Are Amex charge cards worth it anymore?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
33 posts
SparkyinCA
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Postby SparkyinCA » Sat Feb 09, 2013 6:56 pm

cashback wrote:And how might you be doing this?


Based on your FICO's, backdating wouldn't help you much. But if someone is borderline for qualifying for the lowest rates for a mortgage or new car loan, adding additional Amex cards can help with AAoA greatly (as I wrote, 29 years in my case). I live in California where housing is very expensive (still in the town I live in) so 1% difference on a mortgage over 30 years is a huge amount of money, therefore, my comment the AF fee is a drop in the bucket if it ensures higher credit scores by having Amex charge or credit cards.

Does that make more sense now?


SparkyinCA
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Postby SparkyinCA » Sat Feb 09, 2013 7:00 pm

Deweytf4 wrote:I wouldn't say Amex Cash back sucks, in fact the Blue Cash E/P are one of the best cash back cards out there right now. I do agree about the value of M.R. points, and never understood why someone would have a gold card over the BCP, when the BCP has a cheaper annual fee and a greater rewards profit (at least when it comes to rewards.) I would think of the charge cards as "You get awesome benefits and customer service, but crap rewards."


Sorry..just to clarify - I meant IF Amex cash back sucked or IF MR were worse, basically. My understanding is the same as your's that the Blue Cash are pretty good compared to what's out there.

cashback
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Postby cashback » Sat Feb 09, 2013 8:40 pm

SparkyinCA wrote:Based on your FICO's, backdating wouldn't help you much. But if someone is borderline for qualifying for the lowest rates for a mortgage or new car loan, adding additional Amex cards can help with AAoA greatly (as I wrote, 29 years in my case). I live in California where housing is very expensive (still in the town I live in) so 1% difference on a mortgage over 30 years is a huge amount of money, therefore, my comment the AF fee is a drop in the bucket if it ensures higher credit scores by having Amex charge or credit cards.

Does that make more sense now?


Makes perfect sense now!
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Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

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silver6054
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Postby silver6054 » Sat Feb 09, 2013 11:19 pm

Except I thought mortgage companies, doing a manual review, wouldn't take AAoA seriously as they can see that these are merely backdated cards. It's fine for automated approval for CC etc and obviously for a mortgage it can bring your score up so that you meet the threshold for consideration. I really didn't think it could impact the decision or the rate, but i guess if the mortgage company does everything by FICO score, it might help.

Moneytalks
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Postby Moneytalks » Sun Feb 10, 2013 12:52 pm

I think so, at least for now... for example, if you don't have AAA, with the gold level cards, you get the tow up to three times per year, there's decent perks with entertainment, but I think it really comes down to having that feeling of "prestige", or creating the image of high status. As long as people care about that kind of stuff (myself included) charge cards will always be around, maybe with different colors :)
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)

FutureBillionaire
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Postby FutureBillionaire » Sun Feb 10, 2013 1:21 pm

I used to care about the prestige. The CSP is cooler.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

MemberSince99
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Postby MemberSince99 » Sun Feb 10, 2013 1:27 pm

The "prestige" is a lot of what Amex is marketing as I'm sure most folks here know. The illusion of that goes away a little bit the first time you call them and get someone who sounds just like the CSR you last spoke with from Cap One - and a bit more fades when what you request is screwed up just like Cap One. At least the Amex reps didn't make up stories for me, but that can be a plus as it's entertaining and you KNOW they are lying anyway so you just take it for what it's worth.

Reclusive46
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Postby Reclusive46 » Sun Feb 10, 2013 2:02 pm

MemberSince99 wrote:The "prestige" is a lot of what Amex is marketing as I'm sure most folks here know. The illusion of that goes away a little bit the first time you call them and get someone who sounds just like the CSR you last spoke with from Cap One - and a bit more fades when what you request is screwed up just like Cap One. At least the Amex reps didn't make up stories for me, but that can be a plus as it's entertaining and you KNOW they are lying anyway so you just take it for what it's worth.


Is it just the lower level cards that get indian support? On both my US and UK amex cards I've never gotten anyone other than a Brit or American.
Amex UK Platinum Charge Card
Amex Blue Cash USA
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FutureBillionaire
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Postby FutureBillionaire » Sun Feb 10, 2013 2:06 pm

.
Reclusive46 wrote:Is it just the lower level cards that get indian support? On both my US and UK amex cards I've never gotten anyone other than a Brit or American.


I get foreign support on the BCP.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

jriley
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Postby jriley » Sun Feb 10, 2013 7:15 pm

I have a hunch that they utilize a formula based upon what kind of customer you are to determine where your calls go. My parents calls seem to only go to American reps...

On my Zync card, I would always get foreign service, until I was added as an additional on my parents card.
Looking to maximize credit, for myself and others.

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