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This Is The Card To Have: American Express® Gold Card Review

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This Is The Card To Have - Written by: Cameron on 2008-06-11

American Express® Gold Card
[Card Details]

 
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time





Cameron's Card Review:

Excellent in every way.

Upgraded in May08 after got the Green in Jan08. Its the color that differs and few more bonus points!

Online it said the card was to be delivered in 10 days which was fine I thought, But to my surprise UPS delivered the card to me! WOW next day delivery!!

I thought I was eager but they were more eager.

Customer Service of AMEX is just the best that all other vendors should learn from.

Any card of this company is a must have.

EX 734 EQ 743 TU t47

 




Comments On This Review: (28 Total)



Comment 1
Comment Title: Congrats! From Hjm331 on 2008-06-11

You're right, AMEX customer service is pretty good and the good thing about your card is that it's a charge and that there's no real limit so you don't have to worry about your limit being reducing which has become a popular trend with AMEX right now.



Comment 2
Comment Title: GREAT CARD & REWARDS From ARod on 2008-06-11

I use this card all the time its my favorite and the rewards are awesome I have to say that I could make a commercial for AMEX I love this bank they work with me.

Enjoy your card this card is worth having I speak from experience.

GOOD LUCK TO YOU..

Alex



Comment 3
Comment Title: Report To Credit Bureau? From Mark on 2008-06-11

I declined a pre approved offer for this card, since this is a charge card.

do " charge cards" report to the credit bureau?

another thing that scared me is the no limit that this card has..

seems partially true..

let's say, I'm shopping for a big ticket item... Like an appliance or a plasma TV worth 4000-6000? I don't think my purchase would push through..

and the hassle that I have to pay that HUGE amount in 30 days!

I applied and got approved for the delta skymiles platinum AMEX instead.



Comment 4
Comment Title: RE: Mark From Hjm331 on 2008-06-11

No, charge cards do NOT report limits to your credit report. That is why a lot of people don't apply for charge cards because it hurts their score when a balance is reported and there is no limit to cover it. Consumers with scores near 800 usually have charge cards because their report is really old and/or have a lot of available credit to cover the balance that's reported on the charge card. It's a matter of utilization.



Comment 5
Comment Title: No Limit From Tynece on 2008-06-11

My premier pass has no preset limit and showed on my report as 0 and a balance of 461. Is this going to bring my score down? How do hey do that to people?



Comment 6
Comment Title: RE: Tynece From Hjm331 on 2008-06-11

Cards without a pre-set spending limit is specifically designed for people who have a high income. That means, consumers who have cards with large limits ranging in the $30,000-$50,000 because when that balance is reported, which leaves a lot of available credit and the utilization to available credit ratio balances out.

Also, cards without a pre-set limit is ideal for consumers for high income because they can purchase a car or a large ticket item and pay off the difference between their current balance and their "hidden limit" so to speak.

For example, let's say I get approved for a card that doesn't have a pre-set spending limit but I call the bank and I find out that my "hidden limit" is $30,000. So, I decide to go my local BMW dealership and buy a car on my card that totals to $40,000. The transaction will go through but I have to pay that $10,000 difference off before the statement cuts because that's the rule. That's how the "hidden limit" concept works.

Now, let's say that the $30,000 balance gets reported to my report for the month of June and I have other cards that have limits with $40,000 each and the limits from those cards are being reported monthly. Let's assume that those cards have a $0 balance so you have the full credit limit being reported. So, when the $30,000 balance gets reported, the cards that are reporting the $40,000 limits are enough to cover that $30,000 balance so it will not hurt your FICO score significantly because I have over $100,000 in available credit being reported to my report monthly.

Here's what you should do. I'm not familiar with Citi cards and rewards programs but you should upgrade your card to a card that has a pre-set spending limit and a ThankYou rewards program.

Having a card that doesn't report a limit on your report is probably the worst thing someone could do when they are building/rebuilding their credit because it will decrease your score instead of increasing it.



Comment 7
Comment Title: Amex Gold From THOMAS1 on 2008-06-11

Alot of people rave about this card. Personally, not a big fan of Amex... Gold cardholder since 1991. Excellent record with them, but they get too weird for my taste...17 years with them, I know their routines. I signed up for rewards, but back then, you used to have to pay for it... And, times when I wanted special event tickets or trips, they were of no help. The final straw that broke the camel's back was when they denied me for a $9 purchase at a Tyson's corner department store, and I was so humiliated... Mind you I paid in full each and every month, and had a ceiling up to 15k per month, never late, and nowhere close to it... Since I worked for Citi, I moved all my accounts back to Citi where I got the respect and spending power I wanted... The Gold has left a bad taste in my mouth ever since!!



Comment 8
Comment Title: AMEX Charge Reports To From Cameron on 2008-06-12

Forget about how it will look with your score for 1 month. It actually helps you a lot more with the scoring than the myth of that it declines your score.

First is that Amex Charge cards and Chase Charge cards reports to all 3 EX EQ TU.

Amex is always 1 month behind that would mean for your first report will be 2 months after usage and what you see this month will be a usage of what you already paid last month. Its still shortterm view and does not matter there either.

Look at the bigger picture on long term instead. Now if you had all combined credit of say 1000 or 10000. But you use your charge card say 10000 or 100K

Now pay it all when you get your bill on the due date and see what miracles happens! Your score for the next month will jump sky high and remain so as now it has built a pattern.

Then the next best thing is when your new creditor pulls a record on you and sees you have managed to pay 10 times your credit, now you are invited to a higher credit line level. Its all in how much you use and how well you pay your amount.



Comment 9
Comment Title: If You Will Use Beyond From Cameron on 2008-06-12

If you will use this card beyond your normal pattern, and that I mean by much more beyond, give them a call first. And you´ll get it.



Comment 10
Comment Title: Amex From ARod on 2008-06-12

This card is for high income I agree and if your FICO is high it will take a hit having this card.

So for credit repair this card is not good if you get approve as I have herd stories.

How ever if you credit is good or excellent is not much of a FICO you loose for example :

My wife FICO score was 720 before she applied for the gold card.

last time she checked her FICO it was 689 so yes it did go down but she needs this card and the rewards..

so she don't mind and my point is that everybody is different

If you can pay every month and avoid interest. It is worth it.

And yes I speak for my wife.

It also hapen to me when I applied and not to mention all the other credit card we both have.

We have to much cards but we know how to manage our accounts.

But both agree we love our Amex Gold.



Comment 11
Comment Title: I Agree From Cameron on 2008-06-12

Definitely not for credit repair or start up.

WF secured is so low in fees, then there is Orchard and few more for repairs and new start

I´ll keep your experience in mind on how its affected your score.

Could it be that there are more other factors involved other than this card ?

I get FICO score through WAMU credit card monthly that score in NOV07 was 734, then in Feb it shot down to 634 March 737, April 728, May 723.

The shooting down I can understand I maxed out on all in Jan but plus got the AMEX Green. With paying off all the balances monthly accordingly it did shoot back to 737 in 1 month. The other flutuations probably has to do with new cards new credit pulls every month but I know it will come up as I have most of what I need except one more CITI AA, I need the miles! Then I´ll just let scores mature, credit age and see what it all grows.

At the end of the day scores matter most with mortgage especially at start so its good to get there.

I´ve seen much lower scores can also get this card as history is very long of the person who applied but not for the new start up and the repairs.

But once you get this brand it does open doors to better offers from other vendors.



Comment 12
Comment Title: Huh? From Wildrage2 on 2008-06-12

I don't understand how having this card could hurt your FICO... It's a charge card, right? You can't carry a balance, right? Since everything is due at the end of the month anyway, find out the day that they report your balance, and make sure you pay by that day - I mean, it'll probably due about a week or so after that day anyway, right?



Comment 13
Comment Title: I Havent Seen It Hurting From Cameron on 2008-06-13

I haven't seen it hurting any score. At least has not done with mine.

So many other myth that goes on, which charge card was blamed to as culprit.

Scores will fluctuate with activity then depends on who reported what and how much. But as long as one continue to pay max it improves for the better.

Another myth also is going on like pulling your own score often with those subscriptions 3in 1 like credit secure, Truecredit would hurt your score.

I have been subscribing a year now first with HSBC, and since Jan I have been using Creditsecure through AMEX which allows me to pull my updates daily has not hurted my score either.



Comment 14
Comment Title: Info. Fico From ARod on 2008-06-13

Well it can hurt your FICO score but not by much.

is what I mean not that you will have bad credit.

The higher your FICO the better your credit line and your approval.

So its doesn't harm your credit if its good or excellent but drop a little your credit FICO

You can read this info at WWW. Bankrate.com

Thank you, Take care,

Alex



Comment 15
Comment Title: RE: Cameron From Hjm331 on 2008-06-13

What's your debt to available credit ratio?



Comment 16
Comment Title: Debt To Available Credit From Tynece on 2008-06-14

Available credit is 140000.00 on all cards debt is about 30000.00 on all cards combined. I pay off most of my cards in full each month. So I think I will keep the one with no preset. Becasue my balance that shows on my statement will get paid off like the small 1100.00 balance or 900.00 balances. The only one I revolve is one with 19000.00 at 0% and another at 3000.00 with wachovia. That was a really good explanation. I have learned alot!!! Thank you



Comment 17
Comment Title: RE: Tynece From Hjm331 on 2008-06-15

The info you provided me with seems adequate to tell you that you should keep the Gold charge card. You have enough available credit to prevent your score from dropping significantly.

Good Luck



Comment 18
Comment Title: Cameron From Tynece on 2008-06-16

I just noticed you where asking cameron but this helped me too. Thanks HJM



Comment 19
Comment Title: RE: Tynece From Hjm331 on 2008-06-16

No problem, anytime. ;)



Comment 20
Comment Title: AE PLUM From Beckettpg8 on 2008-06-21

Hello there,

Why don't you see if you can get the American Express Plum card? Within a 3 month period, I get the Plum card, AE LA Express black card 15K CL and AE NY Black card 10K - my TU FICO 4 May 720 June 725 and Jan 750. I got approved for about 80K in 2months for about 15-20 cards.

lsoriano@SJM.com



Comment 21
Comment Title: Whats Good With Plum? From Cameron on 2008-06-22

I did apply for Starwood Amex 13th and was approved with 10K CL. Ok now touched the magic 10K number.

Miles and points is what I am after...

Whats the benefit with plum? The little I read was some 2% discount if pay sooner or something didn't get into much details of that.



Comment 22
Comment Title: RE: Cameron From Hjm331 on 2008-06-22

Http://creditcards. Lovetoknow.com/American_Express_Plum_Card



Comment 23
Comment Title: Cool Hjm331 From Cameron on 2008-06-22

You are on top of the whats what with CC!

Cool!

CC companies should start paying you soon!

For business I have also Gold Amex that gave 25K points to sign up, just got the no fee AMEX platinum freedom pass with 5K bonus points to sign...

I still cant figure the use of 2% discount for me as I get more value with miles and points, since I travel long distance frequently especially into Europe, SE Asia and free tickets or upgrades has higher value than 2% which is too low Even 5% cash back is too low in my calculation when I compare to what I get with points and miles



Comment 24
Comment Title: RE: Cameron From Hjm331 on 2008-06-22

Don't apply for the Plum Card just for the sake of it. Find the AMEX card that is right for you because these prestiguous AMEX cards come with AF's. Consumers who make the most of these benefits say that the AF is well-worth it.



Comment 25
Comment Title: Plum From Cameron on 2008-06-23

Nope not interested in Plum... Picked up what I need so far with Amex... Not that keen and interested in those creit limit stuff either... Not going to carry balance and the CC companies are not going to turn me into credit junkie... Scores shoot skyhigh and fast when balances are paid in full monthly! Just saw new score PFICO above 754 already... Let it rise... Miles and Points junkie is what I will remain.



Comment 26
Comment Title: Can I Get This Card ? From Lamo455 on 2011-01-10

I was wondering if I should apply for this card, I got sent a invitation but don't know if I should apply. Can some one help me ? Ex 709 EQ 711 and TU 703 d/c ratio d 51% and credit %49



Comment 27
Comment Title: Re: Can I Get This Card ? From Mrrob on 2011-01-10

When my credit situation was much better than it is now, I got the invitation to apply for the Platinum AMEX I applied and got it. If your afraid, try for the Green Amex then have them upgrade you



Comment 28
Comment Title: Re: Can I Get This Card ? From Lamo455 on 2011-01-10

Kk ty man but still do u think I should apply with my low score ?


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