topic Re: Are American Express cards considered the most Elite? in Credit Cards

Are American Express cards considered the most Elite?

DI — Fri, 14 Aug 2009 22:22:02 GMT

I always hear you have to have excellent credit to get a credit card from AMEX. What does having an AMEX card means to you? Is it treated as the most Elite card?

Is having an AMEX card an indication you have excellent credit, high income? I know FICO doesn't factor income, but those things are asked in credit applications?

Re: Are American Express cards considered the most Elite?

fused — Fri, 14 Aug 2009 23:26:55 GMT

The Amex Platinum card used to be the most elite card. IMO, this is no longer the case. I used to charge 8-12K a month and Amex used to give me all kinds of perks like 3 points for every dollar charged, waived my AF and they also gave me extra bonus points. They have stopped giving me all of this, so I don't give them much action on my Plat or Clear cards. As far as I'm concerned, there isn't anything special about Amex. They ruined themselves.

Re: Are American Express cards considered the most Elite?

haulingthescoreup — Sat, 15 Aug 2009 00:00:32 GMT

I'd say that they're considered the most wacko.

If you wanted a snob card, I'm guessing something like the Schwab card would be more up there.

I personally don't give a rat's patootie about card status. If it works for me, great. If it doesn't, * shrug *.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 01:07:33 GMT

I have always been of the belief that if you felt you needed a credit card (OR a car, house, etc) to define who you are as a person, then you have failed miserably in life.

Someone with a "sub-prime" $500 CL Card, who is living withing their means, meeting their obligations and being fiscally sound is a far better credit risk then a person with a pocket full of "high CL Cards", maxed out and leveraged to the hilt.

We just seem to have periods of time where we go through these phases, when the character of a person is pushed aside and we get more concerned with what a person "has" instead of what they are.

Our son came home from College for the holidays several years ago and was beaming. Seems he had received a AMEX Card and thought he had arrived. I asked him why he felt like that and he said because "AMEX was a prestigious card and made a statement about him".

After a while I explained to him that here he was, in school, no permanent job, no assets, deep in student loan debt ,minimal established credit so how prestigious could a credit card be when they issued one to a person with that financial profile. I also informed him if he bought into the "No pre-set spending limit" just go out and try to charge a $25,000 Around the world cruise.

As for AMEX being considered elite, that was built on a reputation of exceptional customer service. They were also the first credit card to truly have world wide acceptance. With the advent of VISA and MASTERCARD being accepted everywhere that has since changed.

For me, I guess I can sum it up by saying I don't see that there are any "elite" Credit Cards, only "elite" customers.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 01:33:07 GMT

@Anonymous wrote:
I have always been of the belief that if you felt you needed a credit card (OR a car, house, etc) to define who you are as a person, then you have failed miserably in life.

Someone with a "sub-prime" $500 CL Card, who is living withing their means, meeting their obligations and being fiscally sound is a far better credit risk then a person with a pocket full of "high CL Cards", maxed out and leveraged to the hilt.

We just seem to have periods of time where we go through these phases, when the character of a person is pushed aside and we get more concerned with what a person "has" instead of what they areFor me, I guess I can sum it up by saying I don't see that there are any "elite" Credit Cards, only "elite" customers.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 01:41:02 GMT

When I roll into a check cashing establishment to get a little payday or car title loan, I like to let my Amex card "accidentally" fall out as I am pulling out my driver's license.

Oh yeah baby,

I get all the respect I need. 1029% APR

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 02:12:39 GMT

@DI wrote:
I always hear you have to have excellent credit to get a credit card from AMEX. What does having an AMEX card means to you? Is it treated as the most Elite card?

Is having an AMEX card an indication you have excellent credit, high income? I know FICO doesn't factor income, but those things are asked in credit applications?

The American Express Centurion Card, commonly referred to as the Black Amex is still considered the most High end, prestigious credit card anyone can get.

Yes there are competitors, but I gotta tell you, I personally genuflect in the presence of the Black Amex.

Any other Amex, so what.

Re: Are American Express cards considered the most Elite?

Red1Blue — Sat, 15 Aug 2009 02:26:41 GMT

I had my share of love / hate relationship with Amex. Honestly, I am not sure about prestige but having an Amex card for those who travel extensively makes lot of difference as the level of service and support they offer to customer is un-parallel to any other card. They are very good. But lately they have been known to be very finiky and bad due to all the recent FR's, CLD's and Card closures. Amex definitely has their own spot in the card market especially for those who travel quite a bit. I would not recommend any to loose their sleep over having the Amex card for prestige.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 02:35:14 GMT

Twenty to thirty years ago when I used to travel a lot internationally I really liked having my AMEX Gold and Diners Club cards. The only card I used to have which I now miss and I thought carried a prestige factor is my Diners Club card. It was far more useful than AMEX ever was.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 02:45:45 GMT

Nothing really elite about AMEX except for their centurion card.

Re: Are American Express cards considered the most Elite?

ECHOBOI4U — Sat, 15 Aug 2009 03:09:31 GMT

AMEX is evil. NEVER LEAVE HOME WITH IT or they will LEAVE WITHOUT YOU knowing (New commercial).

We nixed our card in Feb 2009 after they started lower our limit to $1000 then $500, then $300. I called and said BUBYE. You have to call them when you step outside your property line. I love my Visa and MC better than any AMEX card. Class is not platic, it is the actions of the person.

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 04:15:22 GMT

@Anonymous wrote:
When I roll into a check cashing establishment to get a little payday or car title loan, I like to let my Amex card "accidentally" fall out as I am pulling out my driver's license.

Oh yeah baby,

I get all the respect I need. 1029% APR

Funny stuff!

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 04:18:13 GMT

@ECHOBOI4U wrote:
AMEX is evil. NEVER LEAVE HOME WITH IT or they will LEAVE WITHOUT YOU knowing (New commercial).
We nixed our card in Feb 2009 after they started lower our limit to $1000 then $500, then $300. I called and said BUBYE. You have to call them when you step outside your property line. I love my Visa and MC better than any AMEX card. Class is not platic, it is the actions of the person.

Good for you. +1

Message Edited by ExcellCR on 08-15-2009 12:18 AM

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 05:32:43 GMT

I think Amex is a good card only if you like them poking into your finances and doing FR's on you, I canceled my

after they wanted to do a FR in 2007 on me.

Re: Are American Express cards considered the most Elite?

Lyythine — Sat, 15 Aug 2009 06:36:55 GMT

Amex is like an ex-wife, or in my case, an ex-fiance.... Yea, it all seems fantastic to start with - then the nagging and stupidity starts festering on your mind, then you start living together and realize... WHAT THE F*** DID I GET MYSELF INTO!!!!

**Please excuse my cynical view on relationships... ;-) (or realistic view, depending on your perspective)

Re: Are American Express cards considered the most Elite?

Anonymous — Sat, 15 Aug 2009 06:42:07 GMT

@Lyythine wrote:
Amex is like an ex-wife, or in my case, an ex-fiance.... Yea, it all seems fantastic to start with - then the nagging and stupidity starts festering on your mind, then you start living together and realize... WHAT THE F*** DID I GET MYSELF INTO!!!!

**Please excuse my cynical view on relationships... ;-) (or realistic view, depending on your perspective)

Agreed. I think many people have no conception as to how intrusive a relationship with AMEX can be when they get started with them. That blissful existence comes to a screeching halt the first time they try to charge something and find out they've been declined and FR'ed.

Re: Are American Express cards considered the most Elite?

Lyythine — Sat, 15 Aug 2009 06:49:30 GMT

To add to that - I had an amex while in college, listing my loans and part time job as income, which totaled something like 30k a year, which they gave me a 3k limit. I then, 6 years later was FR'd and when that happened, I sent in w2's, tax returns, etc: stating I was making almost 100k and they decreased my limit to 2k...

By that point, my student loans were paid off due to an inheritance that was unexpected, I had no CC debt and my DTI was something below 10%. Try to figure that one out??? I subsequently closed the account due to their stupidity. Only problem is, now I have to have the stupid thing for my job - and I absolutely hate taking that thing out when I pay for hotels, rentals, etc:

Re: Are American Express cards considered the most Elite?

Jazzzy — Sat, 15 Aug 2009 13:48:46 GMT

I would add to this discussion that I recently returned from Paris. Many, many places I went displayed the common credit card acceptance sign that shows pictures of all the cards. On many of these signs, however, AmEx was taped over. I was told by merchants that AmEx charged them too much in transaction fees and that they couldn't afford to take them anymore. They were happy to take my VISA or MC.

I do think AmEx has good services for travellers. My 16 year old was with me, and AmEx explained to her what to do if something happened to me (call their international number, etc.). I appreciated that service, but I wasn't able to use the card much.

Re: Are American Express cards considered the most Elite?

Watchmann — Sat, 15 Aug 2009 14:28:31 GMT

For every horror story you read here there are probably 1,000 satisfied AMEX cardholders. Have never had any problem, any time with AMEX. Have never been FR'd or asked any obtrusive question in the 29 years I've dealt with them. If merchants don't want to accept AMEX that is up to them. Unless you have the black Centurion card a merchant doesn't care what kind of card you have, it is just a tool to do a transaction. As far as I'm concerned 'eliteness' is an issue that should not be part of the credit equation.

Re: Are American Express cards considered the most Elite?

Lyythine — Sat, 15 Aug 2009 15:12:21 GMT

Well that was the point of the OP's thread, so your comment is irrelevant. And yes, what you say about 1000's of satisfied customers is true of ANY bank/CU, whatever, however, the point of these forums is for credit help and to share experiences... and the OVERWHELMING opinion is that AMEX is a poor option at this particular economic juncture - despite their 1000's of satisfied customers as you say.

Message Edited by Lyythine on 08-15-2009 08:12 AM