why does everyone want an AMEX?

[tinuviel]

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@Razeus wrote:

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@beautybrainsbooty wrote:

backdating?? explain please...

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Apparently it let's you have the date of your very first AMEX card when you sign up for new cards from them.  That way it looks like an "old" account on your credit report and helps out your credit score in the area of "average age of account (AAoA).  So if you have a card from 1990, and you get a Blue card in 2012, AMEX will back date that Blue card to 1990, giving you an instant 20 year history...I'm surprised CRA's haven't caught on to this.

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Exactly. That was a major aspect of the appeal for me. I got my first Amex back in 1987, so when I got back in their good graces and got my Green last year, they reported based on my original member date. That added a TL with 24 years worth of age in one fell swoop! So, a lot of people like to establish a membership with Amex at some point in time, knowing that if they ever decide to add another Amex TL at some point in the future, it will help instead of hurt their AAoA.

[pipeguy]

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@DaveSignal wrote:

I don't want an AMEX.  They are not for everyone.  I travel throughout the world and am outside of the USA for long periods of time.  For me, the best cards are Visa and Mastercard, specifically the ones that charge 0% for foreign purchases.

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+100

Had them (1978 to 2005), got rid of them, don't want them either....

[Wolf3]

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@LS2982 wrote:
Most creditors see AMEX on your CR's and are more willing to lend to you..

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Is that your opinion?  Or do you have anything to back that up?

[chris2k5]

Chase goes nuts when I mention Amex during a recon. It can be counter productive sometimes.

(Stopped mentioning Amex during Chase recon calls a while ago after some major back fire)

That said, Amex really does still have some magical prestige. A lot of people notice it. Some will say WOW and others will just stare.

For me, I like the MR points, benefits and the wow factor. But realistically, Chase cards especially the Freedom/Sapphire Preferred seem like better options for me.

[Open123]

There are tons of reasons, but here are some of mine.

1.  One of the greatest brands ever created.

2.  Very and uniquely identified with America - that classic American prestige.

3.  Backdating!

4.  Consistently higher spending ability than any other issuer.

5.  Don't need to bank with them.

6.  They tend to treat longer tenured cardmembers better than new - the contra comcast business model.

For practical reasons, most people who aren't credit card enthusiasts will automatically give any Amex cardholder instant credibility.  Sometimes, this can be very helpful.

[Razeus]

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@chris2k5 wrote:

Chase goes nuts when I mention Amex during a recon. It can be counter productive sometimes.

(Stopped mentioning Amex during Chase recon calls a while ago after some major back fire)

That said, Amex really does still have some magical prestige. A lot of people notice it. Some will say WOW and others will just stare.

For me, I like the MR points, benefits and the wow factor. But realistically, Chase cards especially the Freedom/Sapphire Preferred seem like better options for me.

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I'd like to hear that story...

[nicholasyud]

are they lower your AOAA if you open it up ? How much you can spend on your card ? etc....

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@LS2982 wrote:
Both. AMEX has some really good rewards cards mostly their revolvers. Their charge cards gain points for redemption. Most creditors see AMEX on your CR's and are more willing to lend to you. YMMV of course.

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[HenryJumbo]

Warren Buffett invested in American Express, and if history has taught you anything is that Warren Buffett knows a good company. IMO once Buffett invested in Amex in 1964 it's been considered a solid, stable, prestigious company ever since.

"Berkshire Hathaway averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years"

[youngandcreditwrthy]

Fun fact: Amex also has the lowest credit card default rate, which indicates they do in fact have higher credit standards!

Who doesn't like a financially fit individual!?! Lol!!

[Razeus]

It's just the most respected name in the business.  

1) Recognized American brand

2) Impeccable service many others can't seem to copy

3) Low default rates means they select mostly prime credit members

4) NPSL on some cards means I can do what I need to do with some arbitrary barrier

5) People recognize having an AMEX means your finanical responsible (doesn't mean you're not carrying high utilzation/balances, though)

6) Members understand the dire consequences of betraying AMEX's trust (if I was having hard times, AMEX would be the card I'd keep paying no matter what)

7) Great rewards program without spending limits, rotating categories

8) Basic card benefits come with EVERY card, not just for gold and platinum members.

9) Their card designs are awesome.  I wish the blue card was designed like their zync, green, gold, platinum, black cards, but just blue - but it's nice none the less.