cancel
Showing results for 
Search instead for 
Did you mean: 

What's with the AMEX Obsession?

cashnocredit
Valued Contributor

Re: What's with the AMEX Obsession?

"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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 11 of 62
Bay_Area_Joe
Frequent Contributor

Re: What's with the AMEX Obsession?

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

About 600k in Credit Lines
CSP 29.9k, Citi DP 58.5k, Chase Sams MC 20k, Amex Hilton Surpass 35.6k, Hawaii Air 26k, Discover More 56k, Chase SWA 3.5k, WF PLOC 30k, B of A Visa 63.3k, Wells Plat Visa 8.3k, RC Willey 5k, Pen Fed Visa 50k, Pen Fed PLOC 25k, Lowes 25k, CSR 28.8k
Message 12 of 62
NY_Beauty
Regular Contributor

Re: What's with the AMEX Obsession?

Not ashamed to admit it...  I love the prestige!

Amex Green Amex Gold Delta Rewards Discover IT CU Rewards Visa Closed on my new home 5/2013!

Message 13 of 62
longtimelurker
Epic Contributor

Re: What's with the AMEX Obsession?


@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that was the point of the OP's question, there really shouldn't be much prestige, maybe among some populations based on out-of-date perceptions.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"!

Message 14 of 62
Revelate
Moderator Emeritus

Re: What's with the AMEX Obsession?


@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!"




        
Message 15 of 62
fittiger
Frequent Contributor

Re: What's with the AMEX Obsession?


@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.

Message 16 of 62
jsickz32
Valued Contributor

Re: What's with the AMEX Obsession?

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
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 17 of 62
Revelate
Moderator Emeritus

Re: What's with the AMEX Obsession?


@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.




        
Message 18 of 62
cashnocredit
Valued Contributor

Re: What's with the AMEX Obsession?


@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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 19 of 62
parakleet
Valued Contributor

Re: What's with the AMEX Obsession?


@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


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 20 of 62
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.