credit cards

[georgealan]

Hello ,what are the advantages of "American express"before "Visa"? Can anyone explain to me?Thanks in advance

[sweeps]

Which American Express card? Which Visa card?

[boosami]

In general, Visa is known for having wider acceptance with retailers than American Express. American Express is known for a high level of customer service and rewards programs. I use my American Express whenever possible, but I carry a Visa card that I use when American Express is not accepted. If you have specific cards you want to compare, post them and we will help.

[financialnut]

I agree with what's just been said.

Typically AMEX has got much better rewards, so if you can get your hands on a card like that and can be responsible with it, go for it. But make sure you carry that visa.

As a business we don't like AMEX because their fees are higher for me to accept their payments, so you have to be careful about some businesses not accepting AMEX.

Good luck!

[georgealan]

What are the discounts and rewards of using American Express?Тhank you very much for the quick reply.

[boosami]

Originally Posted by georgealan

CREDIT CARD!!!

There are many different American Express and VISA credit cards, and each offers different types of rewards and benefits. Try looking at Credit Cards - Compare Credit Card Offers at CreditCards.com and you can compare all different types of credit cards.

[unsecuredmoneygroup]

AmEx will cut your limit to your current balance or close the card if you shop at retailers considered high-risk by the creditor, for example purchasing of gift cards. In the current market AmEx also currently gives lower limits and has lower approval rates than Visa.

Hope that helps.

[Ronin]

Originally Posted by unsecuredmoneygroup

AmEx will cut your limit to your current balance or close the card if you shop at retailers considered high-risk by the creditor, for example purchasing of gift cards. In the current market AmEx also currently gives lower limits and has lower approval rates than Visa.

Hope that helps.

Never had this happen in my years of amex use.

[boosami]

Originally Posted by unsecuredmoneygroup

AmEx will cut your limit to your current balance or close the card if you shop at retailers considered high-risk by the creditor, for example purchasing of gift cards. In the current market AmEx also currently gives lower limits and has lower approval rates than Visa.

The story about "where you shop might lower your limits" was blown out of proportion by the media. AmEx never lowered credit limits or closed cards solely from checking locations where users shopped, or what they purchased. All the people who were notified of that had additional factors that caused their limits to be lowered like missed payments or a falling credit score. Source.

I do agree that AmEx cards are harder to get than Visa/MasterCard, because they have a higher standard for acceptance. They are more selective in who is allowed to get a card, and the credit limit on accounts. However, my main AmEx card has no fixed spending limit. If you have excellent credit and income, you will not have a problem getting a high limit.

[unsecuredmoneygroup]

I must respectfully disagree with the statement made by AmEx in that press release. Just two weeks ago a client of mine with a high credit score was approved for 25k from Visa and 3k from AmEx. Her AmEx card was closed several days after opening due to purchase of gift cards.

[boosami]

Originally Posted by unsecuredmoneygroup

I must respectfully disagree with the statement made by AmEx in that press release. Just two weeks ago a client of mine with a high credit score was approved for 25k from Visa and 3k from AmEx. Her AmEx card was closed several days after opening due to purchase of gift cards.

That is very strange. I bought $2,000 worth of gift cheques in the past couple months, and go through probably $100 of gift cards each month. And I don't understand why gift cards would be considered "risky" behavior...

Are you sure your client didn't have other factors that contributed to the account being closed?

[unsecuredmoneygroup]

I know my clients' financial situations very well and she had no indications that would lead to the closing of her line other than high risk purchasing. As to why AmEx considers gift-cards to be high-risk purchases, that is entirely beyond me. How old is your account? This may factor in. Also, if you continue to purchase gift cards and cheques monthly, prepare yourself for a financial review. AmEx isn't in the best of straits right now...to illustrate they have recently been paying cardholders to close their lines.

[kork13]

Originally Posted by boosami

And I don't understand why gift cards would be considered "risky" behavior...

Problem #1: gift cards are equivalent to cash, which you are getting from your credit card (as opposed to their cash advances, with which they certainly make a hefty profit).
Problem #2: Because they're cash equivalents, a person could take a CC, buy gift cards (cash, remember...), then just not pay the CC back. Meanwhile, they have ready cash which nobody can touch--it's not in bank accounts, it's not anywhere except in the hands of the individual. Thus, no possible means to recover money from non-payers.

Not to say that's why, but just a couple reasons that make sense why they wouldn't like gift cards....

[boosami]

Originally Posted by unsecuredmoneygroup

I know my clients' financial situations very well and she had no indications that would lead to the closing of her line other than high risk purchasing. As to why AmEx considers gift-cards to be high-risk purchases, that is entirely beyond me. How old is your account? This may factor in. Also, if you continue to purchase gift cards and cheques monthly, prepare yourself for a financial review. AmEx isn't in the best of straits right now...to illustrate they have recently been paying cardholders to close their lines.

I have been an AmEx card holder for a decade. I feel bad for your client... They have never wronged me!

[red92s]

Do credit card companies have that level of access to transaction details? Obviously they can track merchants and locations of use, but are they able to track WHAT you are actually buying?

[boosami]

Originally Posted by red92s

Do credit card companies have that level of access to transaction details? Obviously they can track merchants and locations of use, but are they able to track WHAT you are actually buying?

Yep, though it depends what information the retailer provides. The level of detail is more than you might expect, but it's not fully itemized. My gift card purchases indicate they were for gift cards. AmEx can definitely see that I am buying them as opposed to purchasing a product or service.

Looking through my online statement, I thought this was cool... Here's the full detail from a dinner I just had. It breaks it down tip vs food costs.

SULLIVANS-XXXXXXXXXX
04/11/2009
175.00
RESTAURANT
FOOD/BEVERAGE 116.79
TIP 58.21
Reference No: XXXXXXXXXXXXXXXX

[glock35ipsc]

Originally Posted by boosami

Here's the full detail from a dinner I just had. It breaks it down tip vs food costs.

SULLIVANS-XXXXXXXXXX
04/11/2009
175.00
RESTAURANT
FOOD/BEVERAGE 116.79
TIP 58.21
Reference No: XXXXXXXXXXXXXXXX

50% tip?? That good, huh?

[KevinCarr]

Originally Posted by georgealan

Hello ,what are the advantages of "American express"before "Visa"? Can anyone explain to me?Thanks in advance

American Express typically protects against Fraud for LONGER. All cards are about the same. I personally like my Visa Black Card I just got. It seems to have the same protection and service as my AMEX plat.

[boosami]

Originally Posted by glock35ipsc

50% tip?? That good, huh?

Haha... I tipped extra because my drinks and dessert were comped.

[kebark]

I cant understand why so many people use cards yet are are unable (or unwilling) to pay for them. If you have to get one, get the one with the lowest interest.