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What's so great about American Express?

longtimelurker
Mega Contributor

Re: Tell me why you love your AMEX ...


@Kforce wrote:

@FicoGuy2019 wrote:

 No point in bashing their cards or any cards honestly, just don't get it if it's not for you. 


Yes only get cards that work for you !

However learning the good and bad about cards and issuers is found in the bashing on this forum.

I throw in my opinion and some might consider it bashing.

Yes, there is certainly room for education of this type!   People don't always know all the information needed, and get caught up in FotM or just getting a card because one or two people recommend (then later posting "How do you use MRs?" or whatever)

 

But I agree generally many of the major cards are good for some group of people, the trick is knowing which group you are in!

Message 91 of 259
Save-n-Invest
Frequent Contributor

Re: What's so great about American Express?


@ImTheDevil wrote:
Here it is:

https://ficoforums.myfico.com/t5/Credit-Cards/American-Express-really-came-through-for-me-tonight/m-...

Edit - looks like it may have been shared or referenced on a previous page. Sorry!

Thanks for posting. I enjoy reading different points of view. American Express really came through for Shadowfactor. Glad things worked out.  That was a frightening situation. 

 

My experience with American Express has been less than satisfactory for the past 3-4 years. Prior to that I never attempted to redeem rewards of any kind or description. I wonder if the company flags accounts that don't use rewards to later make that difficult for the cardholder? 

 

This thread isn't too old. I was thinking of it just yesterday. The cards are in the SD for the last several months. I check the online account in case of unauthorized activity. Yesterday Amex amused me. I looked at the FICO. May 18 it was 823. By May 29 that score plunged to 822. I have no idea of what caused that precipitous decline.  lol  

 

There was a sternly worded message about my utilization. Amex wants me to start payng down my cc balances now. My utilization is 1%. On rare event it may go to 2% usually during December holidays. 

 

There was also the usual information that I lack non-mortgage loans. That's true. I have no debt except the revolvers. I pay in full each month. I know that the lack of installment obligations dings the FICO. I'm not concened with that. I prefer to be debt free and give up a few points. 

 

Thanks again for posting!

Message 92 of 259
creds
Regular Contributor

Re: Tell me why you love your AMEX ...

one of the first things i noticed when i got to this forum, the people here really REALLY like their amex and discover cards. it's a good endorsement to get both of these cards. got my disco yesterday, looking forward to an amex someday.


Message 93 of 259
wasCB14
Super Contributor

Re: Tell me why you love your AMEX ...


@jbestman007 wrote:
When it comes to the networks, there is a higher minimum requirement to get an AmEx. In other words, Credit One and Premier Bank cards are not running on the AmEx network any time soon. So, fortunately, for those that have AmEx cards, when they bring out their cards to pay for stuff, there is a correct assumption that they have their credit in order. Conversely, due to subprime lenders spitting out cards on the Visa and Mastercard networks to anyone that can spell their name correctly, the same blanket respect is not afforded to every Visa or Mastercard user. 

 

Of course, if you go to establishments that know about specific banks and their reserved cards, you will get treated accordingly. I am just speaking from from a general use perspective. AmEx is just more respected than Visa and MasterCard and it won't ever change as long as the minimum requirement to get one is to not have committed a felony in the last month. 


Higher, but not by much!

 

First Premier-type cards require maybe $300? I don't know if Amex still issues $500 SLs, but $1,000 Amex SLs aren't that rare here. A lot of V/MC products require SLs of several thousand dollars.

 

Does anyone have any data on how widespread First Premier-type cards are compared to other card "tiers"? When I lived in the northeast I probably saw more CSPs ($5k minimum) than all subprime cards combined.

 

That was a Chase-dominated area, but in that case the "low bar" V/MC products were not what people were actually using.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 94 of 259
MyATLFico
New Contributor

Re: Tell me why you love your AMEX ...


@kdm31091 wrote:

@MyATLFico wrote:

For me, it's mainly 2 reasons:

 

1. Their cards aren't the easiest to get. Amex has a rputation of being very conservative.

 

2. They have amongst the most generous CLI scheme.

 

Other than that, there's nothing special about them. Their customer service and rewards are exceptionally average, athough their travel products seem to be good (don't have any of them yet).


I know they have this reputation of being exclusive or elite with the general public, but I find Amex cards are easy to get relative to some of the other banks.


From my experience, they're a lot more inquiry and FICO score sensitive compared to the other big banks or Discover. If you don't have an absolutely perfect profile and you do get approved, they're going to start you off with a really low CL.

 

Perhaps the only other lender that's stricter is Chase, but even they are friendlier when it comes to Recons (which Amex almost never does).



As of 8/31/20




Message 95 of 259
longtimelurker
Mega Contributor

Re: Tell me why you love your AMEX ...


@creds wrote:

one of the first things i noticed when i got to this forum, the people here really REALLY like their amex and discover cards. it's a good endorsement to get both of these cards. got my disco yesterday, looking forward to an amex someday.


The issue is that by and large people here aren't "experts".   A lot of people like the cards they have. at least initially, but aren't aware of the alternatives that could be a lot better for them.   Part of this is just buy in, you've made the decision to apply, and now are slightly biased  to be looking at all the good things and none of the bad.   Also, we've had a lot of experiences here are people who LOVED the card and issuer for a long time, then things went wrong and they now hate the bank  (a particular instance involved Barclays Ring for example)

 

But more importantly, even if someone (or several someones) has great knowledge and has done extensive research of alternatives, the fact that the card is great for them means little about how good it will be for you.    Amex travel cards can be great for heavy travelers who want aspirational awards.   For straight cashback, they may not be so good.   And Discover IT can be good if the rotating categories align for you (and you like the idea of rotating categories!) others will find them less compelling.

'

Message 96 of 259
Dinosaur
Moderator Emeritus

Re: Tell me why you love your AMEX ...

@Kforce ... I am appalled that you would disclose such factual information about credit cards for all to consume! Just appalled Smiley Happy
Message 97 of 259
Kforce
Valued Contributor

Re: Tell me why you love your AMEX ...

 

@jbestman007 wrote:
 So, fortunately, for those that have AmEx cards, when they bring out their cards to pay for stuff, there is a correct assumption that they have their credit in order.

 

The store only cares if the card works.

They could care less about the issuer.

Most places the only thing that sees your card is the card reader, a machine.

 

FNBO Cashback Visa (20k) / Bank-West Cashback MC (20k) / USAlliance 3% Visa (20k)
Two Old CU cards (20k each) -- (Sock Drawer) / Secret 3% MC (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 98 of 259
AverageJoesCredit
Mega Contributor

Re: Tell me why you love your AMEX ...

Most of us here never claim to be experts. People should just take all info/ opinions here offered and look to their needs to see what suits them best. This thread is spinning in all directions now...
Message 99 of 259
coreysw12
Valued Contributor

Re: Tell me why you love your AMEX ...


@Kforce wrote:

 

Most places the only thing that sees your card is the card reader, a machine.

 


 

Ya, aside from at restaurants where you can plop your credit card onto the tray for all the other diners and staff revel in its prestige and glory, these days usually the only person who sees your credit card is yourself.

 

Even at restaurants, its becoming more and more common for the waiting staff to put a portable card machine on your table for you to swipe it yourself.

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 100 of 259
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