- This topic has 32 replies, 13 voices, and was last updated 9 years, 8 months ago by
carlsbadworker.
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February 26, 2015 at 9:33 AM #21422February 26, 2015 at 10:54 AM #783328
CoronitaParticipantYou know. Their rate is still lower than what most other credit card charges, even after their rate hike.
Plus you get unbeatable customer service and a pretty good buyer protection program.
My Mac Mini broke right after warranty, and I didn’t have an extended warranty on it, so I called amex, and they told me to go get an estimate on the repair costs.
Repair ended up being $300ish, and I sent them a copy of the repair bill. A few weeks later, I get a check in the mail, no questions asked. I tried to do the same thing with my citibank visa for something else. And they pretty much gave me the run-around.
I really like amex, since I’ve always had great customer service from them, even with a no-fee amex card. Other credit card companies, not so much.
February 26, 2015 at 12:06 PM #783329moneymaker
ParticipantI agree they are probably the best, but a message has to be sent, they are all way too high for the economy we are in. The only way I can see it is they have massive fraud going on and cannot control it.
February 26, 2015 at 12:31 PM #783330CoronitaParticipant[quote=moneymaker]I agree they are probably the best, but a message has to be sent, they are all way too high for the economy we are in. The only way I can see it is they have massive fraud going on and cannot control it.[/quote]
I disagree.
A credit card is an insecure loan. If people want to “borrow” money to fund their purchases of useless junk , fine. But then it’s fair game for CC companies to charge them 18+% APR if they only make minimum payments.Credit card bills are already pretty clear about it. When you get a $3000 bill on your credit card, they say “if you make minimum payments, it will take you X years to pay it off”….And yet people still do…
Don’t like the terms? They can use a debit card. No one is holding anyone at gunpoint to “borrow” money from the credit card company. I don’t have a lot of sympathy for people that use their credit card “loans” as if it’s money they don’t actually have to return. No different then HELOCing their home to death to buy useless bling. I don’t have much sympathy for people that do that too.
February 26, 2015 at 12:53 PM #783331ParticipantI heard someone tell me the other day that they were being charged 27%, Wowser. I know you can pawn your things and pay more but come on. Anyway I am choosing not to use them, that is my choice and I hope other people do as well
February 26, 2015 at 1:10 PM #783332scaredyclassic
Participant15 m. 0% interest. Amex blue on purchases. Hard to beat that.
February 26, 2015 at 2:38 PM #783333Hobie
ParticipantRe: 27% interest. I got nailed with this one. If you are late you trigger the ‘penalty’ rate. This ‘penalty’ rate continues for several months. Best to set up auto payment so when you are traveling you don’t get dinged like I did. Live and pay .. er learn. Ditto the great customer service w/AMEX. Hard to leave.
February 26, 2015 at 3:05 PM #783334ParticipantYes on purchases, scaredy, but not on balance transfers. I have the card and it sits in my sock drawer because they have no good balance transfer offers. Have 3 0r 4 cards that I used to use and should now cancel, but I’m thinking I will ding my credit if i do, if they had yearly fees they would be gone in a heart beat.
February 26, 2015 at 3:15 PM #783335flyer
ParticipantNot that many years ago, AMEX balances had to be paid off each month. They didn’t issue cards that allowed you to carry a balance, but, to increase their market share, they came up with a variety of other options.
Even though we plan to keep ours, I agree that this current interest rate move is pretty extreme, but they are still great cards with great benefits, if you pay the balance off each month. If not, there are probably better options out there.
February 26, 2015 at 3:38 PM #783336spdrun
ParticipantI didn’t realize that AMEX was NOT a charge card, but allowed people to carry a balance.
February 26, 2015 at 5:30 PM #783337CoronitaParticipant[quote=Hobie]Re: 27% interest. I got nailed with this one. If you are late you trigger the ‘penalty’ rate. This ‘penalty’ rate continues for several months. Best to set up auto payment so when you are traveling you don’t get dinged like I did. Live and pay .. er learn. Ditto the great customer service w/AMEX. Hard to leave.[/quote]
If you only do it once by accident, you can call them up and have them waive it. They will oblige. Try doing that with my citibank visa… Lol…
This is one of the reasons why I never played with those 0% balance transfer offers. I am so disorganized, if I tried to play that game, I would miss a payment or two.
February 26, 2015 at 7:48 PM #783338Reality
ParticipantTo me a credit card is a convenience that also pays rewards. The company pays me for not needing to carry a lot of cash. I like it.
Interest rate could be 100% and it wouldn’t matter to me.
February 26, 2015 at 7:53 PM #783339Participant[quote=flu][quote=Hobie]Re: 27% interest. I got nailed with this one. If you are late you trigger the ‘penalty’ rate. This ‘penalty’ rate continues for several months. Best to set up auto payment so when you are traveling you don’t get dinged like I did. Live and pay .. er learn. Ditto the great customer service w/AMEX. Hard to leave.[/quote]
If you only do it once by accident, you can call them up and have them waive it. They will oblige. Try doing that with my citibank visa… Lol…
This is one of the reasons why I never played with those 0% balance transfer offers. I am so disorganized, if I tried to play that game, I would miss a payment or two.[/quote]
with bank auto pay it’s pretty difficult to screw up.
February 26, 2015 at 8:01 PM #783340ParticipantThe company pays me for not needing to carry a lot of cash.
Grump-grump-grump — I PREFER to carry cash. The whole anonymity thing…
February 26, 2015 at 8:56 PM #783342CoronitaParticipant[quote=scaredyclassic][quote=flu][quote=Hobie]Re: 27% interest. I got nailed with this one. If you are late you trigger the ‘penalty’ rate. This ‘penalty’ rate continues for several months. Best to set up auto payment so when you are traveling you don’t get dinged like I did. Live and pay .. er learn. Ditto the great customer service w/AMEX. Hard to leave.[/quote]
If you only do it once by accident, you can call them up and have them waive it. They will oblige. Try doing that with my citibank visa… Lol…
This is one of the reasons why I never played with those 0% balance transfer offers. I am so disorganized, if I tried to play that game, I would miss a payment or two.[/quote]
with bank auto pay it’s pretty difficult to screw up.[/quote]
I still would manage to screw it up. Just two weeks ago I did a electronic transfer from my one brokerage account into my HELOC account, because I wanted to pay down the HELOC. I made the wrong transfer, and ended up doing the equivalent of bouncing a $10k electronic check. My credit union where I have the HELOC was fine and didn’t charge me anything. My brokerage however charged me $25, which fortunately they waived since it was my first time. Don’t get me wrong. If you are one of the ones that can do this, by all means. I just know I would screw it up.
Anyway, I was pretty happy that I got my Costco rebate check from my AMEX this week. It was $326. Considering most of my purchases aren’t meals or travel related on this card, it made me think that man, I charged a boatload on my amex last year to earn most of that with a 1% rebate.
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