@LS2982 wrote:
@Revelate wrote:Well a new user necro'd it probably off a Google search. Merchant account question, not sure how Google failed him that badly
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Leaving the necro'd topic open as there's a few questions and it's a timeless discussion as it's debated every other month seemingly
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What does "necro'd" mean?
Shorthand for thread necromancy or some such; vis a vis an incredibly old thread that died a long time ago being ressurected.
Probably necroed would've been more correct, not sure why I apostrophed it
@Open123 wrote:In my view, the benefits of Amex are:
1. Backdating - Far and away the most unique and useful benefit of all issuers. For members 20+ years, the effect AAOA is pricelss when opening new Amex accounts, which completely neutralizes the deleterious effects on AAOA on new accounts.
2. Amex is an issuer who values tenure and usage over time. They may not be the best for "brand" new members with short histories, but once that history and tenure grows, I suspect the experience with Amex will improve. I've seen first hand some 20 - 25+ years members who have used the card consistently receive extraordinary treatment with exceptions made for them all the time. I've spoken with a few CSRs who've said one of the first things all Amex service people see is your membership since date. While I'd imagine they strive to give the best experience to everyone, I'd imagine some CSRs may unwittingly make a little more effort for older membership dates. Amex is different in that for older cardmembers, you may get better treatment than you would if you were...say...to have the same kind of tenure with BofA, Cap One, etc...
3. Amex is the best with one time large charges. For example, if you wanted to make quarterly business tax payments, it's very difficult to have revolving line large enough to accomodate. This is because tax debts (especially IRS ones) are very difficult to discharge via BK, and much easier once on a credit card. When making single large payments, the Amex charge is far and away the most efficient way to go about it. While there are other charge cards, Amex has forgotten more about the charge card business than most issuers will ever know.
4. For most people, using the card as intended over time will lead to a very good experience. It may not be the cheapest, but if you factor in the intangible values, Amex would be at or near the top of any issuer list. The downside is it takes considerable time to build the kind of relationship with Amex that some experience and take for granted over a 20 year span of charging, paying, and going through ups and downs together.
While admittedly, I'm partial to Amex (my one failing, I suppose!). Even for the objective dissenter, everyone has to agree that building a relationship with this lender more worthy of our efforts than with...say...Cap One, BofA, Barclay, Wells and some other lenders.
PS - Some of the many complaints I read regarding Amex goes something like this. 22 year old fresh out of college with low income applies for PR Gold and Plat sign up bonuses. Meets the minimum spend requirement with "manufactured" spending and never uses the card again; or continues unabated at high amounts to rack up points. When FR'ed, then post "Oh my God! Amex FR'ed! Why? I pay my bills in full? Charge $5K per month and always pay in full!" Then, these same people call and insist their annual fees be waived too. No business can survive--let alone flourish--without having a system in place to detect and surgically remove these unprofitable customers.
PS 2 - I recall during the "mint" days, when people would assert, "why would they care? They get the fee, and I pay the bill." What these people fail to see is what if the $30K of coints were stolen during the trip to the bank? Unless one has the income, how would you pay for the charge? That's the point of FRs, more so than for any other reason--to manage risk exposure for "outlier" spending behavior.
+1
@bs6054 wrote:
@HiLine wrote:A lot of people forget that other card issuers offer benefits comparable to those by Amex. Warranty extension is offered for most, if not all Visa cards, as well as all Discover cards. Concierge service is offered for all Visa Signature cards, maybe by Discover as well. The reward mall of Amex is mediocre as best. Discover's shopdiscover consistently offers the best deal. And in terms of customer service, no one can beat Discover.
If anyone is interested, one of my recent blog posts (my own blog, not myFICO's) reviews a regular BofA Visa card and explains the benefits that come with it that are often ignored.
http://hiepsfinance.wordpress.com/2013/02/22/anatomy-of-a-credit-card-bank-of-america-cash-rewards/
One of those days I will review Visa Signature, Discover, and Amex's benefits as well. I don't yet have a Mastercard so can't talk for it.
Off topic, but I noticed on your blog:
Bank of America allows at least 25 days to pay the minimum required amount. This is a very generous policy: you essentially borrow money without interest for 25 days. I usually pay off the balance right after the statement cuts, but it’s great to know that if I ever find myself having to borrow money, I will have at least 25 days to pay it back without interest. If I time the borrowing right, I’ll have a month + 25 days: borrow on the first day of a statement cycle, and I’ll be interest-fee until 25 days after the last day of the statement cycle. Of course I do not advocate borrowing from your credit card, but in case of an emergency, having this money immediately available will be very helpful.
If my lovely house in Seattle is destroyed by a dinosaur from Jurassic Park, I will need money immediately for the repair. I will fund the repair with my credit cards initially while looking for a bank loan. As long as I can secure a loan before the 25-day threshold, or up to 56-day depending on the timing, I will pay off the balances and not pay Bank of America a single penny in interest.
Don't all issuers give you 25 days for normal purchases if you aren't carrying a balance? A standard feature of credit cards? And also, it sounds as if you are saying you can borrow money, i.e. a cash advance. Unless this card is truely special, that will incur interest charges right away won't it?
You'd be surprised how much creditors vary in the number of days in the grace period. Chase for example allows a minimum of 21 days. Discover allows a minimum of 23 days if the billing cycle closes in February and 25 days otherwise. Citi has 23 all across the board. 
Regarding your second question, no, I wasn't implying cash advance. By borrowing, I meant paying for expenses on your credit card without paying it back right away. Never paying a penny in interest is one of my principles.
@navigatethis12 wrote:
@distantarray wrote:their customer service is amazing, and Amex will ALWAYS stand behind you, even if it pisses off the merchants even when your right or wrong. My friend runs a hotel and they rented out a conference room for a few thousand dollars over the weekend, they made frivilous disputes 3 times and Amex gives them a short time to send proof and documentation, within this time many people can get their charge refunded. Not that it's a great thing to do and it's ethically wrong if you did get a good service, but it shows you how strong Amex supports it's customers.
Prestige - Amex is still considered the pinnicle of the credit world, sometimes I flash my Amex just to get a point across when I don't get any service and it seems to work at upper end places.
I am sure your opinion will change if you end up ont he receiving end of a frivolous dispute. I am not sure how you could see that as a positive thing for an issuer to do. What it really shows is that American Express doesn't care about their most important customers, the merchants. Without merchants, the cardholders are useless.
I always thought that people getting treated better because of a credit card was wrong. Someone who has a Capital One or Orchard card can spend just as much or more than someone with an American Express card. I wouldn't do business with an establishment if I saw that kind of nonsense happening.
The most important customers are the consumers, not the merchants. It's like in business the employees are more important than the company, cause without the employees there is no company. regardless of contradicting views Capital One or Orchard card CAN spend just as much as someone with Amex. but that's HIGHLY unlikely. That's like saying the Wizards could beat the Lakers for the next 50 matche ups, but that's HIGHLY unlikely.
@HiLine wrote:
@bs6054 wrote:
@HiLine wrote:A lot of people forget that other card issuers offer benefits comparable to those by Amex. Warranty extension is offered for most, if not all Visa cards, as well as all Discover cards. Concierge service is offered for all Visa Signature cards, maybe by Discover as well. The reward mall of Amex is mediocre as best. Discover's shopdiscover consistently offers the best deal. And in terms of customer service, no one can beat Discover.
If anyone is interested, one of my recent blog posts (my own blog, not myFICO's) reviews a regular BofA Visa card and explains the benefits that come with it that are often ignored.
http://hiepsfinance.wordpress.com/2013/02/22/anatomy-of-a-credit-card-bank-of-america-cash-rewards/
One of those days I will review Visa Signature, Discover, and Amex's benefits as well. I don't yet have a Mastercard so can't talk for it.
Off topic, but I noticed on your blog:
Bank of America allows at least 25 days to pay the minimum required amount. This is a very generous policy: you essentially borrow money without interest for 25 days. I usually pay off the balance right after the statement cuts, but it’s great to know that if I ever find myself having to borrow money, I will have at least 25 days to pay it back without interest. If I time the borrowing right, I’ll have a month + 25 days: borrow on the first day of a statement cycle, and I’ll be interest-fee until 25 days after the last day of the statement cycle. Of course I do not advocate borrowing from your credit card, but in case of an emergency, having this money immediately available will be very helpful.
If my lovely house in Seattle is destroyed by a dinosaur from Jurassic Park, I will need money immediately for the repair. I will fund the repair with my credit cards initially while looking for a bank loan. As long as I can secure a loan before the 25-day threshold, or up to 56-day depending on the timing, I will pay off the balances and not pay Bank of America a single penny in interest.
Don't all issuers give you 25 days for normal purchases if you aren't carrying a balance? A standard feature of credit cards? And also, it sounds as if you are saying you can borrow money, i.e. a cash advance. Unless this card is truely special, that will incur interest charges right away won't it?You'd be surprised how much creditors vary in the number of days in the grace period. Chase for example allows a minimum of 21 days. Discover allows a minimum of 23 days if the billing cycle closes in February and 25 days otherwise. Citi has 23 all across the board.
Regarding your second question, no, I wasn't implying cash advance. By borrowing, I meant paying for expenses on your credit card without paying it back right away. Never paying a penny in interest is one of my principles.
Thanks, I really thought we had more uniformity! The CARD act requires a minimum of 21 days between the mailing/delivery of the statement and the due date, so I guess Chase is doing the minimum!