Done with myfico, apparently!

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thom02099
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Re: Done with myfico, apparently!

Postby thom02099 » Tue Nov 01, 2016 11:20 pm

For those of us denizens of credit card forums, the AMEX Green looks like a poor choice. But the vast majority of charge card holders are not amongst us said denizens. They are Joe or Jane Average. They may occasionally read financial stuff in their local paper, or at their favourite web news site. And they may have seen that Warren Buffet carries an AMEX Green. They probably figure if it's good enough for him, it's good enough for them.
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Tue Nov 01, 2016 11:39 pm

thom02099 wrote:For those of us denizens of credit card forums, the AMEX Green looks like a poor choice. But the vast majority of charge card holders are not amongst us said denizens. They are Joe or Jane Average. They may occasionally read financial stuff in their local paper, or at their favourite web news site. And they may have seen that Warren Buffet carries an AMEX Green. They probably figure if it's good enough for him, it's good enough for them..

...and they forget that Berkshire owns 15.6% of Amex. Despite not being on the Amex board, he doesn't necessarily get generic Green CSRs. Heck, he probably has the CEO's home phone number.

Also, his travel is probably mostly put on corporate cards and arranged by a PA. He's not the one on the phone dealing with the minutiae.

I like Buffett and have a lot of my net worth in Berkshire stock...but I know that the folksy image is sometimes exaggerated.

Btw, Jimmy has one 't' at the end. Warren has two.
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

mountaindewvoltage
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Re: Done with myfico, apparently!

Postby mountaindewvoltage » Wed Nov 02, 2016 1:02 pm

thom02099 wrote:For those of us denizens of credit card forums, the AMEX Green looks like a poor choice. But the vast majority of charge card holders are not amongst us said denizens. They are Joe or Jane Average. They may occasionally read financial stuff in their local paper, or at their favourite web news site. And they may have seen that Warren Buffet carries an AMEX Green. They probably figure if it's good enough for him, it's good enough for them.


The average Joe or Dane probably doesn't even know Warren Buffet carries a Green AMEX charge card. Heck, the average Joe and Dane likely doesn't even know the difference between a charge card and a credit card. Before I was a credit card enthusiast, I used to throw AMEX offers out because 1) They're the least accepted card brand in America, by far, and 2) I read that I had to pay the balance off in full every month. I'm sure the average person thinks the same as I did back then.

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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Wed Nov 02, 2016 1:28 pm

mountaindewvoltage wrote:
thom02099 wrote:For those of us denizens of credit card forums, the AMEX Green looks like a poor choice. But the vast majority of charge card holders are not amongst us said denizens. They are Joe or Jane Average. They may occasionally read financial stuff in their local paper, or at their favourite web news site. And they may have seen that Warren Buffet carries an AMEX Green. They probably figure if it's good enough for him, it's good enough for them.


The average Joe or Dane probably doesn't even know Warren Buffet carries a Green AMEX charge card. Heck, the average Joe and Dane likely doesn't even know the difference between a charge card and a credit card. Before I was a credit card enthusiast, I used to throw AMEX offers out because 1) They're the least accepted card brand in America, by far, and 2) I read that I had to pay the balance off in full every month. I'm sure the average person thinks the same as I did back then.

But don't you know that having a charge card, especially a Platinum, is a sign that you have a ton of money and really spectacular credit? After all, those cards have an INFINITE credit limit? :ppp

(For the uninformed reading along, the above are more popular myths.)
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

mountaindewvoltage
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Re: Done with myfico, apparently!

Postby mountaindewvoltage » Wed Nov 02, 2016 2:45 pm

CarefulBuilder14 wrote:
mountaindewvoltage wrote:
thom02099 wrote:For those of us denizens of credit card forums, the AMEX Green looks like a poor choice. But the vast majority of charge card holders are not amongst us said denizens. They are Joe or Jane Average. They may occasionally read financial stuff in their local paper, or at their favourite web news site. And they may have seen that Warren Buffet carries an AMEX Green. They probably figure if it's good enough for him, it's good enough for them.


The average Joe or Dane probably doesn't even know Warren Buffet carries a Green AMEX charge card. Heck, the average Joe and Dane likely doesn't even know the difference between a charge card and a credit card. Before I was a credit card enthusiast, I used to throw AMEX offers out because 1) They're the least accepted card brand in America, by far, and 2) I read that I had to pay the balance off in full every month. I'm sure the average person thinks the same as I did back then.

But don't you know that having a charge card, especially a Platinum, is a sign that you have a ton of money and really spectacular credit? After all, those cards have an INFINITE credit limit? :ppp

(For the uninformed reading along, the above are more popular myths.)


I should add that seeing an American Express charge card with those designs; however, would make me think the person has money.

Now the revolvers are a different story... While most of them look cool, their design doesn't look prestigious. The current charge card designs look like the old, classic designs.

JonE
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Re: Done with myfico, apparently!

Postby JonE » Thu Nov 03, 2016 10:08 am

Knowing what I know about credit cards, seeing an AMEX charge card doesn't necessarily mean they're made of money.

Centurion on the other hand. :cool:
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mountaindewvoltage
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Re: Done with myfico, apparently!

Postby mountaindewvoltage » Thu Nov 03, 2016 5:19 pm

JonE wrote:Knowing what I know about credit cards, seeing an AMEX charge card doesn't necessarily mean they're made of money.

Centurion on the other hand. :cool:


But that's my point. Most people don't know a whole lot about credit/charge cards other than that they're "bad" and have high interest rates.

The lack of financial education is schools is ridiculous. Sure I took an "economics" class in high school, but that was about stuff that has to do with accounting and all that... Nothing to do with how to actually handle finances.

They should be teaching kids the benefits of having great credit, how it saves you a ton of money in the long run, how to use credit cards and utilize the rewards, how to balance a checkbook and checking account so you don't overdraft, how to choose a credit union over a big bank, etc.

Instead of teaching kids basic adult skills and little tricks on how to use them, they're teaching kids about "x+y-25= 24, what is the value of x and y"... Like who gives a flying **** about that?!

kdm31091
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Re: Done with myfico, apparently!

Postby kdm31091 » Thu Nov 03, 2016 6:02 pm

I've noticed that slowly, but surely, traffic has been down at myfico. I am guessing more people are getting tired of the over moderation and repetitive posts from the same dozen users who insist they are "gardening until 2017" which really means two weeks from now.

Tubpbs
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Re: Done with myfico, apparently!

Postby Tubpbs » Thu Nov 03, 2016 7:14 pm

mountaindewvoltage wrote:
JonE wrote:Knowing what I know about credit cards, seeing an AMEX charge card doesn't necessarily mean they're made of money.

Centurion on the other hand. :cool:


But that's my point. Most people don't know a whole lot about credit/charge cards other than that they're "bad" and have high interest rates.

The lack of financial education is schools is ridiculous. Sure I took an "economics" class in high school, but that was about stuff that has to do with accounting and all that... Nothing to do with how to actually handle finances.

They should be teaching kids the benefits of having great credit, how it saves you a ton of money in the long run, how to use credit cards and utilize the rewards, how to balance a checkbook and checking account so you don't overdraft, how to choose a credit union over a big bank, etc.

Instead of teaching kids basic adult skills and little tricks on how to use them, they're teaching kids about "x+y-25= 24, what is the value of x and y"... Like who gives a flying **** about that?!



I agree with this 100% (ignoring the unsolvable equation at the end).

I took several "business" and "economics" classes in high school. They don't teach you anything about personal credit or money management. Ignoring the rewards, which are a bonus, just the basic premise of credit and a credit score and credit factors is crucial. They could cut out one semester of gym in the 4 years of high school or even a half a semester or even a WEEK and teach very basic credit knowledge.

It's ridiculous that they don't teach anything at all about it.
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CarefulBuilder14
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Re: Done with myfico, apparently!

Postby CarefulBuilder14 » Thu Nov 03, 2016 8:11 pm

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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