My thinking was that AMEX keeps close attention to how card members use their cards - for example AMEX does not take into consideration my usage of the PRG when I request a CLI for the BCE. It is a very strick internal scoring system that keeps them from offering me a better CL.
I carried a balance ( almost 80% of the CL) for about a year on the BCE .. but not because I was in debt just because I was using the 0% APR. I paid it off .. but they have denied every single request for CLI ever since.
As a consumer, I have cards with much higher limtits. My question is 'How do I justify keeping business with AMEX' ?
I ask this because I'm trying to find out why people love AMEX so much! I find them to be okay but not as good as other lenders like Chase (which I consider to be the prime of lenders).
The main draw is their backdating which can do wonders for your credit score. They usually give high starting limits too and their customer service has been excellent in my experience
@altayar wrote:
I carried a balance ( almost 80% of the CL) for about a year on the BCE .. but not because I was in debt just because I was using the 0% APR. I paid it off .. but they have denied every single request for CLI ever since.
This is your answer.
despite offering revolvers, amex got their start with charge cards and is very spend centric. Amex wants to see you do exactly two things:
1) spends lots of money
2) PIF each cycle
Anything else will kill your internal score, as you've seen.
@Anonymous wrote:
@MT936 wrote:
The main draw is their backdating which can do wonders for your credit score. They usually give high starting limits too and their customer service has been excellent in my experienceI don't think high starting limits is particularly true! When people get low limits here, people remind them of the 3x CLI possibility after 61 days and 180 days, so not everyone gets a high initial limit.
Amex, like many other issuers, has a set of advantages, some of which might be important to you, others not.
Off the top of my head, 5 good ones:
1) Backdating. This is nice, although perhaps not quite so important as some suggest. When you have a lot of lines, the impact of backdating is small, but it is still a help.
2) Takes the customer side. This involves things like siding with you in disputes with merchants, and having insurance benefits that actually work. While Vis and MC offer similar services for the most part, those who need to use it generally report Amex's is much easier, Visa/MC tend to drown you in requests for additional info
3) Generous CLI policy. Not a fan of CLIs myself, but most people here are, and while not everyone gets the 3x CLI (e.g. OP!) a lot do, and this allows the card to grow
4) One of the very few charge card issuers, for those that need the ability to spend a lot without hitting util or low credit card limits.
5 Much more niche, but critical for those that need it. Global Transfer. If you have an Amex is one country, it is much easier to get one in a new country, giving you a great head start on establishing credit there.
And some people value the Amex SPG program as the best travel program out there. In any case, Amex has two of the top three programs that alllow you to transfer points to partners.
And of course there are disadvantages, including;
1) Limited acceptance compared to MC/V
2) Many cards still have Foreign Transaction Fees
3) Really delayed rewards on some cards, such as the Blue Cash series.
Thansk for this detailed explination of the advantages to having an AMEX card.
It doesn't seem that I benefit from the points you mentioned in anyway .. I started building my credit in 2009 - at the that time I had not had any CC in my life. AMEX denied me multiple times until they finally approved me when I least expected it. But I can't seem to get the card to grow with me ...!
Customer service is great .. but I am really not a big fan of offshore customer service centers. Their entire 'New Accounts department is not based in the United States .. those who makes the decisions about our applications are somewhere else!
@irrational wrote:
@altayar wrote:
I carried a balance ( almost 80% of the CL) for about a year on the BCE .. but not because I was in debt just because I was using the 0% APR. I paid it off .. but they have denied every single request for CLI ever since.
This is your answer.
despite offering revolvers, amex got their start with charge cards and is very spend centric. Amex wants to see you do exactly two things:
1) spends lots of money
2) PIF each cycle
Anything else will kill your internal score, as you've seen.
So what's the point of the 0% APR? Do they trick you into making use of the offer to later deny you any more credit because at some point you carried a balance?
