topic Re: AMEX: What's the big deal? in Credit Cards

AMEX: What's the big deal?

CreditScoreBlueprint — Thu, 08 Mar 2012 22:34:02 GMT

Why do so many people want an AMEX card? Are they really anything other than status symbols? I keep reading all these reviews about how AMEX cards can't be beat.

Mediocre rewards (aside from the Blue Cash cards), high annual fees, and limited acceptance among businesses. Also hear that Visa Signature has the better concierge service. Am I missing something?

Re: AMEX: What's the big deal?

espnjunkie — Thu, 08 Mar 2012 22:40:08 GMT

Prestige, extended warranty, purchase protection, suppossedly best customer service, wide variety of rewards cards, they are an alternative to visa/master/discover, ability to backdate to when your first account was opened...etc

Re: AMEX: What's the big deal?

Anonymous — Thu, 08 Mar 2012 22:46:14 GMT

This was recently discussed: http://ficoforums.myfico.com/t5/Credit-Cards/How-come-so-many-have-multiple-Amex-cards/td-p/1259903/page/2

It boils down to:

1. Backdating - subsequent cards are opened with the year of your first Amex account, significantly boosting your AAoA.

2. Rewards - there are different types of rewards for different spenders. For a low-moderate spender such as myself cash rewards are better so I prefer the Blue revolvers. For a high spender or someone who travels frequently airline miles/hotel points can be worth a lot more than cash back and offset the AF.

3. Good customer service, although other CC companies seem to have caught up.

4. Benefits - Amex offers extended warranty, purchase protection, return protection, etc. on all of their cards. This is not true of all Visa/MC. The dispute process also favors the consumer with Amex whereas one may need to jump through a bunch of hoops to file a claim with other banks. Premium charge products such as Platinum also come with exclusive benefits such as $200 airline allowance, lounge access, complimentary companion ticket, etc. that can be worth much more than the AF if actually used.

Re: AMEX: What's the big deal?

mxp114 — Thu, 08 Mar 2012 22:50:08 GMT

@Anonymous wrote:
This was recently discussed: http://ficoforums.myfico.com/t5/Credit-Cards/How-come-so-many-have-multiple-Amex-cards/td-p/1259903/page/2

It boils down to:
1. Backdating - subsequent cards are opened with the year of your first Amex account, significantly boosting your AAoA.
2. Rewards - there are different types of rewards for different spenders. For a low-moderate spender such as myself cash rewards are better so I prefer the Blue revolvers. For a high spender or someone who travels frequently airline miles/hotel points can be worth a lot more than cash back and offset the AF.
3. Good customer service, although other CC companies seem to have caught up.
4. Benefits - Amex offers extended warranty, purchase protection, return protection, etc. on all of their cards. This is not true of all Visa/MC. The dispute process also favors the consumer with Amex whereas one may need to jump through a bunch of hoops to file a claim with other banks. Premium charge products such as Platinum also come with exclusive benefits such as $200 airline allowance, lounge access, complimentary companion ticket, etc. that can be worth much more than the AF if actually used.

Backdating is the only thing and tbh I'm surprised it hasn't been legislatively disallowed. CR's are suppose to contain accurate information and technically AmEx isn't reporting accurate info when they say a TL that was opened in March 2012 has an opening date of March 1855 because a cardmember has had their relationship with them since then. Everything else has your list is easily countered with the right product and in some instances, exceeded.

Re: AMEX: What's the big deal?

Anonymous — Thu, 08 Mar 2012 23:04:22 GMT

@mxp114 wrote:
@Anonymous wrote:
This was recently discussed: http://ficoforums.myfico.com/t5/Credit-Cards/How-come-so-many-have-multiple-Amex-cards/td-p/1259903/page/2

It boils down to:
1. Backdating - subsequent cards are opened with the year of your first Amex account, significantly boosting your AAoA.
2. Rewards - there are different types of rewards for different spenders. For a low-moderate spender such as myself cash rewards are better so I prefer the Blue revolvers. For a high spender or someone who travels frequently airline miles/hotel points can be worth a lot more than cash back and offset the AF.
3. Good customer service, although other CC companies seem to have caught up.
4. Benefits - Amex offers extended warranty, purchase protection, return protection, etc. on all of their cards. This is not true of all Visa/MC. The dispute process also favors the consumer with Amex whereas one may need to jump through a bunch of hoops to file a claim with other banks. Premium charge products such as Platinum also come with exclusive benefits such as $200 airline allowance, lounge access, complimentary companion ticket, etc. that can be worth much more than the AF if actually used.
Backdating is the only thing and tbh I'm surprised it hasn't been legislatively disallowed. CR's are suppose to contain accurate information and technically AmEx isn't reporting accurate info when they say a TL that was opened in March 2012 has an opening date of March 1855 because a cardmember has had their relationship with them since then. Everything else has your list is easily countered with the right product and in some instances, exceeded.

Not so much my list but rather a summary of the thread I quoted. But I do agree there are equal if not better cards out there for specific purposes. The MR program used to be one of a kind but now its getting some serious competition from Chase et al. Whether deserved or not, the Amex brand still carries with it some cachet. In addition to the backdating, I don't know of any creditor/issuer that offers universal purchase protections and warranty extension on all of their cards like Amex does.

Re: AMEX: What's the big deal?

espnjunkie — Thu, 08 Mar 2012 23:03:55 GMT

The vast majority of businesses will accept amex as well. Only smaller merchants and restaurants won't accept it I have found. In that case make sure to have a backup card to use or cash.

Re: AMEX: What's the big deal?

mxp114 — Thu, 08 Mar 2012 23:09:24 GMT

That's true dyv. I hardly use my AmEx and am down to one. I used to have Blue and Delta SkyMiles but cancelled them years ago.

Re: AMEX: What's the big deal?

jamesdwi — Thu, 08 Mar 2012 23:11:32 GMT

backdating, prime, decent interest rate 15% on a revolver with rewards, highest CL yet, 6k, with a good chance of CLI's after 61 days and again 6 months later.

Re: AMEX: What's the big deal?

bakalao2k — Thu, 08 Mar 2012 23:52:04 GMT

One of the benefits of having an AMEX is receving advance ticket purchase offers for concerts.

Re: AMEX: What's the big deal?

Anonymous — Thu, 08 Mar 2012 23:56:33 GMT

I don't know about the prestige and all that. I certainly don't like the annual fee of my Gold card. However, it was the very first card I ever had (sophomore year in college) and I certainly can't get rid of it now. It stretches out my credit history... And my DW's too since she is an authorized user.

I'm planning on removing the rewards portion of my card (has a fee) since I have Chase Freedom and Costco Amex which I plan to use for cash rewards moving forward.

Re: AMEX: What's the big deal?

boomhower — Fri, 09 Mar 2012 00:47:10 GMT

For my uses the BCP has by far the best rewards.

Re: AMEX: What's the big deal?

crunching_numbers — Fri, 09 Mar 2012 00:57:19 GMT

@boomhower wrote:
For my uses the BCP has by far the best rewards.

Re: AMEX: What's the big deal?

crunching_numbers — Fri, 09 Mar 2012 01:00:10 GMT

@Anonymous wrote:
I don't know about the prestige and all that. I certainly don't like the annual fee of my Gold card. However, it was the very first card I ever had (sophomore year in college) and I certainly can't get rid of it now. It stretches out my credit history... And my DW's too since she is an authorized user.

I'm planning on removing the rewards portion of my card (has a fee) since I have Chase Freedom and Costco Amex which I plan to use for cash rewards moving forward.

What are you paying AMEX total per year for the 2 cards and MR program? Is it more than $150?

Re: AMEX: What's the big deal?

Anonymous — Fri, 09 Mar 2012 01:06:31 GMT

@crunching_numbers wrote:
@Anonymous wrote:
I don't know about the prestige and all that. I certainly don't like the annual fee of my Gold card. However, it was the very first card I ever had (sophomore year in college) and I certainly can't get rid of it now. It stretches out my credit history... And my DW's too since she is an authorized user.

I'm planning on removing the rewards portion of my card (has a fee) since I have Chase Freedom and Costco Amex which I plan to use for cash rewards moving forward.
What are you paying AMEX total per year for the 2 cards and MR program? Is it more than $150?

$160 total = 85 for my membership, 35 for wife's additional user fee, 40 for rewards program.

Re: AMEX: What's the big deal?

Walt_K — Fri, 09 Mar 2012 01:31:14 GMT

I don't agree that they have mediocre rewards. PR Gold card is a great points earning card. SPG card is a great hotel card. Platinum card isn't great for rewards, but is a great benefits card. If you prefer cash back, BCP seems to be a pretty good card (I don't have it and I don't like cash back, so I haven't researched all the options).

I also think the customer service is great. Disputes are resolved easily. I've never had to wait a long time to talk to someone (I understand others may have different experience). And I don't care one bit about foreign call centers. I've never had any trouble understanding the person on the other end of the line.

Another benefit is that I can put large work expenses on my Amex charge cards. I don't know what my limit is, but I had a $25K hotel bill that I needed to pay for recently, and that was on top of a lot of other travel expenses for that month. I had no issues charging that to my Platinum card. I'm sure there are other options out there for that as well, but this is another nice feature if you have to put reimburseable work expenses on your CC.

Re: AMEX: What's the big deal?

Repo-ed — Fri, 09 Mar 2012 01:34:26 GMT

I would LOVE to have my delta SM amex back. Hopefully one day, they'll take me back.

Re: AMEX: What's the big deal?

Anonymous — Fri, 09 Mar 2012 02:18:39 GMT

because in the history of Western Civilization, Mod Cut! dropped at the sight of a Mod Cut! his Discover or Capital One card

This is the second time you have been warned about your language in the forums. Again, keep your posts clean.

Thank you for your cooperation!

--fused, myfico moderator

Re: AMEX: What's the big deal?

adavis425 — Fri, 09 Mar 2012 02:58:23 GMT

@Anonymous wrote:
I don't know about the prestige and all that. I certainly don't like the annual fee of my Gold card. However, it was the very first card I ever had (sophomore year in college) and I certainly can't get rid of it now. It stretches out my credit history... And my DW's too since she is an authorized user.

I'm planning on removing the rewards portion of my card (has a fee) since I have Chase Freedom and Costco Amex which I plan to use for cash rewards moving forward.

Are you sure pakman92? I have an AMEX gold card, but pay nothing for the MR program.

Re: AMEX: What's the big deal?

Anonymous — Fri, 09 Mar 2012 03:08:50 GMT

yeah I'm sure. i think with reason gol cards, rewards are included by deafault for the 125 annual fee. but when i got my gold card 20 years ago, the reward program wasnt there. ive always been billed 85 amd 40 separately.

if im getting jipped please let me now

Re: AMEX: What's the big deal?

Anonymous — Fri, 09 Mar 2012 03:13:26 GMT

Ive heard about paying extra for MR for corperate cards but never personal gold or any other personal MR earning cards. Ive never paid anything other than the standard AF.