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Do you use American Express card?
- Thread starter skyrider007
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what makes american express different than visa or masters expect for the fact it is accepted at fewer places.
Answer:
Simply put, most people use them because they often replace items with no questions asked. You lose something and like Jobs says, "Boom" they replace it free of charge.
Which is great because that means when you really have lost something or something got stolen they'll actually replace it instead of putting you through a thousand questions and proofs when you have no history of trying to screw them.
I have a platinum one and an air miles one. I only use it when making "big" purchases cause my other cards have a $1500 limit.
That is simply untrue, I use my card all the time and only once or twice have they not taken Amex.
I use it for petrol, servicing my car, food, bars, electrical stores, trains, planes and even paid for my last tattoo with my Amex card.
Doh!
I guess I used to have one when the Government issued them. Didn't realize that was the nomenclature for one. We just called it the Government AMEX.
Thanks for the info.
AMEX has great customer service.
Plus I like how they track charges for possible fraud. Since I tend to travel a bit, I find this service to be a great value to me.
generally a good idea to advoid CC debt but at the same time there are draw backs to doing it that way.
I pay off my CC every month so it never is carrying a balance from month to month. This means 0 interested for me. One reason I do this is just so I have an easier time tracking some monthly cost. It is a lot easier to adjust for me when I see the bill and think crap I spent a lot of money there but yes pay it off.
The other reason I like having a CC with a good limit is just in case of an emergency comes up that is beyond what I have in the bank and I need the money now. For example you lose you job CC can slow down the monthly drain on your savings while you are getting a new one. Yes you are building up debt but it does allow your savings to last you longer.
CC are a great tool if used properly just to many people are not doing that and using CC to live beyond there means and building up a huge debt.
That one of the reasons I have an Amex card, it's charge card not a credit card. You have to pay the full amount off each month (which reminds me, must pay mine this week) so must of the time when I use mine for for work expenses or a big purchase when I have the money in my bank account it can earn up 40 days interest for me.
I am similar in this regard - I like the paying it off each month - it was the only one that encourages 'budgeting' your money and therefore not dropping yourself into debt month after month.
The "elitist" reputation is because they don't give the card away to anyone like some M/C and Visa banks. I use mine as much as possible because they have much better customer service. If I have a questionable charge they immediately credit me--if it's under some amount (seemingly $25 or so) they just give the credit and don't bother investigating. Every time I've had a larger charge where they open an investigation I've always won the dispute (I don't dispute real charges, btw). By comparison, Capital One puts me through the ringer. Amex if I'm late with a payment a day they waive any fees. Capital One makes me spend 1/2 hour with CS rep. to be told they can't credit it back as a courtesy.
As for the merchant cost, it's true. But that's their problem. Also, the rates quoted earlier are subject to discount. a lot of larger stores that accept amex have negotiated lower fees so to them it's the same. I doubt that places like Apple or Safeway pay Amex more on purchases. It's the small laudromats and gift stores that don't have the power to negotiate that get stuck with the higher fees and as a result just don't take Amex.
As mentioned above, the resolution rate on AMEX is wonderful.
Problem X with:
AMEX --> Yes Mr. Y, your account has been credited. We'll investigate and get back with you. Of course everything is followed up with paperwork from them notifying you of the progress. Time to resolve, 2 weeks to a month at most.
Visa (Depending on bank) --> Yes Mr. Y, we understand you have an issue. We will investigate. The charge will remain, but you do not have to pay it or the interest, unless we find out the charge is legitimate. Time to resolve, 6-7 months in my case.
As to the person who said they do not have to pay off a AMEX Gold Card. Normally you do, unless you have the feature enabled that allows you to sign & travel and pay over time certain type charges. With a Platinum, you pay it all off I believe -- at least that is the way mine is set up.
Problem X with:
AMEX --> Yes Mr. Y, your account has been credited. We'll investigate and get back with you. Of course everything is followed up with paperwork from them notifying you of the progress. Time to resolve, 2 weeks to a month at most.
Visa (Depending on bank) --> Yes Mr. Y, we understand you have an issue. We will investigate. The charge will remain, but you do not have to pay it or the interest, unless we find out the charge is legitimate. Time to resolve, 6-7 months in my case.
As to the person who said they do not have to pay off a AMEX Gold Card. Normally you do, unless you have the feature enabled that allows you to sign & travel and pay over time certain type charges. With a Platinum, you pay it all off I believe -- at least that is the way mine is set up.