topic Issuer Analysis #2: American Express in Credit Cards

Issuer Analysis #2: American Express

E36 — Sun, 15 Feb 2026 21:48:05 GMT

This is part of my series of the 12 Biggest Credit Card Issuers.

2. American Express

American Express operates as both an issuer and a payment network. While it has a lower balance than Citibank, Amex consistently ranks among the leaders in purchase volume and premium spend. Amex built its reputation on service, travel benefits, and a strong rewards ecosystem. Some other issuers use Amex as a payment network for their card, but I will focus just on American Express issued cards.

AMEX CARDS

Product Overview

Cash Back: Blue Cash Everyday ($0 AF), Blue Cash Preferred ($95 AF)

Hotel Co-Brands: Hilton, Marriot

Airline Co-Brand: Delta

Membership Rewards Cards: Green ($95 AF), Gold Card ($325 AF), Platinum ($895 AF)

Ultra-Luxury: Centurion (invite-only)

Business: Blue Business Plus, Business Green, Business Gold, Business Platinum, Plum, Amazon Business, Delta SkyMiles Business, Hilton Honors Business, Marriot Bonvoy Business

Rewards Program: Membership Rewards

Amex’s core strength is Membership Rewards (MR) which was launched in 1991. It’s one of the OG of reward cards. More than rewards, Amex offered protections, customer service, concierge service, an other benefits.

Amex marketed it as service-first prestige ecosystem. You will see a Member Since XX on the cards. Amex marketed status with its Centurion Card aka Black Card launched in 1999.

What Makes Amex Unique

Charge Card Model – NPSL No Preset Spending Limit

Historically, Amex pioneered the charge card in 1958, requiring payment in full each month (Green, Gold, Platinum). Today, many include Pay Over Time features, but the legacy structure shaped Amex’s premium positioning.

Quirks

Financial reviews in some cases
Not everyone accepts American Express due to its high merchant fees.

Why Amex Is So Popular

Most Popular & Talked About Cards: Amex Platinum, Amex Gold, Amex Blue Cash Preferred

Other Popular Cards: Co-Branded Hotel and Airline Card (eg Amex Delta), Business Cards

Popular Discontinued Cards: Starwood Guest Rewards

Amex is popular because of it’s generous Credit Limit on Credit Cards. NPSL on Charge Cards.
3X CLI on Credit Cards after 90 days. Great Customer Service and a wide array of Business Cards and Premium Cards.

High SUB with Amex Gold and Platinum.

Amex Gold ($325 AF) offers 4X Dining 4X Groceries.
Amex BCP ($95) offers 6% CB Groceries (Highest of any card), 6% CB Streaming, 3% Gas, 3% Transit
Amex BCE ($0) offers 3% Groceries, 3% Gas and the unique 3% Online Shopping

Amex has been consistent with branding. It’s Gold and Platinum Cards have been used for decades around the world.

Membership Reward Points and Perks.

Key historical points:

1958 – First Amex charge card
1966 – Amex Gold
1969 – Amex Green
1984 – Amex Platinum $250 AF
1991 – Membership Rewards
1996 – Amex Delta Skymiles Card
1999 – Amex Centurion (Black)
2000-2016 – Costco Partnership
2000-2011 – Amex Blue Cash
2007 – Amex Platinum increases to $450 AF
2007 – Amex Plum launched $250AF
2009-2012 – Amex Zync $25AF
2011 – Amex Blue Cash Everyday ($0AF) and Blue Cash Preferred ($75AF)
2014 – 2024 – Amex Everyday ($0AF) and Everyday Preferred ($95AF)
2013 – Amex Centurion Airport lounge
2015 – Amex Gold increases to $195 AF
2016-2019 – Amex SimplyCash Business
2017 – Amex Blue Business Plus ($0AF) launched
2017 – Amex Platinum increases to $550 AF
2018 – Amazon Business Amex launched
2018 – Amex Gold increases to $250 AF
2018-2024 – Amex Cash Magnet (1.5% Cash back)
2019 – Amex Blue Cash Preferred Refresh ($95AF, 6% on Groceries, 6% streaming, 3% Gas)
2019 – Amex Blue Business Cash replace SimplyCash
2021 – Amex Platinum increases to $695 AF
2022 – Amex Blue Cash Everyday Refresh (Adds 3% Streaming, 3% Online Purchases)
2024 – Amex Gold increases to $325 AF
2026 – Amex Platinum increases to $895 AF

Amex has offered premium cards for over 50 years. It's greatest strength and focus is Membership Rewards and Customer Experience.

Personal Experience and Observations

I’ve been an American Express cardmember since 2005. I’ve had Gold, Amex Platinum. I currently have Amex Business Prime and Blue Cash Every day. P2 had Amex Delta SkyMiles Platinum. I can write a whole post about how easy and great Amex Delta Platinum card is.

I remember opening my Amex Platinum box in 2017. Amex really made you feel special. I’ve always had a great experience on their website and customer service.

American Express Brand and Marketing

Whether you are 70 years old or 20 years old, you are probably familiar with the American Express design and cards whether you use it or not. They defined the Gold Card. They defined the Platinum Card. They defined the Black Card.

Amex is issued and recognized by people world wide. In other countries, it's their local bank credit cards and Amex. In the US, it's our local bank credit cards and Amex. People are familiar with American Express.

In recent years, Amex simplified their offerings. Focusing on the premium and business segment has made their brand stronger. No-AF Cashback is a competitive space, so Amex focuses on Memerbship Rewards and AF Cards.

The only no-AF personal card that you can apply for is the Blue Cash Everyday which has a lot of competition. American Express has carved out a niche segment for themselves and they have an advantage of being both the lender and the payment processor.

Right now, Chase Sapphire is really giving Amex it’s run for the money. With Capital One Venture X and Citi Strata in the mix, these next few years will be interesting.

People may not understand why Amex is a big deal now.

But keep in mind the premium cards outside of airline cards were:

2005-2013 – Citi Chairman (Invite Only)
2011-2021 – Citi Prestige ($450-495 AF)
2009-Present – Chase Sapphire Preferred ($95AF)
2016-Present – Chase Sapphire Reserve ($450-795 AF)
2021-Presunt – CapitalOne Venture X ($325AF)
2024-Present – Citi Strata Premier ($95 AF)
2025-Present – Citi Strata Elite ($550 AF)

So prior to 2016 (Chase Sapphire Reserve), the main competitor to Amex Platinum was Citi Prestige which wasn't nearly as popular and known as Amex Gold, Platinum and Centurion.

Prior to 2009, if you wanted a card for travel rewards, it was either Airline or Hotel cards like Chase united, Citi Advantage, Amex Delta, or Barclays Various Cards or it was Amex Gold and Platinum.

20 years ago...

“No Preset Spending Limit” isn’t nearly as meaningful today as it once was. Today, with mobile apps and instant payments, you can clear a balance in seconds if you need to free up capacity. Higher revolving credit limits (And forums, sites, and "gurus" teaching how to increase limits) have also reduced the mystique of “No Limit” cards.

But it was a much bigger deal before smartphones and online banking — when payments were mailed in or made over the phone, and real-time account management didn’t exist or was more difficult. Especially if you were a high spender or business owner.

The same goes for concierge services in the early 2000s. This was the age of phone books, pre-Google, before online booking platforms, before AI. People were still calling (and paying) 411 for information. Having a dedicated concierge attached to your card was useful (YMMV, I only used it a couple times and thought it was alright).

Airport lounges were also far more exclusive then. I had a Platinum card before Priority Pass became widespread. Amex relied on airline partnerships (before it partnered with Priority Pass), and there were more major carriers at the time (Continental, Northwest, US Airways, etc.). Flexible lounge access via credit cards wasn’t nearly as common as it is today.

Then there were benefits like complimentary elite status upgrades and flat-rate primary rental car coverage — features that made Amex valuable.

The bottom line: American Express helped define and revolutionize the premium card market. It will be interesting to see what will happen with competition from Chase, Capital One, and Citi.

Tl;dr: Amex is great with credit limits and customer experience. As with all premium cards, check the airline and hotel transfer partners. Where you fly out of and where you fly to will determine which Credit Card points program works best for you. Amex has a lot of Airline partners. ANA for Asia. Delta for Domestic. Air Canada for Star Alliance (Redeem with air canada then use on a star alliance partner). Air France for Europe and Sky Team.

I have one friend who was explaining how he studied all the charts to get ANA flight. The interesting is he did not redeem with ANA but with Cathay. It's a whole science.

Re: Issuer Analysis #2: American Express

SPChaser — Sun, 15 Feb 2026 03:31:34 GMT

@E36 excellent write - up! Just thought I'd point out you wrote Gold instead of Platinum for $895 AF increase.

Re: Issuer Analysis #2: American Express

AndrewF — Sun, 15 Feb 2026 04:57:18 GMT

Love AmEx, especially their Offers. There's almost always something in there that I can use and they pay back quickly.

Purchase Protection and Extended Warranty are good. They almost always pay their claims fast.

There's also the "Mini SUBs" you can get for spend on an existing card.

It's clear that they want you thinking about them a lot. Many other banks might give you a SUB but then they don't do much in the way of ongoing value.

Re: Issuer Analysis #2: American Express

E36 — Sun, 15 Feb 2026 07:00:37 GMT

The mini SUBs are a surprise. I was surprised to see them on the app, just wished they were automatic or if I could retroactively activate it.

Re: Issuer Analysis #2: American Express

ElvisCaprice — Sun, 15 Feb 2026 07:37:17 GMT

I don't have the spend to make AMEX CC's work. There are better options. Even for churn, the quirk of lack of acceptance, AMEX, makes them difficult to qualify a SUB using creative accounting. Some day, I will find the right offer/spend for a churn on an AMEX, again. I like their application process.

Funny, 3 of the biggest top 5 issuers don't have the best rewards programs, long term, to fit my needs. AMEX, Capital One and Chase (Amazon Prime being an exception, but not necessary)

Re: Issuer Analysis #2: American Express

E36 — Sun, 15 Feb 2026 17:02:25 GMT

I don't either. That's why right now I have no-AF cards.

The Capital One Venture X which I will be writing about soon, is around break even right now with $300 and 10,000 points, if you use that every year. Then you come out ahead if you use the lounge privilege and points. I personally don't like the use it or lose it. It keeps me on a cycle of spending every year.

Some people churn to make it worthwile. They get the sign up bonus, use it and then downgrade so they come out ahead.

I closed my Amex Platinum years ago because it didn't really make sense and that was when it was $450AF. I did have fun going to different lounges, but looking at it practically, the allure wore off.

I could write a whole post on Amex Delta Platinum for Frequent Delta Flyers. If you live near or travel to cities that Delta Hubs , and travel a lot. How it helps meet MQM/MQD requirements is great. P2 was able to get to Platinum, without the Amex Delta Platinum, she'd be Gold. That upped the weight limit of check in to 70lbs to 3 check ins, free upgrades that often included travelling companion booked on the same itinerary (me), status also transferred to SkyTeam partners. On Delta, we could top off purchases, pay with cash and pay part of it with miles, but we typically saved our miles for long trips which saved us thousands of dollars. Travelling from Honolulu to Prague for example. Shorter domestic flights wasn't really worth using miles.

I'm pretty happy with Amex Business Prime. Amex Business Blue is no AF so it's also great, so I may get it in the future. The only thing is I'd like to get a MC/Visa business card as an alternative to my Amex. There are less card issuers to choose from for businesses. While I can use personal cards for business, it's great to keep it seperate and off my personal credit report.

I have Amex BCE now just to help rebuild my credit. I'm happy Amex issued two cards Amex Business Prime and BCE when my score was subprime less than 660. I think it's because of internal scoring and my past spending and closing my Amex cards all on good terms with no missed payment all paid in full.

After 2020, my income, spending, and traveling completely changed. I defaulted on Citi, Chase, Capital One, and Synchrony in 2022. It is a humbling experience and and currently rebuilding. All that is to say, I like learning about cards even though I may not fit the profile.

Looking at your signature. I'm excited to write about BOA (No. 5) The preferred rewards is under rated, no nonsense. It looks sustainable and if it continues for years, while other cards come and go or are nerfed, I'm sure BOA will get more loyal customers and recognition.

As I Mentioned with Chase and Amex, its marketing. They market lifestyle and experience and it works.

BOFA, US Bank, Credit Union cards, are no flash but are strong financial tools.

Observing friends churning and jumping through hoops to maximize points and looking for the best returns for upgrades. I think it's gamified in a way that gives a sense of accomplishment. But if your a type that wants freedom from restrictions and not have to go through hoops, the point games is not for you.

A lot of these programs have strings attached. I will say the free upgrade tickets that I got with delta due to blackouts. My wife and I ended up getting upgraded without the tickets but I thought the tickets would be a way to guarantee an upgrade.

All that said, I only see few people that truly maximize the rewards.

Ther are high spenders, use for business spend.

They are flexible with time and travel a lot, multiple times a year. They usually focus on one or two travel partners. They weigh out if they are better of paying cash or using points. Points are valuable. For example, during convention season in some cities all the hotels are fully booked or exorbitant prices, it helps to have points.

But it's a different mindset. People have to weigh out banking points that sit there earning nothing vs cash back.

If I could make run all my business expenses on a flat 3% flat cash back back in 2000s. I could see how that would be better than a premium lifestyle card like Sapphire Reserve or Amex Platinum.

Re: Issuer Analysis #2: American Express

smcj — Mon, 16 Feb 2026 16:57:55 GMT

Can someone define "mini SUB" for me? What is this referring to specifically?

Separately, AMEX's premium car rental insurance option -- flat fee per rental, and providing primary rather than secondary insurance -- is solid. A delivery truck took the driver's door mirror off of my parked rental car once, and I had AMEX covering the car. Communication was terrible from both sides (not exactly a surprise) but AMEX absolutely got it handled once I got the rental car company and AMEX pointed at each other.

Re: Issuer Analysis #2: American Express

AndrewF — Mon, 16 Feb 2026 17:14:21 GMT

@smcj wrote:
Can someone define "mini SUB" for me? What is this referring to specifically?

Separately, AMEX's premium car rental insurance option -- flat fee per rental, and providing primary rather than secondary insurance -- is solid. A delivery truck took the driver's door mirror off of my parked rental car once, and I had AMEX covering the car. Communication was terrible from both sides (not exactly a surprise) but AMEX absolutely got it handled once I got the rental car company and AMEX pointed at each other.

I call them "Mini SUBs" when there's an AmEx Offer that says something like "Spend $4,000 in three months, get $60".

That wouldn't be great if it was a new credit card account, but if you're already using that card anyway, or can shift spend to it, it might be worth pursuing with natural spend, since it won't add a new tradeline to your credit reports.

Re: Issuer Analysis #2: American Express

smcj — Mon, 16 Feb 2026 17:20:25 GMT

@AndrewF wrote:
@smcj wrote:
Can someone define "mini SUB" for me? What is this referring to specifically?

Separately, AMEX's premium car rental insurance option -- flat fee per rental, and providing primary rather than secondary insurance -- is solid. A delivery truck took the driver's door mirror off of my parked rental car once, and I had AMEX covering the car. Communication was terrible from both sides (not exactly a surprise) but AMEX absolutely got it handled once I got the rental car company and AMEX pointed at each other.
I call them "Mini SUBs" when there's an AmEx Offer that says something like "Spend $4,000 in three months, get $60".

That wouldn't be great if it was a new credit card account, but if you're already using that card anyway, or can shift spend to it, it might be worth pursuing with natural spend, since it won't add a new tradeline to your credit reports.

Got it. Thank you!

@E36 another unique AMEX perk/point -- no hard pull when applying for a card if you are already a cardholder. Experian separately advertises "no ding decline" recommended credit cards to apply for -- again, a soft pull -- and every one of them is an AMEX, suggesting it's not even limited to existing cardholders.

Re: Issuer Analysis #2: American Express

AndrewF — Mon, 16 Feb 2026 17:38:44 GMT

@smcj wrote:
@AndrewF wrote:
@smcj wrote:
Can someone define "mini SUB" for me? What is this referring to specifically?

Separately, AMEX's premium car rental insurance option -- flat fee per rental, and providing primary rather than secondary insurance -- is solid. A delivery truck took the driver's door mirror off of my parked rental car once, and I had AMEX covering the car. Communication was terrible from both sides (not exactly a surprise) but AMEX absolutely got it handled once I got the rental car company and AMEX pointed at each other.
I call them "Mini SUBs" when there's an AmEx Offer that says something like "Spend $4,000 in three months, get $60".

That wouldn't be great if it was a new credit card account, but if you're already using that card anyway, or can shift spend to it, it might be worth pursuing with natural spend, since it won't add a new tradeline to your credit reports.
Got it. Thank you!

@E36 another unique AMEX perk/point -- no hard pull when applying for a card if you are already a cardholder. Experian separately advertises "no ding decline" recommended credit cards to apply for -- again, a soft pull -- and every one of them is an AMEX, suggesting it's not even limited to existing cardholders.

I also forgot to mention we had one on the Gold Card that appeared as soon as the new account was opened. I asked American Express about it and they said that if you activate that then the spending will count towards the opening bonus and the offer for additional MR points/statement credits, at the same time. So in the end you're effectively getting a better welcome bonus. The first one that we saw added 3,000 MR points to the existing 100,000 MR point welcome bonus.

Re: Issuer Analysis #2: American Express

E36 — Mon, 16 Feb 2026 21:30:02 GMT

I call them "Mini SUBs" when there's an AmEx Offer that says something like "Spend $4,000 in three months, get $60".

That wouldn't be great if it was a new credit card account, but if you're already using that card anyway, or can shift spend to it, it might be worth pursuing with natural spend, since it won't add a new tradeline to your credit reports.

Here's a Data Point.
My Mini Sub for Business Prime is Spend $2,500 in three months, earn $100. Activate up to 3 times this year.

Re: Issuer Analysis #2: American Express

AndrewF — Tue, 17 Feb 2026 19:26:45 GMT

AmEx just gave us a Spend $120 at Eddie Merlot's get $25 back up to three times on that card with the $500 SUB.

Went to look at the dress code and it basically boils down to "don't wear something offensive that stinks, tank tops, or sandals".

I was like "It's a shame that they have to tell anyone this in a restaurant that costs over $100 per person."

Re: Issuer Analysis #2: American Express

just1morecard — Thu, 19 Mar 2026 01:29:21 GMT

The AMEX BCP has been a rockstar add to my lineup. 6% cashback at grocery stores and streaming services is a game changer, and the limited-time "AMEX offers" alone can offset the annual fee if you don't mind clicking to activate. I've only had the card for two years, but I've already saved over $250 in offers... and that's without checking the list too often! On top of that, my 2025 cashback and statement credits totaled around $230. Love this card and recommend it to nearly everyone!

Re: Issuer Analysis #2: American Express

DONZI — Sat, 21 Mar 2026 13:13:44 GMT

Great write-up!

I just wanted to chime in about the charge cards..

RE: “No Preset Spending Limit” isn’t nearly as meaningful today as it once was.

Perhaps so.. However I find it very useful having the NPSL and do tend to put more spend on that card than anything else I have.

Although it washes off fairly fast sometimes, I can appreciate not having to worry about lingering CL utilization spikes I'd sometimes generate if using my credit cards for the same transactions... my own doing in some regard since I have not put a lot of effort into jacking up my credit limits.

The pay in full aspect of charge cards has been supplemented with the pay over time option(s) and well, paying in full is practically the only way to go without acquiring a card specifically designed for carrying a balance like an NFCU platinum credit card.

I realize the other payment networks (MC,VISA,DISCO) are/were? all less than amex, but didn't MC and/or Visa jack up their rates in the past couple/few years?

..I suppose amex may have too, but honestly I am not sure that isn't just a rumor anymore about amex being the most $ to process... or the 3rd parties providing auths arent just milking based on historical costs thus perpetuating the 'we dont take amex because' posture to merchants. However, many places take all cards and don't segregate amex from MC or VISA so whatever the $ differences are, it doesn't seem to matter to a lot of merchants.

Lots of merchants don't even have cash prices anymore if they take cards of any kind. Only ones I can think of are gas stations and healthcare. Ah, well. We'll all be in a bind with cash or card if anything rocks the cell/internet/wifi boat too much. /rambling off

Thanks again for the amex write-up.