Actual Benefits of AMEX Charge Ove V/MC Credit Cards?

[Aahz]

Other than D* and "prestige" what advantages are there to an AMEX Charge card, when compared to top-tier Visas or MasterCards, that justify AMEX's Annual Fees?

 

[cashnocredit]

Amex lets you charge way more than a credit card. At least that's my experience. I've made single charges that exceeded my other 4 CC's CLs added together. Seems like a useful feature.

[takeshi]

Other than D* and "prestige" what advantages are there to an AMEX Charge card, when compared to top-tier Visas or MasterCards, that justify AMEX's Annual Fees?

Prestige doesn't come from a card.

 

Charge cards don't affect revolving utilization and some find that useful.

 

It's really up to you to determine if any card (charge or not, AmEx or not, etc) justifies itself. Charge cards aren't all the same. Even AmEx's charge cards vary in their details. The details of any card are available on the creditor's site. If you have specific questions we can help with that but you have to put forth some of your own effort in doing your own due diligence. The value of the rewards and benefits will vary from to person to person. Read up and decide for yourself if they would be of any benefit to you.

 

Don't rely on the payment network as a basis for your comparison. Dig in and compare the specifics. It's really no different than evaluating any other card.

Edited December 22, 2014 by takeshi

[cv91915]

I don't have an Amex for prestige any more than I have a Discovery because I hate myself.

[cashnocredit]

 

Other than D* and "prestige" what advantages are there to an AMEX Charge card, when compared to top-tier Visas or MasterCards, that justify AMEX's Annual Fees?

Prestige doesn't come from a card.

 

Charge cards don't affect revolving utilization and some find that useful.

 

It's really up to you to determine if any card (charge or not, AmEx or not, etc) justifies itself. Charge cards aren't all the same. Even AmEx's charge cards vary in their details. The details of any card are available on the creditor's site. If you have specific questions we can help with that but you have to put forth some of your own effort in doing your own due diligence. The value of the rewards and benefits will vary from to person to person. Read up and decide for yourself if they would be of any benefit to you.

 

Don't rely on the payment network as a basis for your comparison. Dig in and compare the specifics. It's really no different than evaluating any other card.

 

 

Widely believed and true for the most part but, unlike the earlier EQ FICO 04, it most certainly does affect utilization used in FICO EQ 08. However, almost everyone out here pulls EX.

[Aahz]

 

Other than D* and "prestige" what advantages are there to an AMEX Charge card, when compared to top-tier Visas or MasterCards, that justify AMEX's Annual Fees?

Prestige doesn't come from a card.

 

Charge cards don't affect revolving utilization and some find that useful.

 

It's really up to you to determine if any card (charge or not, AmEx or not, etc) justifies itself. Charge cards aren't all the same. Even AmEx's charge cards vary in their details. The details of any card are available on the creditor's site. If you have specific questions we can help with that but you have to put forth some of your own effort in doing your own due diligence. The value of the rewards and benefits will vary from to person to person. Read up and decide for yourself if they would be of any benefit to you.

 

Don't rely on the payment network as a basis for your comparison. Dig in and compare the specifics. It's really no different than evaluating any other card.

 

Thanks, but I'm very much aware of that. Of course, that fact hasn't stopped at least a half-dozen members here from recommending I get AMEX over the last month. AMEX is a constant recommendation on CB.

 

I've read through all of the details on the AMEX cards. That's exactly what led me to post this question.

 

And prestige is in quotes for a reason, guys.

[cashnocredit]

 

 

Other than D* and "prestige" what advantages are there to an AMEX Charge card, when compared to top-tier Visas or MasterCards, that justify AMEX's Annual Fees?

Prestige doesn't come from a card.

 

Charge cards don't affect revolving utilization and some find that useful.

 

It's really up to you to determine if any card (charge or not, AmEx or not, etc) justifies itself. Charge cards aren't all the same. Even AmEx's charge cards vary in their details. The details of any card are available on the creditor's site. If you have specific questions we can help with that but you have to put forth some of your own effort in doing your own due diligence. The value of the rewards and benefits will vary from to person to person. Read up and decide for yourself if they would be of any benefit to you.

 

Don't rely on the payment network as a basis for your comparison. Dig in and compare the specifics. It's really no different than evaluating any other card.

 

Thanks, but I'm very much aware of that. Of course, that fact hasn't stopped at least a half-dozen members here from recommending I get AMEX over the last month. AMEX is a constant recommendation on CB.

 

I've read through all of the details on the AMEX cards. That's exactly what led me to post this question.

 

And prestige is in quotes for a reason, guys.

 

 

Amex certainly waives the "prestige" flag a lot and apparently many salute. I have to give them credit for monetizing the nebulous. Merchants could care less about anything other than whether a charge is approved.

 

Might be of some use impressing a date. If you're 23. OTOH, do you really want to date someone impressed at an Amex? Oh wait. Now that I think about it when I was 23 ......

[BDK]

I don't have an Amex for prestige any more than I have a Discovery because I hate myself.

I thought it was because of all the CB you make while on ShopDiscover.

[shifter]

You are aware there are Amex credit cards also?

 

As far as why it's recommended, they are the kind of creditor that will give you a long rope. That is a huge advantage for those with complex financial needs.

 

It's also all the more easy to hang yourself. And when you do that, they're not very forgiving.

 

Charge cards specifically are used a lot for business or those with expense accounts because of the leeway granted on large charges. When you need to book that 70k private charter for your boss, very few other creditors will give you that ability.

[mendelssohn]

Other than D*

 

You can't skim over D*. That's a huge benefit.

 

Like any other cards, you need to look at the rewards and on the cards that have an AF, see what your return will be. A lot of their cards favor heavy spenders.

 

Unless you buy almost no groceries, the BCP is well worth the AF.

 

If you travel and buy groceries, the Everyday Preferred is well worth the AF.

 

The SPG is the best hotel card in terms of value per dollar spent.

 

Edit: I know those aren't charge cards, but Amex is much more than just charge cards.

Edited December 22, 2014 by mendelssohn

[BDK]

 

you need to look at the rewards and on the cards that have an AF, see what your return will be.

 

Unless the card is made of Blue Metal!

[mendelssohn]

 

 

you need to look at the rewards and on the cards that have an AF, see what your return will be.

 

Unless the card is made of Blue Metal!

[Aahz]

Yes, I intentionally left AMEX credit out of the question because there is such a wide variety there that they really need to be compared on an individual basis.

 

Unlike other small business owners, I actually put effort into keeping my business from growing. It's right where I want it and provides the lifestyle I enjoy. Growth would impede that lifestyle. And my business is nowhere near needing the ability to drop 70k (or even 10k) at a moment's notice.

 

As for D*, my AAOA is currently between 7 & 9 years (different sites/calculators are conflicting at the moment), with my 5 oldest trade lines going back 15-16 years. Since my MSD would be no earlier than 2014, by the time it would have any real impact (even if completely maximized) I'll be around 70 years old. So yeah, I can brush it aside pretty easily.

 

Thank you all for your input. Y'all pretty much confirmed the conclusion I had already arrived at, but it's always nice to know I wasn't missing something.

Edited December 22, 2014 by Aahz

[BDK]

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

[mendelssohn]

Obviously D* won't help you then.

 

A charge card isn't part of my long term plan with Amex now that there are MR point CCs and the annual 15K bonus for $30K spend is going away on the PRG.

 

If you put a lot of spend in the 2x and 3x categories, the PRG can be worth the AF.

 

The Platinum is worth the AF if you take advantage of the benefits.

 

The Gold and Green are worthless IMO other than just having another card for D*.

 

Zync was discontinued and the Black is for the super wealthy.

 

Keep in mind there are quite a few spending offers on their cards, and also 3x $10 per card for Small Business Saturday. I'm at close to $400 this year in statement credits without trying very hard.

[Aahz]

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

[mendelssohn]

 

 

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

For example, the Citi Prestige, which also has a $450 AF.

[cashnocredit]

 

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

 

 

Not really. I have a signature and world elite CC but even though they are theoretically NPSL others have reported they decline once you go above 20% or so of the CL. Their models are still built around the bulk of consumer CC biz. Amex charge cards are build around spend and pay customers. Classically these are execs that have large T&E expenses.

 

I really doubt any of my CCs could have been approved for a 60k charge as it is just too much outside of their CLs. OTOH Amex went through without delay. They didn't even soft me and it was 3x higher than the largest prior purchase. This is where Amex excels. OTOH, I half expected a transcript request. Didn't happen.

[BDK]

 

 

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

For example, the Citi Prestige, which also has a $450 AF.

 

Lets take a step back for a second.

 

The only way to answer this question is that you need to KNOW your spend and to research the cards rewards/fees for yourself.

 

It's impossible to put this answer all neat and tidy into one little text box.

[mendelssohn]

 

 

 

 

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

For example, the Citi Prestige, which also has a $450 AF.

Lets take a step back for a second.

 

The only way to answer this question is that you need to KNOW your spend and to research the cards rewards/fees for yourself.

 

It's impossible to put this answer all neat and tidy into one little text box.

Agreed. I was just pointing out the AF on another top tier card.

 

Of course, always do your own research and look at the numbers to see if it makes sense for your situation.

 

It seems like the OP is doing his research without just jumping in, which is a good thing.

[BDK]

 

 

For someone that has a very high spend, the MR points earned more than make up the AF. It's really this simple.

Which can be said for any top-tier card. I was looking for what set AMEX apart.

 

 

Not really. I have a signature and world elite CC but even though they are theoretically NPSL others have reported they decline once you go above 20% or so of the CL. Their models are still built around the bulk of consumer CC biz. Amex charge cards are build around spend and pay customers. Classically these are execs that have large T&E expenses.

 

I really doubt any of my CCs could have been approved for a 60k charge as it is just too much outside of their CLs. OTOH Amex went through without delay. They didn't even soft me and it was 3x higher than the largest prior purchase. This is where Amex excels. OTOH, I half expected a transcript request. Didn't happen.

 

+1

 

There has been many reports of people putting WELL over $100K on an Amex charge card. Even over $1M.

 

Try that with any other "top-tier" card. The charge would never go thru.

[Aahz]

It absolutely looks like AMEX has its benefits. Didn't start the thread to denigrate it any way. Just wanted to make sure I wasn't missing anything that would be useful in my particular situation.

 

But since I make all my $1,000,000-plus purchases in cash...

[BDK]

Do you travel? Business or personal.

[Aahz]

Do you travel? Business or personal.

Rarely. And when I do, I road trip. I deal in used/vintage/antique goods, so every trip I take is full of too many scouting locations along the way to fly. And I'm much more comfortable in a Motel 6 than a Ritz Carlton. The only exceptions are when I go to casinos (and then everything's comped anyway) and an exceedingly rare vacation I'll be taking late winter/early spring 2015. But I already signed up for an airline and a hotel card whose sign-up bonuses will cover those expenses. So, I'm all good.

 

Meanwhile my largest expenses outside of antique & thrift stores, auctions and estate sales (which I've never seen a bonus rewards category for) are gas, groceries & office/shipping supplies (from Amazon) all of which get me 5% back from Sallie Mae. 2% Double Cash takes care of most everything else.

[mendelssohn]

 

 

Do you travel? Business or personal.

Rarely. And when I do, I road trip. I deal in used/vintage/antique goods, so every trip I take is full of too many scouting locations along the way to fly. And I'm much more comfortable in a Motel 6 than a Ritz Carlton. The only exceptions are when I go to casinos (and then everything's comped anyway) and an exceedingly rare vacation I'll be taking late winter/early spring 2015. But I already signed up for an airline and a hotel card whose sign-up bonuses will cover those expenses. So, I'm all good.

 

Meanwhile my largest expenses outside of antique & thrift stores, auctions and estate sales (which I've never seen a bonus rewards category for) are gas, groceries & office/shipping supplies (from Amazon) all of which get me 5% back from Sallie Mae. 2% Double Cash takes care of most everything else.

It sounds like an Amex charge card is definitely not for you.

 

If the grocery cap is too small on the Sallie Mae, you should consider adding the Amex BCP as well.