The American Express Green Charge Card

[MP80]

I am at a crossroads right now, not knowing whether to continue paying the $150 annual fee or close it on the upcoming anniversary.

 

This account is almost 6 years old now, and I appreciate that it has an attached peripheral subaccount, I have a nostalgic impact on its iconic name that has been ingrained in people's minds for decades, as does the "Sign and Travel" or "Deferred Payment" plans for this card that go with the account.

 

When you decide to close an account, it's almost like losing a part of yourself, and that's how I feel about this credit card. I have so many cards, and no other card fascinates me, and how deeply I would feel if I closed it.

 

If a person has a good credit profile, he may think it is impractical to pay the annual fee when the credit card market is abundant for him/her to choose from because many issuers offer 2%-3% cashback and additional benefits on their rewards credit cards.

 

If I decide to close the American Express credit card, I will be losing a $25,000 (installment) credit limit and a tool to hide debt that will not be linked to the total credit utilization ratio on my credit report. I've not accrued any debt, yet, and hope it continues to stay that way.

[TheVig]

I just downgraded my gold to green for a lower AF.

 

As much as I hate the assanine high annual fees that Amex charges, there will probably always be an Amex somewhere in my wallet or SD. Mainly for my own self serving ego I guess. You see I've been alive long enough to remember a time when you had to have more than pulse to get an Amex card. Having one actually meant something. Shallow and vain I know.

[MP80]

6 hours ago, TheVig said:

I just downgraded my gold to green for a lower AF.

 

As much as I hate the assanine high annual fees that Amex charges, there will probably always be an Amex somewhere in my wallet or SD. Mainly for my own self serving ego I guess. You see I've been alive long enough to remember a time when you had to have more than pulse to get an Amex card. Having one actually meant something. Shallow and vain I know.

Yep, particularly when an American Express charge card connects to an ancillary segmented account with a substantial credit limit to assist you in hiding your debt if you decide to carry a short-term balance acquiescently. 

 

Some people like to have a dichotomy account to serve their needs like the American Express charge card. I think the craze of collecting dozens of credit cards also has hundreds of thousands of dollars in total credit lines that fervor person does not need a charge card, if a person chooses to carry 3-5 credit cards, then having one charge card will meet the needs.

 

Vig, how much is your POT limit on your charge card?

[hdporter]

I've become disconnected with what particular benefit merits the annual fee on Green.  Anyone care to refresh my memory?

 

On the other hand, I fully grasp what I'm getting for my Blue Preferred fee.

 

 

[TheVig]

18 hours ago, MP80 said:

Yep, particularly when an American Express charge card connects to an ancillary segmented account with a substantial credit limit to assist you in hiding your debt if you decide to carry a short-term balance acquiescently. 

 

Some people like to have a dichotomy account to serve their needs like the American Express charge card. I think the craze of collecting dozens of credit cards also has hundreds of thousands of dollars in total credit lines that fervor person does not need a charge card, if a person chooses to carry 3-5 credit cards, then having one charge card will meet the needs.

 

Vig, how much is your POT limit on your charge card?

 

$40k last time I checked. I've never used it.

[TheVig]

2 hours ago, hdporter said:

I've become disconnected with what particular benefit merits the annual fee on Green.  Anyone care to refresh my memory?

 

On the other hand, I fully grasp what I'm getting for my Blue Preferred fee.

 

 

 

3x on travel. Very broad categories

3x dining

1x everything else.

[Burgerwars]

I have a Gold Card they no longer offer. I think the annual fee last year was $90. It renews in August. Hopefully it's the same, but I feel like I've been throwing out money. Any benefits I haven't been using.

 

In the 1960's their regular green card was about $25 (it might have been less). There are old American Express Card commercials on YouTube. They portray card members on African safaris, jet setters, living the James Bond lifestyle, and the like. Not now. Maybe for their $10,000 black card, but not for a Taco Bell and McDonald's person like me. 

 

Edited June 5, 2024 by Burgerwars

[TheVig]

 

[MP80]

4 hours ago, TheVig said:

 

$40k last time I checked. I've never used it.

The $40K POT credit line reminds me that you previously must have had an American Express Platinum card. I have read the important information about Platinum, Gold, and Green cards POT credit limits, and the sequence of the POT credit line is $35K, $35K, and $25K, with the Green card being the latter.

 

After downgrading from Gold to Green, the $40K POT credit line assigned to your Platinum card (my speculation) remains the same, and I guess you must have spent a lot of money to convince them to give you more than the $35K credit line threshold.

 

There's no more downgrade from the Green card, but, having the behemoth credit line with the other factoring-in services, it's challenging to close the card account. 

[MP80]

I think American Express is an amazing company - great support when needed and worth every penny paying the annual fees.

 

Many people described American Express can be in one word: incredible. The service is amazing, the benefits are untouchable, and the membership rewards program some say is the best they have seen. "The only way I’ll give up this card is when they pry it out of my cold dead hands!" described an Amex mania.

 

Some say they were overseas years ago, and their wallet and passport were stolen, AmEx took care of everything, they said: worth every penny.

 

The folks who work at the hotel can tell you that Centurion holders are always guaranteed to get a room in participating hotels (most of the major chains), no matter if the hotel is fully booked or even overbooked. Also, you will get a free upgrade whenever you check-in.

 

Here are impressive testimonies from a lifelong AmEx customer...

 

"I have had the Platinum card for over 30 years and I use it as insurance. 25 years ago, my wife was in Las Vegas with her sister when she was hospitalized for a seizure. Her sister called me frantically at 2 am in California and I called Platinum service in desperation. They told me to just go to the airport and they would take care of everything. When I got to the airport, I had already booked my flight, hotel, and car in Las Vegas and they promised that if my wife needed to go to another hospital, they would transfer her and told me to call them when I got to the airport so they could follow up on my condition. That is why I have had the American Express Platinum card forever."

[MP80]

8 hours ago, Burgerwars said:

I have a Gold Card they no longer offer. I think the annual fee last year was $90. It renews in August. Hopefully it's the same, but I feel like I've been throwing out money. Any benefits I haven't been using.

There is a Senior Green card for the old folks with a low discount annual fee. I wonder if the gold card you have now is the same.

 

I remember the annual fee for the Senior Green Card was $35, and if you wanted to add Membership Rewards, it was an additional $40 per year, so that was $75 total. American Express canceled the Senior Green a decade ago circa 2013.

 

I don't know how you can possess it though nowadays, but some folks say they still have the Optima Platinum card, so who knows? 

Edited June 6, 2024 by MP80

[Burgerwars]

15 hours ago, MP80 said:

There is a Senior Green card for the old folks with a low discount annual fee. I wonder if the gold card you have now is the same.

 

I remember the annual fee for the Senior Green Card was $35, and if you wanted to add Membership Rewards, it was an additional $40 per year, so that was $75 total. American Express canceled the Senior Green a decade ago circa 2013.

 

I don't know how you can possess it though nowadays, but some folks say they still have the Optima Platinum card, so who knows? 

 

I think they canceled the senior discounted green or gold card because seniors are one of their bigger demographics. Mainly retired, may have large net worths, more time to travel, and the like. They want them to pony up an annual fee like everyone else. That said, Amex has some free credit cards for anyone. 

 

Amex cards I have: Gold, Everyday, Schwab, Rewards Checking (debit), Bluebird prepaid, Bread Financial (not issued by Amex). Only the Gold has an annual fee. I just went to Amex's website to see if I could look up the exact fee I paid last year. No luck. Online statements only go back six months. I'll need to wait until August when it comes due again.

 

[MP80]

9 hours ago, Burgerwars said:

They want them to pony up an annual fee like everyone else.

When I first applied for a gold card, the annual fee was $75. One year later, American Express invited me to apply for a platinum card with an annual fee of $395. The invitation envelope was very high-end, with the silver decorative outline of the platinum card engraved on the upper left corner of the envelope. American Express portrayed everything very elegantly and tastefully.

 

I think many people have this mentality, elevating the charge cards to a significant position in personal credit status, which is very fulfilling and satisfying psychologically. Still, without the combination of the charge card and other credit cards, it feels like something is hollow in your card compendium overview. This is what the post-80s generation thinks.

[hdporter]

On 6/6/2024 at 6:02 PM, Burgerwars said:

I just went to Amex's website to see if I could look up the exact fee I paid last year. No luck. Online statements only go back six months. I'll need to wait until August when it comes due again.

 

Now, I know you have more perseverance in you than to throw up the white flag up so quickly! 

 

Online statements may only be available online for 6 mo for us "tree killers".  But you should be able to download your annual activity summary for '23.  

[Burgerwars]

I was using the Amex app. I'll try logging onto the website in a bit. 

[Burgerwars]

I just found my July 2023 statement online. The annual fee was $95. 

[Burgerwars]

Gen Z'ers want the expensive Amex cards:  https://fortune.com/2024/06/09/american-express-gen-z-favorite-credit-card/

 

[MP80]

3 hours ago, Burgerwars said:

Gen Z'ers want the expensive Amex

Unless your career involves traveling, booking hotels, and renting cars, paying a $695 annual fee on a credit card is untenable. These twenty-somethings like shiny objects to impress their friends and girlfriends, and I think that’s the motivation.

[Burgerwars]

1 hour ago, MP80 said:

Unless your career involves traveling, booking hotels, and renting cars, paying a $695 annual fee on a credit card is untenable. These twenty-somethings like shiny objects to impress their friends and girlfriends, and I think that’s the motivation.

 

I question myself why I spend $95 on my Amex card. I couldn't justify the $695 every year for the Platinum. The only benefit to me would be if one of those Amex airport lounges was convenient, but I only travel about twice a year now. Getting some KFC at an airport food court has worked for me.

 

[MP80]

3 hours ago, Burgerwars said:

 

I question myself why I spend $95 on my Amex card. I couldn't justify the $695 every year for the Platinum. The only benefit to me would be if one of those Amex airport lounges was convenient, but I only travel about twice a year now. Getting some KFC at an airport food court has worked for me.

 

I see many people holding 2 to 3 or even 5 including business AmEx charge cards, I frown with confusion, why do you need that many AmEx charge cards, you're at least paying over $2K just for annual fees. It's ludicrous and overkill to throw money away. 

[Flyingifr]

On 6/3/2024 at 10:49 PM, MP80 said:

I am at a crossroads right now, not knowing whether to continue paying the $150 annual fee or close it on the upcoming anniversary.

 

This account is almost 6 years old now, and I appreciate that it has an attached peripheral subaccount, I have a nostalgic impact on its iconic name that has been ingrained in people's minds for decades, as does the "Sign and Travel" or "Deferred Payment" plans for this card that go with the account.

 

When you decide to close an account, it's almost like losing a part of yourself, and that's how I feel about this credit card. I have so many cards, and no other card fascinates me, and how deeply I would feel if I closed it.

 

If a person has a good credit profile, he may think it is impractical to pay the annual fee when the credit card market is abundant for him/her to choose from because many issuers offer 2%-3% cashback and additional benefits on their rewards credit cards.

 

If I decide to close the American Express credit card, I will be losing a $25,000 (installment) credit limit and a tool to hide debt that will not be linked to the total credit utilization ratio on my credit report. I've not accrued any debt, yet, and hope it continues to stay that way.

I am also a long time Amex cardholder and I also love the card. Each year I get benefits from it that far exceed the AF. I would say that I am loyal to Amex - as long as Amex is loyal to me. My first loyalty, however is to my own wallet and bank accounts. When the AF exceeds the value of the benefits the card gets you, then it is time to jettison the card.

[Burgerwars]

Article on what scores are needed. Not rocket science. You need a decent score. Also, you should have a decent income. Amex might let you have a Platinum card with a good score and a burger flipper's income, but that cardholder will have their priorities wrong. Showing off your Platinum card during the day while sleeping under a freeway overpass at night, isn't smart. 

 

https://thepointsguy.com/credit-cards/credit-score-needed-amex-cards/

[MP80]

1 hour ago, Burgerwars said:

Amex might let you have a Platinum card with a good score and a burger flipper's income, but that cardholder will have their priorities wrong. Showing off your Platinum card during the day while sleeping under a freeway overpass at night, isn't smart. 

It's no secret that AmEx approves people with FICOs 8 between 630~650 for AmEx Platinum, and for some greedy reason, I presume my speculation points to the high $695/year fee.

 

All they need to do is pre-set a $250-500 NPSL on your account and possibly ban you from POT or set a $700 credit limit on the POT account.

 

Everything looks dandy, and AmEx makes big money!  

[ImBack]

Not hijacking, MP80 I still have an optima platinum from back in the day…

 

oh for the glory days of AMEX. 

[MP80]

42 minutes ago, ImBack said:

I still have an optima platinum from back in the day…

So happy for you. I saw another person on these forums who also has an Optima Platinum card. Many of the older AmEx cards are still in circulation but are no longer offered to new customers who want to apply for such cards.

 

The current AmEx card designer doesn't produce these majestic looking credit cards anymore.