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Discussion in 'Credit Talk' started by AnnMarie, Mar 20, 2001.
(should this card be goal for my credit file?)
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I personally think that the Am/Ex Green charge card is the easiest to qualify for seeing that you have to pay in full at the end of the month. I don't know what exact credit score you need either. Some people can't justify paying a $55 annual fee for a card that you don't carry a balance on. You have to also take into consideration all of the benifits that surround American Express not to mention the prestige. See for yourself: http://www.americanexpress.com
I could go on and on about Am/Ex but I'm sure others will post their thoughts also. Am/Ex should definately be a goal for your credit file in my opinion.
Amex = snob factor
Sure, Amex had a lots of advantages, but a lot of folks covet it simply so they can show off. Look at the posts that talk about being able to use an Amex card to impress people.
I used to think that way, but now I have a different view of credit. Maybe if I was in sales or real eetate where impressing a client was a high priority, I'd think differently. But my rebuilding goal is a bankcard with no annual fee and good customer service, even if the card issuer impresses no one.
To me, Amex is a golden calf. But I'm in the minority.
Shy- it's not about impressing anyone but your accoutant! I've said it before - and I'll say it again - choose a card that gives you more than you get.
Why do I pay $150 for a Gold Rewards Plus? It's not to impress a waiter or a CVS clerk - they don't even see the front of the card!
FOr me, it's easy. I like to stay at really expensive hotels for nothing! The points/miles I earn in a year are worth well over $1000.
Then there's the best value guarantee --- let me give you a story.
I bought an expensive auto-everything espresso maker from a local store. I could have gotten it on-line, but then there's shipping, waiting, what-if-it-breaks, etc. So I bought it. BUT... I found it a week later for $200 less from an on-line store. For $200, waiting may have been OK.
Amex best value guarantee sent me a $200 check (they give you the difference back) in 20 days.
So... I have made a bundle over the $150 annual fee, not to mention saved interest charges, thanks to Amex. The no-pre-set limit (what happens on a Visa when your travel agent makes a mistake and puts an expensive airline ticket through twice and you bump up against the limit?... that's happened to me when I went to Japan).
And remember Amex Optima/Blue doesn't have any fees, and you get Amex's great service!
thanks for all your input people--I appreciate it a lot!
MJ, my point exactly
I totally agree that people should get cards that provides great deals for them -- as you say "a card that gives you more than you get." For you -- and for a lot of business people or people who travel a lot -- Amex can be a great deal.
But for people like me, there are better deals out there. I don't travel to Japan or stay in expensive hotels. (I do on occasion travel to the former Soviet bloc, where I find Visa much more widely accepted.) So a no-fee, low APR, high-limit bankcard is a better goal for my credit rebuilding. I have no need for a charge (not credit) card with a $55 annual fee -- and I wonder how many people really do.
My other goal is an REI Visa (issued by Bank of America). Why? Because it's the only credit card I can use on the REI web site and still receive my full annual patronage refund. To me, that's a big plus, but to most people it would be worthless. Of course, I might have to wait until my BK is off my reports to qualify for an BoA product.
Remember, too, there are advantages to a known credit limit. If I have a $5,000 or $10,000 limit, I know that's available in an emergency. Amex can deny you at its discretion.
All cards have their pros and cons. In a previous post, I pointed out the advantages of store cards for folks like my wife who buy clothes only to decide a week later they don't like them. Boy, a store card sure makes returns easier -- especially if you lose your receipt.
Again, it's what is a best deal for you. But I've read too many posts on this and other lists about people thinking they have to have an Amex card or how great it is to flash an Amex green/gold/platinum in front of family or friends.
Goals just be based on credit needs and will be different for different people. There is no reason everyone needs or should want an Amex card. Nobody's credit report demands an Amex. If an Amex card is good deal for someone's needs, go for it. If not, go for the deal, not the flashy name.