Amex no longer backdates on credit report

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JonE
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Postby JonE » Sun Apr 12, 2015 10:43 am

Wasn't this THE main reason to open an AMEX? I will probably still open a BCP because I like the rewards, but the backdating was a big plus.
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thom02099
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Postby thom02099 » Sun Apr 12, 2015 10:54 am

JonE wrote:Wasn't this THE main reason to open an AMEX? I will probably still open a BCP because I like the rewards, but the backdating was a big plus.



For some, perhaps. But it shouldn't be. One should consider the total benefits of a card versus one's specific needs. If the card meets those needs, then that should be reason enough. For folks new to the credit world, it probably wouldn't be THE main reason to open an AMEX card, since the benefit of backdating would be limited. For those of us who have a long Member Since Date, the reality is, it's just for bragging rights, as most underwriters and credit analysts will see what one's payment history time frame looks like. That MSD date that I have to 1991 doesn't mean squat, on card that's only been around for a few years.

MSD and backdating are 2 different things. AMEX is simply separating them out, to be in line with other credit issuers. Whatever the reason doesn't really matter. It is what it is.
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MemberSince99
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Postby MemberSince99 » Mon Apr 13, 2015 8:52 pm

Be that as it may, it still means that the odds that I will apply for a fourth card with Amex (I currently have three) dropped by quite a bit.


It's one of the "perks", and frankly in most cases the rewards are nothing special it's the perks on some of their cards (example Platinum the rewards are no better than Cap One but the perks are why people get the card) and if they take those away, they take away some incentive to carry the card. Especially when you are paying a high annual fee for the card (I consider 450 a year a high fee). I don't want to pay that and call customer service and get connected to someone talking in an accent I can't make heads or tails of - I feel I got played for a fool. I call Discover with no annual fee and get an American I can understand every single time - why can't I get that with Amex?


Not aimed at anyone in particular, just saying. I like the perks, but with an annual fee card you really have to evaluate each year if it's worth what you are paying.

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Postby takeshi » Tue Apr 14, 2015 7:54 am

JonE wrote:Wasn't this THE main reason to open an AMEX?

Subjective. It wasn't the main reason for my BCP or my wife's BCP. However, it was the main reason for my TE. It wasn't the main reason for my wife's Platinum. That said, like Member it would be a consideration in future AmEx apps for us. With backdating there was little to lose by closing existing AmEx cards and opening new ones if one had a sufficiently old MSD.

thom02099 wrote:For those of us who have a long Member Since Date, the reality is, it's just for bragging rights, as most underwriters and credit analysts will see what one's payment history time frame looks like.

The automated systems that handle most approval decisions can't tell so it is beneficial with them. And once the card is beyond a certain age it's difficult to tell as a card's entire payment history isn't on reports. Last I checked I think there was about 4 years of payment history on the reports I looked at.


MemberSince99 wrote:It's one of the "perks", and frankly in most cases the rewards are nothing special it's the perks on some of their cards (example Platinum the rewards are no better than Cap One but the perks are why people get the card) and if they take those away, they take away some incentive to carry the card.

The criteria you use are your call but earning rewards really isn't why most select the Platinum given its poor MR earn rate. It's the travel benefits. That's why there are a number that carry both the Platinum and the PRG.

MemberSince99 wrote:I don't want to pay that and call customer service and get connected to someone talking in an accent I can't make heads or tails of - I feel I got played for a fool.

You wouldn't with the Platinum. It and the Centurion don't use the same call centers as other AmEx products. One concerned about overseas call centers could use the alternative contact methods as well. I've never called in for our BCP's or the TE.

MemberSince99 wrote:Especially when you are paying a high annual fee for the card (I consider 450 a year a high fee).

Many would consider 450 to be high but, again, many find the travel benefits worthwhile and find that things such as the annual $200 airline fee credit, Global Entry fee credit every 5 years, lounge access programs, FHR, etc to be worth the AF. It's a subjective matter and like any other card the Platinum isn't suited to everyone so you have to decide for yourself.

My wife and I are currently taking it for a spin. I doubt we'll keep it in the long run but with the above, and the free Platinum AU card (normally $175 for the first 3 Platinum AU's -- MS only offers the first at no charge) and 50K sign on bonus for the Morgan Stanley version we figure it's at least worth trying for the first year. There's a $100K annual spend bonus on that version of the Platinum as well but we're not going to hit that.

There are targeted offers with better bonuses but if one is not getting targeted and is not eligible for the MS Platinum there is a Mercedes Benz Platinum with 50K as its standard offer that anyone can apply for. If one is eligible for the Ameriprise version it comes with the first year with no AF but does not appear to have any bonus.

A lot of credit card sites have info on getting the most value out of the Platinum and anyone interested in the card can read up to aid them in their research. However,I would guess that if one is looking for value then one probably isn't suited to the Platinum. Not saying they're mutually exclusive but the Platinum is more of a perks card than a value card, generally speaking. Still, each should do the research and decide for the individual.

MemberSince99 wrote:I call Discover with no annual fee and get an American I can understand every single time - why can't I get that with Amex?

Why would you expect every company to have the same offerings? All you can do is use what works for you and skip what does not.

MemberSince99
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Postby MemberSince99 » Tue Apr 14, 2015 10:47 am

Well maybe I'm just that kinda guy, but when I'm paying them 450 a year that I worked my tail off to earn, I don't feel it's AT ALL unreasonable to expect to speak with someone I can understand when I call in for customer "service", you know, some of that stuff they love to boast they are the best at?


But I guess that could be I'm just being a totally unreasonable jerk to expect that....


And yeah I know I can ask to be tranferred to the US. With Discover/CSP/FNBO and a number of others, I never have to mess around like that...Oh and none of them have anywhere CLOSE to a 450 annual fee.


If that makes me unreasonable, well I really don't care. At the point I don't feel it's worth it, I'll PC or drop the card.....and they can go on telling everyone talking to Kumar or TRYING to talk to Kumar is great customer service....

JonE
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Postby JonE » Tue Apr 14, 2015 12:52 pm

Yeah, like I said, the BCP is still possible, but more than one Amex might not be.
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Postby JamesMS » Tue Apr 14, 2015 2:17 pm

If the only reason that one has to apply for an American Express card is for "backdating", then you do not need the card. If the card fits your needs, then apply.
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Postby amex007 » Tue Apr 14, 2015 2:23 pm

MemberSince99 wrote:If that makes me unreasonable, well I really don't care. At the point I don't feel it's worth it, I'll PC or drop the card.....and they can go on telling everyone talking to Kumar or TRYING to talk to Kumar is great customer service....


amex Platinum outsources its concierge service to India? I dunno, i havent heard of anyone else having a problem like that..
but then again i dont have a plat so dont know.
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Postby MrMosby » Tue Apr 14, 2015 6:00 pm

Platinum customer service is all US. Concierge is also.
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MemberSince99
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Postby MemberSince99 » Sun Apr 19, 2015 5:32 am

whit wrote:I'm guessing, enough people noticed about the backdating and complained..because doing so will make it look like someone has had credit lines opened longer than it actually has right? And that makes Amex more attractive to some, and also unfair for those who cannot get approved for Amex, to get the same perk.

Why else would Amex no longer backdate (as op experienced), meaning they're going to change the system going forward..right? Don't they have to spend money to redo or tweak the system so that new applicants no longer get their accounts backdated?

Not sure why that was difficult to understand but hopefully I was able to clarify.




Life is unfair. Why is it fair that a talentless idiot like Paris Hilton (ok from the video I saw she's talented at ONE thing anyway...) inherits billions, but we have to go to the hell known as Corporate America and deal with their utter insanity to earn a living? How is that "fair"?
Life isn't fair so who cares about that.


I think it's a pretty big deal. Perks are the name of the game with Amex and if they keep taking those away, and when you call you get the guy who does support with Cap One, well what's the point of paying that high annual fee? A lot of their cards have fees and they aren't exactly cheap (at least to me - to Paris Hilton even her Centurion is nothing really) so if we don't feel we are getting value, and given that Amex simply isn't even accepted at more places than any other card, it's getting harder to justify paying those annual fees.


They might want to be careful about continuing to slash stuff. Just saying. If they keep removing perks, I can simply use other cards and move on. And to me, it's especially stupid to remove this perk because it doesn't cost them any money to provide it.



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