topic Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards? in Credit Cards

Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 12:49:46 GMT

So I went a bit app crazy a few years back. I have apped for 15, approved for 14, and closed 6 for a total of 8 open accounts.

I kept my AMEX/Discover cards just to be in network with them but I am unsure about keeping them open. What types of benefits do they provide that are unique from Visa? Is it important to maintain relationships with as many of the big banks as possible?

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 12:56:09 GMT

Can’t speak about Discover cause I don’t have one and have no desire to get one either.

As for AMEX I like it for the 6% back on groceries and AMEX offers. I usually get pretty good value out of my BCP. Fits my expend pattern.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

AverageJoesCredit — Tue, 27 Feb 2018 13:14:59 GMT

I know Discover has been closing alot of its benefits that most of didnt realize we had lol . So for most there probably isnt a huge reason to have one but for me personally, i came back to her because i like having US based customer service who are friendly to work with and really good fraud protection. I get instant email and text alerts when i make a purchase , i know you can get this elsewhere, but i like the general feeling i get having it, no pun intended lol. Sp cli when you can get one is s nice bonus. Sometimes you can get multiple in a year whereas not every cc does that.

Amex has alot of benefits that seems nice to have . True if you arent spending huge , redeeming cash or mr points are hard to accumalate but overall id rather have at least one of each in my wallet.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 13:16:34 GMT

Ha you just reminded me that I still have an upgrade offer from them for my BCE to BCP...my grocery costs as of right now are less than 2K a year so I might keep it around for when I have a long-term partner. And the “Plan-It" program seems pretty cool for if you are in a slight pinch with your finances.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 13:23:58 GMT

I will say that I do enjoy Discover Deals. If I hadn't needed the special financing from Apple (my computer was going on the fritz), I would have preferred to use the 5% Cashback from Discover.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 13:44:59 GMT

@Anonymouswrote:
So I went a bit app crazy a few years back. I have apped for 15, approved for 14, and closed 6 for a total of 8 open accounts.

I kept my AMEX/Discover cards just to be in network with them but I am unsure about keeping them open. What types of benefits do they provide that are unique from Visa? Is it important to maintain relationships with as many of the big banks as possible?

Nope, other lenders offer better cards.

At the top, the Chase Sapphire Reserve, UR points, Citi Prestige, U.S Bank Altitude Reserve... Those are all better than what AMEX gives their customers.

On the other hand, however, the AMEX Platinum is only good if you have the Schwab version IMO, or if you get a 100,000 points offer or use Delta or Centurion lounges. Other than that, there's nothing great about it when compared to US Bank's, Chase's, or Citi's $400 annual fee cards, which I think are better than the Plat. The rewards and benefits program is just meh compared to the other cards, in my opinion. AMEX offers $200 towards airline incidentals (the least amount) with the most restrictive ways to use them of the three (Citi, AMEX, Chase) by making you choose one airline a year to use it for. AMEX doesn't have trip cancellation/interruption insurance (which is ridiculous and downright stupid) so to me, it's not worth the 5x on airfare purchases when I can get more benefits and 3x with Citi and Chase. I guess being from the northeast with the constant winter weather, trip insurance is a must. The card then "drip feeds" $15 a month for you to use with Uber, which is another non-friendly benefit IMO when they could just give you all $200 at once. Then we have the 5x on hotels, but wait, that's only if you book through AMEX's hotels site, taking away hotel loyalty perks for your stay, and then of course, the annual fee is more than all of the other cards by $100-$200 a year on top of it, and then let me see now... No dining category for points, useless 5x on airfare and AMEX hotels though their site, and 1x on everything else. Overrated card IMO.

Blue Cash cards? Forget about them, they're the worst in the industry from a rewards prespective. They look pretty but there's an extra statement lag behind when you'll get the rewards, and then you can only redeem $25 at a time, which makes this rewards program an industry leader in stupidity. 6% back isn't actually 6% unless you watch your rewards program like a hawk and can redeem in those $25 increments.

The Green card? Useless. No benefits, 1x on everything except purchases through AMEX travel, $95 annual fee. No idea why AMEX hasn't woken up and improved this card yet.

If AMEX were still taking the cardholder's side no matter what, providing a superior rewards program, and could get their stuff together, I think they would be doing better, although they just grabbed the remainder of Hilton and will share Marriott in the future, so they have that going for them. The only cards worth using are the co-brands, PRG, and Everyday. The co-brands at least post their rewards at the end of the month, and the Delta cards are only worth having for the free checked bags and companion ticket.

I would say from a personal prespective that Discover is a better lender. At least my rewards post at the end of the statement, I get matched on my spending bonus at the end of the first year, there's no $25 minimum or redemption increments, I know there will be an American on the other side of the line when I call, and their deals are more worthwhile than "AMEX offers." it's too bad Discover doesn't have a premium rewards card.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

UpperNwGuy — Tue, 27 Feb 2018 14:47:04 GMT

"Just to be in network" is no longer a good reason to keep a card that doesn't benefit you in other ways. There are almost no situations where Amex or Discover will be accepted but Visa and MasterCard will not. As for banks, you'll be fine maintaining relationships with two or three. And remember that banks value those who hold deposit accounts and installment loans far more than those who merely have one of the bank's credit cards.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 14:54:30 GMT

@UpperNwGuywrote:
"Just to be in network" is no longer a good reason to keep a card that doesn't benefit you in other ways. There are almost no situations where Amex or Discover will be accepted but Visa and MasterCard will not. As for banks, you'll be fine maintaining relationships with two or three. And remember that banks value those who hold deposit accounts and installment loans far more than those who merely have one of the bank's credit cards.

Maybe, but it depends.

If one has an open checking account with on average, a $50 in it, they bank cannot lend that money out and make a whole lot in return. If that same person has a $6,500 balance on a 21.24% interest rate card, they are more valuable as a credit card holder.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 15:15:50 GMT

Thank you for the input. I currently have relationships with AMEX, Barclay's, Chase, Discover, Synchrony (plus a high-yield savings account), and USAA (my primary bank).

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

iced — Tue, 27 Feb 2018 15:29:16 GMT

@Anonymouswrote:
So I went a bit app crazy a few years back. I have apped for 15, approved for 14, and closed 6 for a total of 8 open accounts.

I kept my AMEX/Discover cards just to be in network with them but I am unsure about keeping them open. What types of benefits do they provide that are unique from Visa? Is it important to maintain relationships with as many of the big banks as possible?

There's nothing that American Express or Discover as a card type do that you can't get with Visa or MasterCard. From an acceptance perspective, American Express and Discover are actually worse than Visa or MasterCard as Visa/MC are accepted at more merchants worldwide.

Individual cards within each network may offer something unique, but nothing brand-wide.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

LionLaw — Tue, 27 Feb 2018 15:36:17 GMT

Discover and Amex both have great customer service. Amex MR points are awesome as well; I have used them to cover the cost of several vacations over the years. I have cards from other banks, but I only use them if I'm trying to earn some promotional bonus they're offering; my Amex and Discover get virtually all of my swipes.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 15:39:19 GMT

I have to admit that, after reading this thread, I'm not quite so fired up to get an AMEX card as I was before, particularly considering that whatever cards I get from here on out (I'm actually planning to trim my Capital One portfolio down by closing the old secured Platinum and combining the QS MC - actually a "starter" QS upgraded from a Platinum last summer - with my new QS Visa Signature this summer) should be oriented toward getting the best possible rewards, and it does appear AMEX is deficient in that area. I like my Discover IT even though its day-to-day rewards (1%) are less than either of my two rewards Visa's (1.5%), since it does have those 5% revolving quarterly categories. I'm seriously considering the Marvel Mastercard later this year once my scores build up since, being quite the bibliophile, I buy a lot of books, and that card gives 3% on book (and other media) purchases, though its general rewards (1%) are the same as Discover's.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

GeorgiaBulldog — Tue, 27 Feb 2018 16:01:38 GMT

I think the biggest benefit of Amex is that they are the only card issuer with a transferrable point system that doesn't require a card with an AF to use. Also, the Blue Business Plus is a pretty great everyday spend card if your expenses are less than $50k/yr.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 16:19:05 GMT

@Anonymouswrote:
I have to admit that, after reading this thread, I'm not quite so fired up to get an AMEX card as I was before, particularly considering that whatever cards I get from here on out (I'm actually planning to trim my Capital One portfolio down by closing the old secured Platinum and combining the QS MC - actually a "starter" QS upgraded from a Platinum last summer - with my new QS Visa Signature this summer) should be oriented toward getting the best possible rewards, and it does appear AMEX is deficient in that area. I like my Discover IT even though its day-to-day rewards (1%) are less than either of my two rewards Visa's (1.5%), since it does have those 5% revolving quarterly categories. I'm seriously considering the Marvel Mastercard later this year once my scores build up since, being quite the bibliophile, I buy a lot of books, and that card gives 3% on book (and other media) purchases, though its general rewards (1%) are the same as Discover's.

You should not let one or a few people’s comments about Amex deter you from considering their cards. Their award program can be extremely valuable depending on your needs and the benefits offered by the Platinum cards are unparalleled despite the lack of travel insurance which most of us don’t find to be that big of deal. No creditor or singke credit card offers everything and it’s best to consider several cards especially if travel rewards are what interest you.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 16:27:39 GMT

@Anonymouswrote:
I have to admit that, after reading this thread, I'm not quite so fired up to get an AMEX card as I was before, particularly considering that whatever cards I get from here on out (I'm actually planning to trim my Capital One portfolio down by closing the old secured Platinum and combining the QS MC - actually a "starter" QS upgraded from a Platinum last summer - with my new QS Visa Signature this summer) should be oriented toward getting the best possible rewards, and it does appear AMEX is deficient in that area. I like my Discover IT even though its day-to-day rewards (1%) are less than either of my two rewards Visa's (1.5%), since it does have those 5% revolving quarterly categories. I'm seriously considering the Marvel Mastercard later this year once my scores build up since, being quite the bibliophile, I buy a lot of books, and that card gives 3% on book (and other media) purchases, though its general rewards (1%) are the same as Discover's.

I have the Marvel Mastercard and it's pretty good but they have no mobile app. I just called them and they said they are working on developing an app to be released pretty soon.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 16:28:03 GMT

@Anonymouswrote:
@Anonymouswrote:
I have to admit that, after reading this thread, I'm not quite so fired up to get an AMEX card as I was before, particularly considering that whatever cards I get from here on out (I'm actually planning to trim my Capital One portfolio down by closing the old secured Platinum and combining the QS MC - actually a "starter" QS upgraded from a Platinum last summer - with my new QS Visa Signature this summer) should be oriented toward getting the best possible rewards, and it does appear AMEX is deficient in that area. I like my Discover IT even though its day-to-day rewards (1%) are less than either of my two rewards Visa's (1.5%), since it does have those 5% revolving quarterly categories. I'm seriously considering the Marvel Mastercard later this year once my scores build up since, being quite the bibliophile, I buy a lot of books, and that card gives 3% on book (and other media) purchases, though its general rewards (1%) are the same as Discover's.
You should not let one or a few people’s comments about Amex deter you from considering their cards. Their award program can be extremely valuable depending on your needs and the benefits offered by the Platinum cards are unparalleled despite the lack of travel insurance which most of us don’t find to be that big of deal. No creditor or singke credit card offers everything and it’s best to consider several cards especially if travel rewards are what interest you.

I agree with this completely. Most rewards programs are worthless to me. Why? I don't travel for vacation very often right now, so rewards points wouldn't get used. Cash back, however, is great. I can always use more cash.

All credit cards should be evaluated on their own merits. Is there value in keeping AMEX/Discover to have an AMEX or Discover card? Not unless you only have one transaction system--Even VISA goes down occassionally, so you'll want a backup. But the same is true for VISA and Mastercard. There is no reason to keep a card just to have a VISA.

Instead, look at the value provided by the card. I like my Amex BCP, but I max the $6k on groceries every year. Discover IT is my preferred rotating card because of the customer service, although the quarters have been lackluster of late (although still better than Chase Freedom). Make your decisions based on your needs, not those the crowd recommends.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

imaximous — Tue, 27 Feb 2018 16:29:09 GMT

My Discover is good for the 5% categories only. Anything else at 1% makes no sense to me.
I'm still blacklisted with AmEx because of my BK, but I was able to get in as an AU. There really isn't anything I personally can't get or do with a Visa or MC. There are still many places that don't take AmEx or Discover, so I have to use something else. I could never go out with just an AmEx, but I could definitely carry a single Visa card and not have an issue. For me, AmEx used to be a necessity when Costco had exclusivity, but now, Visa is all I need.
My own AmEx card would be nice just because I want off their blacklist. That's pretty much it.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 16:43:15 GMT

@imaximouswrote:
My Discover is good for the 5% categories only. Anything else at 1% makes no sense to me.
I'm still blacklisted with AmEx because of my BK, but I was able to get in as an AU. There really isn't anything I personally can't get or do with a Visa or MC. There are still many places that don't take AmEx or Discover, so I have to use something else. I could never go out with just an AmEx, but I could definitely carry a single Visa card and not have an issue. For me, AmEx used to be a necessity when Costco had exclusivity, but now, Visa is all I need.
My own AmEx card would be nice just because I want off their blacklist. That's pretty much it.

@I'm informed that once your BK (I'm assuming Chapter 7) has aged to 5 years 1 month from filing, you can apply for an AMEX card (assuming you didn't have one that was included in the BK). For me, that would be sometime late next fall (2019). Per @Anonymous, I may revisit the question then, but I still think if I'm going to have a Mastercard once I close/combine my two Cap One's, the Marvel MC looks like the best bet due to my particular buying patterns.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

Anonymous — Tue, 27 Feb 2018 16:45:32 GMT

@Anonymouswrote:
@Anonymouswrote:
I have to admit that, after reading this thread, I'm not quite so fired up to get an AMEX card as I was before, particularly considering that whatever cards I get from here on out (I'm actually planning to trim my Capital One portfolio down by closing the old secured Platinum and combining the QS MC - actually a "starter" QS upgraded from a Platinum last summer - with my new QS Visa Signature this summer) should be oriented toward getting the best possible rewards, and it does appear AMEX is deficient in that area. I like my Discover IT even though its day-to-day rewards (1%) are less than either of my two rewards Visa's (1.5%), since it does have those 5% revolving quarterly categories. I'm seriously considering the Marvel Mastercard later this year once my scores build up since, being quite the bibliophile, I buy a lot of books, and that card gives 3% on book (and other media) purchases, though its general rewards (1%) are the same as Discover's.
I have the Marvel Mastercard and it's pretty good but they have no mobile app. I just called them and they said they are working on developing an app to be released pretty soon.

The only Sync card I have that has a separate app (the Walmart card is now included in the overall Walmart app though I haven't tried that one yet) is Care Credit, but I'm not fond of the Care Credit app - touch ID is kind of wonky on that app, or at least it has been in the past, and I have a hard time staying logged in.

Re: Is There Any Real Benefit to Keeping AMEX/Discover Cards?

redpat — Tue, 27 Feb 2018 16:47:28 GMT

@Anonymous
Nope, other lenders offer better cards.

At the top, the Chase Sapphire Reserve, UR points, Citi Prestige, U.S Bank Altitude Reserve... Those are all better than what AMEX gives their customers.

On the other hand, however, the AMEX Platinum is only good if you have the Schwab version IMO, or if you get a 100,000 points offer or use Delta or Centurion lounges. Other than that, there's nothing great about it when compared to US Bank's, Chase's, or Citi's $400 annual fee cards, which I think are better than the Plat. The rewards and benefits program is just meh compared to the other cards, in my opinion. AMEX offers $200 towards airline incidentals (the least amount) with the most restrictive ways to use them of the three (Citi, AMEX, Chase) by making you choose one airline a year to use it for. AMEX doesn't have trip cancellation/interruption insurance (which is ridiculous and downright stupid) so to me, it's not worth the 5x on airfare purchases when I can get more benefits and 3x with Citi and Chase. I guess being from the northeast with the constant winter weather, trip insurance is a must. The card then "drip feeds" $15 a month for you to use with Uber, which is another non-friendly benefit IMO when they could just give you all $200 at once. Then we have the 5x on hotels, but wait, that's only if you book through AMEX's hotels site, taking away hotel loyalty perks for your stay, and then of course, the annual fee is more than all of the other cards by $100-$200 a year on top of it, and then let me see now... No dining category for points, useless 5x on airfare and AMEX hotels though their site, and 1x on everything else. Overrated card IMO.

Blue Cash cards? Forget about them, they're the worst in the industry from a rewards prespective. They look pretty but there's an extra statement lag behind when you'll get the rewards, and then you can only redeem $25 at a time, which makes this rewards program an industry leader in stupidity. 6% back isn't actually 6% unless you watch your rewards program like a hawk and can redeem in those $25 increments.

The Green card? Useless. No benefits, 1x on everything except purchases through AMEX travel, $95 annual fee. No idea why AMEX hasn't woken up and improved this card yet.

If AMEX were still taking the cardholder's side no matter what, providing a superior rewards program, and could get their stuff together, I think they would be doing better, although they just grabbed the remainder of Hilton and will share Marriott in the future, so they have that going for them. The only cards worth using are the co-brands, PRG, and Everyday. The co-brands at least post their rewards at the end of the month, and the Delta cards are only worth having for the free checked bags and companion ticket.

I would say from a personal prespective that Discover is a better lender. At least my rewards post at the end of the statement, I get matched on my spending bonus at the end of the first year, there's no $25 minimum or redemption increments, I know there will be an American on the other side of the line when I call, and their deals are more worthwhile than "AMEX offers." it's too bad Discover doesn't have a premium rewards card.

I guess your an Amex hater MDV.....Well if you look in my sig take everything that Mountaindewvoltage said about Amex and I'm the opposite of it and I also get a ton of UR point annually. Both programs are great and travel interuption/travel insurance is very overrated IMO and I too fly out of the Northeast, mostly delays and only had one stay over in 2017. I recently switched my airline purchases for 5x since I got Biz plat for 35% rebate, which beats CSR by a ton. As for Citi, I cancelled my Prestige card and TYP clearing lack MR and UR programs for the lack of transfer partners and point earnings standpoint. Granted it offers 5th night free but you can get 4th or 5th night offers by others.