American Express

younghov85 · 11-13-2006, 03:53 PM

I am thinking about applying for an American express as my second credit card, just to build my credit score even higher, but I am curious to the pros and cons of this type of card. Can anyone with knowledge about american express can help me??

TommyBahama · 11-13-2006, 03:59 PM

you cant use AMEX at as many places as visa or mastercard, im not sure if its still this way but they charge higher annual fees and they perks they offer arent as great as they make them out to be.

CnoteMD · 11-13-2006, 04:14 PM

I use American Express for 99% of my purchases (I rarely find a place that doesn't accept Amex in northern NJ or NYC). If you don't want to pay membership fees, you could always apply for an Amex credit card (the charge card requires that you pay in full each month and a membership fee).

However, if you will take advantage of the features, the fee is well worth it. I have used the concierge and travel services to get last minute hotel rooms (with upgrades) and tickets to "sold out" shows.

Gripster · 11-13-2006, 04:20 PM

Except for Amex Blue, most Amex cards are charge cards meaning you have to pay back the balance in full every month. I have a charge chard (Gold rewards) and also the Blue - for different uses, but never keep a balance on either, so interest rates are irrelevant.

My favorite feature has to be the warranty extension. I've had 2-3 things crap out on me just outside the warranty. The most expensive (an iPod mini) died in it's 13th month and Amex refunded the full purchase price within days.

Since then, I buy EVERYTHING on the Amex with added peace of mind. The rewards program is among the better of the credit card rewards scheme, in terms of things you can redeem for.

nightkhan · 11-13-2006, 04:29 PM

I have the AMEX Gold, and AMEX Blue card which I never use anymore. I like their rewards as it seems to have more options and a wider variety of items to look through. And yes, the regular (Green), Gold, Platinum are all charge cards, so you have to pay the balance in full each month. The blue is a regular credit card. I do like their warranty services, and I think they just added roadside assistance too, although regular auto insurance would cover that most of the time. But it's good to know that you have extra security in case something happens.

I've also used their special events services to get tickets in the past.
My brother and my dad have the Centurion (Black) AMEX, and they say the perks for that are amazing in terms of traveling services (upgraded rooms, special concierge/services and checkin at hotels for Centurion cardholders), although they're paying I think $2000 a year for the card. That's the older grandfathered in cost. I think the newer cost/year is $4000 now.

younghov85 · 11-13-2006, 04:44 PM

I am a college student and thinking of getting the Amex blue card. Around how much is this yearly fee? I looked on their website and they have something where there is no annual fee, what is that about?

YV1 · 11-13-2006, 04:57 PM

No annual fee means NO ANNUAL FEE. You get cash back every aniversary of you credit card.

Nikki · 11-13-2006, 04:58 PM

I have an American Express Blue for Students and it's great if you can control your money and pay everything monthly. I've had it for two years now and they raise my credit limit every time I go close to using it all. There is no annual fee. My other card only gives me $500 and they have never raised my limit so I hardly use it because it is such a small amount.

shragon · 11-13-2006, 05:38 PM

i have an amex blue card that i've been using since around the time it was first introduced. it's my primary card. the rewards points are cool. there's also amex blue cash, where you get money back instead. my second card is a visa that i use as a back up.

MrSilver · 11-13-2006, 05:50 PM

AMEX Platinum is the only card I use...

If they don't take AMEX I put it on my BMW card.

TommyBahama · 11-13-2006, 05:56 PM

i use my Visa everywhere. only place that doesnt take it is neman marcus, and thats only because AMEX paid them to only use AMEX and the neman card.

my parents get similar "perks" with their signature series visa card, but even with no limit the car dealership still wouldnt let him charge my first car. he wanted the $34,000 worth of hotel points.

younghov85 · 11-13-2006, 06:32 PM

I have a master card that has a $8,000 limit but I want another credit card to boost my credit and also because its a amex. Is it true that if you maintain more than one credit card account that it will increase your credit score?

TommyBahama · 11-13-2006, 06:34 PM

Quote:

Originally Posted by younghov85

I have a master card that has a $8,000 limit but I want another credit card to boost my credit and also because its a amex. Is it true that if you maintain more than one credit card account that it will increase your credit score?

they spend millions each year to convince people of just that.

CnoteMD · 11-13-2006, 06:39 PM

Quote:

Originally Posted by younghov85

I have a master card that has a $8,000 limit but I want another credit card to boost my credit and also because its a amex. Is it true that if you maintain more than one credit card account that it will increase your credit score?

It's not necessarily that more accounts raise your score, but having a few additional accounts will help you maintain a good score when you make purchases.

For example, if you have $8000 available and you go out and charge $4k, you are at 50% utilization. Generally, less than 30% is ideal and over 80% will cause a significant drop in your credit score. Now if you had $40K of available credit, that $4000 purchase would leave you at 10% util. and you would maintain a high credit score (assuming there is nothing else negative on your credit report).

I would recommend applying for an Amex credit card if you don't like the fees, and also a Visa. Even though Amex Platinum is the only card I use, I keep one additional card (Visa or MC) in my wallet as a backup and another 2-3 open accounts for the occasional 0% balance transfer.

Taittinger · 11-13-2006, 06:43 PM

Quote:

Originally Posted by younghov85

I have a master card that has a $8,000 limit but I want another credit card to boost my credit and also because its a amex. Is it true that if you maintain more than one credit card account that it will increase your credit score?

Amex charge cards do not positively impact your credit rating as a credit card would since they are not credit and have no credit limit.

TommyBahama · 11-13-2006, 06:45 PM

Quote:

Originally Posted by Taittinger

Amex charge cards do not positively impact your credit rating as a credit card would since they are not credit and have no credit limit.

rgr. charge card does not a credit score make.

Viral · 11-13-2006, 07:52 PM

I never got into Amex...............I have a MC with a $22,000 limit that I'll never probably use ;-)

MikeCCrutchfield · 11-13-2006, 08:56 PM

I just got an AMEX (Hilton Honors Platinum). It is a credit card, and every purchase gets me Hilton Honors points. Living in Europe with plans to travel around, it woul dbe nice to get free hotel stays from time to time.

CALIF65GM · 11-13-2006, 10:14 PM

Quote:

Originally Posted by Taittinger

Amex charge cards do not positively impact your credit rating as a credit card would since they are not credit and have no credit limit.

Exactly because Amex cards have no pre-set limit, so they can actually hurt your credit score because they don't report the credit line. If you want to get an Amex card then get the various Amex Optima cards which are actual credit cards.

Regular Amex cards are fine if you have several other credit cards already to off-set the lack of a credit limit. It's good for traveling because your credit line isn't tied-up in potential charges that hotels, rental car agencies put holds on.

younghov85 · 11-13-2006, 11:28 PM

So the blue Amex card is not a credit card, but instead a charge card??

Nikki · 11-13-2006, 11:31 PM

my american express has a limit?

younghov85 · 11-14-2006, 12:28 AM

Thats what I was thinking, that they can have a limit (blue amex). Im going to just speak with one of their reps and see if their card does indeed have the ability to increase your credit score.

11-13-2006, 03:53 PM	#1
younghov85 Captain 65 Rep 889 Posts Drives: 2006 E90 black 325 Join Date: Aug 2005 Location: Lanham, Maryland iTrader: (0)	American Express I am thinking about applying for an American express as my second credit card, just to build my credit score even higher, but I am curious to the pros and cons of this type of card. Can anyone with knowledge about american express can help me??
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11-13-2006, 03:59 PM	#2
TommyBahama Second Lieutenant 11 Rep 258 Posts Drives: e90 330i Join Date: Oct 2006 Location: Umass iTrader: (0)	you cant use AMEX at as many places as visa or mastercard, im not sure if its still this way but they charge higher annual fees and they perks they offer arent as great as they make them out to be.
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11-13-2006, 04:14 PM	#3
CnoteMD Commander in Chief 37 Rep 1,034 Posts Drives: 2008 BMW 535i Join Date: May 2005 Location: Atlanta, GA iTrader: (0) Garage List 2008 M5 [0.00] 2006 330i [0.00]	I use American Express for 99% of my purchases (I rarely find a place that doesn't accept Amex in northern NJ or NYC). If you don't want to pay membership fees, you could always apply for an Amex credit card (the charge card requires that you pay in full each month and a membership fee). However, if you will take advantage of the features, the fee is well worth it. I have used the concierge and travel services to get last minute hotel rooms (with upgrades) and tickets to "sold out" shows. __________________ 2008 BMW 535i Space Gray, Black Leather, Dark Bamboo Trim\| Sport Automatic with Paddles \| Sport Package 2008 BMW M5 (gone, but not forgotten) Space Gray, Silverstone Merino Leather, Madeira Walnut Wood Trim \| 7speed SMG \| All options Mods: Corsa Exhaust \| RPI Ram Air Intake \| H&R Sport Springs \| Rogue Engineering 12mm spacers
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11-13-2006, 04:20 PM	#4
Gripster Captain 147 Rep 981 Posts Drives: E93 M3 Join Date: May 2005 Location: San Diego iTrader: (5) Garage List 2013 BMW M3 [0.00]	Except for Amex Blue, most Amex cards are charge cards meaning you have to pay back the balance in full every month. I have a charge chard (Gold rewards) and also the Blue - for different uses, but never keep a balance on either, so interest rates are irrelevant. My favorite feature has to be the warranty extension. I've had 2-3 things crap out on me just outside the warranty. The most expensive (an iPod mini) died in it's 13th month and Amex refunded the full purchase price within days. Since then, I buy EVERYTHING on the Amex with added peace of mind. The rewards program is among the better of the credit card rewards scheme, in terms of things you can redeem for. __________________ *2013 M3 (E93)* - ZPP/ZCW/DCT
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11-13-2006, 04:29 PM	#5
nightkhan Private Woodman 163 Rep 467 Posts Drives: 328i, JB, Space Rocket Join Date: Jan 2006 Location: San Francisco iTrader: (3)	I have the AMEX Gold, and AMEX Blue card which I never use anymore. I like their rewards as it seems to have more options and a wider variety of items to look through. And yes, the regular (Green), Gold, Platinum are all charge cards, so you have to pay the balance in full each month. The blue is a regular credit card. I do like their warranty services, and I think they just added roadside assistance too, although regular auto insurance would cover that most of the time. But it's good to know that you have extra security in case something happens. I've also used their special events services to get tickets in the past. My brother and my dad have the Centurion (Black) AMEX, and they say the perks for that are amazing in terms of traveling services (upgraded rooms, special concierge/services and checkin at hotels for Centurion cardholders), although they're paying I think $2000 a year for the card. That's the older grandfathered in cost. I think the newer cost/year is $4000 now. __________________ Former King of Stock... E90 325i, Jet Black: Done with Current: E92 328i, Sports Package, 335i wheels, Power Seats, BMW Assist/Bluetooth, IPod/USB, heated seats, //M Short Shifter Future Mods: 19" CSL's, KW V2, 15mm spacer, tints
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11-13-2006, 04:44 PM	#6
younghov85 Captain 65 Rep 889 Posts Drives: 2006 E90 black 325 Join Date: Aug 2005 Location: Lanham, Maryland iTrader: (0)	I am a college student and thinking of getting the Amex blue card. Around how much is this yearly fee? I looked on their website and they have something where there is no annual fee, what is that about?
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11-13-2006, 04:57 PM	#7
YV1 Private First Class 9 Rep 138 Posts Drives: 325 354 LCSW ZSP ZPP ZCP Join Date: Nov 2005 Location: Raleigh, NC iTrader: (0) Garage List 2006 325 [0.00] 2006 X6 [0.00] 2000 Saab 9-3 SE [0.00] 2001 GS 650 [0.00]	No annual fee means NO ANNUAL FEE. You get cash back every aniversary of you credit card. __________________ 325 silver black ZSP ZPP ZCP PDC CA XENON Saab 9-3 SE 2000 C240 1999 sold e36 328 touring 1998 sold e39 540 1997 sold Toyota Supra Turbo 1994 sold Porsche 911 1989 sold
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11-13-2006, 04:58 PM	#8
Nikki Major General 990 Rep 6,381 Posts Drives: Sepang Z4MC Join Date: Aug 2005 Location: LA iTrader: (9)	I have an American Express Blue for Students and it's great if you can control your money and pay everything monthly. I've had it for two years now and they raise my credit limit every time I go close to using it all. There is no annual fee. My other card only gives me $500 and they have never raised my limit so I hardly use it because it is such a small amount. __________________ Nikki
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11-13-2006, 05:38 PM	#9
shragon Moderator 497 Rep 27,441 Posts Drives: BMW Join Date: Oct 2005 Location: Bay Area, CA iTrader: (7)	i have an amex blue card that i've been using since around the time it was first introduced. it's my primary card. the rewards points are cool. there's also amex blue cash, where you get money back instead. my second card is a visa that i use as a back up. __________________ www.cardomain.com/id/shragon
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11-13-2006, 05:50 PM	#10
MrSilver Judge Advocate General 99 Rep 1,128 Posts Drives: e92 335i Join Date: Apr 2006 Location: Buffalo, New York iTrader: (0) Garage List 2007 e92 335i [0.00]	AMEX Platinum is the only card I use... If they don't take AMEX I put it on my BMW card. __________________ '07 E92 335i "Over-Heating" and "Blowing Up" since 9-5-06 6MT, Space Gray, Gray w/ Dakota Leather, Dark Burl, ZSP, ZPP, ZCW Comfort Access, Sirius Satellite (Howard is not optional) '07 X3 3.0si - Black on Black, ZPP, ZCW, Step. - Wife's car
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11-13-2006, 05:56 PM	#11
TommyBahama Second Lieutenant 11 Rep 258 Posts Drives: e90 330i Join Date: Oct 2006 Location: Umass iTrader: (0)	i use my Visa everywhere. only place that doesnt take it is neman marcus, and thats only because AMEX paid them to only use AMEX and the neman card. my parents get similar "perks" with their signature series visa card, but even with no limit the car dealership still wouldnt let him charge my first car. he wanted the $34,000 worth of hotel points.
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11-13-2006, 06:32 PM	#12
younghov85 Captain 65 Rep 889 Posts Drives: 2006 E90 black 325 Join Date: Aug 2005 Location: Lanham, Maryland iTrader: (0)	I have a master card that has a $8,000 limit but I want another credit card to boost my credit and also because its a amex. Is it true that if you maintain more than one credit card account that it will increase your credit score?
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11-13-2006, 07:52 PM	#17
Viral Major 41 Rep 1,003 Posts Drives: '06 330i Join Date: Jul 2006 Location: NYC/T.O. iTrader: (1)	I never got into Amex...............I have a MC with a $22,000 limit that I'll never probably use ;-)
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11-13-2006, 08:56 PM	#18
MikeCCrutchfield Lieutenant 20 Rep 587 Posts Drives: 2008 135i Vert Join Date: Nov 2006 Location: Chestertown, MD iTrader: (3) Garage List 2008 135i Convertible [0.00] 2007 VW Rabbit [0.00] 2006 VW Jetta TDI [0.00]	I just got an AMEX (Hilton Honors Platinum). It is a credit card, and every purchase gets me Hilton Honors points. Living in Europe with plans to travel around, it woul dbe nice to get free hotel stays from time to time.
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11-13-2006, 11:28 PM	#20
younghov85 Captain 65 Rep 889 Posts Drives: 2006 E90 black 325 Join Date: Aug 2005 Location: Lanham, Maryland iTrader: (0)	So the blue Amex card is not a credit card, but instead a charge card??
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11-13-2006, 11:31 PM	#21
Nikki Major General 990 Rep 6,381 Posts Drives: Sepang Z4MC Join Date: Aug 2005 Location: LA iTrader: (9)	my american express has a limit? __________________ Nikki
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11-14-2006, 12:28 AM	#22
younghov85 Captain 65 Rep 889 Posts Drives: 2006 E90 black 325 Join Date: Aug 2005 Location: Lanham, Maryland iTrader: (0)	Thats what I was thinking, that they can have a limit (blue amex). Im going to just speak with one of their reps and see if their card does indeed have the ability to increase your credit score.
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