Amex Charge Card Prestige is OVER

[haulingthescoreup]

---

@Anonymous wrote:

---

@dnm45227 wrote:

i don't know, if you think they aren't prestigous just pick up the phone and speak to one of thier reps. i have never spoke w/one that didn't seem like they were on top of thier game.

---

Great advice so I call the rep and ask them is they are prestigious?

---

OK, everyone, dial it down, please.

[Anonymous]

As I said, Amex sold an image, and it continues to capitalize on it.  I'm not sure how it's lending standards can really affect that.  There are still MANY consumers and merchants who equate Amex with wealth and/or status.  Nothing has changed except your perception so unfortunately Amex's perceived prestige is no longer perceived by you.   Good marketing is nothing but smoke and mirrors and that's all it has ever has been. 

This discussion reminds me of the day my older brother realized eating Wheaties, drinking Gatorade, and wearing Nikes wouldn't make him play basketball like Michael Jordan.  He felt as though the wool had been pulled over his eyes.  (I'm not saying this to make a joke.  Only to demonstrate the power of good marketing.)

[fused]

I agree with ddd that AmEx is no longer ENTIRELY uber prime. I would simply say AmEx NOW offers what most other CCCs and issuers do. AmEX offers everything from the uber prime Centurion to the near-prime DSM, Starwoods, and Hilton card. AmEX is more inline with BoA, Chase and CITI...700+ scores are not needed for an approval with some cards. Heck, even Discover has loosened-up on their underwriting.

[haulingthescoreup]

from Merriam-Webster online dictionary:

prestige

Main Entry:
pres·tige Listen to the pronunciation of prestige
Pronunciation:
\pre-ˈstēzh, -ˈstēj\
Function:
noun
Usage:
often attributive
Etymology:
French, from Middle French, conjuror's trick, illusion, from Latin praestigiae, plural, conjuror's tricks, from praestringere to graze, blunt, constrict, from prae- + stringere to bind tight — more at strain
Date:
1829

1 : standing or estimation in the eyes of people : weight or credit in general opinion

2 : commanding position in people's minds

So literally, by definition, prestige is what people think it is. Stanley Cup winners, Smith County spelling bee champ, the bank that people think is prestigious because of wonderful customer service, the bank that people think is prestigious because its people are astonishingly rude and condescing, so they must be superior, Trabants... well, maybe not Trabants!

I can say, "I think that so-and-so is prestigious," but I can't correctly say "So-and-so is not prestigious," because I can't speak for everyone else.

And the reaction I get from merchants when I pull out my AmEx is horror, because they're paying higher transaction fees!

[Anonymous]

---

lurknomore wrote:

As I said, Amex sold an image, and it continues to capitalize on it.  I'm not sure how it's lending standards can really affect that.  There are still MANY consumers and merchants who equate Amex with wealth and/or status.  Nothing has changed except your perception so unfortunately Amex's perceived prestige is no longer perceived by you.   Good marketing is nothing but smoke and mirrors and that's all it has ever has been. 

This discussion reminds me of the day my older brother realized eating Wheaties, drinking Gatorade, and wearing Nikes wouldn't make him play basketball like Michael Jordan.  He felt as though the wool had been pulled over his eyes.  (I'm not saying this to make a joke.  Only to demonstrate the power of good marketing.)

---

WOW you are completley wrong, Did you have an Amex Cahrge 10-15 years ago? I don think so because you have no clue what you're talking about. Having an Amex Plat really ment you pushed thru 125k a year. Having Gold meant you pushed 20k-120k the real a Amex. Not the person with the 640 fico and Plat Amex in their Wallet. You are like Obama you agreed with me on you're other comment and now you're taking it back? Be consistent, that is the point of the discussion to discuss not to flip flop. This is a typical atack from everyone that benefited from the new " SUB PRIME" Amex.

[Anonymous]

---

fused wrote:

I agree with ddd that AmEx is no longer ENTIRELY uber prime. I would simply say AmEx NOW offers what most other CCCs and issuers do. AmEX offers everything from the uber prime Centurion to the near-prime DSM, Starwoods, and Hilton card. AmEX is more inline with BoA, Chase and CITI...700+ scores are not needed for an approval with some cards. Heck, even Discover has loosened-up on their underwriting.

---

I completley agree, this is exactly what I'm saying.

[Anonymous]

ddd wrote:

WOW you are completley wrong, Did you have an Amex Cahrge 10-15 years ago? I don think so because you have no clue what you're talking about. Having an Amex Plat really ment you pushed thru 125k a year. Having Gold meant you pushed 20k-120k the real a Amex. Not the person with the 640 fico and Plat Amex in their Wallet. You are like Obama you agreed with me on you're other comment and now you're taking it back? Be consistent, that is the point of the discussion to discuss not to flip flop. This is a typical atack from everyone that benefited from the new " SUB PRIME" Amex.

I actually got an Amex Green with absolutely zero credit history.

BTW, this was 1994.  14 years ago.

[Anonymous]

---

cheddar wrote:

ddd wrote:

WOW you are completley wrong, Did you have an Amex Cahrge 10-15 years ago? I don think so because you have no clue what you're talking about. Having an Amex Plat really ment you pushed thru 125k a year. Having Gold meant you pushed 20k-120k the real a Amex. Not the person with the 640 fico and Plat Amex in their Wallet. You are like Obama you agreed with me on you're other comment and now you're taking it back? Be consistent, that is the point of the discussion to discuss not to flip flop. This is a typical atack from everyone that benefited from the new " SUB PRIME" Amex.

I actually got an Amex Green with absolutely zero credit history.

BTW, this was 1994.  14 years ago.

---

Did you ever get invited to GOLD or Plat 10-15 years ago? Unles you pushes 10-125K no way.

[Anonymous]

Well fused perhaps I am still confused by ddd's argument.  He (she?) seems to waiver between creditworthiness (i.e. fico score) and the amount of money one can push through the card as problematic.   I'm sure everyone knows that fico scores and income/spending don't always have a direct correlation.  In my case, I make well in the six figures and don't mind paying for the things I want.  However, my credit scores are only recently in the upper 600s (mid-score of 680) thanks to myfico.  As ddd has mentioned, under the old Amex regime, you would need BOTH high ficos and high income.  I'm sure ddd will correct me if I'm wrong, but it seems I remember him mentioning that he had ficos in the 600s.  If that's the case, he probably wouldn't have gotten the card himself under old "prestigious" Amex.

ddd what's the crux of your "loss of prestige" argument?  Are you upset that customers with less than high ficos can get the card, thus making them a less than prime lender?  Or are you upset that modest earners/spenders can get the card?

[Anonymous]

---

ddd wrote:

 The only reason they are ranting and raving is because they are surprised they got APPROVED. Before you didnt here rants and reaves becuase let's be honest people in wealthy positions are not going to on a Forum and cheer themselves on becuse they got approved for an AMEX.

---

How many wealthy people are crying on a forum because they perceive Amex isn't prestigious anymore?

Too bad some people need access to the airport lounge to make themselves feel important.