topic Re: AMEX annual fees in Credit Cards

AMEX annual fees

Anonymous — Sat, 28 Jan 2012 03:10:43 GMT

So I'm getting my first card ever with an annual fee ($65) and thinking about how much I have to push through this baby just to cancel out the fee, let alone net a profit. I noticed AMEX has some incredibly expensive cards, even the Green card is an astounding $95. I can't imagine forking over the $175 for PR Gold or $450 for Platinum.

Just wondering for people with these high AF cards (Amex or otherwise), do you actually earn enough rewards to offset the cost of carrying the card? Or is the satisfaction of carrying one of these cards enough.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:05:20 GMT

IMO, i comes down to needs, benefits, spending habits, and in some cases prestige.

Someone who spends right and (knows what their needs are) gets a great value for their AF on a prime card.

Re: AMEX annual fees

-Cain- — Sat, 28 Jan 2012 04:12:18 GMT

I have Green with first year AF waived and $95 thereafter. I got it for the benefits AmEx offers but also to try and hurry my way into a revolver with cashback where I'd surely make enough rewards to offset the AF. If that doesn't work out, I can always downgrade to Zync and pay less. The backdating that AmEx offers will be a great bonus itself down the line.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:13:46 GMT

Purely based on the rewards from the MR points, you'd have to run a lot through the card every year. Which I can see if you're incredibly wealthy, or put a lot of business expenses on your personal card.

But I for most people, it's the other benefits (like the concierge service) that draws them to the card.

That, or it could really just be that people want to brag about having an Amex platinum card.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:19:08 GMT

I have the Green card. I was approved for it last year and it backdated to 1987. The first year's fee was waived, but I'll gladly pay the $95 fee when it comes up. There's no other issuer that magically gives me 25 years worth of age to my credit reports. Also, when I factor in statement credits for things like Small Business Saturday and other such promotions, it helps take the sting out of the AF. But more than anything, the backdating feature is just worth it to me.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:19:28 GMT

@Anonymous wrote:
Purely based on the rewards from the MR points, you'd have to run a lot through the card every year. Which I can see if you're incredibly wealthy, or put a lot of business expenses on your personal card.

But I for most people, it's the other benefits (like the concierge service) that draws them to the card.

That, or it could really just be that people want to brag about having an Amex platinum card.

I have no experience with AF cards, but I agree with this. If you're paying a $450 AF, $450 is probably pocket change for you and you are more concerned with the non-cash benefits you get.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:22:53 GMT

@Anonymous wrote:
IMO, i comes down to needs, benefits, spending habits, and in some cases prestige.

Someone who spends right and (knows what their needs are) gets a great value for their AF on a prime card.

Great point. For something like the BCP if you're spending habits align with the rewards then it's a good deal. I can also see why someone would want the Platinum for the lounge access and travel perks. I guess I am more curious about Green and Gold (non PR), why someone would pay $95-125 for a charge card with rewards of 1 MR point/dollar spent when there are some great rewards cards out there with no AF. Not judging, just curious.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:25:44 GMT

@Anonymous wrote:
So I'm getting my first card ever with an annual fee ($65) and thinking about how much I have to push through this baby just to cancel out the fee, let alone net a profit. I noticed AMEX has some incredibly expensive cards, even the Green card is an astounding $95. I can't imagine forking over the $175 for PR Gold or $450 for Platinum.

Just wondering for people with these high AF cards (Amex or otherwise), do you actually earn enough rewards to offset the cost of carrying the card? Or is the satisfaction of carrying one of these cards enough.

Yes

It's amazing how much money a family of 7 spends I paid a $59AF with my Orchard for 6 years. Do you know what I got? NOTHING besides 6 years of history on my CR which is worth the AF for someone (like me) who was re-building. Actually HSBC refied an auto loan with me at a lower rate a while back AND gave me a 2nd auto loan when I needed a truck for work! So I'm accustomed to AF's and budget accordingly. This year I will be able to get something out of my spending.

Re: AMEX annual fees

afbar1114 — Sat, 28 Jan 2012 04:27:25 GMT

@Anonymous wrote:
So I'm getting my first card ever with an annual fee ($65) and thinking about how much I have to push through this baby just to cancel out the fee, let alone net a profit. I noticed AMEX has some incredibly expensive cards, even the Green card is an astounding $95. I can't imagine forking over the $175 for PR Gold or $450 for Platinum.

Just wondering for people with these high AF cards (Amex or otherwise), do you actually earn enough rewards to offset the cost of carrying the card? Or is the satisfaction of carrying one of these cards enough.

i think that paying the AF for some cards is worth it. I have the Zync and i pay $65 because i added to packs that i will use alot. i already got $10 back in Gift cards from them and i only had the card for like 2 weeks. its also the CS. they by far have the best. very very understandable. i plan on staying with amex for a long long time. maybe doing a PC to a green or gold card or getting one of them. in a year or so.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:30:22 GMT

@afbar1114 wrote:
@Anonymous wrote:
So I'm getting my first card ever with an annual fee ($65) and thinking about how much I have to push through this baby just to cancel out the fee, let alone net a profit. I noticed AMEX has some incredibly expensive cards, even the Green card is an astounding $95. I can't imagine forking over the $175 for PR Gold or $450 for Platinum.

Just wondering for people with these high AF cards (Amex or otherwise), do you actually earn enough rewards to offset the cost of carrying the card? Or is the satisfaction of carrying one of these cards enough.
i think that paying the AF for some cards is worth it. I have the Zync and i pay $65 because i added to packs that i will use alot. i already got $10 back in Gift cards from them and i only had the card for like 2 weeks. its also the CS. they by far have the best. very very understandable. i plan on staying with amex for a long long time. maybe doing a PC to a green or gold card or getting one of them. in a year or so.

I'm not exactly sure if you can PC a Zync. I believe it is its own seperate product. A Green/Gold charge might be a new application, and a new HP.

Re: AMEX annual fees

afbar1114 — Sat, 28 Jan 2012 04:32:00 GMT

@Anonymous wrote:
@afbar1114 wrote:
@Anonymous wrote:
So I'm getting my first card ever with an annual fee ($65) and thinking about how much I have to push through this baby just to cancel out the fee, let alone net a profit. I noticed AMEX has some incredibly expensive cards, even the Green card is an astounding $95. I can't imagine forking over the $175 for PR Gold or $450 for Platinum.

Just wondering for people with these high AF cards (Amex or otherwise), do you actually earn enough rewards to offset the cost of carrying the card? Or is the satisfaction of carrying one of these cards enough.
i think that paying the AF for some cards is worth it. I have the Zync and i pay $65 because i added to packs that i will use alot. i already got $10 back in Gift cards from them and i only had the card for like 2 weeks. its also the CS. they by far have the best. very very understandable. i plan on staying with amex for a long long time. maybe doing a PC to a green or gold card or getting one of them. in a year or so.

I'm not exactly sure if you can PC a Zync. I believe it is its own seperate product. A Green/Gold charge might be a new application, and a new HP.

they told me i could..maybe they didnt know. but i wouldnt mind having a green or gold card in 8-12 months with some more hard work and treating the zync right. i am going to try for a few GW's this year

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:32:14 GMT

I think it will be interesting to compare the customer service when I get the new card. Despite all the praise AMEX customer service gets, I have not been too impressed with it on my no AF card. Perhaps paying an AF means a different line and better service? We shall see!

Re: AMEX annual fees

afbar1114 — Sat, 28 Jan 2012 04:35:58 GMT

@Anonymous wrote:
I think it will be interesting to compare the customer service when I get the new card. Despite all the praise AMEX customer service gets, I have not been too impressed with it on my no AF card. Perhaps paying an AF means a different line and better service? We shall see!

i think it might be the charge cards vs credit cards... maybe they see charge card customers as a higher clientele

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:41:57 GMT

RE: The PC to Zync - from what I understand, you can downgrade another charge card to a Zync, but they don't let you upgrade a Zync to a different card. At least that seems to be my understanding of it.

Re: AMEX annual fees

-Cain- — Sat, 28 Jan 2012 04:43:48 GMT

AndyK, that is what I've come to understand as well.

Re: AMEX annual fees

afbar1114 — Sat, 28 Jan 2012 04:47:54 GMT

@Anonymous wrote:
RE: The PC to Zync - from what I understand, you can downgrade another charge card to a Zync, but they don't let you upgrade a Zync to a different card. At least that seems to be my understanding of it.

so ill just get a green/gold in a year or so and then close zync and back date

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:49:05 GMT

@afbar1114 wrote:
@Anonymous wrote:
RE: The PC to Zync - from what I understand, you can downgrade another charge card to a Zync, but they don't let you upgrade a Zync to a different card. At least that seems to be my understanding of it.

so ill just get a green/gold in a year or so and then close zync and back date

I went from Zync to Gold in 2 months YMMV...

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:49:32 GMT

@afbar1114 wrote:
@Anonymous wrote:
RE: The PC to Zync - from what I understand, you can downgrade another charge card to a Zync, but they don't let you upgrade a Zync to a different card. At least that seems to be my understanding of it.

so ill just get a green/gold in a year or so and then close zync and back date

Yep, that's your best choice. Of course, it wouldn't hurt to ask them if you can PC, but I doubt you can.

And from what people have been saying, if you already have an Amex card and your app gets denied, it's an SP - you only get an HP if they approve it. I'm definitely hoping that's the case when the time comes for me to apply for something else from them.

Re: AMEX annual fees

Anonymous — Sat, 28 Jan 2012 04:49:55 GMT

@Anonymous wrote:
@afbar1114 wrote:
@Anonymous wrote:
RE: The PC to Zync - from what I understand, you can downgrade another charge card to a Zync, but they don't let you upgrade a Zync to a different card. At least that seems to be my understanding of it.

so ill just get a green/gold in a year or so and then close zync and back date
I went from Zync to Gold in 2 months YMMV...

They let you PC? Or you applied for a new card?

Re: AMEX annual fees

-Cain- — Sat, 28 Jan 2012 04:50:47 GMT

How long ago was that? Was it a PC or new app? Some have said the new CC laws prevent changes such as that for 13 months.