These 9 Mistakes Will Make You HATE Amex (A Warning to Everyone)
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- เผยแพร่เมื่อ 24 ก.ค. 2024
- Here are 9 HUGE MISTAKES beginners make with American Express credit cards. Learn what they are so you can avoid them for maximum value long term. Click “Show More” to see Ad Disclosure.
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00:00 - Intro
00:39 - Mistake #1
2:52 - Mistake #2
5:30 - Mistake #3
8:44 - Mistake #4
11:22 - Mistake #5
13:16 - Mistake #6
15:53 - Mistake #7
18:27 - Mistake #8
19:58 - Mistake #9
American Express credit cards are incredible…for the RIGHT people. They offer cash back credit cards (like the Amex Blue Cash Everyday and Amex Blue Cash Preferred), hotel credit cards (like the Marriott Bonvoy Brilliant, Hilton Honors Surpass, and Hilton Honors Aspire), airline credit cards (like the Delta SkyMiles Gold, Delta SkyMiles Platinum, and Delta SkyMiles Reserve), as well as their own non-cobranded cards (these are the ones that earn Amex Membership Rewards points and include the Amex Green Card, Amex Gold Card, and Amex Platinum Card).
However, American Express is also one of the stricter card issuers due to the fact that they have a lot of rules you need to be aware of. Not knowing these rules can severely hinder your ability to get maximum value from Amex credit cards, especially if you’re a beginner. So, let’s go over them now!
First, don’t cancel or downgrade Amex cards before 1 year has passed (you could face major penalties if you do).
Second, don’t use the Amex Check Spending Power feature too often (especially if you want to avoid an Amex financial review).
Third, don’t neglect Amex Offers (or else you could miss out on saving hundreds - or thousands - of dollars).
Fourth, don’t open or close Amex cards too often (this could prevent you from earning welcome offers from time to time, aka Amex Pop Up Jail).
Fifth, don’t get Amex cards in the wrong order (failing to do so could mean making yourself ineligible for Amex welcome offers on certain cards, potentially for life).
Sixth, realize that redeeming Amex Membership Rewards points for anything other than select travel will often mean losing a TON of value).
Seventh, understand that Amex doesn’t currently offer a credit card that earns 1.5X - 2X points on all purchases on the personal side (this might mean losing out on a lot of value if you have a lot of annual spend that falls outside of regular categories like restaurants, travel, supermarkets, etc.)
Eighth, be aware that a lot of Amex cards take effort to justify (by this I mean they have high annual fees requiring you to use certain benefits and statement credits to earn back that fee throughout the year).
Ninth, be aware that Amex may give different offers to different people.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, Biltrewards.com and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#amex #americanexpress #creditcard #creditcards #creditcardrewards - แนวปฏิบัติและการใช้ชีวิต
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It’s a lot of work to keep up with the Amex rules and to remember to use the monthly/semi-annual/annual credits. Each of those credits have their own rules you have to qualify for.
I think the first rule applies to any issuer. Cancelling within the first year is a red flag. Or at least I would think so.
Fun fact: eBay will stop accepting Amex in a few days😅
PayPal as a payment method may be a loop hole with an Amex card linked in PayPal. Direct payment on eBay from Amex will be a no go, hopefully PayPal will still process the payment with an Amex card time will tell.
@@shawn.credit eventually Amex will have to come back down to earth. PayPal fees may not be enough to cover the merchant fee Amex charges
I never use amex with eBay anyway. Does not have any rewards except 1% or 1x. That ain't nothing. I use the PayPal MasterCard on eBay 3% cashback. Amex booted me off for a few years because of rewards points abuse. I was shocked when I got an offer in the mail to rejoin them. This has been a few years now. I have been a good boy since Amex let me back in the club.
ya amex is definitely much higher maintainence, but well worth it if you are willing to follow their rules.
#10 is Amex doesn't have a no fee downgrade path for the Amex Green, Gold, Platinum cards, so you are forced to cancel your card if you need to take a break from travel and from paying the annual card fees.
This video is confirming me I’m doing the right things. Thanks for this content!👍🏼
Amex breaks the law in Norway. When you register, amex asks for a bank statement from your bank. Where the names, account numbers and amounts from the people you have sent money to or why you received money from are shown. It is illegal according to the Personal Protection law in Norway. So they refused to give me a card until I tell them that they are breaking the law when they ask who I get money from.
(you need to live in Norway for using this if they refuse to give you a card, because you can't give the information you want)
Thanks for sharing!
Done for now with amex. Currently in pop up jail now. I am into chase now since i am 2/5. I just applied business ink cash, next will be hyatt then Marriott 😁
Amex is overrated, not worth the hassle. Maybe get the cards for the SUB and then cancel a year later. Their cards are too much "high maintenance" IMO.
High maintenance? Just spend money, pay off your card, use offers you would’ve used anyways like “Uber credit” etc, and learn how to transfer points. Not very hard unless you’re slow imo
I use all American express solely because of the Charles Schwab platinum Amex card
I'm probably going to cancel my Platinum. The value just isn't there compared to my CSR which I use way more as an everyday card.
A lot of TH-camrs when they recommend one of their older videos will provide a link to it somewhere in the video or the description. I wouldn't mind watching your Intro to travel partners video, that you recommended, but I gave up scrolling through your videos to find it.
Thanks for catching that! Here's the link to the video about transfer partners: th-cam.com/video/ae1WayyrwnE/w-d-xo.html
I also added it to the description 👍
Good tips. I clicked 2 or 3 times on spending power by accident looking around. They upped it on me i think automatically so idk.
I use the platinum card for non travel purchases with offers, boosts up that 1x little.
Hey Mark! I am trying to simplify my credit card setup, and have got it down to 3 cards, the WF Active Cash, WF Autograph and the AMEX Blue Cash Preferred. I travel only 2-3 times per year so I want to maximize my cash back earning. What's your opinion?
Good 3 cards! As long as they cover your primary spending categories & provide you with the benefits you care about, you should be good to go.
Man is funny that I saw you at the Apple Store here in Miami took me quite a minute to realize it was you. Been your subscriber for a long time, wanted to say hi but I missed the opportunity when I realized it was you 🤣
Awesome! I appreciate you subscribing to the channel / hello from Miami! 🌴
I did get a 2nd spending bonus offer but where do I go so see what I spent towards this offer ?
I'm not aware of a tracker. You can either view your transaction breakdown & add up the transactions on your Amex account or ask an agent.
Respect Amex, don’t try to game Amex and you will have a long lasting possibly forever relationship! 🙂✊💳
I’ve had it for 3 months… not impressed
AMEX is the credit card not accepted everytime I pull it out. I hate that
Just curious, what sort of stores did this happen to you? And is it in the US?
It’s pretty common, especially at small businesses. Amex charges pretty high swipe fees to the merchant, for a small business that can easily kill their margins. (So it’s not at all unusual for Amex to not be accepted)
@@MikeBeanThis is a debunked myth now - Visa Infinite cards have higher interchange fees than AMEX
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Two errors: Your list of redemption of points 1.0 and over omits the Schwab Platinum; and Amex does have a 1.5x personal card, the cash magnet.
Thanks for the additions / corrections!
- well technically the cash magnet is only 1.5% cashback. there is NO personal 1.5x MR earning amex card. the closet to do that is the BBP @ 2x or the Biz platinum, but its only on specific categories or on $5k+ purchases.
How did u and ben hedges make the same video hours apart from each other.
Its like ya planned this out
Crazy timing 😂
*You need to "tighten" up your videos to be under 10 minutes*
No. In such matters, detailed reporting is important.