Is Amex in decline?

[CreditScholar]

After reading some of the posts about overseas call centres, poor CS and the like, it got me thinking... Is Amex in decline, even if it's a very slow one?

They used to be undisputed when it came to being at the top of the pile. Now it's not so clear-cut anymore. Lately I hear more and more about them "cutting corners", see them taking people with lower FICOs, etc.

Anyone have any ideas on this?

[Jake0215]

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@CreditScholar wrote:

After reading some of the posts about overseas call centres, poor CS and the like, it got me thinking... Is Amex in decline, even if it's a very slow one?

They used to be undisputed when it came to being at the top of the pile. Now it's not so clear-cut anymore. Lately I hear more and more about them "cutting corners", see them taking people with lower FICOs, etc.

Anyone have any ideas on this?

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I'm pretty new to Amex but so far chase and their csp reps blow Amex out of the water. So nice to call and have a human answer. I'm sure Amex has this on their higher end cards but for us with a zync it's the usual Peggy.

[mmduluth]

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@Jake0215 wrote:

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@CreditScholar wrote:

After reading some of the posts about overseas call centres, poor CS and the like, it got me thinking... Is Amex in decline, even if it's a very slow one?

They used to be undisputed when it came to being at the top of the pile. Now it's not so clear-cut anymore. Lately I hear more and more about them "cutting corners", see them taking people with lower FICOs, etc.

Anyone have any ideas on this?

---

I'm pretty new to Amex but so far chase and their csp reps blow Amex out of the water. So nice to call and have a human answer. I'm sure Amex has this on their higher end cards but for us with a zync it's the usual Peggy.

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+1 Chase CS is amazing! I call in and someone answers the phone in the U.S. 

[Anonymous]

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@CreditScholar wrote:

After reading some of the posts about overseas call centres, poor CS and the like, it got me thinking... Is Amex in decline, even if it's a very slow one?

They used to be undisputed when it came to being at the top of the pile. Now it's not so clear-cut anymore. Lately I hear more and more about them "cutting corners", see them taking people with lower FICOs, etc.

Anyone have any ideas on this?

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Edit:  I guess I should reword my original post since we are all in preschool and aren't allowed to voice our true opinion if it is controversial.

I don't think  the fact that AMEX has maybe started accepting lower FICO scores takes away from how desirable they are or how prestigious certain cards/programs are.  The fact that they (maybe) have created new cards and extended their service to those of us on the lower end of "good" FICO scores is a good business move.  If Ferrari started making a car that could be bought for $50k would you think they are in a decline?  No, of course not.  They still have all the high end models they've always have.

That's like saying the NBA is declining as the greatest professional basketball league because teams are drafting younger and less-proven players in early rounds.  

[drsmith]

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@Anonymous wrote:

If Ferrari started making a car that could be bought for $50k would you think they are in a decline?

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Actually, yes. I would think exactly that.

[Anonymous]

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@drsmith wrote:

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@Anonymous wrote:

If Ferrari started making a car that could be bought for $50k would you think they are in a decline?

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Actually, yes. I would think exactly that.

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So product quality and overall customer satisfaction mean nothing to you.  All that matters is how exclusive and elitist a company is? 

Porsche makes a few affordable cars, but they are not considered to be a lesser manufacturer than other luxury brands that do not produce affordable models.

[drsmith]

Obviously product quality means something to me. That's why if Ferrari cut their prices by hundreds of thousands I would suspect they are in a hole, and are trying to cash in on their brand for people who couldn't afford the real thing.

[Anonymous]

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@drsmith wrote:

Obviously product quality means something to me. That's why if Ferrari cut their prices by hundreds of thousands I would suspect they are in a hole, and are trying to cash in on their brand for people who couldn't afford the real thing.

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I wasn't suggesting that they cut their prices.  I was talking about production of an entirely new model, one that isn't currently in existence.  Something to compete in the ~$50k market. 

[mmduluth]

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@Anonymous wrote:

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@CreditScholar wrote:

After reading some of the posts about overseas call centres, poor CS and the like, it got me thinking... Is Amex in decline, even if it's a very slow one?

They used to be undisputed when it came to being at the top of the pile. Now it's not so clear-cut anymore. Lately I hear more and more about them "cutting corners", see them taking people with lower FICOs, etc.

Anyone have any ideas on this?

---

Edit:  I guess I should reword my original post since we are all in preschool and aren't allowed to voice our true opinion if it is controversial.

I don't think  the fact that AMEX has maybe started accepting lower FICO scores takes away from how desirable they are or how prestigious certain cards/programs are.  The fact that they (maybe) have created new cards and extended their service to those of us on the lower end of "good" FICO scores is a good business move.  If Ferrari started making a car that could be bought for $50k would you think they are in a decline?  No, of course not.  They still have all the high end models they've always have.

That's like saying the NBA is declining as the greatest professional basketball league because teams are drafting younger and less-proven players in early rounds.  

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 I would think they were cornering a market that could earn them a lot of money. Let's be real here. If they built an "affordable" car it would probably be around 65-75k. I think that kind of price for a car still has some of its exclusivity. Sure the higher earners could afford a car like that but a majority of the population probably couldn't afford it (like myself.) They would make money of the higher earners as well as the super rich. 

[Anonymous]

It's true that Amex is not what it used to be.  Amex used to be the card to have.  Amex has slipped in some ways, like foreign customer service, but I think it is primarily that other companies have caught up.   More cards have rewards programs and come with more benefits.  American Express just doesn't stand out like it did, particularly last century, because so many companies now offer comparable products.