topic Re: Amex overrated? in Credit Cards

Amex overrated?

Anonymous — Tue, 20 Aug 2013 05:11:23 GMT

I've been lurking around the forums lately and reading and thinking a lot about Amex cards and how they may one day fit into my credit portfolio. I guess at this point, based on what I've read, I'm just not sold.

It seems to me that, for the very rich with $100,000+ credit lines and Centurion cards, there are a lot of benefits to being in Amex's good graces. But for everyone else it's just another credit card whose issuer is a petulant child, with seemingly random credit line decreases that come out of nowhere and financial reviews that border on privacy invasion. On top of that, Amex's acceptance rate by merchants is spotty.

So for those who love Amex and are Amex supporters, what am I missing?

Re: Amex overrated?

myjourney — Tue, 20 Aug 2013 05:15:46 GMT

@Anonymous wrote:
I've been lurking around the forums lately and reading and thinking a lot about Amex cards and how they may one day fit into my credit portfolio. I guess at this point, based on what I've read, I'm just not sold.

It seems to me that, for the very rich with $100,000+ credit lines and Centurion cards, there are a lot of benefits to being in Amex's good graces. But for everyone else it's just another credit card whose issuer is a petulant child, with seemingly random credit line decreases that come out of nowhere and financial reviews that border on privacy invasion. On top of that, Amex's acceptance rate by merchants is spotty.

So for those who love Amex and are Amex supporters, what am I missing?

Growth

Another network

3X CLI's

Customer dispute satisfaction

Backdating

Re: Amex overrated?

Luscher — Wed, 21 Aug 2013 20:33:20 GMT

id agree with the op. but id also agree with my journey. i love my chase card more than my amex card. but its easier to get cli's and growth with amex without really doing much. oh and backdating. UR points are worth way more to me though than what amex has to offer

Re: Amex overrated?

myjourney — Tue, 20 Aug 2013 05:20:34 GMT

@Luscher wrote:
id agree with the op. but id also agree with my journey. i love my chase card more than my amex card. but its easier to get cli's and growth with amex without really doing much. oh and backdating. UR points are worth way more to me though than what amex has to offer

Agreed

Re: Amex overrated?

Luscher — Wed, 21 Aug 2013 20:33:37 GMT

i really only added the amex for the exact reasons my journey wrote.

Re: Amex overrated?

FinStar — Tue, 20 Aug 2013 05:25:58 GMT

@myjourney wrote:
@Anonymous wrote:
I've been lurking around the forums lately and reading and thinking a lot about Amex cards and how they may one day fit into my credit portfolio. I guess at this point, based on what I've read, I'm just not sold.

It seems to me that, for the very rich with $100,000+ credit lines and Centurion cards, there are a lot of benefits to being in Amex's good graces. But for everyone else it's just another credit card whose issuer is a petulant child, with seemingly random credit line decreases that come out of nowhere and financial reviews that border on privacy invasion. On top of that, Amex's acceptance rate by merchants is spotty.

So for those who love Amex and are Amex supporters, what am I missing?

Growth
Another network
3X CLI's
Customer dispute satisfaction
Backdating

OP - different strokes for different folks. Not sure about AMEX being overrated but to each their own. Different payment networks/CCs work and provide an array of benefits/perks for various individuals.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 05:31:22 GMT

Backdating
&
3XCLI

Amex also took me in before Chase so I'll gladly do business with them.

Re: Amex overrated?

OnTheRebound — Tue, 20 Aug 2013 05:33:23 GMT

I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

However, if a different institution came up with a better cash back card, I would switch in a heartbeat.

Till then I will stick with Amex.

Re: Amex overrated?

09Lexie — Tue, 20 Aug 2013 05:48:05 GMT

To each is own that's true. For me, I have never experienced poor customer service with Amex. I've been fortunate to not have to deal with the 'privacy issue'. I have experienced CLD from other lenders in my 35+ years of credit and they were without warning, I much rather have been notified and given an opportunity to recoup my CL.

When I received my first Amex it was the Green, I received it during my junior year at UCLA and I was barely making $7500 a year. The backdating alone is a perk for me. My paid mortgage will be falling off my cr next year but I will not lose my AAOA because of Amex.

I also love my Chase cards but if I were to close them today and apply a few years from now- that history will be lost.

Re: Amex overrated?

Luscher — Tue, 20 Aug 2013 05:36:38 GMT

lol this thread is going to have a million posts by tomorrow because people LOVE AMEX

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 05:51:44 GMT

@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

However, if a different institution came up with a better cash back card, I would switch in a heartbeat.

Till then I will stick with Amex.

I don't think the BCP is unmatched since they added the cap. For supermarkets, that's a max of $360 a year, $180 more than the BCE but with $75 in fees. Because of the cap, other cards, such as the Fidelity Amex return more eventually, PenFed Plat Rewards (5% gas, 3% groceries) does/did (looks like it is being nerfed). Not that the BCP is a bad card, but the reward potential is very small.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 06:08:04 GMT

@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

I really don't even understand the charge cards. What is this, 1952? Am I my grandfather?

If I have the money to pay for something in its entirety right now, I'm going to pay cash. I understand the purpose and value of cashback cards, but generally speaking the only reason I'm going to put something on a credit card is because I don't have the money to pay for it all right now.

Re: Amex overrated?

09Lexie — Tue, 20 Aug 2013 06:11:59 GMT

Most of the charge cards come with some sort of rewards. The PRG is a charge and it has Membership Rewards ( gas, travel and everyday) though they are not as lucrative as UR Rewards- its better than nothing.

Imo, Amex should be part of a portfolio - I wouldn't just have Amex in my wallet.

Re: Amex overrated?

myjourney — Tue, 20 Aug 2013 06:14:47 GMT

@Anonymous wrote:
@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

I really don't even understand the charge cards. What is this, 1952? Am I my grandfather?

If I have the money to pay for something in its entirety right now, I'm going to pay cash. I understand the purpose and value of cashback cards, but generally speaking the only reason I'm going to put something on a credit card is because I don't have the money to pay for it all right now.

Seems to me you don't have an understanding of Amex or the rewards system in general...cash back / miles IMHO

Re: Amex overrated?

CreditScholar — Tue, 20 Aug 2013 06:27:13 GMT

@myjourney wrote:
@Anonymous wrote:
@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

I really don't even understand the charge cards. What is this, 1952? Am I my grandfather?

If I have the money to pay for something in its entirety right now, I'm going to pay cash. I understand the purpose and value of cashback cards, but generally speaking the only reason I'm going to put something on a credit card is because I don't have the money to pay for it all right now.
Seems to me you don't have an understanding of Amex or the rewards system in general...cash back / miles IMHO

+2. He's missing a lot with regards to this, and cash back is the lesser of the two with regards to complexity and value.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 06:28:27 GMT

@Anonymous wrote:
@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

I really don't even understand the charge cards. What is this, 1952? Am I my grandfather?

If I have the money to pay for something in its entirety right now, I'm going to pay cash. I understand the purpose and value of cashback cards, but generally speaking the only reason I'm going to put something on a credit card is because I don't have the money to pay for it all right now.

That's the worse reason to put something on a credit card. You use credit card for protection, ease of use, and the free points/cash back/etc.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 06:33:49 GMT

To sum it up, Amex=Backdating. IMO people see AMEX as the Harvard of Credit Cards. 3x CLI's are not 100% for sure, the APR %'s are higher than most. Just like Harvard, pay 100's of thousands of dollars for an education, when you could get the same degree at a fraction of the price from another school. The cards are directed towards upper middle class to higher class citizens, a normal person would not run $50,000 annually through the card for "bonus points".

The charge cards really made no sense to me at all except for util purposes, but I do have the AMEX Delta Platinum card, for the free companion ticket annually, also being active duty waives my AF.

But like many have said it really is about the customer's preference.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 06:35:07 GMT

As for why AMEX? They are generally a good issuer however there are certain things that make them special.

1) Backdating is unique

2) One of best if not best CLI policy of major lenders. It is SP based and being able to go from 2k to 18 in under 9 months is amazing. Basically one of the best lenders to "grow" with you.

3) CS is generally good, but not so obvious is the protections AMEX gets. Yes other cards offer it, but have you tried to use them? I lost something within a couple of weeks on my Palladium. They made me run through hoops like you couldn't believe. AMEX makes using the insurance super easy.

4) Charge cards are pretty unique and great for ease of building available credit. I was able to put 40-50k within a couple of months of getting my platinum. Try that with a normal "credit card."

Re: Amex overrated?

CreditScholar — Tue, 20 Aug 2013 06:43:25 GMT

@Anonymous wrote:
@Anonymous wrote:
@OnTheRebound wrote:
I only understand Cash Back. In that regard, the BCP is , in my opinion, unmatched. The charge cards are worthless to me.

I really don't even understand the charge cards. What is this, 1952? Am I my grandfather?

If I have the money to pay for something in its entirety right now, I'm going to pay cash. I understand the purpose and value of cashback cards, but generally speaking the only reason I'm going to put something on a credit card is because I don't have the money to pay for it all right now.
That's the worse reason to put something on a credit card. You use credit card for protection, ease of use, and the free points/cash back/etc.

+1. This is 100% true and not to intentionally sound rude, but the previous poster's comment above creshem is something a person who is financially ignorant would say.

Re: Amex overrated?

Anonymous — Tue, 20 Aug 2013 06:48:54 GMT

@myjourney wrote:

Seems to me you don't have an understanding of Amex or the rewards system in general...cash back / miles IMHO

Maybe it's an issue of income. I'm bringing in $20K year right now, perhaps even less. A lot of months I top out at about $1,000 a month. (I'm not happy about this, but it's the way it is right now.) The cashback/miles are going to be negligible for me, based upon my income. Also, I already have a decent rewards card (Discover It).

So it really goes back to my original question. . . For those who don't have thousands of dollars to run through the card every month, what is the value of Amex?