Amex overrated?

[Anonymous]

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@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.

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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.

[Anonymous]

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@OnTheRebound wrote:

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

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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.

[09Lexie]

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.

[myjourney]

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@Anonymous wrote:

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@OnTheRebound wrote:

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

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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.

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

[CreditScholar]

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@myjourney wrote:

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@Anonymous wrote:

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@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.

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

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+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.

[Anonymous]

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@Anonymous wrote:

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@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.

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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. 

[Anonymous]

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.

[Anonymous]

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."

[CreditScholar]

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@Anonymous wrote:

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@Anonymous wrote:

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@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.

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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. 

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+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.

[Anonymous]

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@myjourney wrote:

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

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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?