American Express is always redeemed as the best credit card issuer at the United States. The 2008 J. D. Power Credit Card Satisfaction Study also revealed that American Express was ranked the best credit card company. My previous post "Funny Stories with Citicards" described some ridiculous mistakes made by Citi. As Sander mentioned in the comment, American Express also will do something unfriendly to their customers. The famous Financial Review is a typical example. Today I just noticed a very interesting article about American Express and wanted to share with you.

I couldn't agree with you more. My friend who has 7.5 million in the bank, only has 3 cookware, thats right, a wok, a frying pan and a pot. He makes 110k a year, but he is super cheap. Buys everything on credit but only if he has the cash. He said if you dont have 6 months of bills saved up in the bank and don't have the cash, you don't need it. This is how I have lived for a year, and I actually have a savings for once! Hjm did you ever get the pen fed card? My brother and dad have it and they said you get the rebate instantly every month! so crazy, I want it but was wondering if you knew the scores to get one.

I just want to point out that Amex has stopped profiling.

I love PenFed. I have thought about applying for the Cash Rebate card, and I think right now they are offering 2% on airline travel. I would imagine you need to have some credit history, very few inquiries and probably a 720+ Equifax score. I love that they pull Equifax.

Believe it or not, wealthy consumers are bargain shoppers all around. Most of them don't shop at Macy's, Nordstrom's, or Bloomie's. Where do you think they get the money from that enables them to be considered wealthy? By not spending money! Someone who always spends money and cares about quality more than cost will never become wealthy because they are spending a significant amount of money.

I couldn't agree with you more. My friend who has 7.5 million in the bank, only has 3 cookware, thats right, a wok, a frying pan and a pot. He makes 110k a year, but he is super cheap. Buys everything on credit but only if he has the cash. He said if you dont have 6 months of bills saved up in the bank and don't have the cash, you don't need it. This is how I have lived for a year, and I actually have a savings for once! Hjm did you ever get the pen fed card? My brother and dad have it and they said you get the rebate instantly every month! so crazy, I want it but was wondering if you knew the scores to get one.

Tell it like it is bro! I call that, "Keeping up with the Joneses!"

Believe it or not, wealthy consumers are bargain shoppers all around. Most of them don't shop at Macy's, Nordstrom's, or Bloomie's. Where do you think they get the money from that enables them to be considered wealthy? By not spending money! Someone who always spends money and cares about quality more than cost will never become wealthy because they are spending a significant amount of money.

They probably have their assistants or servamts buy it for them where ever it may be. LOL.

LOL, I wonder to they send them to the store with the Amex card. I'm just being facetious, ignore me.

However, I do wonder where rich people go to buy their toiletries (soap, deodorant, toilet tissue, etc.), because Saks Fifth Avenue and the like sure don't sell them.

They bargain shop. They do not waste time spending $200 on a pair of Nike's, they invest on the maker and laugh at the dummies who purchase athletic shoes to walk around everyday.
I have an uncle (in law) who is well off with income, but he takes bargain shopping to the extreme. I am talking counting plys of tissue against one another and counting the days one bar of soap usually last when comparing to another brand. Good God, he wrecked my nerves.

This whole issue is ridiculous. If Amex thinks that these places are an indication of credit worthiness, then they should just not allow their card to be used at those places. Its that simple... OH WAIT.... Then they would'nt be able to collect all of those interchange fees.

Nope. The BankAmericard runs on a point system just like my BoA WorldPoints Visa. I want pure cash back.

Yeah cash back is great. I would recommend the Citi Dividend card but it looks like they stopped taking apps for it. 2% cash back on groceries, gas, drug stores and utilities, 1% on everything else. It is pretty decent.

Doesn't the BankAmericard offer that?

Nope. The BankAmericard runs on a point system just like my BoA WorldPoints Visa. I want pure cash back.

They probably have their assistants or servamts buy it for them where ever it may be. LOL.

When you begin to limit credit availability due to where a customer shops, I think you have crossed a certain ethical boundary. That is almost as if a bank were to deny you credit for an auto loan because your car was not a Bently or a Lotus.

So if one month I decided to save a few dollars and shop and discount retailers...then boom...CLD. That is just crazy. The credit card companies should reward because of your modest spending. This should be a sign of stability.

I would really like to look at the data set AMEX uses to determine whether or not shopping at a particular retailer results in higher default rates!

I totally agree, not to mention the implication seems to be aimed at Walmart customers, which is ridiculous. Everyone has shopped at Walmart sometime or another, except Oprah . However, I do wonder where rich people go to buy their toiletries (soap, deodorant, toilet tissue, etc.), because Saks Fifth Avenue and the like sure don't sell them.

I wish BoA offered a Visa or Mastercard 1.25% cash back card. I would be all over it right now. I will try to upgrade to their 1% Cash Rewards Mastercard in June, though.

Doesn't the BankAmericard offer that?

What creditors need to do is reward their good paying customers because those are always hard to come by for any type of business, not just finance.

Exactly. Allstate does it, so why can't the creditors do it?