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"What's with the AMEX Obsession?What's with the AMEX Obsession?"
Never had any of the mentioned problems but I love three things
1. Ability to charge really large amounts (ie: over 50k phone purchase 1 year after getting the card)
2. Ability to report AU spending seperately and set monthly spend limits on individual AUs.
3. Airport lounges.
To me it is all about the backdating.
My member date is 1991. And when I opened my Hilton Honors in March 2013, and it shows up 3/1991 as open date.
Does it really get any better than that ?
My current stradegy is to get approved for an Amex every 9 to 12 months, and the same date get another prime card or CLI. AAoA will not suffer.
All because what I learn on this forum.
Thanks
Not ashamed to admit it... I love the prestige!
@NY_Beauty wrote:Not ashamed to admit it... I love the prestige!
I think that was the point of the OP's question, there really shouldn't be much prestige, maybe among some populations based on out-of-date perceptions.
This was posted on FT the other day, look at the scores needed....
http://milecards.com/6158/credit-scores-needed-for-the-best-mile-credit-cards-fresh-data/
Hardly an endorsement of "Amex means excellent credit"!
@longtimelurker wrote:
@NY_Beauty wrote:Not ashamed to admit it... I love the prestige!
I think that was the point of the OP's question, there really shouldn't be much prestige, maybe among some populations based on out-of-date perceptions.
This was posted on FT the other day, look at the scores needed....
http://milecards.com/6158/credit-scores-needed-for-the-best-mile-credit-cards-fresh-data/
Hardly an endorsement of "Amex means excellent credit"!
I'm not certain it ever meant that in the wild, think it was more of an endorsement of "Amex means I spend excellently!"
@Revelate wrote:The forum population and on some other similar boards are extreme outliers on the bell curve.
For the vast majority of individuals, myself included, Amex is just fine. It's unlikely I'm going to get whacked with an FR, I don't carry a balance anyway, and apparently (tinfoil hat time) enough of my transactions are of sufficient "quality" that my internal risk calculation is anecdotally fine.
The brand does matter in some transactions. As a whole they're in the top 2 companies for credit card products in my estimation (Chase being the other), and between charge cards and the CLI practices you can accomplish incredibly useful things while being credit "challenged."
To paraphrase a NASA official recently, backdating is just frosting on the cake, but it's a pretty good cake to begin with.
Edit and PS: AF's aren't a problem if they're justifiable, namely if spend X through one card with $95 AF results in >$95 more cash value rewards than the same spend through a second card with $0 AF, I'll take the AF.
Regarding the AF's....I agree they are sometimes very worthwhile, based on rewards and your spending habits. I just don't see the point of the charge card from AMEX. Why not just offer these benefits as a revolver and do what they tend to do if you carry a balance too long and shut it down. What is a "NPSL" good for when there's a limit on what they will let you charge?
Don't get me wrong, I will obtain a no AF AMEX revolver and get the limit as high as I can, but won't really give them much of my business. I just don't want to have to deal with a nit-picky, passive-aggressive, oxymoronic creditor.
I can only guess that their business model strives to make money soley from charge fees and AF's. They just come across as hyper senstive.
This is not to say that AMEX doesn't have its good points; it does. I can also understand someone building credit and becoming an AMEX member being an worthwhile achievement. I just don't get the impression that they value their customers.
@fittiger wrote:
@Revelate wrote:The forum population and on some other similar boards are extreme outliers on the bell curve.
For the vast majority of individuals, myself included, Amex is just fine. It's unlikely I'm going to get whacked with an FR, I don't carry a balance anyway, and apparently (tinfoil hat time) enough of my transactions are of sufficient "quality" that my internal risk calculation is anecdotally fine.
The brand does matter in some transactions. As a whole they're in the top 2 companies for credit card products in my estimation (Chase being the other), and between charge cards and the CLI practices you can accomplish incredibly useful things while being credit "challenged."
To paraphrase a NASA official recently, backdating is just frosting on the cake, but it's a pretty good cake to begin with.
Edit and PS: AF's aren't a problem if they're justifiable, namely if spend X through one card with $95 AF results in >$95 more cash value rewards than the same spend through a second card with $0 AF, I'll take the AF.
Regarding the AF's....I agree they are sometimes very worthwhile, based on rewards and your spending habits. I just don't see the point of the charge card from AMEX. Why not just offer these benefits as a revolver and do what they tend to do if you carry a balance too long and shut it down. What is a "NPSL" good for when there's a limit on what they will let you charge?
Don't get me wrong, I will obtain a no AF AMEX revolver and get the limit as high as I can, but won't really give them much of my business. I just don't want to have to deal with a nit-picky, passive-aggressive, oxymoronic creditor.
I can only guess that their business model strives to make money soley from charge fees and AF's. They just come across as hyper senstive.
I honestly doubt they're anymore sensitive than Chase or BOFA, but given their default rate is the lowest in the industry last I saw, it's hard for me to state their practices are flawed.
My "NPSL" charge card was over 10K when my next closest limit was $2K. Sometimes this is incredibly useful, like paying old tax bills or summer session physics labs in my case. Likewise it's my default card for my employer's travel department, I'm not worried that I may wind up going over on something like the extended trip to NYC I'm apparently stuck with... or the fact I need to actually go buy some suits for the East coast dress code my company has, whereas where I am good jeans, button down collar shirt, and decent shoes overdresses everyone except the executives in my workplace.
Also the charge card is handy to have excluded from FICO's modern ('04/'08 versions) revolving utilization calculation. Unless I'm high balance chasing on some revolver, or I get stuck trying to micromanage my balances because I have an application coming up or playing silly FICO games, it's handy to leave an awkward purchase (size or timing) on the charge card.
I'll admit no lender is perfect and Amex has it's flaws; however, it works for me and so they get the lionshare of my spending as a result.
If they don't work for you, that's fine, it's not personal. Find a lender that does and wrap your arms around them instead and go on with life.
@Revelate wrote:
@longtimelurker wrote:
@NY_Beauty wrote:Not ashamed to admit it... I love the prestige!
I think that was the point of the OP's question, there really shouldn't be much prestige, maybe among some populations based on out-of-date perceptions.
This was posted on FT the other day, look at the scores needed....
http://milecards.com/6158/credit-scores-needed-for-the-best-mile-credit-cards-fresh-data/
Hardly an endorsement of "Amex means excellent credit"!
I'm not certain it ever meant that in the wild, think it was more of an endorsement of "Amex means I spend excellently!"
Bingo!
Amex cards get over twice the spend each month of Visa or MC cards. That's the kind of "prestige" merchants care about. But it has almost nothing to do with credit scores which s the focus in credit related forums. It is true many and possibly most consumers think "high credit score" equals high spending but the two are very different. 5 years ago I could phone my banker and verbally have them wire 6 figures to anyone. OTOH, I had no credit cards and simple things like renting a car or even a hotel room required back flips. Credit, and especially credit files, have zero to do with your bank account balances or investments.
So if a Plat Amex helps promote the idea I'm likely to spend money with a merchant then it's the sort of prestige that I value.
@jsickz32 wrote:
I like my Amex. Dont care about the AFs to be honest.
Amex is not for you then fine but theres no need to start a thread about how you cant understand why people would want an amex....
I dont get why people would WANT to get married but you dont see me starting threads about it lol
+1