The need for multiple types of cards

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MemberSince99
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The need for multiple types of cards

Postby MemberSince99 » Sun Jul 08, 2012 6:32 pm

I've been hearing a lot of people talk lately about wanting to have only say Amex cards. Typically these people are new to Amex and delighted to get in with them and totally in love with the company, which I can relate to as I felt the same way when I first got back into their good graces.

However doing this is not wise and could even create a crisis for a couple of reasons. First Amex is not accepted everywhere thus making it smart to have say a Visa or Mastercard or Discover for those times. But the most important reason is that Amex can Financial Review you or cut your credit line at any time and no notice is required or often given before your card simply does not work. I read numerous accounts not only of Financial Review for no real apparent reason other than Amex saw something they didn't like, but also during the worst of the last Depression I read numerous accounts of Amex balance chasing people and cutting their lines for no reason other than to reduce their risk exposure (in other words the customers hadn't done anything "wrong").

That's Amex's perogative, granted, and they have the complete right to reduce their exposure to loss I can't argue with that. But that also means you had best have a backup form of payment (and preferably more than one) when you travel especially if you leave the country, or you could find yourself in a crisis situation. In fact I say that it would be foolish to only go with ANY single creditor out there - just like investments the smart move is to diversify your credit so you are protected as much as possible from something like this.

I just felt like this is an important topic that I haven't seen discussed here and wanted to throw it out there to hopefully get people to give some thought to this before locking yourself into any creditor, no matter how great they may seem.


DavidNY
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Postby DavidNY » Sun Jul 08, 2012 9:06 pm

Amex certainly isn't necessary to have excellent credit.

websteth
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Postby websteth » Sun Jul 08, 2012 10:46 pm

I totally agree with this. While my American Express Platinum is my main card, I know all too well that there are some places that simply won't take American Express. I've had it around town and even while traveling. It's not worth the embarrassment of not being able to pay because you don't have something else or even cash. And in some cases, I can get better rewards on certain things by using a non American Express card.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

abby0828
 
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Postby abby0828 » Fri Sep 21, 2012 2:21 am

DavidNY wrote:Amex certainly isn't necessary to have excellent credit.


How about Barclaycard Ring? I have been hearing a lot about it lately. The charge card is closely tied to an online network that chose the card's design, what the rates should be and the way the card is marketed. Bankrate reports that Barclaycard Ring is now accessible to consumers. Any thoughts?

websteth
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Postby websteth » Fri Sep 21, 2012 7:25 pm

abby0828 wrote:How about Barclaycard Ring? I have been hearing a lot about it lately. The charge card is closely tied to an online network that chose the card's design, what the rates should be and the way the card is marketed. Bankrate reports that Barclaycard Ring is now accessible to consumers. Any thoughts?


I have ring. It's not bad. It's a no frills, no rewards card. Everything is transparent which is nice and the community involvement is cool. I wouldn't make it my main card unless I didn't want rewards though.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

DavidNY
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Postby DavidNY » Sat Sep 22, 2012 9:46 am

It seems the only thing Barclaycard Ring has is a low APR, so if you don't carry a balance there's not much of a reason to have it. I have a Barclaycard Priceline card, it's OK. The way rewards are redeemed is a bit gimmicky though (points are redeemed on a prior purchase).

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FastSRT8
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Postby FastSRT8 » Sat Sep 22, 2012 10:15 am

Amex and Visa. Done.
Carpe diem quam minimum credula postero!

Rory
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Postby Rory » Sun Sep 23, 2012 2:25 am

i feel like alot of the issues you brought to light revolve around credit limits, so using an amex charge almost seems like the natural choice to avoid such issues. Now i realize that these cards still have a "hidden" limit at which you must contact amex before you can pass, but they still seem like the better option.

I totally agree with you on the FR part, but its is within their right as they are a for profit company whose main objective is risk prevention. I cant blame them for doing it, but you can be sure as hell i will get pissed with them if they ever throw one at me.

Diversification is a must I will agree, but not only through different credit companies but also within. Having a charge amex, a revolving amex, and a few other revolvers really is the best way to go in my opinion. I am always glad to be a cardmember but i do realize it is just a fallacious "club" designed for all of amex's customers.
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend ;)
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Postby jlam572 » Tue Sep 25, 2012 9:46 pm

FastSRT8 wrote:Amex and Visa. Done.


Werd.I like amex too but i agree to diversify.
American Express Platinum
Chase Sapphire Preferred
Hawaiian Airlines BOH MC
USAA Amex
Capital One Visa Platinum
Citi Diamond Preferred MC

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FastSRT8
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Postby FastSRT8 » Tue Sep 25, 2012 10:40 pm

I say this because NOT all merchants take Amex. See my sig.... I use Amex exclusively unless a merchant doesn't take it.

jlam572 wrote:Werd.I like amex too but i agree to diversify.
Carpe diem quam minimum credula postero!



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