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What Does Having An AMEX Really say about you?

The last post in this topic was posted 1044 days ago. 

 

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/>More than anything, having an Amex identifies you beyond a shadow of a doubt, as a human being whom isn't bob wang :)

Sorry bob you know I love you.

Bromance.

 

:)

Edited by cv91915

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amex is just an issuer; it has some decent cards that for some people fit well with their spending patterns.

 

I will note that one very esteemed person who has manually reviewed tens of thousands of credit reports as part of the undersritting process has said the presence of an amex CHARGE card with perfect payment history matters.

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While on my journey to credit repair, Amex was one of the MUST have cards along with MasterCard. Back in my retail days, as a cashier, anyone who paid with an Amex was rich! I once got handed an Amex Black card and almost Sugar Honey Ice Tea'ed my pants. She was a woman :cry2: .... So yes I will admit once I was ready to take the dive to app for some cc's after my cap1, I went for Amex! I was very particular in the once I chose. Once that screen said APPROVED, I felt invincible!!

So now that I have it, I feel a level of confidence, maturity and smart!!

Now I app'ed for Chase slate and Citi who were hell bent on not extending a dime to me! Even after calling back door #'s...said my credit history is too short :aggressive:.

SO now my goal is to get me that darn citi cc anyone, but visa! Chase, I am over them!!! Oh well just my little newbie 2 cents, so yea in a nut shell, Amex does have me on cloud 8!! :D

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While on my journey to credit repair, Amex was one of the MUST have cards along with MasterCard. Back in my retail days, as a cashier, anyone who paid with an Amex was rich! I once got handed an Amex Black card and almost Sugar Honey Ice Tea'ed my pants. She was a woman :cry2: .... So yes I will admit once I was ready to take the dive to app for some cc's after my cap1, I went for Amex! I was very particular in the once I chose. Once that screen said APPROVED, I felt invincible!!

So now that I have it, I feel a level of confidence, maturity and smart!!

Now I app'ed for Chase slate and Citi who were hell bent on not extending a dime to me! Even after calling back door #'s...said my credit history is too short :aggressive:.

SO now my goal is to get me that darn citi cc anyone, but visa! Chase, I am over them!!! Oh well just my little newbie 2 cents, so yea in a nut shell, Amex does have me on cloud 8!! :D

+1 on "Anyone with an AMEX is rich!" :good:

 

I would say that having an Amex says about you that you have done something right to get an Amex.

 

Not EVERYONE has an Amex, and yes I feel it the Mercedes-Benz of credit cards: Most of the time, people that talk smack about, or make the conditions for ownership of expensive or luxury cars are the ones that don't have them. (Compensating, salamander spend of money, etc.)

 

I say: Don't hate.. appreciate.

 

And AMEX seems to be one of those that you can have credit high enough to actually fix the aforementioned cars, for when they "go." 2004 twin-turbo CL600, anyone? Repair costs on ANYTHING on that car?? !! Aye.. better have an Amex.

 

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2004 twin-turbo CL600, anyone?

I prefer my 2011 Cayenne Turbo personally.

 

but it's damn expensive.

 

$250 oil changes.

 

$2100 for new tires.

 

$3k+ for any sort of "upgrade" you might want to do.

 

I can't even fill the tank at most gas stations because they cut you off at the island at $100.

 

need high limits on your cards for sure.

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2004 twin-turbo CL600, anyone?

I prefer my 2011 Cayenne Turbo personally.

 

but it's damn expensive.

 

$250 oil changes.

 

$2100 for new tires.

 

$3k+ for any sort of "upgrade" you might want to do.

 

I can't even fill the tank at most gas stations because they cut you off at the island at $100.

 

need high limits on your cards for sure.

You seem to be a glutton for punishment. Want to buy my lotus? Needs nothing.. wink wink

 

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lol, maybe.

 

but it sure is a blast to drive!

I was never a German car guy... but English sports cars surely make italian and German ones seem reliable.

 

Sent from my SM-G900V using Tapatalk

Edited by nysbadmk8

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I think for most people it really doesn't mean that much. For anyone using their products for day to day stuff with modest cash flows (not talking wealth here...cash flow), there are better options out there. That said, the rewards/benefits/flexibility make for a great product for those who spend enough.

 

Another thing that gets missed by most is the way Amex actually works. They get a lot of heat for FRs on forums like this, but that's also an indicator of how they function as a bank. They ACTUALLY do analysis. If you need something to happen and have the means, it can get done.

 

I'm in business management and absolutely hate when my clients use other lenders for their day to day spending. With Amex, I'm an account manager for all my clients, can handle matter on their behalf, and not have to jump through hoops to do so. They can get a bit conservative at times, but once you prove you can handle the spending you need, they'll make it happen. No way could my clients (touring musicians, film makers, etc) run their day to day with a single card from any other lender I can think of. It's not unusual for me to get statements with balances $250k or more. This is why these types carry Amex. Those types carry the card, it's assumed prestigious, "amex=rich" idea spreads.

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From the stand point of a business owner, when someone tries to pay me with plastic, I tell them that the ATM is around the corner or I charge them an additional fee to accept their credit card...generally $30.00 extra. Yes, scold me... but guess what... everyone pays in cash. I make it very clear that prices are for payment by cash and credit cards cost me money to accept. If they are unhappy with this, they can tell the credit card companies it should be free or shop else where. I don't see any reason why I should have to pay a portion of my profits to any credit card company. Its not the cost of doing business, its pure stupidity in my opinion. You pay them as a consumer and you pay them as a merchant. They are getting a really good deal and need more competition.

I have an American Express and I never use it. No one wants to accept it because the fees are too high and I've heard horror stories about charge backs. I have more credit than I know what to do with, but I never pay any vendors with a credit card and I never use a credit card when I go out to eat.

 

It's a sad day when people want to charge small amounts like $10.00 and think nothing of it. The credit card companies are laughing all the way to the bank. If people had to pay in cash, or get the cash, they think twice about spending it... but when its credit... who cares, the sky is the limit...until....maxed out!!!!

 

So, yeah, sure having an AmEx might say your successful or you know how to manipulate a credit score, but it doesn't matter when the only places that will accept it charge you an arm and a leg, unless your one of those people who just don't care and you have so much money you can just throw it away... but then the question begs ...why do you have credit then?

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Back in the '80s I was pre-approved for a Gold American Express card [with no limit], and I took it. Granted, it seemed silly to have to pay its annual fee, but, damn!, the prestige of it all. Right. I actually ended up cutting up my cards and sending them back in protest of AmEx promoting cruelty to animals (by including offers for fur in their statement mailings). THAT felt good. :)

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To merchants an Amex means two things:

 

1. You may will spend more. That's how merchants are marketed to by Amex to make up for the following:

2. The merchant fees are higher.

 

That's all it says and that's all they care about.

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Amex is a superior product in many ways - and since they are not just a payment processing network (like Visa and Mastercard), they control everything between the merchant and buyer. So, I've found their help is much less bureaucratic, since they don't need to interface with third-party banks, etc (since they are their own bank, essentially).

 

For instance, I just spent $1k on an iPhone at the Apple Store. I could have put it on any of my cards, but I chose my Amex because of their superior extended warranty. Sure, many cards "offer" this perk now, but I've read too many horror stories on the bureaucratic nightmare that is it when you actually try to use it (since many basically outsource the insurance to a third-party). Amex is known to be the best for this perk, and do it in-house (last time I checked).

 

With the launch of traditional credit cards, Amex has become much less of a status symbol. I do not feel special when I swipe mine, but I do feel well-protected - which means far more to me than impressing a 17 y/o store clerk :-)

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The only reason I want an AmEx is D*.

 

Otherwise, it's just another two-bit credit card company.

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2004 twin-turbo CL600, anyone?

I prefer my 2011 Cayenne Turbo personally.

 

but it's damn expensive.

 

$250 oil changes.

 

$2100 for new tires.

 

$3k+ for any sort of "upgrade" you might want to do.

 

I can't even fill the tank at most gas stations because they cut you off at the island at $100.

 

need high limits on your cards for sure.

 

Shifter, I am looking at the Cayenne for my next purchase now. I am looking at the non turbo 6 cylinder models mostly to keep the price of purchase and maintenance down. Is there anything tricky about the oil changes to make them so expensive? how many quarts? is it the filter that is expensive? Any reason for the owner not to change the oil? How many gallon tank?What else can you tell me about maintenance on a NA model? I'd love the Turbo but it just isn't quite in the budget for me. How often have you had issues? how long have you had it?

Thank You!

Edited by studiogeek

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Back in the day having an Amex meant something to me, but I was really terrible with money then.

 

After getting one then the 2nd a day later and having them for a year now (tomorrow is a year technically),

I'll agree that they are just another tool in the shed.

 

Use them for what works best for your personal financial situation and goals.

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Amex is a superior product in many ways - and since they are not just a payment processing network (like Visa and Mastercard), they control everything between the merchant and buyer. So, I've found their help is much less bureaucratic, since they don't need to interface with third-party banks, etc (since they are their own bank, essentially).

 

For instance, I just spent $1k on an iPhone at the Apple Store. I could have put it on any of my cards, but I chose my Amex because of their superior extended warranty. Sure, many cards "offer" this perk now, but I've read too many horror stories on the bureaucratic nightmare that is it when you actually try to use it (since many basically outsource the insurance to a third-party). Amex is known to be the best for this perk, and do it in-house (last time I checked).

 

With the launch of traditional credit cards, Amex has become much less of a status symbol. I do not feel special when I swipe mine, but I do feel well-protected - which means far more to me than impressing a 17 y/o store clerk :-)

!!! I think your AMEX says you spent too much on that damn iPhone.

 

I picked up a Galaxy Mega for $350 yesterday.

 

But.. $100? iPhone? Has the larger screen modrl arrived? ...

 

All phone stuff aside, I think you touched on maybe one of Amex's biggest strengths: The things the card can do, when things go wrong.

 

You blew my mind with that phone price, I'm sorry.

 

Sent from my SAMSUNG-SGH-I527 using Tapatalk

 

Amex is a superior product in many ways - and since they are not just a payment processing network (like Visa and Mastercard), they control everything between the merchant and buyer. So, I've found their help is much less bureaucratic, since they don't need to interface with third-party banks, etc (since they are their own bank, essentially).

 

For instance, I just spent $1k on an iPhone at the Apple Store. I could have put it on any of my cards, but I chose my Amex because of their superior extended warranty. Sure, many cards "offer" this perk now, but I've read too many horror stories on the bureaucratic nightmare that is it when you actually try to use it (since many basically outsource the insurance to a third-party). Amex is known to be the best for this perk, and do it in-house (last time I checked).

 

With the launch of traditional credit cards, Amex has become much less of a status symbol. I do not feel special when I swipe mine, but I do feel well-protected - which means far more to me than impressing a 17 y/o store clerk :-)

!!! I think your AMEX says you spent too much on that damn iPhone.

 

I picked up a Galaxy Mega for $350 yesterday.

 

But.. $1000? iPhone? Has the larger screen modrl arrived? ...

 

All phone stuff aside, I think you touched on maybe one of Amex's biggest strengths: The things the card can do, when things go wrong.

 

You blew my mind with that phone price, I'm sorry.

 

Sent from my SAMSUNG-SGH-I527 using Tapatalk

Sent from my SAMSUNG-SGH-I527 using Tapatalk

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For me, getting an AMEX says that I've successfully cleaned and rebuilt my credit. AMEX was my white whale, now that I have one, I'm in chill mode. It also says that I've been a member since I was 1 year old. Pretty cool. But these things are for my own benefit only. I don't use my PRG that often right now, but probably will at restaurants after this quarter. Going to use it to pay an insurance bill to get the sign-up bonus, and probably get the Everyday or Blue to transfer my MR points then close the PRG before the AF hits. Just another means to an end.

Edited by hyp0luxa

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2004 twin-turbo CL600, anyone?

I prefer my 2011 Cayenne Turbo personally.

 

but it's damn expensive.

 

$250 oil changes.

 

$2100 for new tires.

 

$3k+ for any sort of "upgrade" you might want to do.

 

I can't even fill the tank at most gas stations because they cut you off at the island at $100.

 

need high limits on your cards for sure.

Shifter, I am looking at the Cayenne for my next purchase now. I am looking at the non turbo 6 cylinder models mostly to keep the price of purchase and maintenance down. Is there anything tricky about the oil changes to make them so expensive? how many quarts? is it the filter that is expensive? Any reason for the owner not to change the oil? How many gallon tank?What else can you tell me about maintenance on a NA model? I'd love the Turbo but it just isn't quite in the budget for me. How often have you had issues? how long have you had it?

Thank You!

http://www.bobistheoilguy.com :good: They love me over there...

 

Basically, new Porsches are "Dipstickless," thrive on Mobil 1 0W-40, and may or may not require like 12 quarts of oil. (My Jag took 9 and my Volvo took at least 7 quarts, IIRC.) You want an HTHS of at least 3.5.. the numbers "30" and "40" are from the SAE system.. Check out BITOG.

 

They probably don't want cross-threaded oil pan drain bolts, as to "why not owner change oil."

 

Sent from my SAMSUNG-SGH-I527 using Tapatalk

 

(Edit: Redline oil is some fine oil. Have to order it from Amazon.com, but I went Redline 0W-20 in my Volvo when I had it and wow was that engine a perfect runner. Of course, human error destroyed that car, and it got junked with a motor probably worth $1000 by itself, in a rare MY2000 V70 XC AWD, there is NOT a lot of that car.) OK.. This is the thread here, regarding Porsche Cayenne oils. http://www.bobistheoilguy.com/forums/ubbthreads.php?ubb=showflat&Number=59889 <-- The turbo issue is discussed, too. Basically, N/A is less stringent, no risk of "coking".. but then again, it's a Porsche, and they need an HTHS of 3.5 ... Please, just check out that thread ok :) I could talk at length, and I know I shouldn't. And a Massachusetts 2013 BLIZZARD KILLED my Volvo.. I should have just let it sit through it. But, no, I couldn't do that.. :cry2:

Edited by rslifkin

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I read through most of what people were posting from the past, on this form. I don't agree with most of them. Too me Amex is the best card to have. Its a lot harder to get than say a crap one card & is a Prime card. The customer service has treated me great! I had a Amex green in 1995, I called in and explained that I had the card before & she backdated me right on the spot. I didn't even have to look for an old account number. How many other CC companys will do that for you? They got my business! My Amex card is going to be my card of choice over my CSP!

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I read through most of what people were posting from the past, on this form. I don't agree with most of them. Too me Amex is the best card to have. Its a lot harder to get than say a crap one card & is a Prime card. The customer service has treated me great! I had a Amex green in 1995, I called in and explained that I had the card before & she backdated me right on the spot. I didn't even have to look for an old account number. How many other CC companys will do that for you? They got my business! My Amex card is going to be my card of choice over my CSP!

Just real quick.. "crap one" is not accurate. Many had their first card with Capital One, and continue to grow with them via the EO.. I feel that only a small sub-set say "crap one" (including one of the mods! Why!) and that it is not representative of the experiences of the majority as a whole.

 

How many can say that an Amex was their first card? Maybe they had a Capital One, along the way. Maybe they still do...

 

That said, AmEx is the only creditor I have heard of giving "Analyses of customers associated with First Premiere Bank" tradeline as a denial reason, or similar. Maybe we could talk more about that?

 

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My AmEx are just cards like any other. They don't define me. No product defines the person.

 

Just real quick.. "crap one" is not accurate.

It's accurate for my experience and most of us are really only going on our own experiences versus representative samples.

Edited by takeshi

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