What's so great about American Express?

Question

I am only 20 and still havent grasped the concept of why having an American Express card is a status symbol. What does it actually do besides being rejected many places, charge an annual fee, and make you pay it off every month in full?

Why is the benefit over another company like visa or mastercard?

Answer 1

Its just featured in movies more because its an american only card and the most popular out of all of them so alot of movies in the 80s displayed it like its a big deal. I go to other countries all the time and they dont even accept american express most places which caused me big problems the first time I went, visa however is accepted. Either way, credit cards are a bad idea, they only got me in to trouble and debt.

Answer 2

supposedly, its a card with higher limits and i've heard that the credit lines can go pretty high (if you can pay it all back...)

plus, it issues its own cards and there are rewards too (but the visa and mastercard issuers have that too)

Answer 3

Really the benefit of any credit card depends on what the person is looking for.

It is true that Amex isn't accepted in as many places as Visa or MC.

It is false that every card Amex offers carries an annual fee.

It is also false that every card Amex offers must be paid in full each and every month. Amex has charge cards that must be paid in full every month and they have regular credit cards that monthly payments can be made (though it is better to pay in full rather than pay interest)

Amex does have good card programs that appeal to many people.

When other lenders see Amex on a persons credit reports, they are a tad bit more comfortable in having that person use their own products.

I'm not a cheerleader for Amex. I just enjoy the rewards I get from the cards I hold.

Amex, like any other lender I have credit with, could easily go on the chopping block if I become dissatisfied with them.