Just signed up for an AMEX card!
02-13-2011, 03:55 PM
#1
Super Member
Thread Starter
Join Date: Sep 2009
Location: Seattle
Posts: 1,743
I just took a big financial step and wanted to share!
I had always used Wells Fargo's reward card. I would get gift cards to Target and Amazon. They recently (Feb 1) changed their point redemption system. Before 1500 points = 15$ gift card; 2500 = 25$, etc. Now it's a lot more points - 1950 = $15, 3200 = $25, and they never emailed me or anything so a bunch of points just became worth less.
Meanwhile DH has his WF card without any rewards. So we put most purchases on my card and then he pays me back (we're still at the young stage of marriage (6 months)) where we keep our finances mostly separately (my choice... I'm very uptight about my finances :D ).
So, since I was mad at WF, and since he should get rewards for his purchases, we opened an AMEX cash back card. We opened it together, going to put purchases on it together, pay it off together. Big step for me!! And plus, cash back, pretty cool. Yay! Thanks for listening! :D
I had always used Wells Fargo's reward card. I would get gift cards to Target and Amazon. They recently (Feb 1) changed their point redemption system. Before 1500 points = 15$ gift card; 2500 = 25$, etc. Now it's a lot more points - 1950 = $15, 3200 = $25, and they never emailed me or anything so a bunch of points just became worth less.
Meanwhile DH has his WF card without any rewards. So we put most purchases on my card and then he pays me back (we're still at the young stage of marriage (6 months)) where we keep our finances mostly separately (my choice... I'm very uptight about my finances :D ).
So, since I was mad at WF, and since he should get rewards for his purchases, we opened an AMEX cash back card. We opened it together, going to put purchases on it together, pay it off together. Big step for me!! And plus, cash back, pretty cool. Yay! Thanks for listening! :D
02-13-2011, 05:11 PM
#2
Super Member
Join Date: Sep 2008
Location: New York, NY
Posts: 2,735
Congratulations, but please!!! be very careful with AmEx. Their annual fees are the highest I have seen ever, you must pay the balance in full every month, which is a good practice anyways, but in general their service is good as long as you don't need them. I had one since 1987 and we were upgraded a few times. we refused any more upgrades once we got to the gold card. We had a great rapport with them. We charged everything under the sun and some months paid up to $3,000, since we switched all of our expenses to them. I flew home to PR a few times, made large purchases, and we took advantage of their rewards program to the point that one year we didn't spend a penny for Christmas. It all came from redeeming our points. You would figure a card would take care of such good customers. Oh no! my husband lost his job and our pattern of spending was seriously changed. Now we were charging less than $500.00 a month and they didn't like that. We ALWAYS paid them on time before anything else. What they did in return was to go check our credit report, and because it had dropped, they put a limit on our card. Our credit score dropped some more and they lowered our limit even more. I still paid them on time for the few times we could use the card. Right now I closed my account because I was unable to charge more than $250 per month. They punished us for having questionable credit, even though they were never affected by it.
I don't think they had the right to do that, but I guess we are better off without them. Now we charge nothing and get no rewards, but nothing we can do about it.
I am not trying to be mean or upset you by any means, just to let you know y story and say to please, be careful with them.
I don't think they had the right to do that, but I guess we are better off without them. Now we charge nothing and get no rewards, but nothing we can do about it.
I am not trying to be mean or upset you by any means, just to let you know y story and say to please, be careful with them.
02-13-2011, 05:22 PM
#3
Super Member
Join Date: Jun 2010
Location: Vermont
Posts: 6,985
I have an Amex hilton Honors card and love it!! No fee and I get free hotel nights at Hampton Inns, which we use when traveling. I don't think we need to pay the balance in full every month although we do. Amex has both kinds of credit cards now.
02-13-2011, 05:32 PM
#4
Senior Member
Join Date: Sep 2010
Location: OK
Posts: 701
I love our AMEX. DH was able to link his corporate card to ours and filling up a 737 a few times really boosted our points.
We also have some travel insurance with them and they were the ones that helped me get medical attention when I was hurt in Houston during the Quilt Festival. I would have to rate their customer service as one of the best. There have been the odd time or two that I've gotten a poor representative but that's par for any company.
We also have some travel insurance with them and they were the ones that helped me get medical attention when I was hurt in Houston during the Quilt Festival. I would have to rate their customer service as one of the best. There have been the odd time or two that I've gotten a poor representative but that's par for any company.
02-13-2011, 08:04 PM
#5
Banned
Join Date: Nov 2010
Posts: 4,134
@Maride
You're taking it way too personally.
When the housing started going south, around 2006 and Lehman went bust in 2008, and everything else was going down the toilet, Amex took a look at ALL its customers. It wasn't just you.
Business people, with AMEX credit and charge cards, who for years racked up thousands of dollars a month, paying on time with no problems - had to submit financial records and tax returns. People were very pissed. And I totally understand that.
But Amex was protecting their butts, too. And if they felt you weren't as good a credit risk as before, they were reducing your ability to not be able to pay them back.
Remember, for years, banks were just handing out credit cards (and mortgages) without really verifying that people could afford the risk. When things went to hell, mortgages going unpaid, layoff, banks closing, etc., Amex began circling the wagons to protect and reduce their exposure.
No different from home equity lines that were cut or cancelled by banks.
And as they churned through and analyzed your reduced purchases, and whatever other incident initially lowered your credit score, they decided you were not in the same position your were in before (which was true), and were concerned you might use the available credit in a way you wouldn't be able to repay it.
So they cut it.
Pretty straightforward, actually. And no different than any other bank or financial institution should have been doing all along. If they had, we wouldn't be in this mess.
@LucyInTheSky,
Check out the AMEX Membership Awards program. You'll be surprised how quickly those miles add up.
You're taking it way too personally.
When the housing started going south, around 2006 and Lehman went bust in 2008, and everything else was going down the toilet, Amex took a look at ALL its customers. It wasn't just you.
Business people, with AMEX credit and charge cards, who for years racked up thousands of dollars a month, paying on time with no problems - had to submit financial records and tax returns. People were very pissed. And I totally understand that.
But Amex was protecting their butts, too. And if they felt you weren't as good a credit risk as before, they were reducing your ability to not be able to pay them back.
Remember, for years, banks were just handing out credit cards (and mortgages) without really verifying that people could afford the risk. When things went to hell, mortgages going unpaid, layoff, banks closing, etc., Amex began circling the wagons to protect and reduce their exposure.
No different from home equity lines that were cut or cancelled by banks.
And as they churned through and analyzed your reduced purchases, and whatever other incident initially lowered your credit score, they decided you were not in the same position your were in before (which was true), and were concerned you might use the available credit in a way you wouldn't be able to repay it.
So they cut it.
Pretty straightforward, actually. And no different than any other bank or financial institution should have been doing all along. If they had, we wouldn't be in this mess.
@LucyInTheSky,
Check out the AMEX Membership Awards program. You'll be surprised how quickly those miles add up.
02-13-2011, 08:31 PM
#6
Super Member
Join Date: Sep 2008
Location: New York, NY
Posts: 2,735
@MTS
I wish I could not take it personally. I wouldn't mind if they had looked at all their customers and keep an eye on the high risk ones, but for them to embarace me by declining a charge when I wasn't even notified about the credit limit, it was personal to me. If I had missed a payment I could understand it, but is no way to protect yourself by hurting good customers. That is not good for business either.
I wish I could not take it personally. I wouldn't mind if they had looked at all their customers and keep an eye on the high risk ones, but for them to embarace me by declining a charge when I wasn't even notified about the credit limit, it was personal to me. If I had missed a payment I could understand it, but is no way to protect yourself by hurting good customers. That is not good for business either.
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