Has Amex lost its prestigious status?

[Anonymous]

When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

[yfan]

First, I don't know that I'd call $4000 SL a particularly high credit line.

Second, Amex is generally harder on short credit histories than a lack of top notch credit. My guess is that you now also make more money than you did when you were in your 20s.

[Steelersboy]

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@Anonymous wrote:
When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

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You could say that about a few cards.

[Anonymous]

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@Anonymous wrote:
When I was in my twenties with excellent credit & no baddies I couldn't qualify! 20yrs. later my current scores are all around 670. I was approved a few weeks ago for the BCE card $4000 CL 16% apr 0% for 18m. I have two paid state tax liens & 3 baddies reporting.

I'm just curious, years ago Amex was a difficult card to get but now it seems like even those with fair to average credit (me included) are not only being extended credit, but credit with high CL with decent APR's. What happened?

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Speaking as a layman only(Ive not yet gotten around to drinking, AMEX hasnt boned my yet anew today), my first guess would be their pool of targetted customers is shrinking with the ever shrinking middle class, as the gap between these United States of America and third world countries shrinks in nearly every conceivable way.  Also, I would guess that other corporations are trying to expand their customer base as well, by opening some sort of "top tier status" card to pawn off on the market that AMEX used to dominate.  Again, just quick guess off the top of my head.  The top quarter of a percent is becoming an ever growing sinkhole/blackhole, the same as it has for ages in other societies.  We may not be quite all the way there, but the writing is on the wall, and it's hard to deny this(and it certainly is relevant to the question at hand).

Their level of customer service certainly isnt worthy of an elite crowd now, as I received 2 cards with different numbers shipped at the same time to two different addresses.  That's a thread of it's own, however.  

[Anonymous]

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@yfan wrote:
First, I don't know that I'd call $4000 SL a particularly high credit line.

Second, Amex is generally harder on short credit histories than a lack of top notch credit. My guess is that you now also make more money than you did when you were in your 20s.

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Oh I agree that $4000 isn't a high CL, but it sounds like it is possible to triple that in 90+ days. Also, yes my income is considerably more now. 

[Anonymous]

Like...CaptainJ wrote there are just a lot more options now .....AMEX is losing some ground in the elite CC tier

[longtimelurker]

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@Anonymous wrote:

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 Also, I would guess that other corporations are trying to expand their customer base as well, by opening some sort of "top tier status" card to pawn off on the market that AMEX used to dominate.  

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I think that is generally accepted, Amex has weakened its underwriting to get market share, as Chase and Citi (for example) produced cards aimed at a similar market as the Amex Platinum.   Certainly the experience here is that it isn't very hard to get an Amex charge card, and getting a credit card is about the same as from many other issuers.

Amex still has some special status in the public perception but I think as time goes on it will be recognized that it has become more "mass market"  (which isn't to knock it, just that it is generally available)

[MrDisco99]

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@Anonymous wrote:

Oh I agree that $4000 isn't a high CL, but it sounds like it is possible to triple that in 90+ days. Also, yes my income is considerably more now. 

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You can get the 3X CLI 61 days after approval.

[wasCB14]

Though not in this thread, in others people have complained about (rather than just observed) the loss of prestige and exclusivity.

Not so many people express joy at the fact they can get a card for which they might not otherwise be eligible...even if they are in the former group.

The card mix has also changed with no-AF options becoming more common. For an apples-to-apples comparison of customer service, I wonder if it's best to compare old cards to the current Platinum.

[mitchblue]

I agree with more options now.. Now you can't go wrong with many. When I was young I thought Amex and Discover were the only 2 credit card companies.. This was back in the mid 80's. Maybe they were, not sure.. But so many more these days..