topic Re: why does everyone want an AMEX? in Credit Cards

why does everyone want an AMEX?

beautybrainsbooty — Wed, 29 Aug 2012 19:36:55 GMT

hey ya'll im curius as I build my lineup of CCs...why does everyone seem to want some sort of AMEX card? is it the rewards or more of a status thing? Or does it look good on your CR?

Re: why does everyone want an AMEX?

LS2982 — Wed, 29 Aug 2012 19:41:48 GMT

Both. AMEX has some really good rewards cards mostly their revolvers. Their charge cards gain points for redemption. Most creditors see AMEX on your CR's and are more willing to lend to you. YMMV of course.

Re: why does everyone want an AMEX?

xiownthisplacex — Wed, 29 Aug 2012 19:42:52 GMT

And for backdating purposes as well

Re: why does everyone want an AMEX?

Razeus — Wed, 29 Aug 2012 19:43:17 GMT

Status symbol 90% of the time. I know that was the case for me. But that's never enough, because now there's a heirarchy within AMEX itself. Plus the accomplishement of one of the toughests cards to get.

Re: why does everyone want an AMEX?

LS2982 — Wed, 29 Aug 2012 19:47:47 GMT

Forgot about the backdating, but that wouldn't be a perk for a new cardmember never having an AMEX.

Re: why does everyone want an AMEX?

beautybrainsbooty — Wed, 29 Aug 2012 19:48:00 GMT

backdating?? explain please...

Re: why does everyone want an AMEX?

Razeus — Wed, 29 Aug 2012 19:50:52 GMT

@beautybrainsbooty wrote:
backdating?? explain please...

Apparently it let's you have the date of your very first AMEX card when you sign up for new cards from them. That way it looks like an "old" account on your credit report and helps out your credit score in the area of "average age of account (AAoA). So if you have a card from 1990, and you get a Blue card in 2012, AMEX will back date that Blue card to 1990, giving you an instant 20 year history...I'm surprised CRA's haven't caught on to this.

Re: why does everyone want an AMEX?

EmpressLuv — Wed, 29 Aug 2012 19:54:25 GMT

I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking. I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..

Re: why does everyone want an AMEX?

Razeus — Wed, 29 Aug 2012 20:01:46 GMT

@EmpressLuv wrote:
I think it was status-quo for me, lol....AMEX is one of the hardest cards to get and when I applied last month online, I had my fingers crossed...and it was just thinking and thinking. I ended up closing the window cause it never gave me a response and said oh well, then i got an email a few seconds later saying that my card application has been approved....i was in heaven..

Did you damn near fall out of your chair like I did?

Re: why does everyone want an AMEX?

DaveSignal — Wed, 29 Aug 2012 20:11:40 GMT

I don't want an AMEX. They are not for everyone. I travel throughout the world and am outside of the USA for long periods of time. For me, the best cards are Visa and Mastercard, specifically the ones that charge 0% for foreign purchases.

Re: why does everyone want an AMEX?

Razeus — Wed, 29 Aug 2012 20:40:20 GMT

^
Perhaps. I personally think they offer wayyyyyyyyy too many cards these days, especailly in the airline co-brands.

They need to trim their offerings to regain their prestiage instead of diluting the brand giving guys like me not 1, but 2 AMEX cards.

Re: why does everyone want an AMEX?

EmpressLuv — Wed, 29 Aug 2012 20:51:42 GMT

lol i did backflips but I was like unless I ent get this card in the mail i not believing it....lol

Re: why does everyone want an AMEX?

beautybrainsbooty — Wed, 29 Aug 2012 20:51:51 GMT

I really would like to apply but im kind of scared given that I just added new TLs to my CR and im not sure who they pull and the scores you need. Also there are so many versions, like the charge card versus the revolver...omg. Sure would be nice to open up the wallet and see it there though

Re: why does everyone want an AMEX?

jamie123 — Wed, 29 Aug 2012 20:57:41 GMT

@beautybrainsbooty wrote:
I really would like to apply but im kind of scared given that I just added new TLs to my CR and im not sure who they pull and the scores you need. Also there are so many versions, like the charge card versus the revolver...omg. Sure would be nice to open up the wallet and see it there though

You should apply for the AMEX Zync charge card. You should be approved with the scores you have now. AMEX likes to see at least 1 year of history to get one of their revolvers.

Get the AMEX Zync now and then you can app for a revolver a year from now and have it backdated to 2012.

Good luck!

Re: why does everyone want an AMEX?

youngandcreditwrthy — Wed, 29 Aug 2012 21:04:46 GMT

There's just something so American about having an American Express card....

also, if I'm not mistaken, it was like one of the first credit card companies ever... like Diner's Club or s'thin'..

I could be totally wrong on this, but it seems like I read that in a credible publication at some point haha.

Also, it is very prestigious, and just about everyone knows how HARD it is to get an Amex.. at least the Amex Blue...or the infamous

American Express Black Card, which I think is for people who spend more than $150k per year and is PIF.

Good thing I could at least get an Amex backed by Barclay's PAHAHA

Re: why does everyone want an AMEX?

laboi_22 — Wed, 29 Aug 2012 21:13:35 GMT

AMEX is also the only company right now that still has personal charge cards. Their charge products are great. When I was stuck in $1,000 credit line land, AMEX approved me and I enjoyed the no preset spending limit. It allowed me to use it everyday and not have to worry about approaching the limit. Also it is a great card to assist with utility since it is not factored into UTL. In other words you can let a balance report without lowering your FICO! They also offer a large array of protections that most companies can't including fraud protection and purchase protection.

Re: why does everyone want an AMEX?

jamesdwi — Wed, 29 Aug 2012 22:35:53 GMT

@laboi_22 wrote:
AMEX is also the only company right now that still has personal charge cards. Their charge products are great. When I was stuck in $1,000 credit line land, AMEX approved me and I enjoyed the no preset spending limit. It allowed me to use it everyday and not have to worry about approaching the limit. Also it is a great card to assist with utility since it is not factored into UTL. In other words you can let a balance report without lowering your FICO! They also offer a large array of protections that most companies can't including fraud protection and purchase protection.

love the ability to charge what ever I can afford to pay for in a month. it grows with you.... if you had the income you could get a 20k limit in a few months of using the card hard. Just use and when its done at the start you may have to make an extra payment or two until AMEX learns your spending habbits, I have ran a couple grand a month on mine never required an extra payment in the middle.

Re: why does everyone want an AMEX?

beautybrainsbooty — Wed, 29 Aug 2012 22:48:31 GMT

it doesn't affect your FICO...now theres a lovely thought! I would love spending what i can afford too. Oh you guys are making me wanna pull the trigger...ahhhhhh!!!

Re: why does everyone want an AMEX?

ACsteel — Wed, 29 Aug 2012 23:19:25 GMT

@beautybrainsbooty wrote:
it doesn't affect your FICO...now theres a lovely thought! I would love spending what i can afford too. Oh you guys are making me wanna pull the trigger...ahhhhhh!!!

The charge cards does not affect your utilization ratio, but they gain you an extra line of credit on your FICO and increase your AAoA, so in that respect they do help the score.

The revolvers are great, and the service is amazing. However outside the US the card is hard to use, even in some areas of the US as well.

However I would agree that most get it as a token of their credit worthiness.

Re: why does everyone want an AMEX?

irving_magik — Wed, 29 Aug 2012 23:38:50 GMT

I know I'm on the list of one of those people who want an AMEX. The BCP is at the top of my wishlist, the rewards (6% on Groceries and 3% on gas) is the biggest reason I want it.