are Gold Card or Green Card worth it...?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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jumbo
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are Gold Card or Green Card worth it...?

Postby jumbo » Wed Nov 30, 2011 2:29 am

Just curious here,

First of all, I am not sure how do these CHARGE cards help in your credit history...?

and since these cards often have a annual fee associated with them, are these cards worth applying for. I actually have 3 mail offers from AMEX and I get them every other month, but am still skeptical to apply for it. I'm still not seeing the actual benefits of these charge cards over other credit cards where you get cash back and don't have to pay an annual fee.

Any clarification about the issue :confused: is appreciated.... thanks
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FutureBillionaire
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Postby FutureBillionaire » Wed Nov 30, 2011 11:57 am

I must echo your sentiments. The rewards program for the Gold card isn't fantastic. And, there is an annual fee. I don't see much benefit to this card and thus will try to migrate to the Blue Cash Preferred Card next year. I do believe that it is easier to get your foot in the door with a charge card, so that provides a benefit. Other than that, I wouldn't do it.
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ivotedale
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Postby ivotedale » Wed Nov 30, 2011 8:39 pm

One of the more obvious reasons that a charge card can be more beneficial is the (near) lack of a credit line- hence you could make big-ticket purchases without worrying about a revolving credit limit. Granted, the biggest line I have at the moment (aside from my Zync) is $1,000 via Chase Freedom, but I never typically will spend that much on that one card in a given month either way (considerably low spender); if I do, I pay it down/in full before the due date.

I do like having the flexibility of knowing I could charge over $1,000, or whatever amount over really, if an emergency would come up. With the "no credit limit" element however, you must pay it back by your due date at the end of the month- no carrying balances. Again though, I never intend to spend more than I make at any given time, so I always pay in full anyhow.

As with any card though, it depends heavily on your spending habits/lifestyle/etc. It sounds like the Blue Cash Preferred is where you'd want to be- Amex benefits/customer service, as well as no annual fee + great rewards. This is all dependent on your credit score though; hopefully it's the best it can be upon applying.

Best of luck either way!
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sticf
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Postby sticf » Thu Dec 01, 2011 7:08 am

First let me say that while I can see charge cards are useful, they do not fit my spending habits. I also find that they "no preset limit" is highly misunderstood. All creditors will put a limit on the credit they extend to you. Just because they do not tell you the limit does not mean it is not there.

Because you are asking about Amex charge cards I will limit my response to these only. Their rewards program is based on points and not on percentages. This is important because points can be more flexible. Cash back cards are great because they are simple, direct and predictable. Point/Miles systems are usually get more complicated. Depending on how you redeem your points their value will change. An example of this is when Amex allows you to transfer points on a 1 to 1 basis (depending on your Amex Rewards program) to several other awards programs for hotels and airlines. This will allow you to "top off" those rewards programs.

To make it more complicated there are 3 levels of Amex rewards programs. The lowest level named "Express" (entry level) does not come with all of the benefits as normal "Rewards" (most common, Green and Gold cards). These in turn come with less benefits than the top tier "First" (Platinum and above).

Evaluating these rewards systems are not as straight forward as it might appear on the surface.

Hope it helps.

DoingHomework
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Postby DoingHomework » Thu Dec 01, 2011 11:05 am

ivotedale wrote:One of the more obvious reasons that a charge card can be more beneficial is the (near) lack of a credit line- hence you could make big-ticket purchases without worrying about a revolving credit limit. Granted, the biggest line I have at the moment (aside from my Zync) is $1,000 via Chase Freedom, but I never typically will spend that much on that one card in a given month either way (considerably low spender); if I do, I pay it down/in full before the due date.


I think you mean credit "limit" rather than "line." Charge cards are not unlimited, they just adjust to your current situation. With AMEX you can check your current spending ability online. I have a couple of credit cards that are similarly unlimited. AMEX cards also allow you to carry a balance for purchases over $100.

If you pay your balance in full each month like everyone should then there is no real difference between charge cards and credit cards in practice.

Money card
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Postby Money card » Sun Dec 04, 2011 12:04 am

I would like to answer the best I can think of. If your looking for a card that is more executive with lower annual fees, the green and gold are great cards. It's true average people like warehouse employees, mailmen, social services etc. use it too and not all executives have their cards.

but a lot do. now comparing the gold card to the blue cash card there a couple of things to think about

  1. does the blue cash card come with an year end summary of all your charges and does it come with tickets sold to the public first? so you might want to think about this.
I certainly undestand your point on the 95 and 125 annual fee vs 0.

it's just more executive. for example the green and the gold come in 3 formats the personal card, the small business and corporate cards

some people get their bill sent to the office, if you ever notice when staying at a big hotel that has a Starbucks in it in the morning, when you get some breakfast people in line you will see some using a green or gold in addition to different cards and cash.

now with the blue cash card, nobody gets their bill sent to the office, it gets sent to their home. you never see anybody using this card for business usually places like Nordstroms, Barnes and Nobles etc.

it's just about having an executive looking card.

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Postby 4Runner » Wed Dec 07, 2011 11:47 am

Answering the initial question:

- how do these CHARGE cards help in your credit history...? - I have no idea exactly how they will help you, but since we are paying the full usage of the cards, that might help to improve the score since you are being seen as a good customer capable to cover all your debts.

- these cards often have a annual fee associated with them, are these cards worth applying for. - This might be answer by yourself based on your own habits, feelings, expenses, etc. Every body have different ways to weight if a card is good or not. I can tell you i prefer to have a charge card from AMEX before any credit card from any other financial institution. Just because i am quite happy with AMEX service. On top of that i use my cards to pay almost everything, so I am receiving good MRP that i can use later for presents for my relatives.

For me, paying an annual fee, is like paying for any other service that i contract, like TV, Phone, Internet, etc.

MoneyCard, i have to disagree with you. No one should apply for any card just because they look "executive".

It makes no difference if you receive the bill at the office or home, and sound like profiling when you say that people with gold card will pay only on starbucks places located in big hotels, or not using the blue card to pay for business meals, etc.

I can tell you, I use my platinum card or my gold card to pay from a quite expensive hotel at the most exclusive resort to just pay for a chocolate at the shell station. It makes no difference, they are just cards that satisfy my needs, and because of that i will use them regardless the business/store/location.



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