Beware of American Express

[bobthehobbyguy]

I had been a long term American Express customer. I had a recent issue with and discovered they will tell you one thing and then turn around aqnd do what they please.

I just did a web search and discovered how slimy they really are.

If you have a card do yourself a favor and find another credit card company and cancel your Amex card. If you don't you may very well regret doing business with them. Also if you know somebody else that has a card tell them to do the same. Also when you do get a chance to talk to a representative you may find they barely speak english becuase they outsource their customer service outside the states. Ignore this advice at your own risk.

[High octane]

I got rid of my American Express card a long time ago, and glad that I did.

[Mark]

I've never had, or applied for,  an American Express card.  Every solicitation I ever got from them mentioned a $75-$100 annual fee.  They want me to pay for a credit card, when they are making two or three percent on every purchase at my end, and who knows how much from businesses who accept the card?  And that's not even getting into interest payments from people who carry an outstanding balance (that group doesn't include me).  I dumped another credit card earlier this year...instead of standing up for me in a dispute, they rolled over and became a toadie for the rental car company.  Of course, I paid every month and didn't carry a balance, so they don't make as much money off of me as they think they should...

[bismarck]

I had been a long term American Express customer. I had a recent issue with and discovered they will tell you one thing and then turn around aqnd do what they please.

I just did a web search and discovered how slimy they really are.

If you have a card do yourself a favor and find another credit card company and cancel your Amex card. If you don't you may very well regret doing business with them. Also if you know somebody else that has a card tell them to do the same. Also when you do get a chance to talk to a representative you may find they barely speak english becuase they outsource their customer service outside the states. Ignore this advice at your own risk.

Agreed!! X3

[Harry P.]

I don't use credit cards, only a debit card. That way, the moment I use it, the bill is paid for. No monthly bills, no interest. I keep a Visa just in case of emergency, or if I should ever need to charge more than I currently have in my checking account, but so far I've never had to use it.

And as far as credirt cards go, I would never even consider one where they charge you a fee just to have it. Heck, if anything, they should pay you to use their card, as they make $$$ on every transaction.

[Quick GMC]

I don't use credit cards, only a debit card. That way, the moment I use it, the bill is paid for. No monthly bills, no interest. I keep a Visa just in case of emergency, or if I should ever need to charge more than I currently have in my checking account, but so far I've never had to use it.

And as far as credirt cards go, I would never even consider one where they charge you a fee just to have it. Heck, if anything, they should pay you to use their card, as they make $$$ on every transaction.

a lot of cards do pay you to use it. I pay $75 a year for my card and accrue points. If i pay the balance of each purchase within 25 days of the purchase, there is no interest. I opened a new card in April, haven't paid interest yet and have 130,000 points, which is about $1300 credit towards airfare, hotels and rental cars, or I can actually choose purchases to remove from my history and the balance of those will be removed from what I owe in lieu of obtaining points. 

in 5 months I have made $1225 from Capital One. 

credit cards are not a bad thing if you understand how they work. 

[Harry P.]

Yes, there are specific cards that offer specific rewards where you can actually come out ahead if you're paying attention and understand how things work..

But that excludes about 95% of the population.

Credit card companies that offer "points" or cash-back awards rely on the fact that most of their customers are clueless and will pay the freight for the relative few who actually do know what's going on. Congratulations to you for being one of the few who actually "get it." For me, I'll  stick to my debit card.

[mike 51]

I use my debit card too, instead of cash...

but I rent cars frequently and they won't accept debit cards,and  you can't rent a car without a major credit card.  

I haven't paid any interest in years and I've never paid for a credit card either.   

Edited September 26, 2015 by mike 51

[charlie8575]

a lot of cards do pay you to use it. I pay $75 a year for my card and accrue points. If i pay the balance of each purchase within 25 days of the purchase, there is no interest. I opened a new card in April, haven't paid interest yet and have 130,000 points, which is about $1300 credit towards airfare, hotels and rental cars, or I can actually choose purchases to remove from my history and the balance of those will be removed from what I owe in lieu of obtaining points. 

in 5 months I have made $1225 from Capital One. 

credit cards are not a bad thing if you understand how they work. 

An annual charge (but not that high) is a fair trade if you don't carry a balance frequently or ever, or don't use the card much. Generally, it costs the credit card issuers about $30-50/year to maintain your account, even if you don't use it- record-keeping and the like. I'm looking at getting another credit card again because, frankly, I need one for a little travel I want to do and the occasional money hiccup. If I don't use it for much of anything, considering the interest rates usually asked, the cards I've been looking at, which run around $30/year, is quite reasonable. The card company covers its costs if you have a small limit, don't use it much, or similar, and you have one if you need it. 

I've heard a lot of mixed reviews of AMEX. Some people swear by them, others swear at them. 

Charlie Larkin

[Tom Geiger]

I applied for a home equity line once and the bank called me to say there was something wrong with my credit report.  They said the credit cards on it all showed no balances, and they couldn't find my car loans... as if I was hiding things from them.  I told them that yes, I had credit cards but I never ran a balance and I owned my cars free and clear.  This guy was upset because I didn't fit their 'profile'.

[Quick GMC]

An annual charge (but not that high) is a fair trade if you don't carry a balance frequently or ever, or don't use the card much. Generally, it costs the credit card issuers about $30-50/year to maintain your account, even if you don't use it- record-keeping and the like. I'm looking at getting another credit card again because, frankly, I need one for a little travel I want to do and the occasional money hiccup. If I don't use it for much of anything, considering the interest rates usually asked, the cards I've been looking at, which run around $30/year, is quite reasonable. The card company covers its costs if you have a small limit, don't use it much, or similar, and you have one if you need it. 

I've heard a lot of mixed reviews of AMEX. Some people swear by them, others swear at them. 

Charlie Larkin

I don't have an AMEX, but I accept them through my business. They are more difficult to deal with, but they seem to protect their users pretty well. 

I carry $5-$10k balance on my business credit card. I also pay off about that much each month, so even though I am carrying a balance, the $10k that was there on the 1st is not the same $10k that is there on the 25th. I am trying to accrue as many points as I can before April. I have two long trips I need to take and I am trying to not use any out of pocket money for the travel expenses.