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Is AMEX hurting financially/losing people?

post #1 of 18
12/30/09 at 3:08pm
Thread Starter 
Just curious,
I recently called to cancel one of my cards and they pretty much begged me to stay - even gave me a $70 courtesy credit.
So of course I said ok - easiest $70 I ever made
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post #2 of 18
12/30/09 at 3:09pm
Quote:
Originally Posted by whusurdadi View Post
Just curious,
I recently called to cancel one of my cards and they pretty much begged me to stay - even gave me a $70 courtesy credit.
So of course I said ok - easiest $70 I ever made

Do you carry a balance?
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post #3 of 18
12/30/09 at 3:10pm
Thread Starter 
Quote:
Originally Posted by CunningSmeagol View Post
Do you carry a balance?

nope, pay in full monthly
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post #4 of 18
12/30/09 at 3:21pm
thats awesome. What kind of card do you have? I might try that trick -- I rack up about $1500/month in charges and always pay in full.

I have a blue card with the cash back. I noticed that about 6 months ago they reduced the percentage from something like 1.5% to 1% on every day purchases and from like 5% to 4% on grocery and gas. I have usually got back about $350/year before that.
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post #5 of 18
12/30/09 at 3:54pm
Quote:
Originally Posted by whusurdadi View Post
Just curious,
I recently called to cancel one of my cards and they pretty much begged me to stay - even gave me a $70 courtesy credit.
So of course I said ok - easiest $70 I ever made

which credit card/personal finance company isn't hurting

people are paying down balances, not using nor applying for credit. Also, still lots of loan losses/writeoffs. Things are better than a year ago, but that is not saying much.
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post #6 of 18
12/30/09 at 3:59pm
I quit Amex several years ago and they were the same way with me. Flat out begging for me to stay. I wasn't offered a $70 credit thought, but even still, the fact that the card cost me $90 a year just to have, with a requirement to pay in full every month (which I do on all my cards anyway), and useless rewards, I still have given 'em the boot anyway.
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post #7 of 18
12/30/09 at 4:01pm
AMEX doesn't make most of their money off of people carrying balances like other credit card companies. They make their money off of the vendors who accept AMEX. Their fees are much higher than MC or Visa, which is why some merchants don't accept AMEX.
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post #8 of 18
12/30/09 at 4:06pm
Called Customer SErvice a few days ago to try to have my annual fee waived. They said the were under strict rules not to waive annual fees and suggest I switch to another rewards card.
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post #9 of 18
12/30/09 at 4:52pm
Quote:
Originally Posted by lbcgav View Post
AMEX doesn't make most of their money off of people carrying balances like other credit card companies. They make their money off of the vendors who accept AMEX. Their fees are much higher than MC or Visa, which is why some merchants don't accept AMEX.

If I was a merchant I sure as hell wouldn't accept them.

Quote:
\tCalled Customer SErvice a few days ago to try to have my annual fee waived. They said the were under strict rules not to waive annual fees and suggest I switch to another rewards card.

I would do just that then. That card really serves no purpose other than a status symbol anyway.
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post #10 of 18
12/30/09 at 6:18pm
Quote:
Originally Posted by lbcgav View Post
AMEX doesn't make most of their money off of people carrying balances like other credit card companies. They make their money off of the vendors who accept AMEX. Their fees are much higher than MC or Visa, which is why some merchants don't accept AMEX.

THIS! Heaps of business are not accepting AMEX any more (in Australia anyway) the fees associated with it make it far from worthwhile and, considering how 'niche' it is, not worth the trouble.
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post #11 of 18
12/30/09 at 6:49pm
Quote:
Originally Posted by javyn View Post
If I was a merchant I sure as hell wouldn't accept them.

Nothing I hate more than Amex discrimination.


Quote:
Originally Posted by javyn View Post
I would do just that then. That card really serves no purpose other than a status symbol anyway.

Right. They suggested the Blue Sky card. Since the only "rewards" i use in my gold card is the points to credit toward a flight, it looks like the best bet.
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post #12 of 18
12/30/09 at 7:01pm
Quote:
Nothing I hate more than Amex discrimination.

Unless you are willing to pay the vendor's fees via a higher price than everyone else who are using cash, checks, and Visa, I say STFU and eat a little discrimination

I use cash for most of my purchases, why should *I* subsidize the cost of you wanting to look like a big shot to the girl behind the counter checking you out when you whip out that gold Amex?
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post #13 of 18
12/30/09 at 7:01pm
Quote:
Originally Posted by km83 View Post
THIS! Heaps of business are not accepting AMEX any more (in Australia anyway) the fees associated with it make it far from worthwhile and, considering how 'niche' it is, not worth the trouble.

I dunno.... I cannot recall one place that I regularly visit that does not accept my AMEX. At least in the states, even overseas its more often than not that they accept it, IMO
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post #14 of 18
12/30/09 at 8:30pm
Quote:
Originally Posted by javyn View Post
Unless you are willing to pay the vendor's fees via a higher price than everyone else who are using cash, checks, and Visa, I say STFU and eat a little discrimination

I use cash for most of my purchases, why should *I* subsidize the cost of you wanting to look like a big shot to the girl behind the counter checking you out when you whip out that gold Amex?

For me using my Amex has nothing to do with "looking like a big shot". The card provides excellent purchase protection/warranty/customer service that I have taken advantage of many times. I've received enough benefits from the card each year to make the annual fee a no brainer.
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post #15 of 18
12/30/09 at 8:31pm
Quote:
Originally Posted by Davidko19 View Post
I dunno.... I cannot recall one place that I regularly visit that does not accept my AMEX. At least in the states, even overseas its more often than not that they accept it, IMO
Same here. I remember when many places didn't take Amex, but now everywhere I want to use plastic Amex is an option, even abroad.
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