OT: American Express Card Strips Benefits

[Wade Gattett]

An insert with my October 2019 AMEX Blue Cash card statement says that effective first of the new year, they're ending several benefit programs including:

. Roadside Assistance Hotline . Travel Accident Insurance . Extended Warranty . Purchase Protection . Return Protection

One of the main reasons I use that card is the Extended Warranty protection which significantly extends the length of the manufacturer's warranty- even on expensive appliances and electronics.

I'll need to take a look around to see what other cash back credit cards have to offer.

What's in your wallet?

[Ed Pawlowski]

Amazon Prime Mastercard is most used. 5% back on Amazon, 1% or 2% on everything else.

For a year I'm using a card through my local bank. For the first year,

5% back on groceries and gas. No interest the first year too, but I never carry a balance.

[invalid unparseable]

Myself, I carry a Cabela's master card that gives cash back for items in their store. I never worry about interest charges or other fees as I pay it fully off at the end of the month.

My wife has other cards and you can make money off of them. She just took out one with Wells Fargo that will rebate $300 to her if she spends $500 in three months. Obviously they are trying to hook you in to make money by addicting you to the card to pay interest which is probably outrageous.

Many years ago I had to have an Amex card with a company I worked for to put on all business expenses. I did not like it as they bill on demand and I would often get a big bill for a trip I had taken for the company before the company had reimbursed me. I recall you also have to pay for the card to get it. I quit it when I retired from the company.

All credit cards are a ripoff on interest charges if you do not fully pay them off at the end of the billing period. A son worked for a credit card company years ago and their average carry over was $7,000. They were getting rich off this.

[Ralph Mowery]

I have a handful of credit cards. Most were giving back around $ 200 if you charge around $ 1000 in 2 or 3 months. Then there are several store cards that give a discount in those stores.

Different cards gve back different percentages depending on what it is you buy.

I do not carry a ballance on any of them. They give me back an average of around 2 % or more on what I spend during the year. Have to carry around a piece of paper with me as to what card to use on what product. That is over $ 400 per year. Probably more.

[Ed Pawlowski]

Part of a training program. I never saw the need to use a CC for groceries, or anything less than about $50 or so. Cash and done. When I moved I opened accounts at a local bank. They offered me a CC that will give me 5% back on groceries for the first year. Well, why not. Easy enough to do. They want me to make it a habit, of course.

Somebody has to pay for that cash back. Reverse Robin Hood, take from the poor with 21% interest and give to those that pay off every month.

[rbowman]

The one that gets used most is Discover. I had AmX when Costco was using them and only used it for CostCo. They switched to Citi which I use the same way.

I drag out the REI Mastercard when I am buying outdoor type stuff someplace else than REI. After REI dropped Camelbak because the parent company also owned a company in the firearms industry I dropped REI. They never sold guns, didn't have a horse in the race, but just had to virtue signal.

[gfretwell]

I was waiting to hear about the other benefits you describe. Everything seems to be "cash back" these days. I did get to use the purchase protection thing once and it saved me over $700. I ended up getting to keep the defective product that I later sold for $500 so I was pretty happy with AMEX. When I was traveling a lot and renting cars I also believed they were covering the collision insurance and that saved me thousands over the years. I never wrecked a rental so I never found out how good that protection actually was.

[Ralph Mowery]

Credit card companiesmake money in at least 2 ways.

The outraugous interest of usually over 20%.

They charge around 3% to the merchants for letting them use the cards at their place. Really looks like it should be the other way around. However I think the stores get their money even if the card companies do not.

Many times I ask if a company will give a cash discount. Especially on items costing over $ 500. They often knock off about 2 % .

[Ed Pawlowski]

Works well with little guys. I recently spent $300 and paid cash. He did not charge me 6% sales tax. win-win

[invalid unparseable]

Same here. Also local True Value hardware gives a 5% senior discount. I always pay cash there figuring it adds no expense to them from a credit card.

[trader_4]

I had Citibank VISA cover a cracked windshield in a rental car. At least most of it, I think they paid $150 or so for the windshield. The rental company then came after me for another $100 or so, for "loss of use". I told them what Citibank had told them, show me your records that prove all the similar cars were booked during the days in question. I never heard anymore from them. And I have no idea how the windshield cracked, which is an interesting problem, right? If you see an obvious spot where a rock hit it, that's one thing. But how about if it's just a crack from a side? That's kind of what this was, we had no knowledge of anything hitting it. I first noticed it while driving back to the airport. Some of these could be a defect and one could argue that unless there is obvious indication that it was hit by something, you shouldn't have to pay for it.