topic Re: Has Amex lost its prestigious status? in Credit Cards

Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 03:12:33 GMT

When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

Re: Has Amex lost its prestigious status?

yfan — Thu, 13 Jul 2017 03:31:13 GMT

First, I don't know that I'd call $4000 SL a particularly high credit line.

Second, Amex is generally harder on short credit histories than a lack of top notch credit. My guess is that you now also make more money than you did when you were in your 20s.

Re: Has Amex lost its prestigious status?

Steelersboy — Thu, 13 Jul 2017 03:31:45 GMT

@Anonymous wrote:
When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

You could say that about a few cards.

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 03:33:14 GMT

@Anonymous wrote:
When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

Speaking as a layman only(Ive not yet gotten around to drinking, AMEX hasnt boned my yet anew today), my first guess would be their pool of targetted customers is shrinking with the ever shrinking middle class, as the gap between these United States of America and third world countries shrinks in nearly every conceivable way. Also, I would guess that other corporations are trying to expand their customer base as well, by opening some sort of "top tier status" card to pawn off on the market that AMEX used to dominate. Again, just quick guess off the top of my head. The top quarter of a percent is becoming an ever growing sinkhole/blackhole, the same as it has for ages in other societies. We may not be quite all the way there, but the writing is on the wall, and it's hard to deny this(and it certainly is relevant to the question at hand).

Their level of customer service certainly isnt worthy of an elite crowd now, as I received 2 cards with different numbers shipped at the same time to two different addresses. That's a thread of it's own, however.

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 03:59:19 GMT

@yfan wrote:
First, I don't know that I'd call $4000 SL a particularly high credit line.

Second, Amex is generally harder on short credit histories than a lack of top notch credit. My guess is that you now also make more money than you did when you were in your 20s.

Oh I agree that $4000 isn't a high CL, but it sounds like it is possible to triple that in 90+ days. Also, yes my income is considerably more now.

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 04:05:34 GMT

Like...CaptainJ wrote there are just a lot more options now .....AMEX is losing some ground in the elite CC tier

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 04:10:29 GMT

@Anonymous wrote:
Also, I would guess that other corporations are trying to expand their customer base as well, by opening some sort of "top tier status" card to pawn off on the market that AMEX used to dominate.

I think that is generally accepted, Amex has weakened its underwriting to get market share, as Chase and Citi (for example) produced cards aimed at a similar market as the Amex Platinum. Certainly the experience here is that it isn't very hard to get an Amex charge card, and getting a credit card is about the same as from many other issuers.

Amex still has some special status in the public perception but I think as time goes on it will be recognized that it has become more "mass market" (which isn't to knock it, just that it is generally available)

Re: Has Amex lost its prestigious status?

MrDisco99 — Thu, 13 Jul 2017 04:29:18 GMT

@Anonymous wrote:

Oh I agree that $4000 isn't a high CL, but it sounds like it is possible to triple that in 90+ days. Also, yes my income is considerably more now.

You can get the 3X CLI 61 days after approval.

Re: Has Amex lost its prestigious status?

wasCB14 — Thu, 13 Jul 2017 06:06:10 GMT

Though not in this thread, in others people have complained about (rather than just observed) the loss of prestige and exclusivity.

Not so many people express joy at the fact they can get a card for which they might not otherwise be eligible...even if they are in the former group.

The card mix has also changed with no-AF options becoming more common. For an apples-to-apples comparison of customer service, I wonder if it's best to compare old cards to the current Platinum.

Re: Has Amex lost its prestigious status?

mitchblue — Thu, 13 Jul 2017 06:38:58 GMT

I agree with more options now.. Now you can't go wrong with many. When I was young I thought Amex and Discover were the only 2 credit card companies.. This was back in the mid 80's. Maybe they were, not sure.. But so many more these days..

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 15:07:45 GMT

Not sure if it's a generation thing but I don't care much about a card being prestigious or for the elite. I see my Amex cards just like any other card, I'm more excited about it's point structure etc.

Re: Has Amex lost its prestigious status?

UpperNwGuy — Thu, 13 Jul 2017 16:20:13 GMT

In the last two decades, Amex has become more like Visa and MC by introducing credit cards in addition to charge cards, and by designing cards that appeal to the middle and lower middle classes. Conversely, banks affiliated with Visa and MC have become more like Amex by offering high end luxury cards with lots of perks and by co-opting words like "gold" and "platinum" that Amex used to add prestige to its charge cards in the 1960s and 1980s. If Amex retains any "prestige" in the present day, it is only because they've spent decades cultivating that image. The cards themselves are now no better than the competition.

Re: Has Amex lost its prestigious status?

TheVig — Thu, 13 Jul 2017 16:22:16 GMT

More options

The travel market has changed too for both business and personal. No longer do you need a travel agent to book travel. Priceline, and relatred OTA's (online travel agencies) have cut into Amex big time.

I'm old enough to remember the old Amex. When they catered to the upper crust of society. The old tv commercials let you know real fast who their intended customer was. Honestly I kind of miss the snobbery of the brand..........a time and era when the achievements of others was considered an inspiration, instead of a grievance.

Re: Has Amex lost its prestigious status?

Gregory1776 — Thu, 13 Jul 2017 16:37:02 GMT

Wrong. 61 days from when you got approved.

@Anonymous wrote:
@yfan wrote:
First, I don't know that I'd call $4000 SL a particularly high credit line.

Second, Amex is generally harder on short credit histories than a lack of top notch credit. My guess is that you now also make more money than you did when you were in your 20s.

Oh I agree that $4000 isn't a high CL, but it sounds like it is possible to triple that in 90+ days. Also, yes my income is considerably more now.

Re: Has Amex lost its prestigious status?

MrDisco99 — Thu, 13 Jul 2017 16:41:05 GMT

@TheVig wrote:
More options

The travel market has changed too for both business and personal. No longer do you need a travel agent to book travel. Priceline, and relatred OTA's (online travel agencies) have cut into Amex big time.

I'm old enough to remember the old Amex. When they catered to the upper crust of society. The old tv commercials let you know real fast who their intended customer was. Honestly I kind of miss the snobbery of the brand..........a time and era when the achievements of others was considered an inspiration, instead of a grievance.

There has definitely been a flattening of credit card brands and status. And yes, a lot of it is due to things that were once seen as luxuries, like travel and good credit terms, being available to wider segments of population. The internet has helped with this a lot. I see it as a good thing.

I, for one, do not miss the status obsessed 80s. Status is not the same as success.

Re: Has Amex lost its prestigious status?

AverageJoesCredit — Thu, 13 Jul 2017 16:43:37 GMT

Ill take a starting 4k with Amex over a $500 or 1k anyday

Re: Has Amex lost its prestigious status?

happypill — Thu, 13 Jul 2017 19:19:03 GMT

It depends on how far back you look but I at one point, maybe 20-30 years ago, Amex held a premium spot at the top of the CC heap. I think that the Platinum Amex still competes at this very highest level, but there's some competition in that neighborhood now. I think what keeps the Plat in that range is not necessarily the underwriting, but the fees & rewards. You need to spend quite a bit to make it worthwhile, and for those that do spend a lot it can be quite lucrative.

Compared with 20-30 years ago, Amex also has a lot more products now and some of those cards play in different sandboxes. I think I've seen more Amex approvals for folks in the low to mid 600s scoring range than I have for Citi, for example. The overall credit landscape has changed a lot and continues to evolve, but just pulling out any old Amex doesn't necessarily mean much (unless it's the Centurion, then you're a baller and don't let anyone tell you different).

Re: Has Amex lost its prestigious status?

Anonymous — Thu, 13 Jul 2017 20:49:32 GMT

I think that the perceptions of this forum is probably not the same as the general public because we as a community have a different comprehension than that the average person with credit of what is out there and available. I know for myself, had I not ran across the forum, I would not have the available credit that I possess with my income. Amex was the card that I wanted so much after I tanked my credit, and when I got it back, I felt that I had arrived. Call it nostalgia if you want, but whether or not it is considered prestigious, I'm still happy to be in.

Re: Has Amex lost its prestigious status?

Anonymous — Fri, 14 Jul 2017 01:32:28 GMT

Same here !

I am so very happy to finally have my very first American Express card !

Amex is still very prestigious in my book

Re: Has Amex lost its prestigious status?

Anonymous — Fri, 14 Jul 2017 03:53:59 GMT

I think the average income of Amex charge card holders is above that of visa and master card holders and that is why they can charge higher fees.. And Amex seems to be more willing to take consumers side in disputes than other issuers. I like Amex. I am a stockholder. And have 3 cards. Always have had excellent experiences when calling up their customer service. As for prestige I don't care. I just think they are better for the customer than other choices.