amex actually report as Amex? I thought it reported and was handled through the card issuing bank? Thus, you would not be entitled to a lof the benefits with exception to the actual cards rewards program. Is that correct? I'm still trying to figure out the difference.

The Costco Amex is issued by Amex the bank, so yes, it reports as Amex.

FWIW, the Amex benefits like purchase protections and extended warranty coverage apply to any card that uses the Amex network and carries the Amex logo, even those issued by other banks.

Message Edited by cheddar on 07-25-2008 09:58 AM

Ahhhhhh.....for some reason I was under the impression that it was basically any old card with the Amex logo on it. So, basically you do get all the benefits minus the concierge and the possible F/R?

Message Edited by UpUpUp on 07-25-2008 02:55 PM

Re: Having Amex is not COMPULSORY - and why I have one

MsKiwi — Fri, 25 Jul 2008 19:02:11 GMT

MidnightVoice wrote:

haulingthescoreup wrote:
I'm all in favor of pointing out the shallow sandbars and riptides of every card. We all need to be educated consumers, research the fire out of any card or company we're interested, and pay heed to what we read. Some cards need to be handled with more caution than others, and they're worth it for a long-term relationship.

Absolutely agreed - but we need to look at both the plus and minus sides of the equation when we make our choices. I don't want to be FR'd by Amex, but if I am I will just send in the paperwork and be done with it. I won't be surprised - it is all part of the deal with them. And they do not have a monoply!!

I agree with your first post and this post as well.

Re: Having Amex is not COMPULSORY - and why I have one

KingAdrock — Fri, 25 Jul 2008 19:06:13 GMT

I absolutely agree MV. If you really really want an Amex card but don't want to deal with the strangeness of Amex company, you can always get one from someone else. (BofA, Citi, USAA etc) That's what I did.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 19:14:48 GMT

Ahhhhhh.....for some reason I was under the impression that it was basically any old card with the Amex logo on it. So, basically you do get all the benefits minus the concierge and the possible F/R?

Yeah, something like that. It also has decent rewards. 3% for gas & dining out, 2% for travel and 1% for all other purchases. The rewards come in the form of a check for use at Costco only.

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 19:33:00 GMT

UpUpUp wrote:

cheddar wrote:

UpUpUp wrote:

Does the Costco Amex actually report as Amex? I thought it reported and was handled through the card issuing bank? Thus, you would not be entitled to a lof the benefits with exception to the actual cards rewards program. Is that correct? I'm still trying to figure out the difference.

The Costco Amex is issued by Amex the bank, so yes, it reports as Amex.

FWIW, the Amex benefits like purchase protections and extended warranty coverage apply to any card that uses the Amex network and carries the Amex logo, even those issued by other banks.

Message Edited by cheddar on 07-25-2008 09:58 AM

Ahhhhhh.....for some reason I was under the impression that it was basically any old card with the Amex logo on it. So, basically you do get all the benefits minus the concierge and the possible F/R?

Message Edited by UpUpUp on 07-25-2008 02:55 PM

Well, we seem to be talking about two different things here.

The Costco Amex is issued by Amex the bank, so there is still the possiblity of F/R, as with any Amex-issued Amex.

Any other Amex-logo-carrying card issued by a bank other than Amex gets all the purchase protections of an Amex card, without the danger of F/R.

The concierge service is dependent on the issuer. For Amex cards issued by Amex, only the Platinum charge card and above come with a concierge service. Other banks may or may not offer a conierge service on their Amex-logo-carrying cards. (Citi and BofA both do. I don't know about others.)

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 19:40:50 GMT

Ahh, I got it now. Thanks!

Re: Having Amex is not COMPULSORY - and why I have one

fused — Fri, 25 Jul 2008 19:43:23 GMT

Another kewl Amex thread...

Re: Having Amex is not COMPULSORY - and why I have one

Anonymous — Fri, 25 Jul 2008 19:52:11 GMT

fused wrote:

Another kewl Amex thread...

Agreed! I also agree with MV's points in his original post, which I should have mentioned earlier.

I do wonder about the reasoning behind not using an Amex in public, though. I understand that it's because they may shut you off with no notice at all and you don't want to have an authorization declined in public. I guess what I don't understand is why that would be such a big deal.

I've actually had my Amex declined in public twice. It wasn't because of anything I did or anything wrong with my card. In both cases, it turned out that the merchant didn't even accept Amex but the employee wasn't bright enough (or perhaps just wasn't well-trained enough) to know the difference between an Amex and a Visa.

In both cases, when I was told my Amex was declined, I just took the card back and handed over an alternate card. I did, of course, get on the phone with Amex to find out what was going on as soon as I left the store, but I didn't give a second thought about the opinions of the person behind the counter or anyone in line behind me. I'll probably never see them again in my life anyway.

By the way, the next time I visited that store, I asked to speak to the manager to tell him he might want to train his employees on which cards are accepted and which ones aren't. I gave up, though, when I realized I wasn't getting anywhere after he told me that I was wrong because they did accept Amex. In fact, he said, a woman had just paid with a MasterCard five minutes ago. (Yes, this was the actual store manager.)

Re: Having Amex is not COMPULSORY - and why I have one

MidnightVoice — Fri, 25 Jul 2008 19:58:38 GMT

cheddar wrote:

fused wrote:
Another kewl Amex thread...

Agreed! I also agree with MV's points in his original post, which I should have mentioned earlier.

I do wonder about the reasoning behind not using an Amex in public, though.

Actually, Amex is not one of the cards I carry with me. I have 3 cards that have specific purposes that do not include regular use, so I have lightened my wallet

It also means that those at home are waaay easier to track! They all have regular payments on them, so they do get used