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Why do so many people like Amex?

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Established Contributor

Why do so many people like Amex?

I dunno why so many people carry Amex. 

 

Sure, they seem like "the cool kids" of the credit card company, but I'm seeing a lot of stuff that goes on here and other forums, and combine those with other issues, you get...

 

1. If you go into collections with them (charge off), they black list you for a very long time, wheras some other CCC's can be forgiving in just a few years.

 

2. They are not accepted at many places, primarily due to siding with people more often on chargebacks, and charging a higher fee.

 

I carry discover, and constantly find more and more places that take it, but not amex.

 

3. Amex seems to do what's called a FR, or financial review, where basically they want proof of income, while I have rarely seen other card companies do this, Amex seems to be a major stickler.

 

4. The majority of Amex cards come with an annual fee. 

 

With the above said..I don't really see the need for it.

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 1 of 78
77 REPLIES 77
Highlighted
Valued Contributor

Re: Why do so many people like Amex?

For me:

1) 3x CLI

2) Backdating 

3) Their CSR has been great to me. 

 

Not complaints. 

Message 2 of 78
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Moderator

Re: Why do so many people like Amex?


@FixMyCredit1992 wrote:

I dunno why so many people carry Amex. 

 

Sure, they seem like "the cool kids" of the credit card company, but I'm seeing a lot of stuff that goes on here and other forums, and combine those with other issues, you get...

 

1. If you go into collections with them (charge off), they black list you for a very long time, wheras some other CCC's can be forgiving in just a few years.

 

2. They are not accepted at many places, primarily due to siding with people more often on chargebacks, and charging a higher fee.

 

I carry discover, and constantly find more and more places that take it, but not amex.

 

3. Amex seems to do what's called a FR, or financial review, where basically they want proof of income, while I have rarely seen other card companies do this, Amex seems to be a major stickler.

 

4. The majority of Amex cards come with an annual fee. 

 

With the above said..I don't really see the need for it.


To comment on your reasons:

 

1.) People don't pick lenders just for the way that they handle you if you have collections with them. People choose them because they have good credit and want that lender/that particular card.

2.) There are many cards not accepted many places. One could argue the rewards/perks of some of their cards far outweigh any inconvenience of it not being accepted at some random store.

3.) Re: FR's -- any company can ask for proof of income. One shouldn't lie in order to get higher limits/cards. It's illegal in fact. You're concerned with the wrong things.

4.) Yes, some cards come with an annual fee. Doesn't mean that one needs to apply for it.

 

Smiley Wink

 

Oh and on your no need for it -- that's extremely simple do not apply for it. I do think that your negativity towards them is simply because you can't apply with them right now and be approved. No need to be sour about anything.. excellent credit comes slowly -- it's a marathon, no 50 yard dash.

Message 3 of 78
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Established Contributor

Re: Why do so many people like Amex?

I don't show any particular negativity towards them. I just don't understand why some people carry it and not Discover.

 

Discover has:

 

1. More acceptance than Amex.

2. 100% US based support (I think amex does, not sure).

3. A ton of perks, just like amex, such as extended warranty, price match, etc.

4. Discover has no AF, either.

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 4 of 78
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Valued Contributor

Re: Why do so many people like Amex?


@FixMyCredit1992 wrote:

I don't show any particular negativity towards them. I just don't understand why some people carry it and not Discover.

 

Discover has:

 

1. More acceptance than Amex.

2. 100% US based support (I think amex does, not sure).

3. A ton of perks, just like amex, such as extended warranty, price match, etc.

4. Discover has no AF, either.


Well, there are CC's that Amex offers that do not carry AF's either. The ED and BCE for example. Overseas, Discover is very limited. So it really depends on the situation. 

Message 5 of 78
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Frequent Contributor

Re: Why do so many people like Amex?

Backdating..  Huge asset to AAoA later on.

 

I can't get one either, have a bankruptcy. Never burned them, but bankruptcy = no love from Amex.

My husband had a Zync and couldn't get upgraded. But, that's alright, now he's had one, I'm sure he'll be able to get a better one at some point.

Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000

Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009

Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)

Gardening since 9/22/2014


Message 6 of 78
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Valued Contributor

Re: Why do so many people like Amex?


@KennyRS wrote:

@FixMyCredit1992 wrote:

I dunno why so many people carry Amex. 

 

Sure, they seem like "the cool kids" of the credit card company, but I'm seeing a lot of stuff that goes on here and other forums, and combine those with other issues, you get...

 

1. If you go into collections with them (charge off), they black list you for a very long time, wheras some other CCC's can be forgiving in just a few years.

 

2. They are not accepted at many places, primarily due to siding with people more often on chargebacks, and charging a higher fee.

 

I carry discover, and constantly find more and more places that take it, but not amex.

 

3. Amex seems to do what's called a FR, or financial review, where basically they want proof of income, while I have rarely seen other card companies do this, Amex seems to be a major stickler.

 

4. The majority of Amex cards come with an annual fee. 

 

With the above said..I don't really see the need for it.


To comment on your reasons:

 

1.) People don't pick lenders just for the way that they handle you if you have collections with them. People choose them because they have good credit and want that lender/that particular card.

2.) There are many cards not accepted many places. One could argue the rewards/perks of some of their cards far outweigh any inconvenience of it not being accepted at some random store.

3.) Re: FR's -- any company can ask for proof of income. One shouldn't lie in order to get higher limits/cards. It's illegal in fact. You're concerned with the wrong things.

4.) Yes, some cards come with an annual fee. Doesn't mean that one needs to apply for it.

 

Smiley Wink

 

Oh and on your no need for it -- that's extremely simple do not apply for it. I do think that your negativity towards them is simply because you can't apply with them right now and be approved. No need to be sour about anything.. excellent credit comes slowly -- it's a marathon, no 50 yard dash.


+1     (I carry a discover as well...)



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
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Message 7 of 78
Highlighted
Super Contributor

Re: Why do so many people like Amex?

You anwsered your own question.

of course its about protection and the rewards.

The annual fee you mention. you can get that back in the sign up bonus. 3 time. depending on the card. and the offer.

your anwser here.

2. They are not accepted at many places, primarily due to siding with people more often on chargebacks, and charging a higher fee

 

That alone is a good reason to go with them.

The average Joe is not going to call credit card company and complain about a product unless there was a real problem.

Like that broken tv you received from an online purchase.

Bam . you got your money back without all the hassle.

proving you didnt break it.

its pretty simple. They provide excellent service.

and for excellent service. its a must have.

Message 8 of 78
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Epic Contributor

Re: Why do so many people like Amex?


@FixMyCredit1992 wrote:

I dunno why so many people carry Amex. 

 

Sure, they seem like "the cool kids" of the credit card company, but I'm seeing a lot of stuff that goes on here and other forums, and combine those with other issues, you get...

 

1. If you go into collections with them (charge off), they black list you for a very long time, wheras some other CCC's can be forgiving in just a few years.

 

2. They are not accepted at many places, primarily due to siding with people more often on chargebacks, and charging a higher fee.

 

I carry discover, and constantly find more and more places that take it, but not amex.

 

3. Amex seems to do what's called a FR, or financial review, where basically they want proof of income, while I have rarely seen other card companies do this, Amex seems to be a major stickler.

 

4. The majority of Amex cards come with an annual fee. 

 

With the above said..I don't really see the need for it.


1. I don't pick my cards based on what happens if I don't pay them.

2. I just don't see the argument of "they are not that accepted anymore" it's not the 90's and unless you are shopping at mom and pop type places or are in Korea Town, they are pretty much totally accepted.

3. Amex FR is RARE but because we are captive on this board you do see it, but i bet you don't come across a friend or someone you know in person that could tell you what an FR is or have been through it... and capital one has been known to ask for paystubs these days.

4. They have a specific purpose for if and why they come with AF (hotel and airline cards for the most part usually have AF's)

 

1. I 2nd or 3rd the reasons to get Amex - The backdating is incredible, I had my first Amex when I was just 19 and I am no longer on their blacklist so any future card I get with them it will be backdated to 1999 (can't get that with any other bank!)

2. 3x CLI possible every 6 months and always a SP is pretty amazing.

3. They are great about moving CL's again like they use to be and they see to like to hand out additional cards like they use to be

4. If you add someone as AU, they can create an online account just like they own the card and charges are broken down to the card because each card gets it's own account number... you can set limits on AU cards too... great tool to teach a kid about finances and credit.

5. allowing someone to manage the account is a breeze!

Message 9 of 78
Highlighted
Super Contributor

Re: Why do so many people like Amex?


@FixMyCredit1992 wrote:

I don't show any particular negativity towards them. I just don't understand why some people carry it and not Discover.

 

Discover has:

 

1. More acceptance than Amex.

2. 100% US based support (I think amex does, not sure).

3. A ton of perks, just like amex, such as extended warranty, price match, etc.

4. Discover has no AF, either.


I am actually am down on amex presently , but I will tell you what there is to like about them. Extended warranty is done directly thru amex, not thru an third party like discover and bunch of other companies. Depending on what amex card you have there isn't necessarily an AF. As other people have noted there is the 3x sp cli and backdating which will help your AAOA out an lot.

 

As far as the negatives go if you are longtime customer , they probably do not value you as much as they value trying to find new customers. I don't know if thats just an amex problem or an cc problem along all cc. I am assuming that its done to get more profits that way, but who the heck knows. Another negative aspect that is pretty minor is they don't have shopping portal to get bonus spending like say chase has with their UR mall or discover has with shopdiscover. 

 

Lastly one of the big reasons that i would like to get an amex is they have two of the best rewards programs out there with MR and SPG. If you are trying to book flights with award points those are two very versatile programs and can give you some nice value. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 10 of 78
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