Whats so good about AMEX Charge Cards?

[ILikeMoney]

Hello, I do not currently have any American Express charge cards (Gold, platinum, green, zync, etc), so I was wondering if it is worth applying for one. Whats so good about them that it would require an annual fee, which seems to be more then the actual reward value that I would get? I see tons of other cards (many of which I have) such as Capital One Ventureone and Fidelity amex etc that offer what seems just as many points (around 1-2% total cashback/points) as the Amex charge cards. Is there a reason why everybody likes them, is it because of the service they provide (which you can get from their AMEX Clear, Blue etc) or are there rewards REALLY REALLY worth it? Also, would it be worth it getting the gold card for that promotion, pick up the points, get something then cancel the card before the annual fee?

[centex]

Hello, I do not currently have any American Express charge cards (Gold, platinum, green, zync, etc), so I was wondering if it is worth applying for one. Whats so good about them that it would require an annual fee, which seems to be more then the actual reward value that I would get? I see tons of other cards (many of which I have) such as Capital One Ventureone and Fidelity amex etc that offer what seems just as many points (around 1-2% total cashback/points) as the Amex charge cards. Is there a reason why everybody likes them, is it because of the service they provide (which you can get from their AMEX Clear, Blue etc) or are there rewards REALLY REALLY worth it? Also, would it be worth it getting the gold card for that promotion, pick up the points, get something then cancel the card before the annual fee?

 

 

the cards such as Clear, Blue, etc do not offer such perks as upgrades and the lounge access (to name to significant reasons some of us carry Plat)...and those MORE than cover the costs associated with carrying the card.

 

Beyond that, it comes back to the fact that ANY card with an annual fee is worth carrying if you can extract more value from the card than the fee costs you...

Edited August 25, 2010 by centex

[Battle_of_Evermore]

Hello, I do not currently have any American Express charge cards (Gold, platinum, green, zync, etc), so I was wondering if it is worth applying for one. Whats so good about them that it would require an annual fee, which seems to be more then the actual reward value that I would get? I see tons of other cards (many of which I have) such as Capital One Ventureone and Fidelity amex etc that offer what seems just as many points (around 1-2% total cashback/points) as the Amex charge cards. Is there a reason why everybody likes them, is it because of the service they provide (which you can get from their AMEX Clear, Blue etc) or are there rewards REALLY REALLY worth it? Also, would it be worth it getting the gold card for that promotion, pick up the points, get something then cancel the card before the annual fee?

 

I love Amex's customer service when it comes to thier charge cards. What's great for me is that in the year and a half that I have had one, I have gotten about $600-1,000 worth of giftcards.

[FahQca]

I have the platinum for lounge access...I have never had success with getting the companion ticket for free...ugh...it also makes me feel good to have the AMEX Plat card...It reminds me of how far I have come every time I pull it out of my wallet.

 

I have the Blue Cash because I get 1-5% cash back.

 

I have the Blue because I want the option to not PIF if need be and get points.

[ILikeMoney]

Is there any of these worthwhile benefits with zync or gold cards, also, is it not worth it if you do not travel very much.

[centex]

Is there any of these worthwhile benefits with zync or gold cards, also, is it not worth it if you do not travel very much.

 

Never really looked at Zync and it has been too long since I had the Gold...but the bottom line is the INDIVIDUAL needs to review what the card offers and determine whether it works for them...

[FonzieSpook]

Some people carry them as a status symbol too. There's this misconception that Amex is harder to get than Visa/MC even though it all depends on the issuing bank. If Capital One had an Amex card, this misconception would be soon discharged :-)

[tstein]

Personally, I won't get much value out of their charge products. I am interested in obtaining a couple for the backdating\aging effect on my reports. I AM willing to loose a few $$$ for the benefit of 2 additional 10 year old accounts.

 

I don't travel much. I do hear they have an excellent consumer purchase protection plan, but I don't foresee getting much value from that.

 

I think you will find that most who get value from the charge products are heavy travellers.

[mannyj]

Hello, I do not currently have any American Express charge cards (Gold, platinum, green, zync, etc), so I was wondering if it is worth applying for one. Whats so good about them that it would require an annual fee, which seems to be more then the actual reward value that I would get? I see tons of other cards (many of which I have) such as Capital One Ventureone and Fidelity amex etc that offer what seems just as many points (around 1-2% total cashback/points) as the Amex charge cards. Is there a reason why everybody likes them, is it because of the service they provide (which you can get from their AMEX Clear, Blue etc) or are there rewards REALLY REALLY worth it? Also, would it be worth it getting the gold card for that promotion, pick up the points, get something then cancel the card before the annual fee?

 

Points, Points, and more Points, besides that the service is unmatched hands down, I got my first Amex (Green) in 08 blah blah blah, I screwed up, the card went into collections, they contacted me and told me if I pay it off they will give me ANOTHER Card! So I paid it off and they sent me an Amex Optima credit card with a $500 balance for cry from my Green Charge card but what other company will let you screw up then give you another shot to get back in good graces with them in this economy where credit is damn near impossible to attain?

So not only am I back with Amex but they backdated my account with them dating back to 08 giving my 2 month only new charge card 2 years worth of aging!!!!!

5 baddies to get off my report once they are gone I will be applying for the Amex Blue and from there I will apply for the Amex Gold once I break the 700 threshold.

 

PS when the backdated my account which was last Sat. morning 8/21 they rushed a new card out to me that was in my had by Tues. 8/24 with a member since date of 2008! That's why you pay their annual fees

[Chinky714]

Amex purchase gives free extended warranty so that makes it a pretty good if you were to buy a laptop or camera using an amex card.

[BBQ123]

If you travel enough, AmEx Platinum lets you into lounges and also you can get free companion tickets.

[Passenger25]

Beyond that, it comes back to the fact that ANY card with an annual fee is worth carrying if you can extract more value from the card than the fee costs you...

As long as the net value you extract is greater than the next best alternative. If the net value I extract from a Platinum card is $1, but I could have gotten $50 from a Zync, then the Platinum is not worth carrying.

[cdot14]

1. Charge cards build credit , whereas debit cards do not. Theyre best used if you route all your montly expenses through them. Thats the big selling point for me, but if you like the other CCs you have and PIF, theres really no other reason to get one other than the aforementioned perks/customer service that comes with one.

 

2. I like my zync because for the $25 fee, Ill probably get in return 400-500 bucks in gift cards.

 

3. Disputing a charge with amex is painless, disputing a charge with a debit card is like pulling teeth

in my experience

 

I will say this though: I fully plan to get a Blue Cash card down the road, cash back is more appealing to me.

Revolving credit is a bit tougher to come by with amex though, so a charge card is a great way to get your foot in the door.

Edited August 26, 2010 by cdot14

[cdot14]

pick up the points, get something then cancel the card before the annual fee?

 

Just FYI they charge the AF up front.

[rajuabju]

If you are considering an AMEX card, I would strongly suggest the AMEX SPG card. For a $65 annual fee, you get points for Starwood Hotels, that are also transferable to MANY airlines.

 

It is considered by many people (myself included) the very best credit card out there today.

[centex]

Beyond that, it comes back to the fact that ANY card with an annual fee is worth carrying if you can extract more value from the card than the fee costs you...

As long as the net value you extract is greater than the next best alternative. If the net value I extract from a Platinum card is $1, but I could have gotten $50 from a Zync, then the Platinum is not worth carrying.

Extracted value is not always measured on dollar-for-dollar basis...the travel comforts I get with Plat are not available with Zync. ANd for ME, those comforts outweigh the hypothetical $49 here. It makes the Plat the +EV option in MY situation...

[choirlady]

I just got AMEX Green card and for the first year my annual fee is waived, I haven't used it yet so don't have much experience. Anyone else have this card and any thoughts on it? I think like all credit cards, if you use it wisely it has it's perks and can help establish good credit too (or help rebuild credit) A few years ago, I wouldn't have even qualified for an Amex card, but since working on establishing my credit adn rebuilding it better offers are coming along, and for now atleast, I don't mind paying the $95.00 fee to have an Amex card, I just know that fee will come around and budget for it. Down the road as my credit continues to develop, I will probably cancel the greencard and upgrade to one that doesn't have an anual fee.

 

One question, is this like other cards, where you have to use it every so often in order to keep it from being closed? (I intend to put some of my bills on it that I currently have being withdrawn from my visa checkcard through my bank)

[FahQca]

Amex likes their cards to get alot of use. They REALLY like you to PIF even if it's a credit card.

[Passenger25]

Extracted value is not always measured on dollar-for-dollar basis...the travel comforts I get with Plat are not available with Zync. ANd for ME, those comforts outweigh the hypothetical $49 here. It makes the Plat the +EV option in MY situation...

I didn't want to reduce everything to utils, so I used dollars, and I stand by that. The various comforts you receive all have some dollar value to you, even if you have not considered that value before. If there were no Platinum card, you could get most (all?) of them on the open market, just by giving dollars to the right people. Presumably, you have done a back-of-the-mind calculation and decided that the Plat fee is less than the cost of purchasing these comforts individually or bundled with another card.

[Bobbydebt]

Beyond that, it comes back to the fact that ANY card with an annual fee is worth carrying if you can extract more value from the card than the fee costs you...

As long as the net value you extract is greater than the next best alternative. If the net value I extract from a Platinum card is $1, but I could have gotten $50 from a Zync, then the Platinum is not worth carrying.

Extracted value is not always measured on dollar-for-dollar basis...the travel comforts I get with Plat are not available with Zync. ANd for ME, those comforts outweigh the hypothetical $49 here. It makes the Plat the +EV option in MY situation...

 

You really do like playing poker, huh? The only people I have ever heard talk about +EV, -EV and EV are fellow gamblers (mostly poker players).

[littlepintobean]

Beyond that, it comes back to the fact that ANY card with an annual fee is worth carrying if you can extract more value from the card than the fee costs you...

As long as the net value you extract is greater than the next best alternative. If the net value I extract from a Platinum card is $1, but I could have gotten $50 from a Zync, then the Platinum is not worth carrying.

Extracted value is not always measured on dollar-for-dollar basis...the travel comforts I get with Plat are not available with Zync. ANd for ME, those comforts outweigh the hypothetical $49 here. It makes the Plat the +EV option in MY situation...

 

You really do like playing poker, huh? The only people I have ever heard talk about +EV, -EV and EV are fellow gamblers (mostly poker players).

 

I must not play enough poker because I have no idea what +EV, -EV and EV stand for.

[higher180]

For me it's a prestige thing, I know someday when I get one it's kind of like I have "arrived". Plus there rewards/perks and customer service I hear are awesome. I think it would be awesome pull out a Amex Platinum and pay for a dinner