Done with myfico, apparently!

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kcm7
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Re: Done with myfico, apparently!

Postby kcm7 » Fri Oct 28, 2016 10:30 am

JonE wrote:
They could probably make green their version of a straight 2x points card on every purchase.


Whenever I see someone with the Green card, I think to myself, "Why?" I mean ... I suppose everyone has their reasons. It might be a good way to get in the AmEx door. Otherwise ... just ... why?
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Vattené
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Re: Done with myfico, apparently!

Postby Vattené » Fri Oct 28, 2016 11:51 am

My suspicion is those people just don't know how poor a value Green is, especially compared to what else is available in the market now. Amex likes to market about all the security and service you get with them, but even if it's better than the competition is it really worth $95/yr? I suppose I can see the "getting in the Amex door" argument, but IMO it's still a waste. If someone can get approved for a Green card but not anything else with Amex for no AF, then chances are they could get the card they really want after a little more time. An ED will earn the same rewards as a Green card even if you never make 20 swipes a month, after all. Amex really isn't that exclusive of a club to get into. They want to lend people money, and will do so eagerly to anyone with decent credit.

I'd also understand someone downgrading to a Green because they want to keep an account open, but even this only makes sense to me if they need to carefully manage their credit. If you have a solid credit profile I can't fathom spending $95/yr just to keep an account open. That's why I suspect most people that have a Green card just don't think about it terribly much. The vast majority of people don't put near as much thought into credit cards as we do. It works, they're happy enough with Amex service (when they use it), it earns rewards - that's good enough for many people.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Fri Oct 28, 2016 12:01 pm

Green and Gold provide Amex with high margins. Why would Amex want to discontinue them? Much better to offer different cards (namely ED/P, PRG, Platinum) as alternatives for savvier customers and just keep making high profits from people satisfied with a bad card.

Some Greens may be "hibernating" Platinums until the customer starts to travel a lot again. Some people just don't want new accounts, whether for credit - related or convenience reasons.
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mountaindewvoltage
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Re: Done with myfico, apparently!

Postby mountaindewvoltage » Fri Oct 28, 2016 1:14 pm

kcm7 wrote:
JonE wrote:
They could probably make green their version of a straight 2x points card on every purchase.


Whenever I see someone with the Green card, I think to myself, "Why?" I mean ... I suppose everyone has their reasons. It might be a good way to get in the AmEx door. Otherwise ... just ... why?


The charge cards have the same underwriting criteria from what I've heard from many different people.

If there's proof that the Green card is actually easier to get, this would be information that is new to me, and very relevant because I can tell people this and retract what I've said before.

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Vattené
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Re: Done with myfico, apparently!

Postby Vattené » Fri Oct 28, 2016 2:03 pm

CarefulBuilder14 wrote:Green and Gold provide Amex with high margins. Why would Amex want to discontinue them? Much better to offer different cards (namely ED/P, PRG, Platinum) as alternatives for savvier customers and just keep making high profits from people satisfied with a bad card.

Some Greens may be "hibernating" Platinums until the customer starts to travel a lot again. Some people just don't want new accounts, whether for credit - related or convenience reasons.


Ah, I hand't considered "hibernating." That, I can see.

mountaindewvoltage wrote:The charge cards have the same underwriting criteria from what I've heard from many different people.

If there's proof that the Green card is actually easier to get, this would be information that is new to me, and very relevant because I can tell people this and retract what I've said before.

I believe all charge cards do have the same underwriting criteria (at least that is just what I've always heard). Selecting one is just a matter of what perks/rewards you want, and what you're willing to pay for them. But a Platinum is just as easy to qualify for as a Green, and is easier than any of their revolvers.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
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Nixon
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Re: Done with myfico, apparently!

Postby Nixon » Fri Oct 28, 2016 3:25 pm

I'd have a green if they'd allowed me to PC to SR green.
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Fri Oct 28, 2016 4:03 pm

Nixon wrote:I'd have a green if they'd allowed me to PC to SR green.

What would have been the appeal? You're not exactly squeamish about new accounts.

Offers for a low AF? The chance of an upgrade bonus?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
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JonE
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Re: Done with myfico, apparently!

Postby JonE » Sat Oct 29, 2016 9:44 am

That's the thing about the UW standards for their charge cards, as mentioned they're all the same. If you wanted an in with AMEX and had at least decent credit, and could keep yourself from overspending on the card, you could get in at any level from Green to Platinum. I think even an infrequent traveler like me could do well to get in on a PRG. The 25k/$2000 over 3 months promotion would be a big draw and wouldn't be hard to obtain at that level of spending. Then maybe down the road get in on an EDP and combine the points together (they're still doing the 15,000 points for $1000 spending last I checked). I would be interested to see how AMEX is going to compete with the Sapphire reserved, since their 100,000 points for $4000 is unmatched anywhere (that I know of anyway!)
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Sat Oct 29, 2016 11:52 am

JonE wrote:That's the thing about the UW standards for their charge cards, as mentioned they're all the same. If you wanted an in with AMEX and had at least decent credit, and could keep yourself from overspending on the card, you could get in at any level from Green to Platinum. I think even an infrequent traveler like me could do well to get in on a PRG. The 25k/$2000 over 3 months promotion would be a big draw and wouldn't be hard to obtain at that level of spending. Then maybe down the road get in on an EDP and combine the points together (they're still doing the 15,000 points for $1000 spending last I checked). I would be interested to see how AMEX is going to compete with the Sapphire reserved, since their 100,000 points for $4000 is unmatched anywhere (that I know of anyway!)

You might be able to get a better offer than 15k MRs for EDP. I've heard of 30k at times. PRG can go above 50k at times. Unless you are spending a lot on a card, holding out for the best bonus can be smart. Neither card is like Platinum, where having the perks available when you want them can be as or more important than getting a big bonus.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Sun Oct 30, 2016 10:59 pm

So many "what's the max CL before proof of income?" threads...

How many of those cases do you think are about privacy? Income of a complicated nature (with taxes paid but hard to document)? Tax evasion from underreported income? Or people not wanting banks to see they're exaggerating income on apps to get nice CLs?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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