topic Re: Benefits of having an AMEX card? in Credit Cards

Benefits of having an AMEX card?

Anonymous — Fri, 15 Apr 2011 05:54:53 GMT

I continually get pre-approval offers from AMEX, the most recent one being for the Gold card. My question is, is there really a benefit to having an AMEX that I am missing? I certainly do not want to pay an annual fee for a card (even if they waive it for the first year like they offer). Is there something I'm missing?

Re: Benefits of having an AMEX card?

Anonymous — Fri, 15 Apr 2011 06:13:13 GMT

Car rental insurance for free, a good rewards program, prestige, great customer service reputation, and more depending on what card you have. Amex is constantly rated at the top of credit card companies.

Re: Benefits of having an AMEX card?

Anonymous — Fri, 15 Apr 2011 06:20:21 GMT

Personally I think Amex has the best customer service out of all the credit card companies. Yes they have the benefits that they have advertised heavily over the years such as extended warranty, purchase protection with added return time/accidental damage and theft, and the rental car insurance.

But the biggest benefit that I've noticed is their loyalty to the card holder. If you have a dispute with a merchant, Amex will always side with you. I've disputed things with a MC or Visa and its not the same backing that I get with Amex. Seems like I spend more time writing to Visa and MC whereas Amex instantly gives you a refund and then deals with the merchant themselves.

I'm not sure what your scores are, but if the Gold card's fees aren't practical for your usage then look into their other cards with no annual fee.

Re: Benefits of having an AMEX card?

Open123 — Fri, 15 Apr 2011 15:12:56 GMT

The "rare" and hard to get premium event tickets are a nice touch for the Gold and Platinum cards. Some of their by invitation events are really nice.

In my view, what justifies the fee is what the above poster has mentioned. Unlike Visa/Mastercard/Discover, during client disputes, Amex has historically sided overwhelmingly on the side of the card member, whereas the former card issuers tend to side with the merchant.

Re: Benefits of having an AMEX card?

smc733 — Fri, 15 Apr 2011 15:18:11 GMT

@Open123 wrote:
The "rare" and hard to get premium event tickets are a nice touch for the Gold and Platinum cards. Some of their by invitation events are really nice.

In my view, what justifies the fee is what the above poster has mentioned. Unlike Visa/Mastercard/Discover, during client disputes, Amex has historically sided overwhelmingly on the side of the card member, whereas the former card issuers tend to side with the merchant.

This. If none of the charge cards benefit you and your credit is VERY good to excellent, consider Blue/Clear

Re: Benefits of having an AMEX card?

Anonymous — Sat, 16 Apr 2011 01:26:07 GMT

Thanks for the input everyone.

My scores from all 3 bureaus are in the high 700's / low 800's. Here is a breakdown of the cards that I have already:

Chase Freedom Visa - $17000 CL (run about $1500-$2000 through this every month, pay in full ALWAYS)

Citi Premiere Pass Mastercard - $11,300 CL (Balance is $0)

Citi Platinum Select Mastercard - $10,500 CL (Balance is $0)

Capital One Platinum - $5000 CL (Balance is $0)

Lowes / GEMB - $7400 (Balance is $0)

Guitar Center / HSBC - $10,000 CL (Balance is $0)

Best Buy / HSBC - $5100 CL (Balance is $1500 with 24 months no interest, will be payed off in 3 months)

Based on this, would I even need an AMEX? Would the Blue or Clear card be a good option, and am I even a good candidate for that card? I love the rewards on my Freedom card and the rewards on the AMEX didn't look any better.

Thanks everyone!

Re: Benefits of having an AMEX card?

joestay — Sat, 16 Apr 2011 01:26:53 GMT

Presale playoff Lakers Ticket!!!!!!!!

Re: Benefits of having an AMEX card?

trumpet-205 — Sat, 16 Apr 2011 01:47:14 GMT

@Anonymous wrote:
Thanks for the input everyone.

My scores from all 3 bureaus are in the high 700's / low 800's. Here is a breakdown of the cards that I have already:

Chase Freedom Visa - $17000 CL (run about $1500-$2000 through this every month, pay in full ALWAYS)
Citi Premiere Pass Mastercard - $11,300 CL (Balance is $0)
Citi Platinum Select Mastercard - $10,500 CL (Balance is $0)
Capital One Platinum - $5000 CL (Balance is $0)
Lowes / GEMB - $7400 (Balance is $0)
Guitar Center / HSBC - $10,000 CL (Balance is $0)
Best Buy / HSBC - $5100 CL (Balance is $1500 with 24 months no interest, will be payed off in 3 months)

Based on this, would I even need an AMEX? Would the Blue or Clear card be a good option, and am I even a good candidate for that card? I love the rewards on my Freedom card and the rewards on the AMEX didn't look any better.

Thanks everyone!

I see that you run a lot per month. Maybe Blue Cash would suit you better. Running spending that qualify for 5% reward on your Freedom card and rest on the Blue Cash.

Re: Benefits of having an AMEX card?

Anonymous — Sat, 16 Apr 2011 15:23:52 GMT

OP: You really should have an AMEX. I use AMEX for all my major appliance purchases and will likely use the AMEX Mall to purchase a new computer before long. An extra year of warranty at no charge and the opportunity to double or triple points (not to mention trading up on rooms and access to exclusive airport lounges) makes it a "must have" card IMHO.

Re: Benefits of having an AMEX card?

Anonymous — Sat, 16 Apr 2011 16:48:34 GMT

Thanks for all of the info everyone! I may have to pull the trigger.

What kinds of credit lines does AMEX typically give? My scores are listed above. My wife and I make roughly 98k anually.

Re: Benefits of having an AMEX card?

Anonymous — Sat, 16 Apr 2011 22:36:30 GMT

@Anonymous wrote:
Thanks for all of the info everyone! I may have to pull the trigger.

What kinds of credit lines does AMEX typically give? My scores are listed above. My wife and I make roughly 98k anually.

With your scores you will be able to get any of their revolving credit cards. I'm not sure what they'll start you with in terms of credit line, but when I got their Starwood card my CL was 10% of my income.

Re: Benefits of having an AMEX card?

HiLine — Thu, 14 Mar 2013 23:50:48 GMT

A lot of people forget that other card issuers offer benefits comparable to those by Amex. Warranty extension is offered for most, if not all Visa cards, as well as all Discover cards. Concierge service is offered for all Visa Signature cards, maybe by Discover as well. The reward mall of Amex is mediocre as best. Discover's shopdiscover consistently offers the best deal. And in terms of customer service, no one can beat Discover.

If anyone is interested, one of my recent blog posts (my own blog, not myFICO's) reviews a regular BofA Visa card and explains the benefits that come with it that are often ignored.

http://hiepsfinance.wordpress.com/2013/02/22/anatomy-of-a-credit-card-bank-of-america-cash-rewards/

One of those days I will review Visa Signature, Discover, and Amex's benefits as well. I don't yet have a Mastercard so can't talk for it.

Re: Benefits of having an AMEX card?

E150GT — Fri, 15 Mar 2013 00:03:26 GMT

I have a green card and what I really like is the way they categorize and organize your spending. I can see what merchant I spend the most at and stuff like that. The only thing I dont like about it is that it is not accepted everywhere. I would be happy with just my amex and maybe a nice visa to compliment it.

Re: Benefits of having an AMEX card?

HiLine — Fri, 15 Mar 2013 00:12:09 GMT

@E150GT wrote:
I have a green card and what I really like is the way they categorize and organize your spending. I can see what merchant I spend the most at and stuff like that. The only thing I dont like about it is that it is not accepted everywhere. I would be happy with just my amex and maybe a nice visa to compliment it.

I have Discover and BofA cards, and I know that these two issuers give you the same service. I also have Chase and Citi cards, and either they don't have the service, or their online banking websites are hard to navigate.

Re: Benefits of having an AMEX card?

L0RDAVENTAD0R — Fri, 15 Mar 2013 10:41:09 GMT

Presale Playoff Lakers tickets is an AMEX benefit? Someone please confirm this. Now I have a reason to definitely apply for AMEX.

Re: Benefits of having an AMEX card?

Anonymous — Fri, 15 Mar 2013 11:45:02 GMT

Benefiets include FR and declines at your favorite stores, plus your ego can be inflated

Re: Benefits of having an AMEX card?

Cageym — Fri, 15 Mar 2013 13:42:08 GMT

I have a couple of Amex cards, for different uses. I like the customer service and I use Amex Travel when I head back stateside for vacation. I've found the business class seats to be about $1000 cheaper through them. And I will never do business with BofA again, I have had freakin' nightmare issues with them. Discover isn't accepted in as many places overseas, and I have never had an issue with Amex being accepted.

Re: Benefits of having an AMEX card?

webhopper — Fri, 15 Mar 2013 14:01:34 GMT

@Anonymous wrote:
Thanks for all of the info everyone! I may have to pull the trigger.

What kinds of credit lines does AMEX typically give? My scores are listed above. My wife and I make roughly 98k anually.

They give amazing credit lines, They gave me a 22k credit line for my business which has a gross revenue of 24k. With personal gaurantee of course, and my W-2 wage job gives me an income of about 98k plus child support, which is 4k...

They are real nice as far as their credit limit increase policy as well.

Edit, Just realized this was an old thread.

Re: Benefits of having an AMEX card?

ACsteel — Fri, 15 Mar 2013 14:05:48 GMT

@webhopper wrote:
@Anonymous wrote:
Thanks for all of the info everyone! I may have to pull the trigger.

What kinds of credit lines does AMEX typically give? My scores are listed above. My wife and I make roughly 98k anually.
They give amazing credit lines, They gave me a 22k credit line for my business which has a gross revenue of 24k. With personal gaurantee of course, and my W-2 wage job gives me an income of about 98k plus child support, which is 4k...

They are real nice as far as their credit limit increase policy as well.

Edit, Just realized this was an old thread.

LOL there there Webhopper it's OK you are just so eager to help people!

Re: Benefits of having an AMEX card?

Open123 — Fri, 15 Mar 2013 14:40:09 GMT

In my view, the benefits of Amex are:

1. Backdating - Far and away the most unique and useful benefit of all issuers. For members 20+ years, the effect AAOA is pricelss when opening new Amex accounts, which completely neutralizes the deleterious effects on AAOA on new accounts.

2. Amex is an issuer who values tenure and usage over time. They may not be the best for "brand" new members with short histories, but once that history and tenure grows, I suspect the experience with Amex will improve. I've seen first hand some 20 - 25+ years members who have used the card consistently receive extraordinary treatment with exceptions made for them all the time. I've spoken with a few CSRs who've said one of the first things all Amex service people see is your membership since date. While I'd imagine they strive to give the best experience to everyone, I'd imagine some CSRs may unwittingly make a little more effort for older membership dates. Amex is different in that for older cardmembers, you may get better treatment than you would if you were...say...to have the same kind of tenure with BofA, Cap One, etc...

3. Amex is the best with one time large charges. For example, if you wanted to make quarterly business tax payments, it's very difficult to have revolving line large enough to accomodate. This is because tax debts (especially IRS ones) are very difficult to discharge via BK, and much easier once on a credit card. When making single large payments, the Amex charge is far and away the most efficient way to go about it. While there are other charge cards, Amex has forgotten more about the charge card business than most issuers will ever know.

4. For most people, using the card as intended over time will lead to a very good experience. It may not be the cheapest, but if you factor in the intangible values, Amex would be at or near the top of any issuer list. The downside is it takes considerable time to build the kind of relationship with Amex that some experience and take for granted over a 20 year span of charging, paying, and going through ups and downs together.

While admittedly, I'm partial to Amex (my one failing, I suppose!). Even for the objective dissenter, everyone has to agree that building a relationship with this lender more worthy of our efforts than with...say...Cap One, BofA, Barclay, Wells and some other lenders.

PS - Some of the many complaints I read regarding Amex goes something like this. 22 year old fresh out of college with low income applies for PR Gold and Plat sign up bonuses. Meets the minimum spend requirement with "manufactured" spending and never uses the card again; or continues unabated at high amounts to rack up points. When FR'ed, then post "Oh my God! Amex FR'ed! Why? I pay my bills in full? Charge $5K per month and always pay in full!" Then, these same people call and insist their annual fees be waived too. No business can survive--let alone flourish--without having a system in place to detect and surgically remove these unprofitable customers.

PS 2 - I recall during the "mint" days, when people would assert, "why would they care? They get the fee, and I pay the bill." What these people fail to see is what if the $30K of coints were stolen during the trip to the bank? Unless one has the income, how would you pay for the charge? That's the point of FRs, more so than for any other reason--to manage risk exposure for "outlier" spending behavior.